# EDGAR Filing Document

**Accession Number:** 0001863990
**File Stem:** 0000921895-25-002854
**Filing Date:** 2025-11
**Character Count:** 18739
**Document Hash:** ec6d8546be1c3f02bf1b3423199caaa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002854.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0000921895-25-002854

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MultiSensor AI Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001863990
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPTICAL INSTRUMENTS & LENSES [3827]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 863962954
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92976
- **FILM NUMBER:** 251444293

**BUSINESS ADDRESS:**
- **STREET 1:** 2105 WEST CARDINAL DRIVE
- **CITY:** BEAUMONT
- **STATE:** TX
- **ZIP:** 77705
- **BUSINESS PHONE:** (866) 861-0788

**MAIL ADDRESS:**
- **STREET 1:** 2105 WEST CARDINAL DRIVE
- **CITY:** BEAUMONT
- **STATE:** TX
- **ZIP:** 77705

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Infrared Cameras Holdings, Inc.
- **DATE OF NAME CHANGE:** 20231219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sportsmap Tech Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210524
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 325 CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001873893

**ORGANIZATION NAME:**
- **EIN:** 320588582
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-376-5325

**MAIL ADDRESS:**
- **STREET 1:** 757 THIRD AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**MultiSensor AI Holdings, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**456948108**

*(CUSIP Number)*

**Michael Braner**<br>325 Capital LLC<br>757 Third Avenue, 20th Floor<br>New York NY 10017<br>646-774-2904

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 Capital Master Fund LP** | Name of reporting person<br>**325 Capital Master Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2166407.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2166407.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2166407.00** | Aggregate amount beneficially owned by each reporting person<br>**2166407.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 Capital GP, LLC** | Name of reporting person<br>**325 Capital GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2166407.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2166407.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2166407.00** | Aggregate amount beneficially owned by each reporting person<br>**2166407.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**325 CAPITAL LLC** | Name of reporting person<br>**325 CAPITAL LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12961653.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12961653.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**31.2%** | Percent of class represented by amount in Row (11)<br>**31.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Braner Michael David** | Name of reporting person<br>**Braner Michael David** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12961653.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12961653.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**31.2%** | Percent of class represented by amount in Row (11)<br>**31.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**FRIEDBERG DANIEL M.** | Name of reporting person<br>**FRIEDBERG DANIEL M.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12961653.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12961653.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**31.2%** | Percent of class represented by amount in Row (11)<br>**31.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **456948108** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shrivastava Anil K** | Name of reporting person<br>**Shrivastava Anil K** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12961653.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12961653.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | Aggregate amount beneficially owned by each reporting person<br>**12961653.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**31.2%** | Percent of class represented by amount in Row (11)<br>**31.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
MultiSensor AI Holdings, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2105 WEST CARDINAL DRIVE, BEAUMONT, TX, 77705

**Item 4. Purpose of Transaction**

Item 4 is hereby amended to add the following:

The Initial Closing (as defined in Amendment No. 3 to the Schedule 13D) occurred On October 30, 2025. As previously disclosed in Amendment No. 3 to the Schedule 13D, in connection with the Initial Closing, (a) 325 Master Fund acquired 684,539 Shares and 1,369,078 Warrants (as defined in Amendment No. 3 to the Schedule 13D), and (b) the SMAs acquired an aggregate of 2,800,907 Shares and 5,601,814 Warrants.

As previously disclosed in Amendment No. 3 to the Schedule 13D, in connection with the Initial Closing, certain of the Reporting Persons entered into a registration rights agreement with the Issuer, effective upon the Initial Closing (the "2025 Registration Rights Agreement") pursuant to which the Issuer is required to file a registration statement with the SEC to register the resale of the Shares and the Shares and Preferred Stock issuable upon exercise of the Warrants be issued in connection with the 2025 Private Placement.

As previously disclosed in Amendment No. 3 to the Schedule 13D, in connection with the Initial Closing, certain of the Reporting Persons entered into a voting agreement with the Issuer, effective upon the Initial Closing (the "2025 Voting Agreement"), to support the transactions contemplated by the 2025 Purchase Agreement, including obtaining the Stockholder Approval.

The foregoing descriptions of the 2025 Registration Rights Agreement and 2025 Voting Agreement do not purport to be complete and are subject to and are qualified in their entirety by reference to the full text of the Form of 2025 Registration Rights Agreement and Form of 2025 Voting Agreement, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
—

**(b)**
—

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

Other than as set forth in Item 4 above, the Reporting Persons have not entered into any transactions in the securities of the Issuer since the filing of the Amendment No. 3 to the Schedule 13D.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended to add the following:

The definitions and descriptions of the 2025 Registration Rights Agreement and 2025 Voting Agreement as set forth in Item 4 above are incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 Capital Master Fund LP

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 Capital GP, LLC

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 325 CAPITAL LLC

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner, Managing Member

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Braner Michael David

**Signature:** /s/ Michael Braner

**Name/Title:** Michael Braner

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** FRIEDBERG DANIEL M.

**Signature:** /s/ Daniel Friedberg

**Name/Title:** Daniel Friedberg

**Date:** 11/03/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shrivastava Anil K

**Signature:** /s/ Anil Shrivastava

**Name/Title:** Anil Shrivastava

**Date:** 11/03/2025