Highbridge files Schedule 13G: 2.5M Captivision shares exercisable via warrants

Rhea-AI Filing Summary

Highbridge Capital Management, LLC filed a Schedule 13G reporting beneficial ownership of 2,500,000 Ordinary Shares of Captivision Inc., representing 7.2% of the class on an as-exercised basis. The 2,500,000 shares are issuable upon exercise of warrants directly held by certain Highbridge funds and the percentage is calculated using 32,369,512 Ordinary Shares outstanding as of November 13, 2024, per the issuer's prospectus supplement.

The filing clarifies Highbridge is an investment adviser organized in Delaware and that Highbridge Tactical Credit Master Fund, L.P. has the right to receive dividends or sale proceeds relating to more than 5% of the reported shares. The statement includes the Reporting Person's New York business address and is signed by Kirk Rule as Executive Director.

Positive

• Clear disclosure of the nature of the holding (warrants exercisable into Ordinary Shares) and the exact number of shares issuable.
• Materiality of position: 2,500,000 shares equal 7.2% of the class on an as-exercised basis, above typical 5% reporting thresholds.

Negative

• Contingent ownership: reported shares are issuable upon exercise of warrants, so present voting control is not established by this filing.
• No timeline is provided for potential exercise of the warrants, leaving uncertainty about when voting power might arise.

Insights

Securities Analyst

TL;DR: Reported 7.2% stake via exercisable warrants signals a non-control economic interest with potential voting power only upon exercise.

The Schedule 13G discloses an economic interest of 2,500,000 Ordinary Shares exercisable from warrants, calculated against 32,369,512 shares outstanding. Filing under Schedule 13G and the certification language indicates Highbridge asserts passive intent and not a control purpose. Materially, the position is notable at 7.2% but is contingent on warrant exercise; until exercised, voting and dispositive power remain linked to warrant terms rather than share ownership. The disclosure that a specific Highbridge fund holds >5% of the reported position clarifies which managed vehicle has primary economic exposure.

Corporate Governance Expert

TL;DR: This is a passive disclosure of a sizable warrant-based position, not an active governance push based on the filer’s certification.

The filer classifies itself as an investment adviser and submits a Schedule 13G, indicating it views the holdings as passive. The certification states the securities were not acquired to influence control. From a governance perspective, exercise of the warrants could create voting rights, but the filing does not report current shared voting or dispositive arrangements. Identification of Highbridge Tactical Credit Master Fund, L.P. as holding more than 5% of the reported shares identifies the primary economic actor without alleging coordination or group control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Captivision Inc.

(Name of Issuer)

Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G18932106

(CUSIP Number)

06/30/2025

(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. G18932106

1

Names of Reporting Persons

Highbridge Capital 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,500,000.00

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)

7.2 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: The 2,500,000 Ordinary Shares (as defined in Item 2(a)) are issuable upon exercise of warrants reported herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Captivision Inc.
(b)	Address of issuer's principal executive offices: 298-42 CHUNG-BUK CHUNGANG-RO CHUNG-BUK, PYEONG-TAEK, GYOUNGGI, Republic of Korea
Item 2.
(a)	Name of person filing: This statement is filed by Highbridge Capital Management, LLC ("Highbridge" or the "Reporting Person"), a Delaware limited liability company and the investment adviser to certain funds and accounts (the "Highbridge Funds"), with respect to the ordinary shares, par value $0.0001 per share ("Ordinary Shares"), of Captivision Inc., a Cayman Islands exempted company (the "Issuer"), issuable upon exercise of warrants directly held by the Highbridge Funds. The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of the Reporting Person is 277 Park Avenue, 23rd Floor, New York, New York 10172.
(c)	Citizenship: Highbridge is a Delaware limited liability company.
(d)	Title of class of securities: Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G18932106
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 the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 32,369,512 Ordinary Shares outstanding as of November 13, 2024, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on January 17, 2025, and assumes the exercise of the warrants held by the Highbridge Funds.
(b)	Percent of class: 7.2%
(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 the Reporting Person 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 the Reporting Person 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 the Reporting Person 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 the Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
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 2(a). The Highbridge Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Ordinary Shares reported herein. Highbridge Tactical Credit Master Fund, L.P., a Highbridge Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the Ordinary Shares.
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.

Highbridge Capital Management, LLC

Signature:	/s/ Kirk Rule
Name/Title:	Kirk Rule, Executive Director
Date:	08/14/2025

FAQ

What stake in Captivision Inc. (CAPT) did Highbridge report?

Highbridge reported beneficial ownership of 2,500,000 Ordinary Shares, representing 7.2% of the class on an as-exercised basis.

Are the reported Captivision shares currently outstanding or contingent?

The 2,500,000 shares are issuable upon exercise of warrants held by Highbridge funds, so they are contingent until exercised.

Which Highbridge vehicle holds more than 5% of the reported position?

The filing identifies Highbridge Tactical Credit Master Fund, L.P. as having the right to receive dividends or proceeds for more than 5% of the reported shares.

Did Highbridge claim intent to influence control of Captivision?

No. The Schedule 13G includes a certification stating the securities were not acquired to change or influence control of the issuer.

What basis was used to calculate the 7.2% ownership?

The percentage is calculated using 32,369,512 Ordinary Shares outstanding as of November 13, 2024, per the issuer's prospectus supplement.