SCHEDULE 13G: Linden Capital, Affiliates Report 7.0% Stake in X3 Acquisition Corp.

Linden Capital L.P., Linden GP LLC, Linden Advisors LP, and Siu Min Wong have jointly reported beneficial ownership of up to 7.0% of X3 Acquisition Corp. Ltd.'s Class A ordinary shares.

Summary

• Linden Capital L.P., Linden GP LLC, Linden Advisors LP, and Siu Min Wong (collectively, the "Reporting Persons") have filed a Schedule 13G indicating beneficial ownership in X3 Acquisition Corp. Ltd.
• The filing reports that Linden Advisors LP and Siu Min Wong beneficially own 1,400,000 Class A ordinary shares, representing approximately 7.0% of the outstanding class.
• Linden Capital L.P. and Linden GP LLC beneficially own 1,342,424 Class A ordinary shares, representing approximately 6.7% of the outstanding class.
• The shares are held for the account of Linden Capital and one or more separately managed accounts.
• Linden GP LLC is the general partner of Linden Capital L.P., and Linden Advisors LP is the investment manager of Linden Capital and the trading/investment advisor for the Managed Accounts.
• Siu Min Wong is the principal owner and controlling person of Linden Advisors LP and Linden GP LLC.
• All beneficial ownership is reported with shared voting and shared dispositive power; no sole voting or dispositive power is reported by any of the entities or individuals.
• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a standard beneficial ownership report, indicating a significant institutional stake. While not directly positive or negative about the issuer's operations, it signals institutional confidence and interest, which is generally a positive indicator for a SPAC.

Positives

• Increased institutional interest in X3 Acquisition Corp. Ltd. with a significant beneficial ownership stake reported by Linden Capital and its affiliates.
• The filing indicates a passive investment intent, as the shares were not acquired for the purpose of changing or influencing control of the issuer.

Negatives

• NA

Risks

• The filing does not detail specific risks related to X3 Acquisition Corp. Ltd. but rather reports beneficial ownership.

Future Outlook

The filing is a beneficial ownership report and does not contain any forward-looking statements or guidance regarding the issuer's future performance or outlook.

Management Comments

• "The undersigned hereby agree that the statement on Schedule 13G with respect to the Shares of X3 Acquisition Corp. Ltd. dated as of January 22, 2026 is, and any further amendments thereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended." (From Joint Filing Agreement)
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11." (From Certification)

Industry Context

This filing indicates a significant institutional investment in X3 Acquisition Corp. Ltd., a Special Purpose Acquisition Company (SPAC). Such filings are common as institutional investors take positions in SPACs, often with a passive investment intent, ahead of potential business combinations. The reported stake suggests confidence from Linden Capital and its affiliates in the SPAC's potential.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake (7.0%) by Linden Capital and its affiliates may be viewed positively, signaling institutional confidence and potentially attracting further investor interest in X3 Acquisition Corp. Ltd.

Next Steps

• The Reporting Persons will file amendments to this Schedule 13G as required by SEC regulations if there are material changes to their beneficial ownership.

Key Dates

Keywords

X3 Acquisition Corp. Ltd., Linden Capital L.P., Linden GP LLC, Linden Advisors LP, Siu Min Wong, Schedule 13G, Beneficial Ownership, Class A ordinary shares, Institutional Investment, SPAC