Vault-13

MELAR ACQUISITION CORP. I MACI

SHS CL A · Common Stock · CUSIP G6004G100

38 institutional holders +1 vs Q3 2025
15,901,82015.9m shares reported held*
$168.9mreported value*
3 new 5 added 10 reduced 3 sold out net bought ≈ $1.5m (+142.0k 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 ($2.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.62.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

02040Q3 24: 31Q4 24: 35Q1 25: 34Q2 25: 37Q3 25: 37Q4 25: 3838Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q3 202431
Q4 202435
Q1 202534
Q2 202537
Q3 202537
Q4 202538

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 24: 12 bought or addedQ4 24: 13 cut or sold outQ4 24Q1 25: 11 bought or addedQ1 25: 10 cut or sold outQ1 25Q2 25: 10 bought or addedQ2 25: 10 cut or sold outQ2 25Q3 25: 10 bought or addedQ3 25: 10 cut or sold outQ3 25Q4 25: 8 bought or addedQ4 25: 13 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q4 20241213
Q1 20251110
Q2 20251010
Q3 20251010
Q4 2025813

Biggest buyers

BERKLEY W R CORP Added +222,669+222.7k
Crossingbridge Advisors, LLC New +211,535+211.5k
RiverPark Advisors, LLC New +186,535+186.5k
MIZUHO SECURITIES USA LLC Added +135,970+136.0k
WOLVERINE ASSET MANAGEMENT LLC Added +102,361+102.4k
ABC ARBITRAGE SA New +20,000+20.0k
TORONTO DOMINION BANK Added +13,158+13.2k
MORGAN STANLEY Added +42+42

Biggest sellers

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS Sold out -400,000-400.0k
TWO SIGMA INVESTMENTS, LP Reduced -156,297-156.3k
BCK CAPITAL MANAGEMENT LP Sold out -68,874-68.9k
Periscope Capital Inc. Reduced -51,800-51.8k
Sandia Investment Management LP Sold out -23,711-23.7k
Quarry LP Reduced -23,700-23.7k
HEIGHTS CAPITAL MANAGEMENT, INC Reduced -12,205-12.2k
LONGFELLOW INVESTMENT MANAGEMENT CO LLC Reduced -6,970-7.0k
Wealthspring Capital LLC Reduced -3,209-3.2k
Karpus Management, Inc. Reduced -1,500-1.5k

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
Melar Acquisition Sponsor I LLC 13G · exempt (held before listing) new · filed 2025-02-13 26.0% new 5.6m≈ $61.2m 2025-02-13
Karpus Management, Inc. 13G · institution +5.5 pts · filed 2026-07-07 10.1% +5.5 pts 961.3k≈ $10.5m 2026-07-07
BERKLEY W R CORP 13G · institution +2.9 pts · filed 2026-08-06 8.3% +2.9 pts 795.9k≈ $8.7m 2026-08-06
LMR Partners LLP 13G · institution filed 2026-08-14 7.8% 742.5k≈ $8.1m 2026-08-14
METEORA CAPITAL, LLC 13G · institution new · filed 2025-08-14 6.9% new 1.1m≈ $12.1m 2025-08-14

Fell to 5% or below in the last year: First Trust Capital Management L.P. (2.5%, 2026-08-14), AQR CAPITAL MANAGEMENT LLC (3.4%, 2026-08-13), MIZUHO FINANCIAL GROUP INC (0.0%, 2026-08-13), WOLVERINE ASSET MANAGEMENT LLC (0.0%, 2026-07-02), BARCLAYS PLC (3.6%, 2026-05-14), BANK OF MONTREAL /CAN/ (0.0%, 2026-01-08)

Insider purchases and sales in Q4 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.

