Vault-13

FTAC EMERALD ACQUISITION COR FLD

CLASS A COM · Common Stock · CUSIP 29103K100

62 institutional holders +4 vs Q1 2023
23,088,59723.1m shares reported held*
$238.9mreported value*
8 new 13 added 10 reduced 3 sold out net sold ≈ $9.7m (-941.3k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($694.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.35.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 58Q4 22: 61Q1 23: 58Q2 23: 6262Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202258
Q4 202261
Q1 202358
Q2 202362

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 24 bought or addedQ4 22: 21 cut or sold outQ4 22Q1 23: 16 bought or addedQ1 23: 17 cut or sold outQ1 23Q2 23: 21 bought or addedQ2 23: 13 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20222421
Q1 20231617
Q2 20232113

Biggest buyers

CSS LLC/IL Added +581,967+582.0k
Flow State Investments, L.P. New +574,156+574.2k
First Trust Capital Management L.P. Added +306,669+306.7k
Centiva Capital, LP Added +129,416+129.4k
Westchester Capital Management, LLC Added +104,309+104.3k
AQR Arbitrage LLC Added +99,547+99.5k
DELTEC ASSET MANAGEMENT LLC New +80,731+80.7k
WOLVERINE ASSET MANAGEMENT LLC New +77,029+77.0k
PICTON MAHONEY ASSET MANAGEMENT Added +77,029+77.0k
BANK OF MONTREAL /CAN/ New +73,078+73.1k

Biggest sellers

CANTOR FITZGERALD, L. P. Reduced -865,651-865.7k
MARSHALL WACE, LLP Reduced -684,386-684.4k
HGC Investment Management Inc. Reduced -600,000-600.0k
KIM, LLC Reduced -522,971-523.0k
Segantii Capital Management Ltd Sold out -300,000-300.0k
DEUTSCHE BANK AG\ Reduced -85,685-85.7k
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -79,202-79.2k
Spartan Fund Management Inc. Sold out -75,000-75.0k
Tidal Investments LLC Reduced -15,566-15.6k
GLAZER CAPITAL, LLC Reduced -9,758-9.8k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Fulgur Frontier Capital LP 13D · may seek influence no change · filed 2026-03-17
Stated purposeThe Shares were acquired based on the belief that the Shares were undervalued and represented an attractive investment opportunity. Depending on overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of the Shares at prices that would make the purchase or sale of Common Stock desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Common Stock on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Sche… Full filing
 37.5% no change 18.1m≈ $8.2m 2026-03-17
Kirkwood Jonathan 13D · may seek influence +1.1 pts · filed 2026-03-03
Stated purposeThe Reporting Persons are filing this Schedule 13D/A to report a change in their respective beneficial ownership percentages of the shares of Common Stock. Ten31 Join the Fold LLC disposed of all 1,682,670 shares of Common Stock reported in the initial 13D filing on December 19, 2025, 144,311 of which were distributed to Jonathan Kirkwood in exchange for no consideration. Additionally, Dr. Kirkwood obtained beneficial ownership of 112,500 shares through a grant of restricted stock units on June 3, 2025. SATS Credit Fund, LP acquired 520,000 shares of Common Stock in a transaction with the Issuer on February 26, 2026 (as further described in Item 6), and 750,000 shares of Common Stock and 925,590 warrants to purchase shares of Common Stock on March 5, 2025. Dr. Kirkwood is a director of… Full filing
 12.0% +1.1 pts 5.8m≈ $2.6m 2026-03-03
SZOP Multistrat Management LLC 13G · passive investor no change · filed 2026-02-17 9.9% no change 5.4m≈ $2.4m 2026-02-17
CRAFT VENTURES II, L.P. 13G · passive investor new · filed 2025-03-11 7.9% new 3.6m≈ $1.7m 2025-03-11
Reeves William Brian Poppic 13D · may seek influence new · filed 2025-03-11
Stated purposeThe purpose of this filing is to report the acquisition of beneficial ownership by Will Reeves of 3,110,568 shares of the Issuer's Common Stock. As noted above, Will Reeves is the Chief Executive Officer of the Issuer. As such, he participates in the management of the Issuer. The Reporting Person may from time to time develop plans respecting, or propose changes in, the management, composition of the board of directors, operations, capital structure or business of the Issuer. Depending upon market conditions and other factors that the Reporting Person deems material, he may purchase additional Common Stock or other securities of the Issuer in the open market, private transactions or from the Issuer, or may dispose of all or a portion of the Common Stock or other securities of the Issuer t… Full filing
 6.7% new 3.1m≈ $1.4m 2025-03-11

Fell to 5% or below in the last year: ATW Partners Opportunities Management, LLC (3.3%, 2026-05-15)

