Hudson Bay reveals 5.16% Alussa Energy (ALUB) ownership stake

Rhea-AI Filing Summary

Hudson Bay Capital Management LP and Sander Gerber have filed a Schedule 13G reporting beneficial ownership of 1,483,278 Class A ordinary shares of Alussa Energy Acquisition Corp. II, equal to 5.16% of the class.

This percentage is based on 28,750,000 Class A ordinary shares outstanding as of December 15, 2025, as reported in the company’s Form 10-Q. The securities are held in the name of HB Strategies LLC, for which Hudson Bay acts as investment manager. Mr. Gerber, who ultimately controls the Investment Manager, disclaims beneficial ownership of these securities. The reporting persons certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Alussa Energy Acquisition Corp. II

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value

(Title of Class of Securities)

G0233J100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G0233J100

1

Names of Reporting Persons

Hudson Bay Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,483,278.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,483,278.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,483,278.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.16 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. G0233J100

1

Names of Reporting Persons

Sander Gerber

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,483,278.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,483,278.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,483,278.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.16 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Alussa Energy Acquisition Corp. II
(b)	Address of issuer's principal executive offices: 1001 S Capital of Texas Hwy Building L, Suite 250, Austin, Texas 78746
Item 2.
(a)	Name of person filing: This statement is filed by Hudson Bay Capital Management LP (the "Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 290 Harbor Dr., Stamford, CT 06902.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Gerber is a United States citizen.
(d)	Title of class of securities: Class A Ordinary Shares, $0.0001 par value
(e)	CUSIP No.: G0233J100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon 28,750,000 Class A ordinary shares, $0.0001 par value (the "Class A Ordinary Shares") of Alussa Energy Acquisition Corp. II (the "Company") outstanding as of December 15, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the Securities and Exchange Commission on December 19, 2025. The Investment Manager serves as the investment manager to HB Strategies LLC, in whose name the securities reported herein are held. As such, the Investment Manager may be deemed to be the beneficial owner of all Class A Ordinary Shares held by HB Strategies LLC. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership of these securities.
(b)	Percent of class: 5.16%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hudson Bay Capital Management LP

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, Authorized Signatory
Date:	02/10/2026

Sander Gerber

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, individually
Date:	02/10/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: February 10, 2026 HUDSON BAY CAPITAL MANAGEMENT LP By: /s/ Sander Gerber Name: Sander Gerber Title: Authorized Signatory /s/ Sander Gerber SANDER GERBER

FAQ

What did Hudson Bay Capital disclose in its Schedule 13G for ALUB?

Hudson Bay Capital disclosed beneficial ownership of Alussa Energy Acquisition Corp. II shares on Schedule 13G. The filing reports 1,483,278 Class A ordinary shares, reflecting a 5.16% stake, held through HB Strategies LLC and managed in the ordinary course of business.

How many Alussa Energy (ALUB) shares does Hudson Bay beneficially own?

Hudson Bay Capital reported beneficial ownership of 1,483,278 Class A ordinary shares of Alussa Energy Acquisition Corp. II. These shares are held in the name of HB Strategies LLC, with Hudson Bay Capital Management LP acting as the investment manager for that entity.

What percentage of Alussa Energy’s Class A shares is held by Hudson Bay?

Hudson Bay Capital reported holding 5.16% of Alussa Energy’s Class A ordinary shares. This percentage is calculated using 28,750,000 Class A ordinary shares outstanding as of December 15, 2025, as disclosed in Alussa Energy’s Form 10-Q filing.

Who are the reporting persons in the Alussa Energy (ALUB) Schedule 13G filing?

The reporting persons are Hudson Bay Capital Management LP and Sander Gerber. Hudson Bay is the investment manager to HB Strategies LLC, which holds the shares, and Mr. Gerber is the managing member of Hudson Bay Capital GP LLC, general partner of the Investment Manager.

Does Hudson Bay intend to influence control of Alussa Energy according to the Schedule 13G?

The filing states the securities were acquired and are held in the ordinary course of business. It further certifies they were not acquired and are not held for the purpose or effect of changing or influencing control of Alussa Energy Acquisition Corp. II.

On what share count is Hudson Bay’s 5.16% Alussa Energy stake based?

The 5.16% ownership figure is based on 28,750,000 Class A ordinary shares outstanding. This share count comes from Alussa Energy Acquisition Corp. II’s Form 10-Q for the quarter ended September 30, 2025, which reported that number outstanding as of December 15, 2025.