SCHEDULE 13D/A: Valinor Entities Significantly Reduce Stake in NextDecade Corp. Through Recent Share Sales

Valinor Capital Partners and its offshore master fund have significantly reduced their beneficial ownership in NextDecade Corp., selling over 1.69 million shares between January 3, 2024, and January 17, 2025.

Summary

• Valinor Capital Partners, L.P. and Valinor Capital Partners Offshore Master Fund, L.P. (collectively, the "Reporting Persons") filed Amendment No. 12 to their Schedule 13D regarding NextDecade Corp. Common Stock.
• Between January 3, 2024, and January 17, 2025, the Reporting Persons sold an aggregate of 1,694,605 shares of NextDecade Corp. Common Stock.
• As of January 17, 2025, Valinor Capital Partners, L.P. directly holds 2,321,219 shares, representing approximately 0.89% of NextDecade Corp.'s outstanding shares.
• As of January 17, 2025, Valinor Capital Partners Offshore Master Fund, L.P. directly holds 10,971,298 shares, representing approximately 4.22% of NextDecade Corp.'s outstanding shares.
• David Gallo, as Founder, Managing Partner, and Portfolio Manager at Valinor Management, may be deemed to beneficially own 14,833,197 shares, representing 5.70% of the outstanding shares.
• The total outstanding shares of NextDecade Corp. as of November 1, 2024, were 260,291,186, as reported in the Issuer's Quarterly Report on Form 10-Q.
• Specific transactions by the Reporting Persons occurred between January 2, 2025, and January 17, 2025, with weighted average prices per share ranging from $8.2507 to $9.0672, and price ranges from $8.25 to $9.36.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to the significant selling of shares by a major institutional investor, which can signal reduced confidence or a strategic exit, potentially leading to negative market perception and downward pressure on the stock price.

Negatives

• Significant reduction in beneficial ownership by Valinor entities, with an aggregate sale of 1,694,605 shares, which may signal a decrease in confidence or a strategic divestment.
• The selling activity by a major institutional investor could exert downward pressure on NextDecade Corp.'s stock price.

Risks

• Potential for continued selling pressure from Valinor entities, which could negatively impact the stock price.
• Reduced institutional support or perceived confidence from a major investor may deter other potential investors.

Future Outlook

NA

Industry Context

This filing reflects a change in a significant institutional investor's position in NextDecade Corp., a company primarily involved in the liquefied natural gas (LNG) sector. While the filing itself does not provide industry-specific insights, the reduction in stake by a major fund could be interpreted in the context of broader investment trends within the energy or LNG sectors, or simply as a portfolio rebalancing decision by Valinor.

Stakeholder Impact

• Shareholders: Potential negative impact due to increased selling pressure and a possible signal of reduced institutional confidence, which could lead to a decrease in share price.

Key Dates

Recommendation

Keywords

NextDecade Corp., Valinor Capital Partners, Valinor Capital Partners Offshore Master Fund, David Gallo, Schedule 13D/A, beneficial ownership, share sales, institutional investor, LNG, energy sector