# EDGAR Filing Document

**Accession Number:** 0001304857
**File Stem:** 0000912282-25-001210
**Filing Date:** 2025-11
**Character Count:** 22885
**Document Hash:** bb0ac254361c0a00c6eaf4a0664be12a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912282-25-001210.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0000912282-25-001210

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MMCAP International Inc. SPC
- **CENTRAL INDEX KEY:** 0001304857

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20111
- **FILM NUMBER:** 251465628

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** 416-408-0997

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MMCAP International Inc. SPC<br>**Address:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD<br>94 SOLARIS AVE. CAMANA BAY PO BOX 1348<br>GRAND CAYMAN, E9 KY1-1108

**Form 13F File Number:** 028-20111

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ulla Vestergaard<br>**Title:** Director MMCAP International Inc. SPC<br>**Phone:** 416-408-0994

**Signature, Place, and Date of Signing:**

/s/ Ulla Vestergaard  Toronto, A6  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 172

**Form 13F Information Table Value Total:** $859775181

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Gen Digital Inc | COM | 668771116 |  | 4007656 | 542308 | SH |  | SOLE |  | 542308 | 0 | 0 |
| New Found Gold Corp | COM | 64440N103 |  | 268123 | 112725 | SH |  | SOLE |  | 112725 | 0 | 0 |
| National Energy Services Reuni | SHS | G6375R107 |  | 8671157 | 845142 | SH |  | SOLE |  | 845142 | 0 | 0 |
| Valens Semiconductor Ltd | ORDINARY SHARES | M9607U107 |  | 12865 | 214067 | SH |  | SOLE |  | 214067 | 0 | 0 |
| Forafric Global PLC | ORDINARY SHARES | X3R81D110 |  | 408219 | 518900 | SH |  | SOLE |  | 518900 | 0 | 0 |
| Alpha Tau Medical Ltd | ORDINARY SHARES | M0740A116 |  | 154430 | 447622 | SH |  | SOLE |  | 447622 | 0 | 0 |
| Satellogic Inc | COM CL A | 80401C118 |  | 58333 | 166666 | SH |  | SOLE |  | 166666 | 0 | 0 |
| Alliance Entertainment Holding | COM CLASS A | 01861F110 |  | 173460 | 294000 | SH |  | SOLE |  | 294000 | 0 | 0 |
| Liminatus Pharma Inc | CL A | 53271X116 |  | 16527 | 111745 | SH |  | SOLE |  | 111745 | 0 | 0 |
| Blue Gold Ltd | COM CL A | G1331C112 |  | 5720 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| CID Holdco Inc | COM | 171756117 |  | 15250 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Fold Holdings Inc | COM CL A | 29103K118 |  | 87815 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| eLong Power Holding Ltd | SHS CL A | G3016G103 |  | 7186 | 23670 | SH |  | SOLE |  | 23670 | 0 | 0 |
| ALCHEMY INVTS ACQUISITN CORP | CL A ORD SHS | G0232F133 |  | 25500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| Keen Vision Acquisition Corp | SHS | G52443127 |  | 9030 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| Haymaker Acquisition Corp 4 | CLASS A | G4375F108 |  | 10206000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| Haymaker Acquisition Corp 4 | *W EXP 05/31/202 | G4375F116 |  | 177750 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| Spark I Acquisition Corp | ORD SHS | G8316B118 |  | 105000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| Legato Merger Corp III | ORD SHS | G5451A103 |  | 1074000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Legato Merger Corp III | *W EXP 05/08/203 | G5451A111 |  | 18560 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Churchill Capital Corp IX | CL A SHS | G21301109 |  | 14148000 | 1350000 | SH |  | SOLE |  | 1350000 | 0 | 0 |
