Form 4: Telluray Holdings Increases EchoStar Stake via GRAT Transfer

Telluray Holdings, LLC acquired 2,925,750 shares of EchoStar Class B Common Stock from the Ergen Two-Year May 2024 SATS GRAT.

Summary

• Telluray Holdings, LLC reported the acquisition of 2,925,750 shares of EchoStar Class B Common Stock.
• The transaction occurred on May 13, 2026, via a contribution from the Ergen Two-Year May 2024 SATS GRAT in exchange for membership units.
• Following the transaction, Telluray Holdings beneficially owns 60,517,502 shares of Class B Common Stock and 2,350,696 shares of Class A Common Stock.
• Class B shares are convertible into Class A shares on a one-for-one basis at any time.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as it represents an internal transfer of shares between related parties rather than a market-facing transaction.

Positives

• Consolidation of shareholdings within a controlled entity suggests long-term commitment from the Ergen family.
• The transaction reflects internal restructuring of holdings rather than an open-market sale, indicating no immediate intent to divest.

Negatives

• Increased concentration of voting power within a single entity controlled by the Ergen family.

Risks

• Concentrated ownership by the Ergen family may limit the influence of minority shareholders on corporate governance decisions.

Future Outlook

No specific forward-looking guidance provided; the filing is a routine disclosure of changes in beneficial ownership.

Management Comments

• The transaction was executed as a contribution of assets between related entities controlled by Charles and Cantey Ergen.

Industry Context

StockSavvy.ai notes that this filing represents internal estate planning and asset consolidation by EchoStar's controlling shareholders, which is common in long-standing corporate structures and does not signal a change in operational strategy.

Comparison to Industry Standards

• Internal transfers between GRATs and family-controlled LLCs are standard practice for high-net-worth individuals managing significant equity stakes in public companies.
• The ownership structure remains consistent with historical patterns for EchoStar's controlling interest.

Related Party Transactions

• The transaction involved a transfer of shares from the Ergen Two-Year May 2024 SATS GRAT to Telluray Holdings, LLC, both of which are controlled by Charles and Cantey Ergen.

Stakeholder Impact

• Shareholders should note the continued concentration of voting control within the Ergen family entities.

Next Steps

• No future actions or milestones were disclosed in this filing.

Key Dates

Keywords

EchoStar, SATS, Insider Trading, Form 4, Beneficial Ownership, Ergen