Wolverine funds disclose 8.17% passive stake in Stonebridge II (APAC) Class A

Rhea-AI Filing Summary

Wolverine Asset Management, LLC and related parties report a passive stake in Stonebridge Acquisition II Corporation. They beneficially own 501,429 Class A ordinary shares, representing 8.17% of the outstanding class. This percentage is based on 6,133,750 shares outstanding as of November 11, 2025.

Wolverine Asset Management, Wolverine Holdings, and individuals Christopher L. Gust and Robert R. Bellick share voting and dispositive power over these shares. The securities are held in the ordinary course of business and are not intended to change or influence control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Stonebridge Acquisition II Corporation

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G850961080

(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. G850961080

1

Names of Reporting Persons

Wolverine Asset Management, LLC

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 501,429.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 501,429.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

501,429.00

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)

8.17 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G850961080

1

Names of Reporting Persons

Wolverine Holdings, LLC

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 501,429.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 501,429.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

501,429.00

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)

8.17 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G850961080

1

Names of Reporting Persons

Christopher L. Gust

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 501,429.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 501,429.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

501,429.00

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)

8.17 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. G850961080

1

Names of Reporting Persons

Robert R. Bellick

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 501,429.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 501,429.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

501,429.00

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)

8.17 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Stonebridge Acquisition II Corporation
(b)	Address of issuer's principal executive offices: One World Trade Center, Suite 8500, New York, NY 10007
Item 2.
(a)	Name of person filing: Wolverine Asset Management, LLC Wolverine Holdings, LLC Christopher L. Gust Robert R. Bellick
(b)	Address or principal business office or, if none, residence: c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604
(c)	Citizenship: Wolverine Asset Management, LLC - Illinois Wolverine Holdings, LLC - Delaware Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G850961080
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: Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 501,429 Class A ordinary shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, LLC ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust, may be deemed to control Wolverine Holdings in their roles as Managers of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, and Mr. Gust have voting and dispositive power over 501,429 Class A ordinary shares of the Issuer.
(b)	Percent of class: WAM may be deemed the beneficial owner of 8.17% of the Issuer's outstanding Class A ordinary shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 8.17% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 6,133,750 (the number of shares outstanding as of November 11, 2025 according to the Issuer's 10-Q filed November 12, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: WAM has shared power to vote or direct the vote of 501,429 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 501,429 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: WAM has shares power to dispose or direct the disposition of 501,429 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 501,429 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
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. Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the shares of the Issuer's Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
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.

Wolverine Asset Management, LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	01/29/2026

Wolverine Holdings, LLC

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Member
Date:	01/29/2026

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	01/29/2026

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	01/29/2026

FAQ

What stake does Wolverine Asset Management report in Stonebridge Acquisition II (APAC)?

Wolverine Asset Management and related parties report beneficial ownership of 501,429 Class A ordinary shares, equal to 8.17% of the class. This percentage is calculated against 6,133,750 shares outstanding as of November 11, 2025, per the issuer’s Form 10-Q disclosure.

Which entities and individuals are reporting ownership in APAC on this Schedule 13G?

The filing lists Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick as reporting persons. Wolverine Asset Management is the investment adviser, and Wolverine Holdings, Gust, and Bellick may be deemed to control voting and dispositive power over the same shares.

How much voting and dispositive power do the Wolverine filers have over APAC shares?

Each reporting person has shared voting and dispositive power over 501,429 Class A ordinary shares and no sole voting or dispositive power. All 501,429 shares are treated as jointly controlled for voting and disposition decisions under the Schedule 13G disclosure.

Is the Wolverine position in Stonebridge Acquisition II (APAC) a passive investment?

Yes. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, other than activities solely tied to a potential nomination under Rule 240.14a-11.

As of what date is the Wolverine ownership in APAC reported on this Schedule 13G?

The Schedule 13G lists December 31, 2025 as the date of the event requiring the filing. The ownership percentage is calculated using 6,133,750 shares outstanding as of November 11, 2025, based on the issuer’s Form 10-Q filed November 12, 2025.

Who has the economic right to dividends and sale proceeds from the reported APAC shares?

The filing notes that Wolverine Flagship Fund Trading Limited is known to have the right to receive dividends and proceeds from the sale of the issuer’s Class A ordinary shares covered by this statement that may be deemed beneficially owned by Wolverine Asset Management and related reporting persons.