| Churchill Capital Corp IX | *W EXP 03/31/203 | G21301117 |  | 263250 | 337500 | SH |  | SOLE |  | 337500 | 0 | 0 |
| Silverbox Corp IV | SHS CL A | G81354105 |  | 10260600 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| Silverbox Corp IV | *W EXP 08/19/202 | G81354121 |  | 143733 | 326666 | SH |  | SOLE |  | 326666 | 0 | 0 |
| Newbury Street II Acquisition | ORD SHS CL A | G6439S109 |  | 4662000 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| Newbury Street II Acquisition | *W EXP 06/01/203 | G6439S117 |  | 57285 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| CO2 Energy Transition Corp | COM | 12664M103 |  | 6018000 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| CO2 Energy Transition Corp | *W EXP 08/17/202 | 12664M111 |  | 99769 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| CO2 Energy Transition Corp | RIGHT 10/15/2028 | 12664M129 |  | 141600 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| Jackson Acquisition Co II | COM SHS CL A | G4992A136 |  | 135000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| Translational Development Acqu | COM CL A | G9008W105 |  | 3622500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| Translational Development Acqu | *W EXP 12/18/202 | G9008W113 |  | 50750 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| Cantor Equity Partners II Inc | CL A ORD SHS | G1827P106 |  | 7882500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| Stellar V Capital Corp | SHS CL A | G8475V103 |  | 2884000 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| Stellar V Capital Corp | *W EXP 10/15/202 | G8475V111 |  | 48986 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| Archimedes Tech SPAC Partners | ORD SHS | G04537109 |  | 1276288 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| Archimedes Tech SPAC Partners | *W EXP 10/15/202 | G04537125 |  | 24375 | 62500 | SH |  | SOLE |  | 62500 | 0 | 0 |
| Gesher Acquisition Corp II | USD CL A ORD SHS | G3852D107 |  | 1776250 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| Gesher Acquisition Corp II | *W EXP 10/31/203 | G3852D115 |  | 29304 | 87500 | SH |  | SOLE |  | 87500 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | CL A ORD SHS | G47875102 |  | 14098000 | 1400000 | SH |  | SOLE |  | 1400000 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | RIGHT 04/25/2030 | G47875110 |  | 616000 | 1400000 | SH |  | SOLE |  | 1400000 | 0 | 0 |
| Republic Digital Acquisition C | USD CL A ORD SHS | G7515A103 |  | 15978650 | 1565000 | SH |  | SOLE |  | 1565000 | 0 | 0 |
| Republic Digital Acquisition C | *W EXP 05/01/203 | G7515A129 |  | 508625 | 782500 | SH |  | SOLE |  | 782500 | 0 | 0 |
| CARTESIAN GROWTH CORP III | COM CL A | G19307100 |  | 13560750 | 1350000 | SH |  | SOLE |  | 1350000 | 0 | 0 |
| CARTESIAN GROWTH CORP III | *W EXP 05/02/203 | G19307126 |  | 168750 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| Gores Holdings X Inc | SHS CL A | G4002F109 |  | 7147000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| Gores Holdings X Inc | *W EXP 05/02/203 | G4002F125 |  | 133000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| Churchill Capital Corp X | SHS CL A | G2130T108 |  | 20316627 | 1579831 | SH |  | SOLE |  | 1579831 | 0 | 0 |
