AleAnna
ANNA on Nasdaq. Market value $25m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 18 funds in all.
Largest holders overall
- Marshall Wace, LLP$563,704New
- Jane Street Group$238,084Added
- Farallon Capital Management, L.L.C.$227,360
- UBS Group AG$211,471Added
- Geode Capital Management$122,725Added
- Morgan Stanley$116,000Added
- Engineers Gate Manager LP$113,210New
- HighTower Advisors$101,500New
- Carlson Capital, L.P.$87,000New
- NewGen Asset Management$82,021
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- C. John Wilder, Jr.94.9%Since 13 December 2024
What they said
The information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Class A Common Stock reported herein for investment purposes, and the Reporting Persons intend to review on a…
Read the filing - WILDER C JOHNat least 93.0%−1.5 pts(filed with 11 related holders)Since 23 June 2026
What they said
Item 4 of the Schedule 13D is hereby supplemented by adding the following: On June 23, 2026, the John and Susan Wilder Foundation gifted 453,451 shares of Class A Common Stock to a church as permitted by Rule 144.
Read the filing - Dapice Joshua J.Passive investorat least 2.6%(filed with 28 related holders)Since 31 December 2024
- Swiftmerge Holdings, LPPassive investorSold down below 5%Since 19 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
C. John Wilder, Jr. | 94.9% | 13 December 2024 | What they saidThe information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Class A Common Stock reported herein for investment purposes, and the Reporting Persons intend to review on a… Read the filing |
WILDER C JOHN | at least 93.0%−1.5 pts (filed with 11 related holders) | 23 June 2026 | What they saidItem 4 of the Schedule 13D is hereby supplemented by adding the following: On June 23, 2026, the John and Susan Wilder Foundation gifted 453,451 shares of Class A Common Stock to a church as permitted by Rule 144. Read the filing |
Dapice Joshua J. Passive investor | at least 2.6% (filed with 28 related holders) | 31 December 2024 | |
Swiftmerge Holdings, LP Passive investor | Sold down below 5% | 19 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in AleAnna’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 4 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based upon their evaluation, and due to the material weaknesses identified and previously disclosed in our Form 10-K for the year ended December 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026.”
Show the full paragraph
As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026. Based upon their evaluation, and due to the material weaknesses identified and previously disclosed in our Form 10-K for the year ended December 31, 2025, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 89% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, the Company’s Conventional segment sold all conventional gas production to Shell Energy Europe Limited, which accounted for approximately $22.4 million, or approximately 89% of total revenues.”
From the 10-K filed 31 March 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.