SCHEDULE: Wolverine Group Discloses 2.94% Stake in Alphatime

Wolverine Asset Management and affiliated entities reported a passive 2.94% beneficial ownership in Alphatime Acquisition Corp's Ordinary Shares.

Summary

• Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Christopher L. Gust, and Robert R. Bellick collectively reported beneficial ownership of 75,000 Ordinary Shares of Alphatime Acquisition Corp.
• This represents 2.94% of Alphatime Acquisition Corp's outstanding Ordinary Shares.
• The percentage was calculated based on 2,551,636 Ordinary Shares outstanding, as reported in Alphatime Acquisition Corp's 8-K filing for October 1, 2025.
• The reporting persons hold shared voting and shared dispositive power over all 75,000 shares.
• This is an Amendment No. 2 to a Schedule 13G, indicating previous ownership disclosures.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing disclosing passive beneficial ownership, which typically carries a neutral sentiment unless there's a significant change in stake or intent.

Positives

• A notable investment group, Wolverine Asset Management and its affiliates, maintains a passive stake in Alphatime Acquisition Corp, indicating some level of institutional interest.
• The investment is stated to be in the ordinary course of business, suggesting no immediate intent to disrupt company operations or strategy.

Risks

• The reporting persons explicitly state that their investment is passive and not intended to influence control, which means they are unlikely to advocate for strategic changes or shareholder value initiatives.
• The 2.94% stake is below the 5% threshold for more active reporting (Schedule 13D), limiting the potential influence of this group.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not provide any forward-looking statements or guidance from Alphatime Acquisition Corp or the reporting persons regarding the issuer's future performance or strategic direction.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and 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.

Industry Context

This filing is a standard regulatory disclosure of passive beneficial ownership and does not provide specific industry context or analysis. Alphatime Acquisition Corp is a SPAC, and such filings are common as institutional investors take positions.

Comparison to Industry Standards

• Not applicable, as this filing is a disclosure of beneficial ownership rather than operational or financial results that can be benchmarked against industry peers.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant passive institutional holder, which can be viewed positively as a vote of confidence, albeit a passive one.
• Management: Awareness of a notable passive investor group holding a stake, but without intent to influence control.

Key Dates

Keywords

Alphatime Acquisition Corp, Wolverine Asset Management, Schedule 13G, Beneficial Ownership, Ordinary Shares, Passive Investment, SEC Filing, G0223V105