KEEL 10-K & 10-Q changes, risk factors and insider trading
Keel Infrastructure Corp. · Nasdaq · Finance Services · CIK 1812477 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
There have been no material changes from the risk factors set forth in Part I, Item 1A of our Annual Report. We are subject to various risks and uncertainties that could materially adversely affect our business, financial condition, results of operations, and the trading price of our common stock. You should carefully read and consider the risks and uncertainties included in the Annual Report, together with all of the other information in the Annual Report and this Quarterly Report, including "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and our unaudited condensed consolidated financial statements and related notes, and other documents that we file with the SEC. The risks and uncertainties described in these reports may not be the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business, financial condition, or results of operations.
Full comparison: every changed paragraph (1)
There have been no material changes from the risk
factors set forth in Part I, Item 1A of our Annual Report. We are subject to various risks and uncertainties that could materially adversely
affect our business, financial condition, results of operations, and the trading price of our common stock. You should carefully read
and consider the risks and uncertainties included in the Annual Report, together with all of the other information in the Annual Report
and this Quarterly Report, including “"Management’s Discussion and Analysis of Financial Condition and Results of Operations”
" and our unaudited condensed consolidated financial statements and related notes, and other documents that we file with the SEC. The risks and uncertainties
described in these reports may not be the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently
believe are not material, may also become important factors that adversely affect our business, financial condition, or results of operations.
Management's Discussion & Analysis (MD&A)
New heading “3. Recent Developments”
New heading “U.S. Redomiciliation Transaction”
New heading “Development of HPC data center in Washington State”
New heading “2026 Convertible Senior Notes”
New heading “Cessation of Bitcoin Mining Operations at Panther Creek, Scrubgrass and Sharon sites”
New heading “Appointment of Ganesh Aiyer as President”
New heading “Sherbrooke, Québec Data Center Project”
New heading “Expansion Capacity”
New heading “D.Total other income (expense) from continuing operations”
New heading “E.Discontinued Operations”
New heading “Impairment on Argentina asset group”
New heading “G.Realized gain (loss) on sale of digital assets from continuing operations”
New heading “H.(Loss) gain on disposition of property, plant and equipment and deposits from continuing operations”
New heading “I.Impairment of long-lived assets”
New heading “2026 Convertible Notes”
New heading “IV. CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Continued)”
Removed heading “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “Identified Additional Gross Data Center Capacity”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “2. Financial Performance (Continued) ii. Paraguay’s operations as discontinued operations and assets held for sale”
Removed heading “G. Realized gain (loss) on sale of digital assets from continuing operations”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”
Removed heading “Impairment of long-lived assets”
Removed heading “V. RECENT AND SUBSEQUENT EVENTS”
Largest changes
“The decrease in working capital was largely due to our cash decreasing by $216.2 million as explained in the “Liquidity and Capital Resources” section above. Our digital assets decreased by $11.8 million, mainly due to a lower Bitcoin price as of March 31, 2026, partially offset by our Bitcoin balance increasing by 409. In addition, we had a $7.7 million decrease in RECs and WTCs derived from Stronghold’s refuse operations due to the timing of sales of credits to third parties. …”see in full comparison
“During the six months ended June 30, 2026, discontinued operations in Paraguay resulted in a net loss of $13.7 million, which is largely explained by an impairment loss of $12.8 million related to the Paraguay asset group, reflecting the write-down to fair value less costs to sell during the first quarter of 2026. During the three and six months ended June 30, 2025, no impairment loss was recognized.”see in full comparison
“During the three months ended March 31, 2026, discontinued operations in Paraguay resulted in a net loss of $13.5 million, which is largely explained by an impairment loss of $12.8 million related to the Paraguay asset group, reflecting the write-down to fair value less costs to sell during Q1 2026.”see in full comparison
Full comparison: every changed paragraph (189)
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and
Analysis of Financial Condition and Results of Operations (the “"MD&A”") for Keel Infrastructure Corp. (together with its
subsidiaries, “"we”", “"our”", the “"Company”" or “"Keel”") should be read in conjunction with
our unaudited condensed consolidated financial statements and its accompanying notes for the three and six months ended MarchJune 31,30, 2026 (the “Q1
"Q2 2026 Financial Statements”") included elsewhere in this Quarterly Report on Form 10-Q (referred to herein as this “"Quarterly
Report”") and with our audited annual consolidated financial statements and its accompanying notes for the year ended December 31,
2025 (the “2025 Annual Financial Statements”) included in our Annual Report on Form 10-K for the fiscal year ended December 31,
2025 (the “Annual Report”). This discussion contains forward-looking statements that involve risks and uncertainties. Our
actual business, financial condition, and results of operations could differ materially from those anticipated in these forward-looking
statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly
under “"Item 1A. Risk Factors”" of Part II. See also “"Cautionary Statement Regarding Forward-Looking Statements.”
" Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
We are a North American digital and energy infrastructure
company that develops data centers and energy infrastructure to lease for HPC and AI workloads. We have a portfolio of Infrastructure
Assets,infrastructure assets, which represents a 2.2 GW power capacity pipeline, that includes owned and operated power generation facilities with collocated
Bitcoin Mining data centers, established grid interconnections within the wholesale electricity market administered by PJM Interconnection
in Pennsylvania, and approximately 100% renewable hydroelectric energy provided by Hydro-Québec in Québec, Canada and by
Grant County Public Utility District in Washington State, United States. We are developing our Infrastructure Assets to enable HPC data
center operations, with the intention of leasing capacity to hyperscalers, cloud service providers, AI companies, and enterprises under
long-term contracts, and expect to continue such development in the coming years.
We maintain our legacy Bitcoin Mining operations
in Canada to maximize the value of those assets.assets as we work to transition our Québec sites to HPC and AI. These Bitcoin Mining operations primarily comprise selling computational power that performs hashing
calculations for the purpose of cryptocurrencyBitcoin miningMining. inOur theBitcoin United States, Canada and Paraguay, withMining operations in Paraguay concluding
concluded following the sale of our final site there on April 21, 2026. Refer to Note 8 and 21 of the Q1Q2 2026 Financial Statements for disclosures
related to discontinued operations in Paraguay and Argentina.
Effective June 29, 2026, we ceased our Bitcoin Mining operations in the United States as part of our strategic transition to HPC and AI infrastructure development.
3. Recent Developments
U.S. Redomiciliation Transaction
On April 1, 2026, we completed our previously announced redomiciliation from Canada to the United States through a statutory plan of arrangement under the Business Corporations Act (Ontario). Keel Infrastructure Corp., a newly formed Delaware corporation, became the ultimate parent company of Bitfarms Ltd. and its subsidiaries, and each Bitfarms common share was exchanged for one share of Keel common stock. Bitfarms was not dissolved and continues to conduct our business as an indirect wholly owned subsidiary of Keel. As a result of the U.S. Redomiciliation Transaction, we became a U.S. domestic issuer and are subject to U.S. domestic reporting and disclosure requirements. In connection with an internal corporate reorganization completed on June 15, 2026, Bitfarms was renamed "Backbone Hosting Solutions Inc."; for continuity, we continue to refer to this subsidiary as "Bitfarms" in this MD&A.
The U.S. Redomiciliation Transaction did not change our underlying operating business, day-to-day operations, management, or strategy. As described in Note 2 to the Q2 2026 Financial Statements, the transaction is accounted for as a reorganization among entities under common control, and our predecessor assets and liabilities continue to be recognized at their historical carrying amounts. During Q2 2026 and YTD Q2 2026, we incurred $0.4 million and $5.4 million, respectively, of legal, accounting, and other professional fees directly related to the U.S. Redomiciliation Transaction, which are included in general and administrative expenses.
Development of HPC data center in Washington State
On April 28, 2026, we ceased Bitcoin Mining operations at our Washington State site in connection with our planned transition to developing HPC data centers. We are developing the site as an 18 gross MW HPC data center and, as of August 7, 2026, had not commenced HPC data center operations at this site or recognized any related revenue.
2026 Convertible Senior Notes
On June 9, 2026, we completed the issuance of $458.0 million aggregate principal amount of 1.250% convertible senior notes due 2032 (the "2026 Convertible Notes").
Cessation of Bitcoin Mining Operations at Panther Creek, Scrubgrass and Sharon sites
On June 29, 2026, we ceased Bitcoin Mining operations at our Panther Creek, Scrubgrass and Sharon sites in Pennsylvania. We will continue to generate revenue from the sale of energy at our Panther Creek and Scrubgrass sites, which had current gross energized capacity of approximately 60 gross MW and 63 gross MW, respectively that, as of August 7, 2026, is not yet contracted under an electric supply agreement, while we evaluate and develop these sites to support HPC data center operations. We are planning on converting our 110 gross MW Sharon site to an HPC data center. As of August 7, 2026, we had not commenced HPC data center operations at these sites or recognized any related revenue.
