<SEC-DOCUMENT>0001558370-25-007944.txt : 20250516
<SEC-HEADER>0001558370-25-007944.hdr.sgml : 20250516
<ACCEPTANCE-DATETIME>20250516134902
ACCESSION NUMBER:		0001558370-25-007944
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250516
DATE AS OF CHANGE:		20250516
EFFECTIVENESS DATE:		20250516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XCel Brands, Inc.
		CENTRAL INDEX KEY:			0001083220
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				760307819
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37527
		FILM NUMBER:		25958288

	BUSINESS ADDRESS:	
		STREET 1:		1333 BROADWAY
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(347) 727-2474

	MAIL ADDRESS:	
		STREET 1:		1333 BROADWAY
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETFABRIC HOLDINGS, INC
		DATE OF NAME CHANGE:	20050516

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOUSTON OPERATING CO
		DATE OF NAME CHANGE:	19990402
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>xelb-20250331xnt10q.htm
<DESCRIPTION>NT 10-Q
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.10.0.134--><!--Created on: 5/16/2025 03:13:43 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:76.51%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Washington, DC 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:23.48%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:76.51%;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">FORM 12b-25</b></p></td><td style="vertical-align:top;width:23.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">SEC FILE NUMBER</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">000-37527</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:76.51%;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">NOTIFICATION OF LATE FILING</font></p></td><td style="vertical-align:top;width:23.48%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">CUSIP NUMBER</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">09858M105</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:72pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(Check One):</font></font><font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form 10-K&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form 20-F <font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form 11-K&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9746;</font> Form 10-Q&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form 10-D&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form N-SAR&#160;&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> Form N-CSR</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">For Period Ended: March 31, 2025</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font>&#160;&#160;Transition Report on Form 10-K</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font>&#160;&#160;Transition Report on Form 20-F</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font>&#160;&#160;Transition Report on Form 11-K</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font>&#160;&#160;Transition Report on Form 10-Q</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="font-family:'Segoe UI Symbol';">&#9744;</font>&#160;&#160;Transition Report on Form N-SAR</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">For the Transition Period Ended: ______________________________________</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><i style="font-style:italic;">Read Instruction (on back page) Before Preparing Form. Please Print or Type.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;border-bottom:1px solid #000000;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PART I -- REGISTRANT INFORMATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Xcel Brands, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;border-bottom:1px solid #000000;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Full Name of Registrant</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:0pt;border-bottom:1px solid #000000;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Former Name If Applicable</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">550 Seventh Avenue</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:1pt;border-top:1px solid #000000;margin:0pt;">Address of Principal Executive Office (<i style="font-style:italic;">Street and Number</i>)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">New York, New York 10018</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:1pt;border-top:1px solid #000000;margin:0pt;">City, State and Zip Code</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART II -- RULES 12b-25(b) AND (c)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate.)</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:89.99%;"><tr><td rowspan="3" style="vertical-align:middle;width:7%;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Segoe UI Symbol';">&#9746;</font></p></td><td style="vertical-align:top;width:8.97%;border-left:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(a)</p></td><td style="vertical-align:top;width:84.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense</p></td></tr><tr><td style="display:none;vertical-align:top;width:7%;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.97%;border-left:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(b)</p></td><td style="vertical-align:top;width:84.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</p></td></tr><tr><td style="display:none;vertical-align:top;width:7%;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.97%;border-left:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(c)</p></td><td style="vertical-align:top;width:84.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accountant&#8217;s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART III -- NARRATIVE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The Registrant is unable to file its Quarterly Form 10-Q for the quarterly period ended March 31, 2025 within the prescribed period because of a delay in completing the audit for this period as a result of management requiring additional time to compile and verify the data required to be included in the report. Registrant expects to file within the extension period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">(Attach Extra Sheets if Needed)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART IV -- OTHER INFORMATION</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Name and telephone number of person to contact in regard to this notification</p></td></tr></table><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:25.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">James F. Haran</p></td><td style="vertical-align:top;width:2.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:40.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(347)</p></td><td style="vertical-align:top;width:2.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:28.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">532-5891</p></td></tr><tr><td style="vertical-align:top;width:25.98%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Name)</p></td><td style="vertical-align:top;width:2.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:40.67%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Area Code)</p></td><td style="vertical-align:top;width:2.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:28.19%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Telephone Number)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9746;</font> Yes&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> No</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(3)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Segoe UI Symbol';">&#9746;</font> Yes&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9744;</font> No</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;">See attachment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:1pt;text-align:center;border-top:3px double #000000;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="border-bottom-style:none;border-top-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="border-bottom-style:none;border-top-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:0pt;text-align:center;margin:0pt;">Xcel Brands, Inc.</p><p style="border-top-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:0pt;text-align:center;border-bottom:1px solid #000000;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">(Name of Registrant as Specified in Charter)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:48.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: May 16, 2025</p></td><td style="vertical-align:top;width:4.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: </p></td><td style="vertical-align:top;width:47.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ James F. Haran</p></td></tr><tr><td style="vertical-align:top;width:48.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:47.19%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">James F. Haran</p></td></tr><tr><td style="vertical-align:top;width:48.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:47.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Chief Financial Officer</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative&#8217;s authority to sign on behalf of the registrant shall be filed with the form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ATTENTION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Intentional misstatements or omissions of fact constitute Federal Criminal Violations (see 18 U.S.C. 1001).</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">ATTACHMENT TO PART IV-ITEM (3) OF</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">FORM 12B-25</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Xcel Brands, Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">WITH RESPECT TO ITS FORM 10-Q FOR THE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">QUARTERLY PERIOD ENDED MARCH 31, 2025</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Registrant estimates that its results of operations for the three months ended March 31, 2025, as reflected in its consolidated statements of operations to be included in its Form 10-Q for the three months ended March 31, 2025, will reflect the following changes:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the three months ended March 31, 2025, the Registrant expects to report a decrease in revenues to approximately $1.33 million from approximately $2.18 million for the three months ended March 31, 2024. &#160;For the three months ended March 31, 2025, the Registrant expects to report a net loss of approximately $2.67 million, compared to a net loss of approximately $6.35 million for the three months ended March 31, 2024. &#160;The decrease in revenue was attributable to the sale of the Lori Goldstein business in the second quarter of 2024 and partially offset by an increase in revenue from our current brands. &#160;The decrease in net loss for the three months ended March 31, 2025 was attributable to a $0.8 million improvement in the Company&#8217;s primary operating results, and a $2.3 million impairment charge recorded in the prior year quarter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Also, for the three months ended March 31, 2025, the Registrant expects to report net loss per share - basic and diluted - of approximately $1.12 compared to net loss per share &#8211; basic and diluted - of $(3.10) for the three months ended March 31, 2024. &#160;Net loss per share for the three months ended March 31, 2024 has been adjusted to give effect to a 1-for 10 share reverse split of the Registration&#8217;s outstanding common stock which was effected on March 25, 2025.</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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