None reported in Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Polar Asset Management Partners Inc. 0.31% of their portfolio TORONTO, A6 1,485,0001.5m $15.8m $15.8m 0.31% Unchanged
2 LMR Partners LLP 0.15% of their portfolio LONDON, X0 1,485,0001.5m $15.8m $15.8m 0.15% Unchanged
3 First Trust Capital Management L.P. 0.90% of their portfolio CHICAGO, IL 1,400,0001.4m $14.9m $14.9m 0.90% Unchanged
4 Karpus Management, Inc. 0.37% of their portfolio Pittsford, NY 1,145,1551.1m $12.2m $12.2m 0.37% Reduced -1.5k -1,500
5 WOLVERINE ASSET MANAGEMENT LLC 0.16% of their portfolio CHICAGO, IL 1,028,6891.0m $10.9m $10.9m 0.16% Added +102.4k +102,361
6 MIZUHO SECURITIES USA LLC 0.18% of their portfolio NEW YORK, NY 1,027,2741.0m $10.8m $10.8m 0.18% Added +136.0k +135,970
7 AQR Arbitrage LLC 0.22% of their portfolio Greenwich, CT 997,179997.2k $10.6m $10.6m 0.22% Unchanged
8 BERKLEY W R CORP 0.52% of their portfolio Greenwich, CT 868,489868.5k $9.2m $9.2m 0.52% Added +222.7k +222,669
9 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 576,328576.3k $6.1m $6.1m 0.00% Unchanged
10 GLAZER CAPITAL, LLC 0.16% of their portfolio New York, NY 556,278556.3k $5.9m $5.9m 0.16% Reduced -96 -96
11 Cable Car Capital, LP 0.33% of their portfolio SAN FRANCISCO, CA 492,500492.5k $5.2m $5.2m 0.33% Unchanged
12 Wealthspring Capital LLC 1.14% of their portfolio WEST HARRISON, NY 455,716455.7k $4.8m $4.8m 1.14% Reduced -3.2k -3,209
13 Radcliffe Capital Management, L.P. 0.25% of their portfolio BALA CYNWYD, PA 426,939426.9k $4.5m $4.5m 0.25% Unchanged
14 Westchester Capital Management, LLC 0.21% of their portfolio VALHALLA, NY 424,707424.7k $4.5m $4.5m 0.21% Unchanged
15 Magnetar Financial LLC 0.04% of their portfolio EVANSTON, IL 371,250371.2k $3.9m $3.9m 0.04% Unchanged
16 L1 Global Manager Pty Ltd 2.33% of their portfolio Melbourne, C3 335,000335.0k $3.6m $3.6m 2.33% First filing
17 Hudson Bay Capital Management LP 0.02% of their portfolio STAMFORD, CT 325,000325.0k $3.5m $3.5m 0.02% Unchanged
18 Alberta Investment Management Corp 0.02% of their portfolio EDMONTON, A0 325,000325.0k $3.5m $3.5m 0.02% Unchanged
19 PICTON MAHONEY ASSET MANAGEMENT 0.04% of their portfolio Toronto, A6 325,000325.0k $3.5m $3.5m 0.04% Unchanged
20 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 299,331299.3k $3.2m $3.2m 0.00% Unchanged
21 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.15% of their portfolio WEST PALM BEACH, FL 299,140299.1k $3.2m $3.2m 0.15% Reduced -407 -407
22 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 218,703218.7k $2.3m $2.3m 0.00% Reduced -156.3k -156,297
23 Crossingbridge Advisors, LLC 0.63% of their portfolio PLEASANTVILLE, NY 211,535211.5k $2.2m $2.2m 0.63% New
24 RiverPark Advisors, LLC 0.57% of their portfolio NEW YORK, NY 186,535186.5k $2.0m $2.0m 0.57% New
25 Periscope Capital Inc. 0.38% of their portfolio Toronto, A6 183,612183.6k $2.0m $2.0m 0.38% Reduced -51.8k -51,800
26 HGC Investment Management Inc. 0.39% of their portfolio TORONTO, A6 175,000175.0k $1.9m $1.9m 0.39% Unchanged
27 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 133,198133.2k $1.4m $1.4m 0.00% Added +13.2k +13,158
28 DELTEC ASSET MANAGEMENT LLC 0.18% of their portfolio New York, NY 100,000100.0k $1.1m $1.1m 0.18% Unchanged
29 MOORE CAPITAL MANAGEMENT, LP 0.02% of their portfolio NEW YORK, NY 75,00075.0k $797.2k $797.2k 0.02% Unchanged
30 HEIGHTS CAPITAL MANAGEMENT, INC 0.21% of their portfolio SAN FRANCISCO, CA 52,16152.2k $554.5k $554.5k 0.21% Reduced -12.2k -12,205
31 Dakota Wealth Management 0.01% of their portfolio PALM BEACH GARDENS, FL 37,50037.5k $398.6k $398.6k 0.01% Reduced -1.5k -1,500
32 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 20,51420.5k $218.1k $218.1k 0.00% Unchanged
33 ABC ARBITRAGE SA 0.02% of their portfolio PARIS, I0 20,00020.0k $212.6k $212.6k 0.02% New
34 Tuttle Capital Management, LLC 0.35% of their portfolio RIVERSIDE, CT 15,00015.0k $159.4k $159.4k 0.35% Unchanged
35 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 10,00010.0k $106.0k $106.0k 0.00% Unchanged
36 LONGFELLOW INVESTMENT MANAGEMENT CO LLC 0.00% of their portfolio BOSTON, MA 550550 $5.8k $5.8k 0.00% Reduced -7.0k -6,970
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6161 $648 $648 0.00% Added +42 +42
38 Quarry LP 0.00% of their portfolio NEW YORK, NY 1111 $117 $117 0.00% Reduced -23.7k -23,700