Insider purchases and sales in Q2 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q3 21: 0 buyingQ3 21: 0 sellingQ4 21: 1 buyingQ4 21: 0 sellingQ4 21Q1 22: 1 buyingQ1 22: 0 sellingQ2 22: 0 buyingQ2 22: 0 sellingQ2 22Q3 22: 0 buyingQ3 22: 0 sellingQ4 22: 0 buyingQ4 22: 0 sellingQ4 22Q1 23: 0 buyingQ1 23: 0 sellingQ2 23: 0 buyingQ2 23: 0 sellingQ2 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20210—0——
Q4 20211—0——
Q1 20221—0——
Q2 20220—0——
Q3 20220—0——
Q4 20220—0——
Q1 20230—0——
Q2 20230—0——

None reported in Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 ARISTEIA CAPITAL, L.L.C. 0.87% of their portfolio GREENWICH, CT 2,408,2562.4m $24.9m $24.9m 0.87% Unchanged
2 Periscope Capital Inc. 1.59% of their portfolio Toronto, A6 1,966,7762.0m $20.4m $20.4m 1.59% Added +6.9k +6,862
3 AQR Arbitrage LLC 0.75% of their portfolio Greenwich, CT 1,676,1021.7m $17.4m $17.4m 0.75% Added +99.5k +99,547
4 CSS LLC/IL 1.21% of their portfolio CHICAGO, IL 1,515,8881.5m $15.7m $15.7m 1.21% Added +582.0k +581,967
5 Davidson Kempner Capital Management LP 0.18% of their portfolio New York, NY 850,000850.0k $8.8m $8.8m 0.18% Unchanged
6 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 750,000750.0k $7.8m $7.8m 0.01% Unchanged
7 Radcliffe Capital Management, L.P. 0.62% of their portfolio BALA CYNWYD, PA 708,408708.4k $7.3m $7.3m 0.62% Unchanged
8 Westchester Capital Management, LLC 0.23% of their portfolio VALHALLA, NY 650,189650.2k $6.7m $6.7m 0.23% Added +104.3k +104,309
9 Castle Creek Arbitrage, LLC 0.83% of their portfolio AVON, CO 642,570642.6k $6.7m $6.7m 0.83% Unchanged
10 Magnetar Financial LLC 0.15% of their portfolio EVANSTON, IL 640,700640.7k $6.6m $6.6m 0.15% Unchanged
11 Starboard Value LP 0.14% of their portfolio New York, NY 620,000620.0k $6.4m $6.4m 0.14% Unchanged
12 HGC Investment Management Inc. 2.24% of their portfolio TORONTO, A6 600,000600.0k $6.2m $6.2m 2.24% Reduced -600.0k -600,000
13 Centiva Capital, LP 0.31% of their portfolio New York, NY 595,955596.0k $6.2m $6.2m 0.31% Added +129.4k +129,416
14 Flow State Investments, L.P. 2.51% of their portfolio CHICAGO, IL 574,156574.2k $5.9m $5.9m 2.51% New
15 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 561,000561.0k $5.8m $5.8m 0.00% Unchanged
16 Boussard & Gavaudan Investment Management LLP 0.55% of their portfolio London, X0 550,000550.0k $5.7m $5.7m 0.55% Unchanged
17 Saba Capital Management, L.P. 0.19% of their portfolio NEW YORK, NY 545,784545.8k $5.6m $5.6m 0.19% Unchanged
18 Sculptor Capital LP 0.14% of their portfolio New York, NY 500,000500.0k $5.2m $5.2m 0.14% Unchanged
19 Schechter Investment Advisors, LLC 0.42% of their portfolio BIRMINGHAM, MI 456,268456.3k $4.7m $4.7m 0.42% Added +68.9k +68,899
20 First Trust Capital Management L.P. 0.28% of their portfolio CHICAGO, IL 451,031451.0k $4.7m $4.7m 0.28% Added +306.7k +306,669
21 MANGROVE PARTNERS IM, LLC 0.33% of their portfolio Greenwich, CT 450,000450.0k $4.7m $4.7m 0.33% Unchanged
22 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 427,000427.0k $4.4m $4.4m 0.00% Unchanged
23 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 419,108419.1k $4.3m $4.3m 0.01% Reduced -684.4k -684,386
24 Alberta Investment Management Corp 0.04% of their portfolio EDMONTON, A0 400,000400.0k $4.1m $4.1m 0.04% Unchanged
25 Verition Fund Management LLC 0.06% of their portfolio GREENWICH, CT 377,958378.0k $3.9m $3.9m 0.06% Added +16.5k +16,453
26 CANTOR FITZGERALD, L. P. 0.08% of their portfolio NEW YORK, NY 350,000350.0k $3.6m $3.6m 0.08% Reduced -865.7k -865,651
27 MMCAP International Inc. SPC 1.19% of their portfolio GRAND CAYMAN, E9 350,000350.0k $3.6m $3.6m 1.19% Unchanged
28 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 308,348308.3k $3.2m $3.2m 0.00% Unchanged
