SCHEDULE: Linden Capital Group Discloses 9.3% Stake in McKinley

Linden Capital L.P. and affiliated entities have disclosed a passive 9.3% beneficial ownership stake in McKinley Acquisition Corporation's Class A ordinary shares.

Summary

• Linden Capital L.P., Linden GP LLC, Linden Advisors LP, and Siu Min Wong are the reporting persons in this beneficial ownership disclosure.
• The reporting persons collectively beneficially own 1,445,000 Class A ordinary shares of McKinley Acquisition Corporation.
• This ownership represents approximately 9.3% of the Class A ordinary shares outstanding.
• The percentage is based on 15,465,000 shares outstanding, as disclosed by McKinley Acquisition Corporation in its Form 8-K filed on August 15, 2025.
• The shares were not acquired for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of a passive ownership stake, which is generally neutral. The presence of a significant institutional investor like Linden Capital can be viewed as a slight positive, indicating confidence in the issuer, but it does not imply active engagement or control.

Positives

• Significant institutional investment by Linden Capital L.P. and its affiliates, potentially signaling confidence in McKinley Acquisition Corporation.
• The investment is stated to be passive, indicating no immediate intent to influence or change the control of the issuer, which can be viewed as a stable ownership position.

Negatives

• No specific negative information disclosed in this filing.

Risks

• The reporting persons explicitly state the shares were not acquired for the purpose of changing or influencing control of the issuer, which mitigates the risk of activist investor intervention from this group.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or strategic plans.

Management Comments

• The securities referred to above 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 Rule 14a-11.

Industry Context

This filing represents a standard disclosure of a significant passive ownership stake by an investment firm in a Special Purpose Acquisition Company (SPAC). Such disclosures are common as institutional investors take positions in SPACs, often prior to or in anticipation of a de-SPAC transaction.

Comparison to Industry Standards

• The disclosed 9.3% stake is a significant passive investment, aligning with typical institutional investor positions in SPACs. While specific comparable companies are not detailed in the filing, such ownership levels are common for investment funds taking positions in pre-merger SPACs.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant ownership, potentially signaling institutional confidence.
• Management: Confirms a significant passive investor, reducing immediate pressure for strategic changes from this specific shareholder group.

Next Steps

• Continued passive investment by the reporting persons in McKinley Acquisition Corporation.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by an institutional investor. It does not contain new financial performance data, strategic shifts, or other information that would warrant a change in investment thesis. The presence of a significant institutional holder like Linden Capital is generally a neutral to slightly positive signal, suggesting a degree of confidence, but without further operational or financial updates from McKinley Acquisition Corporation, a 'hold' recommendation is appropriate for existing investors.

Keywords

McKinley Acquisition Corporation, Class A ordinary shares, Schedule 13G, beneficial ownership, Linden Capital L.P., Linden GP LLC, Linden Advisors LP, Siu Min Wong, institutional investment, passive stake