| Churchill Capital Corp X | *W EXP 05/14/203 | G2130T116 |  | 1775000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ProCap Acquisition Corp | SHS CL A | G7257A105 |  | 1027000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ProCap Acquisition Corp | *W EXP 05/16/203 | G7257A121 |  | 21666 | 33333 | SH |  | SOLE |  | 33333 | 0 | 0 |
| Oyster Enterprises II Acquisit | ORD SHS CL A | G6861F104 |  | 2004400 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Oyster Enterprises II Acquisit | RIGHT 05/22/2030 | G6861F138 |  | 34000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Blue Acquisition Corp | ORD SHS CL A | G1331A108 |  | 2498750 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| Blue Acquisition Corp | RIGHT 06/11/2030 | G1331A116 |  | 40350 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | ORD SHS CL A | G1368E106 |  | 1994000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | *W EXP 05/23/203 | G1368E114 |  | 14190 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BEST SPAC I Acquisition Corp | USD CL A ORD SHS | G1069P103 |  | 1256250 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BEST SPAC I Acquisition Corp | RIGHT 05/27/2030 | G1069P129 |  | 17513 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| Pioneer Acquisition I Corp | CL A ORD SHS | G7117W123 |  | 7537500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| Lightwave Acquisition Corp | UNIT 06/06/2030 | G5490M118 |  | 2512500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| Oxley Bridge Acquisition Ltd | UNIT 6/17/2030 | G6858G123 |  | 7530000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| FIGX Capital Acquisition Corp | UNIT 06/17/2030 | G3473K126 |  | 5040000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| Cantor Equity Partners III Inc | SHS CL A | G1828A108 |  | 7740000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| Cantor Equity Partners IV Inc | SHS CL A | G1828E100 |  | 15277500 | 1500000 | SH |  | SOLE |  | 1500000 | 0 | 0 |
| American Exceptionalism Acquis | ORD CL A | G0273J101 |  | 6897551 | 631066 | SH |  | SOLE |  | 631066 | 0 | 0 |
| 1RT Acquisition Corp | UNIT 06/26/2030 | G6757R121 |  | 6330000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| Trailblazer Acquisition Corp | UNIT 08/21/2030 | G9009S129 |  | 10225000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| Chenghe Acquisition III Co | UNIT 09/09/2030 | G2086N113 |  | 1497000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| Galata Acquisition Corp II | UNIT 09/12/2030 | G3R25N124 |  | 998000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Drugs Made In America Acquisit | ORD SHS | G2851K120 |  | 26851500 | 2700000 | SH |  | SOLE |  | 2700000 | 0 | 0 |
| FutureCrest Acquisition Corp | UNIT 99/99/9999 | G3730U123 |  | 10600000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| Alpha Modus Holdings Inc | *W EXP 12/13/202 | 020952115 |  | 46158 | 588000 | SH |  | SOLE |  | 588000 | 0 | 0 |
| Centurion Acquisition Corp | SHS CL A | G20315100 |  | 12396250 | 1175000 | SH |  | SOLE |  | 1175000 | 0 | 0 |
| Centurion Acquisition Corp | *W EXP 05/31/203 | G20315118 |  | 420750 | 1237500 | SH |  | SOLE |  | 1237500 | 0 | 0 |
| Lionheart Holdings | SHS CL A | G5501C109 |  | 10299800 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| Lionheart Holdings | *W EXP 06/07/203 | G5501C117 |  | 252450 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| Graf Global Corp | *W EXP 05/31/203 | G4036C122 |  | 136950 | 415000 | SH |  | SOLE |  | 415000 | 0 | 0 |
