Form 4: Wolverine Asset Management Settles Short-Swing Profit

Wolverine Asset Management LLC has agreed to pay Four Leaf Acquisition Corp $17.17 for short-swing profits realized from transactions in Class A Common Stock.

Summary

• Wolverine Asset Management LLC, a 10% owner of Four Leaf Acquisition Corp, reported several transactions in the issuer's Class A Common Stock.
• Acquisitions included 13 shares on July 11, 2025, at $11.57, 17 shares on July 24, 2025, at $11.56, and 100 shares on July 28, 2025, at $11.53.
• A disposition of 1,000 shares occurred on August 14, 2025, at $11.67 per share.
• The reporting person identified that 130 shares of these transactions are matchable under Section 16(b) of the Securities Exchange Act of 1934.
• A profit of $17.17 was realized from these short-swing transactions, which Wolverine Asset Management LLC has agreed to pay to Four Leaf Acquisition Corp.
• The securities are primarily held indirectly by Wolverine Flagship Fund Trading Limited, with beneficial ownership disclaimed by the reporting persons except to the extent of their pecuniary interest.

Sentiment

Score: 3

Explanation: The filing indicates a regulatory compliance issue (short-swing profit violation) requiring a payment to the issuer. While the monetary amount is small, it reflects a lapse in compliance. The prompt resolution and disclosure are mitigating factors, but the underlying event is negative.

Positives

• Reporting person demonstrated compliance by identifying and settling a Section 16(b) short-swing profit violation.

Negatives

• Wolverine Asset Management LLC engaged in short-swing transactions resulting in a Section 16(b) violation.
• A profit of $17.17 was realized from these non-compliant transactions, which must be disgorged to the issuer.

Risks

• Regulatory compliance risk for the reporting person due to the Section 16(b) violation.
• Potential minor reputational risk for Wolverine Asset Management LLC associated with non-compliance, despite the small monetary amount.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Management Comments

• Wolverine Asset Management, LLC is the manager of the Fund, the sole member and manager of Wolverine Asset Management, LLC is Wolverine Holdings, L.P., and Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc., the general partner of Wolverine Holdings, L.P.
• In such capacities, each of the Reporting Persons may be deemed to beneficially own the securities reported herein, but disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest therein.

Industry Context

This filing is a routine regulatory disclosure of insider transactions and a subsequent short-swing profit settlement. It does not provide information relevant to broader industry trends or competitive landscape.

Comparison to Industry Standards

• This filing pertains to a specific regulatory compliance matter (Section 16(b) short-swing profit) for an individual reporting person and does not contain information suitable for comparison to global industry benchmarks, comparable companies, projects, or results.

Legal Proceedings

• The reporting person engaged in transactions that violated Section 16(b) of the Exchange Act, which prohibits short-swing profits by insiders. This is a regulatory compliance matter requiring the disgorgement of profits.

Related Party Transactions

• The transactions involve a 10% owner (Wolverine Asset Management LLC and related entities) and the issuer (Four Leaf Acquisition Corp), which are considered related parties under SEC rules for insider reporting.

Stakeholder Impact

• Shareholders of Four Leaf Acquisition Corp will receive a minor payment of $17.17 from the disgorged profit.
• Wolverine Asset Management LLC faces a minor financial impact from the disgorgement and potential, albeit small, reputational impact from the compliance lapse.

Next Steps

• Wolverine Asset Management LLC will pay $17.17 to Four Leaf Acquisition Corp as disgorgement of short-swing profits.

Key Dates

Recommendation

This Form 4 filing details a minor regulatory compliance issue (short-swing profit violation) by a 10% owner, Wolverine Asset Management LLC, involving a payment of $17.17 to the issuer. The monetary amount is negligible and the issue has been resolved. This event is not material enough to warrant a change in investment thesis for Four Leaf Acquisition Corp. Investors should focus on the company's core business and future prospects rather than this minor insider transaction detail.

Keywords

SEC Form 4, Beneficial Ownership, Short-Swing Profit, Section 16(b), Wolverine Asset Management, Four Leaf Acquisition Corp, Insider Trading, Compliance, Equity Transactions