Anamered Sells 4.05M Amer Sports Shares; Group Retains 99.96M (18%)

Rhea-AI Filing Summary

Amer Sports, Inc. reporting persons led by Dennis J. Wilson filed Amendment No. 2 to Schedule 13D updating ownership and a recent sale. Anamered Investments sold 4,054,054 ordinary shares on August 25, 2025 in an unregistered block sale under Rule 144 for net proceeds of approximately $159,729,728. Following the sale, reporting persons report aggregate beneficial ownership of 99,962,978 shares, representing 18.0% of 554,571,446 shares outstanding as of March 31, 2025. The filing states no further share sales are currently intended for at least 90 days but reserves the right to change that position.

Positive

• Transparency in ownership structure: the Amendment clearly attributes holdings across Anamered, IVIVA, LIPO, Five Boys and the individual controller
• Material sale disclosed with net proceeds stated ($159,729,728), providing clarity on recent liquidity events

Negative

• Significant holder reduced position via a 4,054,054-share block sale, which could reduce alignment with other shareholders
• Potential future sales are not ruled out; the reporting persons reserve the right to change their position after the stated 90-day period

Insights

Securities Analyst

TL;DR Significant shareholder reduced stake via a large block sale but retains a substantial 18.0% position.

The Amendment discloses a material block sale by Anamered of 4,054,054 shares for approximately $159.7 million, reducing its direct holdings while the combined reporting group continues to beneficially own 99,962,978 shares (18.0%). The disclosure clarifies ownership attribution across entities (Anamered, IVIVA, LIPO, Five Boys) and confirms the percentage basis using 554,571,446 shares outstanding. The 90-day pause on additional sales is stated but non-binding. For investors, the filing signals liquidity realization by a major holder while maintaining concentrated ownership that could influence corporate matters.

Corporate Governance Expert

TL;DR Ownership structure clarified; controlling individual remains Dennis J. Wilson with layered entities holding the stake.

The Amendment restates beneficial ownership attribution through a chain of entities and expressly disclaims admission of beneficial ownership while providing detailed share counts: Anamered 75,039,902 shares (13.5%), IVIVA 24,923,076 shares (4.5%), aggregate 99,962,978 shares (18.0%). This transparency aids assessment of control rights and potential coordination among related entities. The filing does not disclose any new governance agreements or intentions beyond possible future review of positions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Amer Sports, Inc.

(Name of Issuer)

Ordinary Shares, par value EUR 0.10 per ordinary share

(Title of Class of Securities)

G0260P102

(CUSIP Number)

Dennis J. Wilson
21 Water Street, Suite 600,
Vancouver, A1, V6B 1A1
604-737-7232

William Brentani
2475 Hanover Street,
Palo Alto, CA, 94304
650-251-5110

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G0260P102

1

Name of reporting person

Dennis J. Wilson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 99,962,978.00
9	Sole Dispositive Power
10	Shared Dispositive Power 99,962,978.00

11

Aggregate amount beneficially owned by each reporting person

99,962,978.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. G0260P102

1

Name of reporting person

Anamered Investments, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 75,039,902.00
9	Sole Dispositive Power
10	Shared Dispositive Power 75,039,902.00

11

Aggregate amount beneficially owned by each reporting person

75,039,902.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. G0260P102

1

Name of reporting person

IVIVA Holdings Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 24,923,076.00
9	Sole Dispositive Power
10	Shared Dispositive Power 24,923,076.00

11

Aggregate amount beneficially owned by each reporting person

24,923,076.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. G0260P102

1

Name of reporting person

LIPO Investments (USA), Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 24,923,076.00
9	Sole Dispositive Power
10	Shared Dispositive Power 24,923,076.00

11

Aggregate amount beneficially owned by each reporting person

24,923,076.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. G0260P102

1

Name of reporting person

Five Boys Investments ULC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 99,962,978.00
9	Sole Dispositive Power
10	Shared Dispositive Power 99,962,978.00

