SCHEDULE: X3 Higher Moment Fund Discloses 9.9% Stake in Perfect Moment

X3 Higher Moment Fund LLC has reported a 9.9% passive ownership stake in Perfect Moment Ltd., including shares from warrants, as of August 27, 2025.

Summary

• X3 Higher Moment Fund LLC reported beneficial ownership of 3,172,858 shares of Perfect Moment Ltd. Common Stock.
• This represents 9.9% of the outstanding Common Stock as of August 27, 2025.
• The percentage is calculated based on 32,049,075 shares of Common Stock outstanding, as provided by Perfect Moment Ltd.
• X3 Higher Moment Fund LLC also holds warrants to purchase up to 3,204,908 additional shares of Common Stock at an exercise price of $0.46822 per share.
• These warrants are subject to a 'Blocker' provision, which prevents their exercise if it would result in the holder beneficially owning more than 9.9% of the outstanding Common Stock.
• X3 Higher Moment Fund LLC holds shared voting and shared dispositive power over the 3,172,858 shares.
• The filing certifies that the securities were not acquired or held for the purpose of changing or influencing control of Perfect Moment Ltd.

Sentiment

Score: 6

Explanation: The disclosure of a significant passive stake by an institutional investor like X3 Higher Moment Fund LLC can be viewed as a vote of confidence in Perfect Moment Ltd., which is generally a positive signal for the market. However, the passive nature and the blocker on warrant exercise temper the enthusiasm.

Positives

• A significant institutional investor, X3 Higher Moment Fund LLC, has taken a 9.9% stake in Perfect Moment Ltd., potentially signaling confidence in the company's long-term prospects.
• The fund holds warrants to acquire additional shares, indicating potential for increased investment in the future, albeit capped by the 9.9% blocker.

Negatives

• The 'Blocker' provision on the warrants limits X3 Higher Moment Fund LLC's ability to increase its ownership beyond 9.9%, which could cap potential upside from a larger stake.
• The filing explicitly states the investment is passive and not intended to influence control, meaning no immediate strategic changes or activist pressure from this investor.

Risks

• The 'Blocker' provision on warrants prevents X3 Higher Moment Fund LLC from exercising warrants if it would result in beneficial ownership exceeding 9.9% of the outstanding Common Stock.

Future Outlook

The filing does not provide any forward-looking statements or guidance from Perfect Moment Ltd. It is a disclosure of beneficial ownership by an external fund.

Management Comments

• Toby Maitland Hudson, Partner, Head of Portfolio Management for X3 Higher Moment Fund LLC, certified that the information set forth in this statement is true, complete, and correct.

Industry Context

Institutional investors frequently take passive stakes in publicly traded companies, often as part of a diversified portfolio strategy. A 9.9% stake is significant enough to warrant disclosure but, being passive, suggests a long-term investment view rather than an activist one.

Stakeholder Impact

• Shareholders: The entry of a new significant institutional investor may increase confidence and potentially attract further investment, though the passive nature means no immediate strategic shifts.
• Management: No direct impact on management's operational control, as the investor is passive.

Key Dates

Keywords

Perfect Moment Ltd, X3 Higher Moment Fund LLC, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Institutional Investor, Passive Investment, Equity Stake, SEC Filing