Appointment of Ganesh Aiyer as President
On July 6, 2026, we announced the appointment of Ganesh Aiyer as President to lead the our commercial and pipeline expansion activities.
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
I.
OVERVIEW3. Recent Developments (Continued)
Sherbrooke, Québec Data Center Project
On July 15, 2026, we received approval from the City of Sherbrooke to enter into an agreement with Hydro-Sherbrooke for the transfer and operation of 96 gross MW of existing capacity, and to enter into a purchase agreement for a parcel of land on which to develop the data center. The agreement with Hydro-Sherbrooke will allow us to consolidate the power from three of our current Bitcoin Mining sites into a single 96 gross MW campus, without requesting additional power.
We also received local approval to change the use of the 96 gross MW from Bitcoin Mining to HPC and AI applications, subject to review and approval by Québec's Ministry of Economy, Innovation and Energy. In connection with the project, we entered into a purchase agreement to acquire a parcel of land located approximately 100 miles east of Montreal. The purchase agreement is subject to customary conditions, including site inspections, feasibility analysis and municipal approvals and is expected to close in the first quarter of 2027.
Certain governments and regulators are increasingly
focused on the energy and environmental impact of data centers used for HPC and Bitcoin Mining. This has led, and could lead, to new governmental
measures regulating, restricting or prohibiting the use of electricity for Bitcoin MiningHPC and HPC,Bitcoin Mining, or could result in increased power
costs for these types of operations.
We currently maintain a portfolio of competitively
priced electrical power. However, there is no guarantee that we will be able to negotiate additional power agreements on similar terms,
or at all. The price we pay for electricity depends on numerous factors including sources of generation, regulatory environment, electricity
market structure, commodity prices, transmission cost allocation, instantaneous supply/demand balances, counterparty consumption and procurement
methods. These factors may be subject to change over time and result in increased power costs. In addition, developments in the United
States, including actions by the current U.S. administration, signal a policy shift away from supporting renewable energy which could
result in fewer such projects being constructed and lead to increases in electricity prices as demand increases. There have also been
legislative proposals and other legal developments targeting renewable energy and large electrical loads in certain states. Any reductions
or modifications to, or the elimination of laws, programs or incentives that provide electricity to HPC or Bitcoin Mining oroperations, HPC operations,
support renewable energy, or result in the implementation of more arduous requirements for renewable energy projects, could potentially
limit the availability of, and increase the costs we incur for, electricity in the United States and Canada.
We expect increasing global adoption of HPC and
AI use cases as existing industries incorporate AI and other compute-intensive processes and as new industries emerge. We anticipate that
the use of AI will expand to a broader set of enterprises that will utilize AI to drive internal efficiencies and implement AI into their
products and services. As more non-AI-native organizations across a broader spectrum of industries run training and inference workloads
on their own proprietary models, and as new industries with additional HPC and AI workload demands emerge, we believe we will be well-positioned
to capture those workloads at our facilities given our utility relationships and power procurement capabilities, our behind-the meter
power generation experience, and our experience with grid-management and flexible load operations, among other factors. Successful acquisitions
of new customers will depend on our ability to provide sufficient, cost-competitive high-uptime supply for HPC and AI computeworkload demands,
demand from end-users of AI-enabled products and services, demand from end-users for HPC workloads, our overall pricing relative to competition,
and the location and efficiency of our HPC data centers. If AI and other compute-intensive use cases are not broadly adopted by enterprises
to the extent we expect, or if new use cases do not emerge, our market opportunity may be smaller than we expect.
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
I. OVERVIEW (Continued)
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
I.
OVERVIEW (Continued)
Furthermore, the rewards for each Bitcoin mined
are subject to “"halving”" adjustments at predetermined intervals. At the inception of Bitcoin, the reward for Mining each block
was set at 50 Bitcoin and this was cut in half to 25 Bitcoin on November 28, 2012 at block 210,000, cut in half to 12.5 Bitcoin on July
9, 2016 at block 420,000, cut in half to 6.25 Bitcoin on May 11, 2020 at block 630,000, and cut in half again to 3.125 Bitcoin on April
19, 2024 at block 840,000. The next two halving eventsevent for Bitcoin areis expected to take place in 2028 at block 1,050,000 (when the reward
will reduce to 1.5625 Bitcoin), and in 2032 at block 1,260,000 (when the reward will reduce to 0.78125 Bitcoin).
