Wolverine Group reports 5.21% stake in Cayson Acquisition

Rhea-AI Filing Summary

Cayson Acquisition Corp. ownership disclosure: Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust and Robert R. Bellick each report shared voting and dispositive power over 275,700 ordinary shares of Cayson Acquisition Corp. That holding represents 5.21% of the company's outstanding ordinary shares, using 5,288,092 shares outstanding as of 3/24/2026.

The filing states WAM is an investment adviser and the shares are held in the ordinary course of business; Wolverine Flagship Fund Trading Limited is identified as having rights to dividends or sale proceeds for the covered shares. The filing is signed on 04/17/2026.

Key Figures

Shares beneficially owned: 275,700 shares Percent of class: 5.21% Shares outstanding: 5,288,092 shares +2 more

5 metrics

Shares beneficially owned 275,700 shares shared voting and dispositive power reported

Percent of class 5.21% calculated using 5,288,092 shares outstanding as of 3/24/2026

Shares outstanding 5,288,092 shares as of 3/24/2026 per issuer's Form 10-K

CUSIP G1993W109 Identifier for Ordinary Shares, par value $0.0001

Filing signature date 04/17/2026 date signatures were provided on the amendment

Key Terms

beneficially owned, shared dispositive power, Schedule 13G/A, investment adviser

4 terms

beneficially owned regulatory

"WAM is an investment adviser and has voting and dispositive power over 275,700 ordinary shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Shared Dispositive Power 275,700.00"

Schedule 13G/A regulatory

"Amendment No. 2 ) Cayson Acquisition Corp. ... SCHEDULE 13G/A style ownership statement"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

investment adviser financial

"WAM is an investment adviser and has voting and dispositive power over 275,700 ordinary shares"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Wolverine Asset Management report in CAPN?

Wolverine Asset Management reports shared voting and dispositive power over 275,700 shares, equal to 5.21% of outstanding shares (based on 5,288,092 shares outstanding as of 3/24/2026).

Who else is listed with beneficial ownership in the CAPN filing?

The filing lists Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick each with shared voting and dispositive power over 275,700 shares, representing 5.21% of the class.

Are the shares held for another party according to the CAPN Schedule 13G/A?

Yes. The filing identifies Wolverine Flagship Fund Trading Limited as having the right to receive dividends or proceeds from sale of the shares that may be deemed beneficially owned by WAM.

What date and CUSIP are cited in the CAPN ownership statement?

The filing references 3/24/2026 for the shares outstanding count and uses CUSIP G1993W109. Signatures on the amendment are dated 04/17/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/20/2026 - 03:55 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Cayson Acquisition Corp.

(Name of Issuer)

Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G1993W109

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G1993W109

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 275,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 275,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

275,700.00

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)

5.21 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): G1993W109

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 275,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 275,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

275,700.00

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)

5.21 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP Number(s): G1993W109

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 275,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 275,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

275,700.00

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)

5.21 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): G1993W109

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 275,700.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 275,700.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

275,700.00

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)

5.21 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cayson Acquisition Corp.
(b)	Address of issuer's principal executive offices: 420 Lexington Ave., suite 2446, New York, NY 10170
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: Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G1993W109
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 275,700 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 275,700 ordinary shares of the Issuer.
(b)	Percent of class: WAM may be deemed the beneficial owner of 5.21% of the Issuer's outstanding Ordinary Shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.21% of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 5,288,092 (the number of shares outstanding as of 3/24/2026 according to the Issuer's Form 10-K filed 3/24/2026).
(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 275,700 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 275,700 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 275,700 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 275,700 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 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. 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-11240.14.,A.-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:	04/17/2026

Wolverine Holdings, LLC

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Manager
Date:	04/17/2026

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	04/17/2026

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	04/17/2026