SCHEDULE: Saba Capital Discloses 5.5% Stake in Republic Digital

Saba Capital Management, L.P., along with its affiliates and Boaz R. Weinstein, reported a 5.5% beneficial ownership stake in Republic Digital Acquisition Company.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (the "Reporting Persons") jointly reported beneficial ownership of 1,650,000 Common Shares of Republic Digital Acquisition Company.
• This ownership represents 5.5% of the issuer's outstanding Common Shares.
• The percentage is calculated based on 30,000,000 shares outstanding as of November 14, 2025, as disclosed in the company's 10-Q filed on that date.
• The Reporting Persons hold shared voting power and shared dispositive power over all 1,650,000 shares.
• The securities were not acquired or held for the purpose of changing or influencing control of the issuer, except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The disclosure of a 5.5% beneficial ownership by a prominent investment firm like Saba Capital Management is generally a neutral to slightly positive signal, indicating institutional interest. However, the explicit carve-out for "activities solely in connection with a nomination under Rule 14a-11" suggests a potential for future shareholder engagement or proxy activity, which could introduce uncertainty.

Positives

• A significant institutional investor, Saba Capital, has disclosed a 5.5% beneficial ownership stake, indicating substantial interest in Republic Digital Acquisition Company.

Negatives

• The filing does not explicitly contain negative information regarding the issuer's performance or outlook.

Risks

• The Reporting Persons' certification explicitly carves out activities solely in connection with a nomination under Rule 14a-11, indicating a potential for future shareholder engagement or proxy activity that could challenge current management or board composition.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not provide forward-looking statements or guidance from the issuer.

Management Comments

• "The filing of this statement should not be construed as an admission that any of the forgoing persons or the Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein."
• "By signing below I certify that, to the best of my knowledge and belief, 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 §§ 240.14a-11."

Industry Context

This filing indicates a significant stake taken by an investment firm in a "Digital Acquisition Company," which often refers to a Special Purpose Acquisition Company (SPAC). Investment firms like Saba Capital frequently invest in SPACs, sometimes taking activist positions or seeking board representation.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor's stake could increase market visibility and potentially influence trading activity. The potential for future board nominations (as per the Rule 14a-11 carve-out) could lead to changes in corporate strategy or governance.
• Management: The presence of a 5.5% shareholder, especially one with a history of active engagement, could lead to increased scrutiny or pressure on management, particularly given the explicit mention of potential nomination activities.

Next Steps

• The Reporting Persons will continue to monitor their investment in Republic Digital Acquisition Company.
• Future amendments to this Schedule 13G may be filed if there are material changes to their beneficial ownership or intent.

Key Dates

Recommendation

The filing primarily discloses a significant beneficial ownership stake by Saba Capital Management. While a large institutional investment can be a positive signal, the explicit mention of potential activities related to board nominations under Rule 14a-11 introduces an element of uncertainty regarding future corporate governance or strategic direction. Without further information on Saba Capital's specific intentions or the issuer's performance, a "hold" recommendation is prudent, advising investors to monitor developments closely.

Keywords

Republic Digital Acquisition Company, Saba Capital Management, Boaz R. Weinstein, Schedule 13G, Beneficial Ownership, Common Shares, Investment, SEC Filing, G7515A103, SPAC