AXIA Energia Director Discloses $3.1M Common Share Sales and Preferred Share Purchases

Overview & Context

On October 16, 2026, Pedro Batista de Lima Filho, a director of AXIA Energia S.A. (Ticker: AXIA3 / foreign: AXIA7), filed a Form 4 disclosing indirect transactions executed on October 14, 2026 across multiple managed fund portfolios overseen by Radar Gestora de Recursos Ltda., where he serves as a partner.

Transaction Breakdown

1. Common Shares (Sales):

   • Total Sold: 272,900 Common Shares
   • Weighted Average Sale Price: ~$11.50 per share (converted from BRL 59.86–59.87 at 5.2050 BRL/USD)
   • Total Sale Proceeds: ~$3,138,350
   • Entities Involved:
     • Maliko Investments LLC: 155,900 shares sold (remaining: 12,875,431)
     • Manuka Investments LLC: 33,300 shares sold (remaining: 6,896,725)
     • Radar Master Fundo: 51,700 shares sold (remaining: 4,292,969)
     • Infrad Master Fundo: 29,700 shares sold (remaining: 4,818,231)
     • Tucurui Master Fundo: 1,000 shares sold (remaining: 364,456)
     • Xingo Master Fundo: 1,300 shares sold (remaining: 481,839)
   • Direct Holding: The director continues to hold 51,115 Common Shares directly.

2. Class "C" Preferred Shares (Purchases):

   • Total Acquired: 61,800 Class "C" Preferred Shares (convertible into Common Shares 1:1 pursuant to company bylaws)
   • Weighted Average Purchase Price: ~$11.54 per share (converted from BRL 60.05–60.06 at 5.2050 BRL/USD)
   • Total Investment: ~$713,172 across the same managed accounts.

Analysis & Market Implications

• Trading Significance: Medium. While the aggregate disposition of Common Shares totals $3.14M, it is paired with simultaneous acquisitions of Class "C" convertible preferred shares across fund accounts managed by Radar Gestora de Recursos Ltda.
• Portfolio Rebalancing: The simultaneous sale of common equity alongside acquisitions of Class "C" Preferred Shares points to structural portfolio rebalancing and yield/class arbitrage across managed institutional funds rather than a fundamental negative insider exit.