| Graf Global Corp | ORD SHS CL A | G4036C106 |  | 8748200 | 830000 | SH |  | SOLE |  | 830000 | 0 | 0 |
| GP-Act III Acquisition Corp | CL A | G4035N103 |  | 13515000 | 1275000 | SH |  | SOLE |  | 1275000 | 0 | 0 |
| GP-Act III Acquisition Corp | *W EXP 05/13/202 | G4035N129 |  | 269750 | 1037500 | SH |  | SOLE |  | 1037500 | 0 | 0 |
| M3-Brigade Acquisition V Corp | CL A | G63212107 |  | 15825000 | 1500000 | SH |  | SOLE |  | 1500000 | 0 | 0 |
| M3-Brigade Acquisition V Corp | *W EXP 99/99/999 | G63212115 |  | 960750 | 787500 | SH |  | SOLE |  | 787500 | 0 | 0 |
| SIM Acquisition Corp I | SHS CL A | G8431T101 |  | 10329200 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| SIM Acquisition Corp I | *W EXP 06/01/203 | G8431T119 |  | 366300 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| Launch Two Acquisition Corp | ORD SHS CL A | G5S87A105 |  | 5016000 | 480000 | SH |  | SOLE |  | 480000 | 0 | 0 |
| Launch Two Acquisition Corp | *W EXP 10/09/202 | G5S87A113 |  | 181300 | 490000 | SH |  | SOLE |  | 490000 | 0 | 0 |
| Launch One Acquisition Corp | SHS CLASS A | G5S86M100 |  | 15540000 | 1480000 | SH |  | SOLE |  | 1480000 | 0 | 0 |
| Launch One Acquisition Corp | *W EXP 06/01/203 | G5S86M126 |  | 217800 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| Voyager Acquisition Corp | CL A | G93A7H104 |  | 2623875 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| Voyager Acquisition Corp | *W EXP 05/16/203 | G93A7H112 |  | 21250 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| Andretti Acquisition Corp II | ORD SHS CL A | G26745102 |  | 6066800 | 580000 | SH |  | SOLE |  | 580000 | 0 | 0 |
| Andretti Acquisition Corp II | UNIT 99/99/9999 | G26745128 |  | 58000 | 290000 | SH |  | SOLE |  | 290000 | 0 | 0 |
| NewHold Invt Corp III | ORD SHS CL A | G6486E102 |  | 2036000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| NewHold Invt Corp III | *W EXP 01/30/203 | G6486E110 |  | 36000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Fifth Era Acquisition Corp I | ORD SHS CL A | G3415K101 |  | 19323000 | 1900000 | SH |  | SOLE |  | 1900000 | 0 | 0 |
| Fifth Era Acquisition Corp I | RIGHT 02/21/2030 | G3415K135 |  | 503500 | 1900000 | SH |  | SOLE |  | 1900000 | 0 | 0 |
| New Providence Acquisition Cor | USD CL A ORD SHS | G6476A102 |  | 22374000 | 2200000 | SH |  | SOLE |  | 2200000 | 0 | 0 |
| New Providence Acquisition Cor | *W EXP 04/24/203 | G6476A110 |  | 322667 | 733333 | SH |  | SOLE |  | 733333 | 0 | 0 |
| Wen Acquisition Corp | COM CL A | G9R39C103 |  | 12144000 | 1200000 | SH |  | SOLE |  | 1200000 | 0 | 0 |
| Wen Acquisition Corp | *W EXP 99/99/999 | G9R39C111 |  | 336000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| HCM III Acquisition Corp | UNIT 07/23/2030 | G4365E129 |  | 10310000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| M3-Brigade Acquisition VI Corp | UNIT 08/18/2030 | G63221124 |  | 11132000 | 1100000 | SH |  | SOLE |  | 1100000 | 0 | 0 |
| POET Technologies Inc | COM NEW | 73044W302 |  | 19862230 | 3585240 | SH |  | SOLE |  | 3585240 | 0 | 0 |
| ViewBix Inc | COM | 926711300 |  | 394383 | 115995 | SH |  | SOLE |  | 115995 | 0 | 0 |
| Bitfarms Ltd/Canada | COM | 09173B107 |  | 7882740 | 2795298 | SH |  | SOLE |  | 2795298 | 0 | 0 |
| STRIVE INC | CL A COM | 862945102 |  | 25000001 | 18518519 | SH |  | SOLE |  | 18518519 | 0 | 0 |
| Cardiol Therapeutics Inc | COM CL A | 14161Y200 |  | 313570 | 293056 | SH |  | SOLE |  | 293056 | 0 | 0 |
