SCHEDULE: Wolverine Entities Disclose 5.09% Stake in Graf Global Corp.

Wolverine Asset Management LLC and affiliated entities have reported a beneficial ownership of 5.09% in Graf Global Corp.'s Class A Ordinary Shares.

Summary

• Wolverine Asset Management LLC, Wolverine Trading Partners, Inc., Wolverine Holdings, L.P., Christopher L. Gust, and Robert R. Bellick collectively reported beneficial ownership of 1,169,995 Class A Ordinary Shares of Graf Global Corp.
• This ownership represents 5.09% of Graf Global Corp.'s Class A Ordinary Shares outstanding, based on 23,000,000 shares outstanding as of May 14, 2025.
• The shares are held with shared voting and shared dispositive power among the reporting persons.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Graf Global Corp.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the company's performance or outlook.

Positives

• A significant institutional investor, Wolverine Asset Management LLC and its affiliates, has taken a substantial stake in Graf Global Corp., potentially signaling confidence in the company.

Negatives

• NA

Risks

• The filing itself does not detail specific company risks, but rather the nature of the beneficial ownership. The reporting persons certify that the shares were not acquired for the purpose of changing or influencing control of the issuer.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Graf Global Corp.'s future performance or strategic direction.

Industry Context

This filing indicates a significant passive investment by a prominent asset management group in Graf Global Corp. Such disclosures are standard for investors acquiring more than 5% of a company's shares, providing transparency on major ownership stakes within the market.

Related Party Transactions

• Wolverine Flagship Fund Trading Limited is known to have the right to receive dividends from, or proceeds from the sale of, the Class A Ordinary Shares of Graf Global Corp. that are beneficially owned by Wolverine Asset Management LLC.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may be viewed positively, potentially increasing investor confidence and liquidity.
• Management: Awareness of a new substantial shareholder may influence strategic considerations, though the filing states the holding is not for control purposes.

Key Dates

Keywords

Beneficial Ownership, SEC Filing, Schedule 13G, Graf Global Corp., Wolverine Asset Management, Class A Ordinary Shares, Institutional Investment, Equity Stake