Efficiency of Miners and Ability to
Procure Data Center Equipment
As global Mining capacity increases, we would
need to correspondingly increase our total hashrate capacity in order to maintain our proportionate share of Bitcoin network rewards to
maintain the same amount of Bitcoin Mining revenue. Our Bitcoin Mining operations currently utilize the Bitmain S21 XP Miners, S21 Pro
Miners, S21 Miners and T21 Miners. To remain cost competitive compared to other Mining industry participants, in addition to targeting
cost effective sources of energy and operating efficient data center infrastructure, we would need to maintain an energy efficient Mining
fleet, which would require capital outlays to purchase new Miners in order to make periodic upgrades to our existing Mining fleet.
From time-to-time, disruption in global supply
chains may result in shortages of advanced Mining-related equipment and HPC and AI infrastructure components and Mining-related equipment that meet our standards of
quality and efficiency.
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following table presents our key performance
indicators as of MarchJune 31,30, 2026 and 2025:
*The current energized capacity at the Panther Creek and Scrubgrass site of 60 gross MW and 63 gross MW, respectively, are not under an energy service agreement. The capacity is therefore excluded from Secured Gross Data Center Capacity.
Secured Gross Data Center Capacity
Secured Gross Data Center Capacity represents
the total amount of gross power capacity that is subject to electric supply agreements with utilities, including both power capacity currently
available on site and power capacity that utilities have agreed to deliver at a future date.
Expansion Capacity
Identified Additional Gross Data Center
Capacity
Gross power capacity that has not been contracted
under an electric supply agreement but is currently being evaluated at the U.S. Sites and QuebecQuébec Sites. This includes capacity that is
currently under utility load studies as well as potential on-site, behind-the-meter natural gas power generation at Scrubgrass.
Total Pipeline represents the sum of Secured Gross
Data Center Capacity and Identified Additional GrossExpansion Capacity. This measure encompasses both committed capacity and early-stageearly‑stage opportunities
under evaluation. Management monitors the total pipeline to understand the full spectrum of current and potential future growth and to
prioritize development efforts aligned with strategic objectives.
II. RESULTS OF
OPERATIONS (Continued)
The following table presents our key performance
indicators for the three and six months ended MarchJune 31,30, 2026 and 2025:
* Average Watts represents the average energy consumption of deployed Miners
During Q1Q2 2026, we earned 388354 Bitcoin, compared
to 492556 Bitcoin earned during Q1Q2 2025, representing a decrease of 21%36% from the prior period as a result of a 27%10% higher average Network
Difficulty, partiallycurtailment offsetevents bythat anprompted increasemore energy sales to the market and the shut down of the Bitcoin Mining operations in hashrateWashington fromState ourin expansionsApril and2026 upgradesfor tothe ourconstruction Minerof fleetthe withHPC higherdata efficiency Miners.center.
During YTD Q2 2026, we earned 742 Bitcoin, compared to 1,048 Bitcoin earned during YTD Q2 2025, representing a decrease of 29% from the prior period as a result of an 18% higher average Network Difficulty, and the factors mentioned above.
During Q1Q2 2026 the cost per kWh was $0.058$0.054 compared
to $0.047$0.053 in Q1Q2 2025. The 24%2% increase is mainly due to higher costgeneration costs in the United States due to higher generation costs and the acquisition
of Stronghold, late in the first quarter of 2025.States.
During YTD Q2 2026 the cost per kWh was $0.052 compared to $0.051 in YTD Q2 2025. The 3% increase is mainly due to higher electricity costs in Canada and the acquisition of Stronghold, late in the first quarter of 2025.
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Ending energy efficiency remained stable at 18
Watts/TH as of MarchJune 31,30, 2026, compared to MarchJune 31,30, 2025. This stability was supported by the average efficiency also holding
constant at 1819 average Watts/TH across both periods.
