SCHEDULE: Hudson Bay Capital Discloses 7.8% Stake in Spectral AI

Hudson Bay Capital Management LP and Sander Gerber have reported a 7.8% beneficial ownership stake in Spectral AI, Inc., including shares issuable from warrants.

Summary

• Hudson Bay Capital Management LP and Sander Gerber collectively reported a 7.80% beneficial ownership stake in Spectral AI, Inc.
• This stake amounts to 2,466,620 shares of Common Stock, $0.0001 par value.
• The reported ownership includes 939,904 shares of Common Stock issuable upon the exercise of warrants.
• The calculation of beneficial ownership gives effect to a 4.99% beneficial ownership blocker on certain warrants, meaning the reporting persons cannot exercise those specific warrants if it would result in owning more than 4.99% of the outstanding shares.
• The percentage is based on 30,688,895 shares of Spectral AI, Inc. Common Stock outstanding as of November 11, 2025, as reported in the company's Quarterly Report on Form 10-Q.
• The Schedule 13G filing was made on February 11, 2026, reporting ownership as of December 31, 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development. A significant stake by a reputable institutional investor like Hudson Bay Capital can instill market confidence and potentially attract further investor interest in Spectral AI, Inc.

Positives

• A significant institutional investor, Hudson Bay Capital Management LP, has taken a 7.80% beneficial ownership position in Spectral AI, Inc., which can signal confidence in the company's prospects.
• The investment includes a substantial number of shares issuable from warrants (939,904 shares), indicating a potential for increased stake or long-term interest.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Industry Context

StockSavvy.ai notes that institutional filings like this Schedule 13G indicate active positioning by sophisticated investors. Hudson Bay Capital Management LP is a well-known hedge fund, and their significant stake in Spectral AI suggests a belief in the company's future value, potentially driven by its technology or market position. Such filings often draw attention to the issuer, as they can be seen as a vote of confidence from a major player.

Stakeholder Impact

• Shareholders: Existing shareholders may view this as a positive signal, potentially leading to increased demand and share price appreciation. It indicates institutional validation of the company.
• Company Management: The presence of a significant institutional investor may lead to increased scrutiny and engagement regarding strategic decisions and financial performance.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by Hudson Bay Capital Management LP is a positive signal, a Schedule 13G filing alone does not provide sufficient fundamental or operational details to warrant a 'buy' recommendation. It indicates institutional interest and potential confidence, but investors should await further financial reports and strategic updates from Spectral AI, Inc. to make a more informed investment decision. A 'hold' recommendation acknowledges the positive signal while advising caution until more comprehensive data is available.

Keywords

Spectral AI, Hudson Bay Capital, Sander Gerber, SEC filing, Schedule 13G, beneficial ownership, common stock, warrants, institutional investment, equity stake