| Cronos Group Inc | COM | 22717L101 |  | 4918048 | 1769082 | SH |  | SOLE |  | 1769082 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 28720234 | 8078828 | SH |  | SOLE |  | 8078828 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 3521018 | 57750 | SH |  | SOLE |  | 57750 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 2897596 | 33607 | SH |  | SOLE |  | 33607 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 3462993 | 78776 | SH |  | SOLE |  | 78776 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 2547270 | 56770 | SH |  | SOLE |  | 56770 | 0 | 0 |
| Steel Dynamics Inc | COM | 858119100 |  | 2134813 | 15311 | SH |  | SOLE |  | 15311 | 0 | 0 |
| Hub Cyber Security Ltd | *W EXP 02/27/202 | M6000J127 |  | 17440 | 898991 | SH |  | SOLE |  | 898991 | 0 | 0 |
| NewGenIvf Group Ltd | *W EXP 04/03/202 | G0544E113 |  | 6188 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| Banzai International Inc | *W EXP 12/14/202 | 06682J118 |  | 9409 | 352409 | SH |  | SOLE |  | 352409 | 0 | 0 |
| Nauticus Robotics Inc | *W EXP 03/15/202 | 63911H116 |  | 21950 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| Dragonfly Energy Holdings Corp | *W EXP 10/07/202 | 26145B114 |  | 33818 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| CERo Therapeutics Holdings Inc | *W EXP 02/13/202 | 71902K113 |  | 4988 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| MultiSensor AI Holdings Inc | *W EXP 12/19/202 | 456948116 |  | 6660 | 175250 | SH |  | SOLE |  | 175250 | 0 | 0 |
| Zeo Energy Corp | CL A | 98944F117 |  | 10757 | 195575 | SH |  | SOLE |  | 195575 | 0 | 0 |
| Tevogen Bio Holdings Inc | *W EXP 02/14/202 | 88165K119 |  | 36075 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| Roadzen Inc | *W EXP 11/30/202 | G7606H116 |  | 10500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| GREENFIRE RES LTD NEW | COM SHS | 39525U107 |  | 1147867 | 249200 | SH |  | SOLE |  | 249200 | 0 | 0 |
| VSee Health Inc | COM | 92919Y110 |  | 8450 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| Rezolve AI PLC | *W EXP 08/15/202 | G75398118 |  | 401100 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 2449201 | 500859 | SH |  | SOLE |  | 500859 | 0 | 0 |
| Kyivstar Group Ltd | *W EXP 08/14/203 | G5331N119 |  | 867484 | 213666 | SH |  | SOLE |  | 213666 | 0 | 0 |
| Blaize Holdings Inc | *W EXP 01/13/203 | 092915115 |  | 465900 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| Oculis Holding AG | *W EXP 03/06/202 | H5870P110 |  | 497029 | 73525 | SH |  | SOLE |  | 73525 | 0 | 0 |
| OmniAb Inc | *W EXP 99/99/999 | 68218J111 |  | 26917 | 158333 | SH |  | SOLE |  | 158333 | 0 | 0 |
| Beneficient | *W EXP 06/07/202 | 08178Q119 |  | 10800 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| Apollomics Inc | *W EXP 04/01/202 | G0411D115 |  | 4775 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| Psyence Biomedical Ltd | *W EXP 01/25/202 | 74449F118 |  | 15120 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| Critical Metals Corp | *W EXP 02/27/202 | G2662B111 |  | 630600 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| SMX SEC MATTERS PLC | *W EXP 03/07/202 | G8267K117 |  | 3375 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BitFuFu Inc | *W EXP 03/01/202 | G1152A120 |  | 132033 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| ABPRO HLDGS INC | *W EXP 11/12/202 | 000847111 |  | 15930 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| Murano Global Investments PLC | *W EXP 03/19/202 | G63369113 |  | 72950 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CDT Equity Inc | *W EXP 09/22/202 | 20678X114 |  | 7420 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| ESGL HLDGS LTD | *W EXP 10/19/202 | G3R95P116 |  | 17038 | 154750 | SH |  | SOLE |  | 154750 | 0 | 0 |
