SCHEDULE: Citadel Group Discloses 9.99% Stake in American Resources

Kenneth Griffin and affiliated Citadel entities report beneficial ownership of 9.99% of American Resources Corporation's Class A common stock.

Summary

• Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, Citadel Securities LLC, Citadel Securities Group LP, Citadel Securities GP LLC, and Kenneth Griffin (collectively, the "Reporting Persons") have filed a Schedule 13G.
• The filing reports beneficial ownership of Class A common stock, par value $0.0001 per share, of American Resources Corporation (CUSIP: 02927U208).
• Kenneth Griffin, as the ultimate beneficial owner for the group, holds an aggregate of 9,865,884 shares, representing 9.99% of the outstanding Class A common stock.
• The total shares outstanding used for percentage calculation is 98,757,605, which includes 95,195,805 shares outstanding as of October 14, 2025, and 3,561,800 shares issuable upon conversion of certain warrants held by affiliates of the reporting persons.
• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of American Resources Corporation.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure, indicating a significant but passive stake by Citadel entities and Kenneth Griffin, without providing performance or strategic updates for the issuer.

Positives

• A prominent investment firm, Citadel, and its affiliates, along with Kenneth Griffin, have disclosed a significant beneficial ownership stake of 9.99% in American Resources Corporation, potentially signaling institutional confidence in the company.
• The investment is explicitly stated as passive, not for the purpose of changing or influencing control, which may reduce concerns about potential activist investor actions.

Negatives

• No negative information regarding American Resources Corporation's operations or financial health is disclosed in this beneficial ownership report.

Future Outlook

This filing is a beneficial ownership disclosure and does not contain any forward-looking statements or guidance from American Resources Corporation.

Industry Context

This filing is a standard regulatory disclosure of beneficial ownership and does not provide specific insights into broader industry trends or competitive positioning for American Resources Corporation. It primarily reflects an investment decision by Citadel.

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional investor (Citadel) holding nearly 10% of the company's stock may influence investor perception and potentially share price.
• Management: Awareness of a large, passive institutional holder may influence strategic considerations, though the filing explicitly states no intent to influence control.

Key Dates

Recommendation

The filing indicates a substantial beneficial ownership stake by Citadel entities and Kenneth Griffin, reaching 9.99% of American Resources Corporation's Class A common stock. While this is a passive investment disclosure and not indicative of control intent, the involvement of a prominent investment firm like Citadel could be viewed as a positive signal of underlying value or future potential, warranting a 'hold' position to observe further developments.

Keywords

American Resources Corporation, ARC, Class A common stock, beneficial ownership, Schedule 13G, Citadel, Kenneth Griffin, institutional investment