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Consolidated Financial & Operational ResultsResults1
ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2. Financial
Performance (Continued)
A. RevenuesA.Revenues from continuing operations
Revenues were $37.0$30.4 million in Q1Q2 2026 compared
to $47.7$60.9 million in Q1Q2 2025. The decrease of $10.7$30.5 million, or 22%50% iswas mainly due to a $16.0$29.6 million decrease in Bitcoin Mining revenue
resulting from the decrease in average Bitcoin price and a higher Network Difficulty. During Q1Q2 2026, we mined 388354 Bitcoins withat an average
Bitcoin price of $75,840,$72,020, compared to 492556 Bitcoins with an average Bitcoin price of $92,138$97,942 in Q1Q2 2025. In addition, followingenergy therevenue acquisition
ofdecreased Stronghold,by late$0.6 in the first quarter of 2025, we recorded Energy Sales for only 17 days during Q1 2025, compared to 90 days in Q1
2026, resulting in a $5.6 million increase in Energy Sales.million.
In Q2 2026, revenues from our operations in the United States decreased by $19.9 million, compared to Q2 2025 due to the decrease in average Bitcoin price, the higher Network Difficulty and the shut down of Bitcoin Mining operations in Washington in April 2026 for the construction of the HPC data center. Revenues from our continuing operations in Canada decreased by $10.6 million, compared to Q2 2025 due to the factors mentioned above.
Revenues were $67.4 million in YTD Q2 2026 compared to $108.6 million in YTD Q2 2025. The decrease of $41.1 million, or 38% is mainly due to a $45.6 million decrease in Bitcoin Mining revenue resulting from the decrease in average Bitcoin price and higher Network Difficulty. During YTD Q2 2026, we mined 742 Bitcoins at an average Bitcoin price of $74,018, compared to 1,048 Bitcoins with an average Bitcoin price of $95,002 in YTD Q2 2025. The decrease was partially offset by a $5.0 million increase in energy revenue due to the timing of the Stronghold acquisition, late in the first quarter of 2025, which contributed only one full quarter to YTD Q2 2025 compared to two full quarters in YTD Q2 2026, as well as curtailment events which prompted a reduction in energy consumption in the United States. The surplus energy was redirected and sold back to the market.
We earned our revenues during YTD Q2 2026 from our North American operations. Canada and the United States accounted for 55% and 45% of total revenues, respectively, compared to 54% and 46% in YTD Q2 2025, respectively.
KEEL insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 4 Form 4 filings (2 insiders, 4 trade dates, 155,017 shares, about $525.7K) and open-market sales in 0 filings. Net open-market shares: 155,017 (purchases minus sales); net value about $525.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-21 | Gagnon Benjamin |
Open-market purchase | 38,888 | $3.33 | $129.5K |
| 2026-08-20 | Wilson Liam Daniel |
Open-market purchase | 30,769 | $3.25 | $100.0K |
| 2026-08-17 | Wilson Liam Daniel |
Open-market purchase | 26,472 | $3.78 | $100.1K |
| 2026-08-13 | Gagnon Benjamin |
Open-market purchase | 58,888 | $3.33 | $196.1K |
| 2026-07-10 | Gagnon Benjamin |
Option exercise | 215,579 | — | — |
| 2026-07-10 | Wilson Liam Daniel |
Option exercise | 76,424 | — | — |
| 2026-07-10 | Wilson Liam Daniel |
Shares withheld for tax | 32,687 | $4.67 | $152.6K |
| 2026-07-10 | Ammann Marc-Andre |
Shares withheld for tax | 15,183 | $4.67 | $70.9K |
| 2026-07-10 | Ammann Marc-Andre |
Option exercise | 28,480 | — | — |
| 2026-07-10 | Silverstein Rachel Rose |
Shares withheld for tax | 6,837 | $4.67 | $31.9K |
| 2026-07-10 | Silverstein Rachel Rose |
Option exercise | 18,370 | — | — |
Well-known investors holding KEEL (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 7,226,220 | $41.5M | 0.02% | New position |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 3,690,743 | $21.2M | 0.03% | New position |
| Two Sigma Investments | 2026-06-30 | 3,546,260 | $20.4M | 0.02% | New position |
| D. E. Shaw & Co. | 2026-06-30 | 1,388,002 | $8.0M | 0.0% | New position |
| Millennium Management (Israel Englander) | 2026-06-30 | 541,957 | $3.1M | 0.0% | New position |
| Soros Fund Management | 2026-06-30 | 151,400 | $869.0K | 0.01% | New position |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 49,904 | $285.4K | 0.0% | New position |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 22,581 | $129.6K | 0.0% | New position |