SCHEDULE 13G/A

Xcel Brands Inc

Common Stock, $0.001 par value per share · CUSIP: 98400M200

Event date: 2025-12-31

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Potomac Capital Management Inc.

  Shares: 477,950.00 · Class: 8.2%

• Paul J. Solit

  Shares: 584,806.00 · Class: 9.99%

• Potomac Capital Management V LLC

  Shares: 477,950.00 · Class: 8.2%

• Potomac Capital Partners V, LP

  Shares: 477,950.00 · Class: 8.2%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.