11

Aggregate amount beneficially owned by each reporting person

99,962,978.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, par value EUR 0.10 per ordinary share
(b)	Name of Issuer: Amer Sports, Inc.
(c)	Address of Issuer's Principal Executive Offices: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, CAYMAN ISLANDS , KY1-1111.
Item 1 Comment: This Amendment No. 2 (this "Amendment") amends the initial statement on Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on February 15, 2024, as amended by Amendment No. 1 thereto filed with the Commission on December 12, 2024 (as so amended, the "Schedule 13D"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented by the following: On August 25, 2025, Anamered Investments Inc. ("Anamered") sold an aggregate of 4,054,054 Ordinary Shares pursuant to an unregistered block sale transaction with an unaffiliated broker dealer pursuant to Rule 144 under the Securities Act of 1933, as amended, for net proceeds of approximately $159,729,728 (the "Sale"). The Reporting Persons do not currently intend to sell any additional Ordinary Shares until at least 90 days from the date of the Sale have elapsed, although they reserve the right to review, reconsider and change their position with respect to the Issuer and the Ordinary Shares.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) and (b) are hereby amended and restated in their entirety as follows: Anamered directly owns 75,039,902 Ordinary Shares and IVIVA Holdings Ltd. ("IVIVA") directly owns 24,923,076 Ordinary Shares. LIPO Investments (USA), Inc. ("LIPO") is the sole shareholder of IVIVA and may be deemed to beneficially own the Ordinary Shares directly held by IVIVA; Five Boys Investments ULC ("Five Boys") is the sole shareholder of Anamered and the owner (directly and indirectly) of LIPO and as such may be deemed to beneficially own the Ordinary Shares beneficially owned by Anamered and LIPO; Dennis Wilson controls Five Boys and may be deemed to beneficially own the Ordinary Shares beneficially owned by Five Boys. Neither the filing of the Schedule 13D or this Amendment nor any of its contents shall be deemed to constitute an admission that any Reporting Person is the beneficial owner of the Ordinary Shares referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose and each of the Reporting Persons expressly disclaims beneficial ownership of such Ordinary Shares. Any beneficial ownership of Ordinary Shares by any of the persons listed on Schedule I is set forth on Schedule I attached hereto. The aggregate number and percentage of the Ordinary Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Amendment and are incorporated herein by reference. Calculation of the percentage of Ordinary Shares beneficially owned by Reporting Persons is based on 554,571,446 Ordinary Shares outstanding as of March 31, 2025 as disclosed in the final prospectus filed by the Issuer with the Commission on May 30, 2025.
(b)	See Item 5(a) above.
(c)	Except as disclosed in this Amendment, none of the Reporting Persons or, to the best knowledge of the Reporting Persons, any other person named in Schedule I, has effected any transaction in Ordinary Shares in the past 60 days.

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.

Dennis J. Wilson

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, individually
Date:	08/26/2025

Anamered Investments, Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/26/2025

IVIVA Holdings Ltd.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/26/2025

LIPO Investments (USA), Inc.

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/26/2025

Five Boys Investments ULC

Signature:	/s/ Dennis J. Wilson
Name/Title:	Dennis J. Wilson, Director
Date:	08/26/2025

FAQ

How many Amer Sports (AS) shares do the reporting persons beneficially own after this amendment?

The reporting persons beneficially own 99,962,978 shares, representing 18.0% of 554,571,446 shares outstanding as of March 31, 2025.

What shares were sold and for how much according to the filing?

Anamered Investments sold 4,054,054 ordinary shares on August 25, 2025 in an unregistered block sale for net proceeds of approximately $159,729,728.

Who controls the reporting entities disclosed in the Schedule 13D/A?

Dennis J. Wilson controls Five Boys Investments ULC, which owns Anamered and LIPO; LIPO is the sole shareholder of IVIVA, establishing Dennis J. Wilson as the controlling individual per the filing.

Does the filing say the reporting persons will sell more shares immediately?

The filing states they do not currently intend to sell additional shares until at least 90 days after the sale, but they reserve the right to review and change that position.

On what share count is the ownership percentage based?

The percentage is based on 554,571,446 ordinary shares outstanding as disclosed in the issuer's final prospectus filed May 30, 2025.