Vault-13

SPECTRAL AI INC MDAIW

*W EXP 99/99/999 · Equity WRT · CUSIP 84757T113

19 institutional holders -2 vs Q1 2025
1,624,8681.6m shares reported held*
$1.6mreported value*
3 new 1 added 1 reduced 5 sold out net sold ≈ $29.9k (+77.8k 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. Holder counts are more reliable. Implied quarter-end price ≈ $0.99. Options: 3 managers hold calls ($112.1k notional), 0 hold puts (—).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 23: 30Q4 23: 25Q1 24: 22Q2 24: 21Q3 24: 18Q4 24: 20Q1 25: 21Q2 25: 1919Q3 23Q1 24Q3 24Q1 25Q2 25
Numbers
QuarterHolders
Q3 202330
Q4 202325
Q1 202422
Q2 202421
Q3 202418
Q4 202420
Q1 202521
Q2 202519

Buyers vs sellers

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

Bought or addedCut or sold out
10010Q4 23: 3 bought or addedQ4 23: 9 cut or sold outQ4 23Q1 24: 2 bought or addedQ1 24: 6 cut or sold outQ2 24: 2 bought or addedQ2 24: 3 cut or sold outQ2 24Q3 24: 2 bought or addedQ3 24: 3 cut or sold outQ4 24: 6 bought or addedQ4 24: 6 cut or sold outQ4 24Q1 25: 4 bought or addedQ1 25: 3 cut or sold outQ2 25: 4 bought or addedQ2 25: 6 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q4 202339
Q1 202426
Q2 202423
Q3 202423
Q4 202466
Q1 202543
Q2 202546

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300k$400kQ3 24 calls: $127.1kQ3 24 puts: $0Q3 24P/C 0.00Q4 24 calls: $347.7kQ4 24 puts: $0Q4 24P/C 0.00Q1 25 calls: $21.8kQ1 25 puts: $0Q1 25P/C 0.00Q2 25 calls: $112.1kQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$127.1k$00.00
Q4 2024$347.7k$00.00
Q1 2025$21.8k$00.00
Q2 2025$112.1k$00.00

Biggest buyers

TORONTO DOMINION BANK New +164,019+164.0k
WOLVERINE ASSET MANAGEMENT LLC New +30,742+30.7k
Farther Finance Advisors, LLC New +1,000+1.0k
ARISTEIA CAPITAL, L.L.C. Added +300+300

Biggest sellers

HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -120,569-120.6k
ANGELO GORDON & CO., L.P. Sold out -74,999-75.0k
Warberg Asset Management LLC Sold out -20,000-20.0k
TWO SIGMA SECURITIES, LLC Sold out -13,197-13.2k
HBW ADVISORY SERVICES LLC Sold out -10,000-10.0k
OSAIC HOLDINGS, INC. Sold out -66-66

Biggest calls

ANGELO GORDON & CO., L.P. New $52.5k75.0k shares
LITTLEJOHN & CO LLC Unchanged $32.0k45.8k shares
MILLENNIUM MANAGEMENT LLC Unchanged $27.5k39.3k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2025

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 23: 0 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 1 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20230—0——
Q4 20230—0——
Q1 20240—0——
Q2 20241$10.3k0——
Q3 20240—0——
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 669,247669.2k $468.5k $468.5k 0.02% Reduced -120.6k -120,569
2 CLEAR STREET LLC 0.00% of their portfolio NEW YORK, NY 301,801301.8k $211.3k $211.3k 0.00% Unchanged
3 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 190,324190.3k $133.2k $133.2k 0.00% Unchanged
4 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 164,019164.0k $114.8k $114.8k 0.00% New
5 ARISTEIA CAPITAL, L.L.C. 0.00% of their portfolio GREENWICH, CT 138,584138.6k $93.5k $93.5k 0.00% Added +300 +300
6 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 123,629123.6k $86.5k $86.5k 0.00% Unchanged
7 Clear Street Derivatives LLC 0.59% of their portfolio NEW YORK, NY 105,049105.0k $73.5k $73.5k 0.59% Unchanged
8 MOORE CAPITAL MANAGEMENT, LP 0.00% of their portfolio NEW YORK, NY 100,000100.0k $70.0k $70.0k 0.00% Unchanged
9 Q Global Advisors, LLC 0.06% of their portfolio FORT WORTH, TX 100,000100.0k $70.0k $70.0k 0.06% Unchanged
10 LMR Partners LLP 0.00% of their portfolio LONDON, X0 83,33383.3k $58.3k $58.3k 0.00% Unchanged
11 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 81,52681.5k $57.1k $57.1k 0.00% Unchanged
12 TENOR CAPITAL MANAGEMENT Co., L.P. 0.00% of their portfolio NEW YORK, NY 66,66666.7k $46.7k $46.7k 0.00% Unchanged
13 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio TORONTO, A6 66,66666.7k $46.7k $46.7k 0.00% Unchanged
14 Saba Capital Management, L.P. 0.00% of their portfolio NEW YORK, NY 59,76359.8k $40.3k $40.3k 0.00% Unchanged
15 WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio CHICAGO, IL 30,74230.7k $21.5k $21.5k 0.00% New
16 FOURSIXTHREE CAPITAL LP 0.00% of their portfolio NEW YORK, NY 11,66611.7k $8.2k $8.2k 0.00% Unchanged
17 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,0001.0k $700 $700 0.00% New
18 LONGFELLOW INVESTMENT MANAGEMENT CO LLC 0.00% of their portfolio BOSTON, MA 100100 $70 $70 0.00% Unchanged
19 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged