SCHEDULE: Wolverine Entities Disclose 8.9% Stake in ASPAC III Acquisition Corp.

Wolverine Asset Management and affiliated entities have filed an amended Schedule 13G, disclosing a shared beneficial ownership of 8.9% in ASPAC III Acquisition Corp.'s Class A ordinary shares as of June 30, 2025.

Summary

• Wolverine Asset Management, LLC, Wolverine Trading Partners, Inc., Wolverine Holdings, L.P., Christopher L. Gust, and Robert R. Bellick collectively reported shared beneficial ownership of 583,560 Class A ordinary shares of ASPAC III Acquisition Corp.
• This beneficial ownership represents 8.9% of the Issuer's outstanding Class A ordinary shares.
• The percentage was calculated based on 6,555,000 Class A ordinary shares outstanding as of May 9, 2025, as reported in ASPAC III Acquisition Corp.'s Form 10-Q filed on that date.
• All reporting persons hold shared voting and shared dispositive power over the 583,560 shares, with no sole voting or dispositive power.
• The shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, indicating a neutral sentiment as it does not contain performance data or forward-looking statements from the issuer, nor does it imply any specific strategic intent beyond passive investment.

Positives

• NA

Negatives

• NA

Risks

• No specific risks related to the issuer's operations or financial health are disclosed in this beneficial ownership filing. The reporting persons certify that the shares were not acquired for the purpose of changing or influencing control of the issuer.

Future Outlook

NA

Industry Context

Schedule 13G filings are routine disclosures for passive institutional investors or groups that acquire beneficial ownership of more than 5% of a company's voting equity. This filing indicates that Wolverine Asset Management and its affiliates maintain a significant, but non-controlling, stake in ASPAC III Acquisition Corp., signaling their continued interest as a substantial shareholder within the investment management sector.

Related Party Transactions

• Wolverine Flagship Fund Trading Limited is known to have the right to receive dividends from, or the proceeds from the sale of, the Class A ordinary shares beneficially owned by Wolverine Asset Management, LLC.

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional stake provides transparency regarding the ownership structure and may influence market perception of the company's investor base.

Key Dates

Keywords

ASPAC III Acquisition Corp., Wolverine Asset Management, Schedule 13G, beneficial ownership, Class A ordinary shares, investment management, institutional investor, passive investment