SCHEDULE: Bank of Montreal Discloses 5.91% Stake in Range Capital

Bank of Montreal and its affiliates have reported a beneficial ownership of 5.91% in Range Capital Acquisition Corp.'s ordinary shares as of September 30, 2025.

Summary

• Bank of Montreal and its affiliates (Bank of Montreal Holding Inc., BMO Nesbitt Burns Inc., and Bank of Montreal Europe Plc) collectively reported beneficial ownership in Range Capital Acquisition Corp.
• As of September 30, 2025, Bank of Montreal beneficially owned 948,972 ordinary shares, representing 5.91% of the class.
• Bank of Montreal Holding Inc. and BMO Nesbitt Burns Inc. each reported beneficial ownership of 925,000 shares, representing 5.76% of the class, primarily through shared voting and dispositive power.
• Bank of Montreal Europe Plc held 11,986 shares, accounting for 0.07% of the class, with sole voting and dispositive power.
• The shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• Some securities are held by the Reporting Person acting as a prime broker on behalf of certain clients who have the power to direct the receipt of dividends or proceeds from sale.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a reputable financial institution like Bank of Montreal is generally viewed positively as it suggests institutional confidence in the issuer, even if the investment is passive and for ordinary course of business.

Positives

• A major financial institution like Bank of Montreal holding a significant stake (5.91%) can be seen as a vote of confidence in Range Capital Acquisition Corp.
• The ownership is stated to be in the ordinary course of business, indicating a passive investment rather than an activist stance that could create uncertainty.

Risks

• The filing indicates that some securities are held by Bank of Montreal acting as a prime broker for clients, meaning the beneficial ownership may not be a direct proprietary investment by BMO itself for all shares, potentially leading to less stable ownership if clients decide to sell.
• The reporting persons disclaim acting as a formal group for control purposes, but their collective ownership could still be perceived as a coordinated interest, which might be a risk if their interests diverge from other shareholders.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not contain any forward-looking statements or guidance regarding Range Capital Acquisition Corp.'s future operations or financial performance.

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.
• Neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, acting with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer.

Industry Context

This filing indicates a significant institutional investment by a major Canadian bank and its subsidiaries in a U.S. SPAC (Special Purpose Acquisition Company), Range Capital Acquisition Corp. Such investments are common for large financial institutions seeking exposure to various market segments, including pre-merger SPACs, either for proprietary trading or on behalf of clients. The passive nature of the investment, as stated, aligns with typical institutional portfolio management rather than an activist investment strategy.

Comparison to Industry Standards

• The beneficial ownership of 5.91% by Bank of Montreal is a substantial stake, placing it among the larger institutional holders for a SPAC of this size.
• The declaration that the shares are held in the ordinary course of business and not for control purposes is standard for Schedule 13G filings by passive institutional investors, differentiating it from Schedule 13D filings which indicate an intent to influence or control.
• The structure of ownership across multiple BMO entities (parent bank, holding company, broker-dealer, European subsidiary) is typical for large, diversified financial groups managing assets across different legal and geographical entities.

Stakeholder Impact

• Shareholders: The presence of a large institutional investor like Bank of Montreal can lend credibility and potentially stability to the shareholder base. However, if a significant portion is held for clients, the stability might depend on client decisions.
• Management: The passive nature of the investment suggests no immediate pressure or influence on management, allowing them to pursue their stated strategy.

Next Steps

• The filing does not outline any specific future actions or milestones for Range Capital Acquisition Corp. or the reporting persons beyond the ongoing beneficial ownership.

Key Dates

Recommendation

The filing indicates a significant, passive institutional stake by Bank of Montreal. While this is generally a positive signal of institutional interest, it does not provide new information about Range Capital Acquisition Corp.'s operational performance, strategic direction, or merger prospects. Therefore, without additional fundamental information, the appropriate recommendation is to hold, maintaining existing positions based on prior analysis, as this filing primarily confirms a substantial institutional presence rather than signaling a change in intrinsic value or immediate catalysts.

Keywords

Range Capital Acquisition Corp, Bank of Montreal, BMO, Schedule 13G, Beneficial Ownership, Ordinary Shares, Institutional Investor, Equity Stake, SEC Filing, G7375C108