| EON Resources Inc | *W EXP 02/04/202 | 40472A128 |  | 12875 | 257500 | SH |  | SOLE |  | 257500 | 0 | 0 |
| FOXX DEV HLDGS INC | COM | 351665112 |  | 22448 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| Hotel101 Global Holdings Corp | SHS CL A | G46127109 |  | 87975 | 28750 | SH |  | SOLE |  | 28750 | 0 | 0 |
| SBC MED GROUP HLDGS INC | *W EXP 09/17/202 | 73245B115 |  | 68838 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| Cycurion Inc | *W EXP 02/13/203 | 95758L115 |  | 22000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| USA Rare Earth Inc | *W EXP 03/13/203 | 91733P115 |  | 3608950 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CLASSOVER HLDGS INC | *W EXP 04/03/203 | 182744110 |  | 15038 | 187500 | SH |  | SOLE |  | 187500 | 0 | 0 |
| GIBO Holdings Ltd | *W EXP 05/08/203 | G38617117 |  | 4375 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| Sharplink Gaming Inc | COM NEW | 820014405 |  | 8482887 | 498700 | SH |  | SOLE |  | 498700 | 0 | 0 |
| iShares Ethereum Trust ETF | SHS | 46438R105 |  | 787750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| Canadian Pacific Kansas City L | COM | 13646K108 |  | 953472 | 12800 | SH |  | SOLE |  | 12800 | 0 | 0 |
| SUI GROUP HOLDINGS LIMITED | COM NEW | 59982U200 |  | 18418017 | 4771507 | SH |  | SOLE |  | 4771507 | 0 | 0 |
| Fluor Corp | COM | 343412102 |  | 4207000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| CEA Industries Inc | COM | 86887P309 |  | 2605504 | 334039 | SH |  | SOLE |  | 334039 | 0 | 0 |
| CEA INDUSTRIES INC | *W EXP 02/11/202 | 86887P119 |  | 248677 | 742575 | SH |  | SOLE |  | 742575 | 0 | 0 |
| Galiano Gold Inc | COM | 36352H100 |  | 544337 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| Sol Strategies Inc | COM | 83411A205 |  | 1085082 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| NexGen Energy Ltd | COM | 65340P106 |  | 447563 | 50007 | SH |  | SOLE |  | 50007 | 0 | 0 |
| Energy Fuels Inc/Canada | COM NEW | 292671708 |  | 5601599 | 364925 | SH |  | SOLE |  | 364925 | 0 | 0 |
| IsoEnergy Ltd | COM NEW | 46500E867 |  | 3452476 | 345645 | SH |  | SOLE |  | 345645 | 0 | 0 |
| Anfield Energy Inc | COM NEW | 03464C205 |  | 392112 | 38346 | SH |  | SOLE |  | 38346 | 0 | 0 |
| Ur-Energy Inc | COM | 91688R108 |  | 6890211 | 3849280 | SH |  | SOLE |  | 3849280 | 0 | 0 |
| Uranium Energy Corp | COM | 916896103 |  | 27896581 | 2091198 | SH |  | SOLE |  | 2091198 | 0 | 0 |
| Denison Mines Corp | COM | 248356107 |  | 26141145 | 9505871 | SH |  | SOLE |  | 9505871 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 161108846 | 16436882 | SH |  | SOLE |  | 16436882 | 0 | 0 |
| Encore Energy Corp | COM NEW | 29259W700 |  | 13857215 | 4316838 | SH |  | SOLE |  | 4316838 | 0 | 0 |
| LIFEZONE METALS INC | *W EXP 07/05/202 | G5568L117 |  | 43980 | 69810 | SH |  | SOLE |  | 69810 | 0 | 0 |
| Cantor Equity Partners I Inc | SHS CL A | G1827K107 |  | 6673762 | 638027 | SH |  | SOLE |  | 638027 | 0 | 0 |
| Upexi Inc | COM NEW | 39959A205 |  | 4425203 | 766933 | SH |  | SOLE |  | 766933 | 0 | 0 |

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