<SEC-DOCUMENT>0001104659-25-122198.txt : 20251217
<SEC-HEADER>0001104659-25-122198.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20251217214649
ACCESSION NUMBER:		0001104659-25-122198
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251217
DATE AS OF CHANGE:		20251217

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Atlas Energy Solutions Inc.
		CENTRAL INDEX KEY:			0001984060
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				932154509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94180
		FILM NUMBER:		251581145

	BUSINESS ADDRESS:	
		STREET 1:		5918 WEST COURTYARD DRIVE
		STREET 2:		SUITE 500
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
		BUSINESS PHONE:		5122201200

	MAIL ADDRESS:	
		STREET 1:		5918 WEST COURTYARD DRIVE
		STREET 2:		SUITE 500
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Atlas HoldCo Inc.
		DATE OF NAME CHANGE:	20230703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHEPARD GREGORY M
		CENTRAL INDEX KEY:			0001065833
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		15405 ACHORAGE PLACE
		CITY:			LAKEWOOD RANCH
		STATE:			FL
		ZIP:			34202
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001193125-23-235719</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: SHEPARD GREGORY M -->
          <cik>0001065833</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01</securitiesClassTitle>
      <dateOfEvent>12/15/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001984060</issuerCIK>
        <issuerCUSIP>642045108</issuerCUSIP>
        <issuerName>Atlas Energy Solutions Inc.</issuerName>
        <address>
          <com:street1>5918 WEST COURTYARD DRIVE</com:street1>
          <com:street2>SUITE 500</com:street2>
          <com:city>Austin</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>78730</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Amundsen Davis, LLC</personName>
          <personPhoneNum>312-894-3200</personPhoneNum>
          <personAddress>
            <com:street1>Eric M. Fogel / J. Victor Peterson</com:street1>
            <com:street2>150 N. Michigan Avenue, Suite 3300</com:street2>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
            <com:zipCode>60601</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001065833</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Gregory M. Shepard</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>FL</citizenshipOrOrganization>
        <soleVotingPower>7651210.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>7651210.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>7651210.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>6.19</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Percent of Class Represented is based on a total of 123,691,077 outstanding shares of Common Stock, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended on September 30, 2025, filed on November 4, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01</securityTitle>
        <issuerName>Atlas Energy Solutions Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>5918 WEST COURTYARD DRIVE</com:street1>
          <com:street2>SUITE 500</com:street2>
          <com:city>Austin</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>78730</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item6>
        <contractDescription>Item 6 of the Schedule 13D is hereby further amended to add the following as new final paragraphs therein:

On December 15, 2025, the Reporting Person entered into a multi-tranche, prepaid variable share forward sale transaction pursuant to a Stock Purchase Agreement (the "Agreement") entered into among the Reporting Person and UBS SECURITIES LLC and UBS FINANCIAL SERVICES INC., each as agents and UBS AG, STAMFORD BRANCH ("Buyer") relating to an aggregate of 850,000 shares of common stock of the Issuer, par value $0.01 per share ("Common Stock") and obligating the Reporting Person to deliver to the Buyer up to an aggregate of 850,000 shares of Common Stock (or, at the Reporting Person's election, under certain circumstances, an equivalent amount of cash) to settle each tranche of the Agreement. The Reporting Person received a cash payment of $7,036,804. The transaction maturity dates are January 11-25, 2027, with each maturity date representing a tranche.  Pursuant to a Pledge Agreement, the Reporting Person pledged 850,000 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Agreement, and retained voting and ordinary dividend rights in the Pledged Shares during the term of the pledge (and thereafter if the Reporting Person settles the Agreement in cash). Under the Agreement, on the first business day immediately following the maturity date for each tranche, the Reporting Person agrees to deliver to Buyer a number of shares of unrestricted stock (or an equivalent amount of cash, if cash settled) equal to the product of (A) the number of shares in such tranche and (B) (i) if the closing price per share of Common Stock on the maturity date (the "Settlement Price") is less than $11.90 ("Cap Level") but greater than $8.63 ("Floor Level"), a ratio equal to the Floor Level divided by the Settlement Price, (ii) if the Settlement Price is equal to or greater than the Cap Level, a ratio equal to a fraction with a numerator equal to the sum of (1) the Floor Level and (2) the excess, if any, of the Settlement Price over the Cap Level, and a denominator equal to the Settlement Price, and (iii) if the Settlement Price is equal to or less than the Floor Level, one (1).</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Gregory M. Shepard</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Gregory M. Shepard</signature>
          <title>Gregory M. Shepard</title>
          <date>12/17/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
