Potomac Capital Management, Inc. - 31 Dec 2025 SCHEDULE 13G/A Report for XCel Brands, Inc. Common Stock, $0.001 par value per share (XELB)

Filing Manager
Potomac Capital Management, Inc.
Reporting Manager
Paul J. Solit
Security
XCel Brands, Inc. Common Stock, $0.001 par value per share
Symbol
XELB
Shares outstanding
5,853,914 shares
Disclosed Ownership
584,806 shares
Ownership
10%
Form type
SCHEDULE 13G/A
Filing time
17 Feb 2026, 16:01:47 UTC
Date of event
31 Dec 2025
Previous filing
14 Nov 2025
SEC
View on sec.gov

Reporting Managers (4)

Name Ownership Shares Owned sole voting power shared voting power Signature Title CIK
Potomac Capital Management Inc. 8.2% 477,950 477,950 0 /s/ Paul J. Solit Paul J. Solit / Authorized Signatory
Paul J. Solit 10% 584,806 584,806 0 /s/ Paul J. Solit N/A
Potomac Capital Management V LLC 8.2% 477,950 477,950 0 /s/ Paul J. Solit Paul J. Solit / Authorized Signatory
Potomac Capital Partners V, LP 8.2% 477,950 477,950 0 /s/ Paul J. Solit Paul J. Solit / Authorized Signatory