29 Polar Asset Management Partners Inc. 0.06% of their portfolio TORONTO, A6 300,000300.0k $3.1m $3.1m 0.06% Unchanged
30 Walleye Capital LLC 0.04% of their portfolio NEW YORK, NY 237,739237.7k $2.5m $2.5m 0.04% Unchanged
31 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.05% of their portfolio CHICAGO, IL 226,579226.6k $2.3m $2.3m 0.05% Reduced -5.1k -5,107
32 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.02% of their portfolio HARRISBURG, PA 200,000200.0k $2.1m $2.1m 0.02% Unchanged
33 Schonfeld Strategic Advisors LLC 0.02% of their portfolio NEW YORK, NY 172,138172.1k $1.8m $1.8m 0.02% Added +12.5k +12,538
34 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 154,992155.0k $1.6m $1.6m 0.00% Unchanged
35 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 152,365152.4k $1.6m $1.6m 0.09% Reduced -79.2k -79,202
36 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 137,146137.1k $1.4m $1.4m 0.00% Reduced -85.7k -85,685
37 Walleye Trading LLC 0.07% of their portfolio NEW YORK, NY 135,000135.0k $1.4m $1.4m 0.07% Unchanged
38 WHITEBOX ADVISORS LLC 0.05% of their portfolio MINNEAPOLIS, MN 100,000100.0k $1.0m $1.0m 0.05% Unchanged
39 Crestline Management, L.P. 0.11% of their portfolio FORT WORTH, TX 100,000100.0k $1.0m $1.0m 0.11% Unchanged
40 PICTON MAHONEY ASSET MANAGEMENT 0.05% of their portfolio Toronto, A6 96,08196.1k $995.0k $995.0k 0.05% Added +77.0k +77,029
41 DELTEC ASSET MANAGEMENT LLC 0.18% of their portfolio New York, NY 80,73180.7k $835.6k $835.6k 0.18% New
42 WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio CHICAGO, IL 77,02977.0k $797.2k $797.2k 0.02% New
43 KIM, LLC 0.07% of their portfolio WICHITA, KS 77,02977.0k $797.2k $797.2k 0.07% Reduced -523.0k -522,971
44 ROBINSON CAPITAL MANAGEMENT, LLC 0.35% of their portfolio GROSSE POINTE FARMS, MI 76,68476.7k $793.7k $793.7k 0.35% Added +34.7k +34,684
45 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 73,07873.1k $765.1k $765.1k 0.00% New
46 Wealthspring Capital LLC 0.96% of their portfolio WEST HARRISON, NY 67,13167.1k $694.8k $694.8k 0.96% Added +211 +211
47 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 50,20050.2k $519.6k $519.6k 0.00% Unchanged
48 Tidal Investments LLC 0.01% of their portfolio Milwaukee, WI 44,43444.4k $460.0k $460.0k 0.01% Reduced -15.6k -15,566
49 OMERS ADMINISTRATION Corp 0.01% of their portfolio TORONTO, A6 44,00044.0k $455.8k $455.8k 0.01% Unchanged
50 CAAS CAPITAL MANAGEMENT LP 0.21% of their portfolio NEW YORK, NY 41,70041.7k $431.6k $431.6k 0.21% Unchanged
51 COWEN AND COMPANY, LLC 0.03% of their portfolio NEW YORK, NY 35,38335.4k $366.2k $366.2k 0.03% New
52 Virtu Financial LLC 0.02% of their portfolio New York, NY 22,97223.0k $238.0k $238.0k 0.02% New
53 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 21,40021.4k $221.7k $221.7k 0.00% Added +2.5k +2,500
54 Terrapin Asset Management, LLC 0.29% of their portfolio Miami, FL 20,00020.0k $207.0k $207.0k 0.29% Unchanged
55 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 17,20017.2k $178.2k $178.2k 0.00% Unchanged
56 Ergoteles LLC 0.01% of their portfolio NEW YORK, NY 15,00015.0k $155.4k $155.4k 0.01% Reduced -5.0k -5,000
57 Elequin Capital, LP 0.06% of their portfolio NEW YORK, NY 11,69911.7k $121.1k $121.1k 0.06% Unchanged
58 PenderFund Capital Management Ltd. 0.04% of their portfolio VANCOUVER, A1 9,9359.9k $136 $136 0.04% Unchanged
59 GLAZER CAPITAL, LLC 0.00% of their portfolio New York, NY 7,1987.2k $74.0k $74.0k 0.00% Reduced -9.8k -9,758
60 CLEAR STREET LLC 0.00% of their portfolio NEW YORK, NY 5,0305.0k $52.1k $52.1k 0.00% New
61 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 358358 $3.7k $3.7k 0.00% New
62 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged