Colombier Acquisition Corp. II loses Decagon as shareholder in latest 13G

Rhea-AI Filing Summary

Decagon Asset Management LLP and its controlling person Benjamin John Durham filed Schedule 13G/A (Amendment No. 2) for Colombier Acquisition Corp. II (CLBR).

• Event date: 30 Jun 2025; filing date: 24 Jul 2025.
• The reporting persons now hold 0 Class A Ordinary Shares, representing 0 % of the class.
• No sole or shared voting or dispositive power is reported (Rows 5-8 all 0.00).
• Filing made under Rule 13d-1(b)/(c)/(d) to reflect ownership falling below the 5 % threshold (“Ownership of 5 percent or less of a class”).
• Certification states the securities were held in the ordinary course and not for the purpose of influencing control.

The amendment formally documents Decagon’s complete exit from CLBR’s equity and removes the firm from the list of significant beneficial owners.

Positive

• None.

Negative

• Complete exit by Decagon Asset Management eliminates an institutional shareholder, which may be interpreted as declining confidence in CLBR.

Insights

Securities Analyst

TL;DR: Institutional holder Decagon has exited CLBR, reducing reported ownership to 0 %—marginally negative for perceived support.

Decagon’s disappearance from the cap table removes an identifiable professional investor, which could signal diminished conviction in CLBR’s prospects. Although SPACs often experience fluid ownership, the complete loss of an institutional sponsor may dampen sentiment and marginally increase liquidity-driven volatility. No valuation metrics or deal updates accompany the filing, so the market impact hinges on how much stock was sold earlier; the administrative disclosure itself is low-impact but directionally negative.

Corporate Governance Expert

TL;DR: Filing is procedural; governance implications limited as no control rights were retained.

The 0 % stake means Decagon and Mr. Durham no longer have any voting or dispositive influence, reducing the concentration of equity among insiders. From a governance viewpoint, dispersion can be positive for minority shareholders, yet the exit of an active institutional monitor may lessen oversight quality. Overall, impact on control dynamics is neutral; any real effect will depend on who absorbed the shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

COLOMBIER ACQUISITION CORP. II

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G2283U100

(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. G2283U100

1

Names of Reporting Persons

Decagon Asset Management LLP

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. G2283U100

1

Names of Reporting Persons

Benjamin John Durham

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: COLOMBIER ACQUISITION CORP. II
(b)	Address of issuer's principal executive offices: 214 BRAZILIAN AVENUE, SUITE 200-J, PALM BEACH, FLORIDA 33480
Item 2.
(a)	Name of person filing: (i) Decagon Asset Management LLP (the "Investment Manager") which serves as the investment manager or sub-adviser, with respect to certain funds and accounts (the "DAM Vehicles"), with respect to the Class A Ordinary Shares held by the DAM Vehicles; and (ii) Benjamin John Durham ("Mr. Durham") who indirectly controls the Investment Manager, with respect to the Class A Ordinary Shares held by the Dam Vehicles. The foregoing persons are hereinafter sometimes collectively referred to as the "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: c/o Decagon Asset Management LLP 5 Swallow Place London W1B 2AF United Kingdom
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G2283U100
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.
(b)	Percent of class: 0 %
(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.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

Decagon Asset Management LLP

Signature:	Olivia Cooper
Name/Title:	Olivia Cooper / COO
Date:	07/24/2025

Benjamin John Durham

Signature:	Ben Durham
Name/Title:	Benjamin Durham / CIO
Date:	07/24/2025

FAQ

Why did Decagon Asset Management file Schedule 13G/A for CLBR?

To disclose that its beneficial ownership fell below the 5 % threshold, now reporting 0 shares and 0 % ownership.

How many Colombier Acquisition Corp. II shares does Decagon now own?

The filing states 0 Class A Ordinary Shares are beneficially owned.

Does Decagon still have voting power in CLBR?

No. Sole and shared voting power are both reported as 0.00.

What is the impact of falling below 5 % ownership?

The investor is no longer considered a significant beneficial owner under SEC rules and must amend its Schedule 13G to reflect this status.

When was the relevant event triggering this filing?

The ownership change occurred on 30 June 2025.