Wolverine Asset Management discloses 4.42%–4.44% CXApp Class A holdings

Rhea-AI Filing Summary

Wolverine Asset Management LLC and affiliated entities reported joint beneficial ownership of Class A common stock of CXApp Inc. The filing shows Wolverine Asset Management has shared voting and dispositive power over 1,035,828 shares, representing 4.42% of Class A stock. Wolverine Holdings, Wolverine Trading Partners, and two individuals, Christopher L. Gust and Robert R. Bellick, are each shown with shared voting and dispositive power over 1,042,043 shares, or 4.44% of the Class A shares outstanding. The percentages use 23,435,234 Class A shares outstanding as of August 12, 2025. All reported positions indicate no sole voting or dispositive power and that the holdings were acquired in the ordinary course of business and not to change control.

Positive

• Disclosure transparency: Detailed breakdown of shared voting and dispositive power across entities and individuals
• Non-controlling position: Reported holdings are below 5%, indicating no immediate control concerns

Negative

• Shared control only: No sole voting or dispositive power, which limits direct influence over corporate decisions
• Concentrated reporting: Multiple related entities reported nearly identical positions, which could obscure exact economic exposure

Insights

Institutional Ownership Analyst

Wolverine-affiliated entities disclosed ~4.4% holdings in CXApp, signaling a modest, non-controlling stake.

The filing indicates shared voting and dispositive power across the Wolverine group for 1,035,828 to 1,042,043 Class A shares, equal to 4.42%–4.44% of outstanding Class A stock based on 08/12/2025 outstanding figures. Shared control and zero sole power suggest coordination within an investment manager and related entities rather than direct unilateral control.

Risks and monitors: this ownership level is below typical activist thresholds and likely has limited governance impact near term; investors may monitor future filings for any increase above 5.00% or formation of a formal group, and any related Schedule 13D that would indicate active intentions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

CXApp Inc.

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

23248B109

(CUSIP Number)

09/30/2025

(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. 23248B109

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 1,035,828.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,035,828.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,035,828.00

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)

4.42 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 23248B109

1

Names of Reporting Persons

Wolverine Trading Partners, Inc.

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 1,042,043.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,043.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,043.00

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)

4.44 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. 23248B109

1

Names of Reporting Persons

Wolverine Holdings, L.P.

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 1,042,043.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,043.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,043.00

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)

4.44 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 23248B109

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 1,042,043.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,043.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,043.00

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)

4.44 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. 23248B109

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 1,042,043.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,043.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,043.00

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)

4.44 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CXApp Inc.
(b)	Address of issuer's principal executive offices: Four Palo Alto Square, Suite 200, 3000 El Camino Real, Palo Alto, California, 94306
Item 2.
(a)	Name of person filing: Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. 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, L.P. - Illinois Wolverine Trading Partners, Inc. - Illinois Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share
(e)	CUSIP No.: 23248B109
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 manager and has voting and dispositive power over 1,035,828 shares of Class A common stock of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, Mr. Gust, and WTP have voting and disposition power over 1,042,043 shares of the Issuer's Class A common stock.
(b)	Percent of class: 4.42%. WAM may be deemed the beneficial owner of 4.42% of the Issuer's Class A common stock, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 4.44% of the Issuer's outstanding Class A common stock. Percentages were calculated by dividing the shares of Class A common stock deemed beneficially owned by each reporting person by 23,435,234 (the number of shares of Class A common stock outstanding as of August 12, 2025 according to the Issuer's Form 10-Q filed August 13, 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 1,035,828 Class A common stock shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 1,042,043 outstanding shares of the Issuer's Class A common stock, in each case as set forth in Item 4(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 shared power to dispose or direct the disposition of 1,035,828 Class A common stock of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 1,042,043 shares of the Issuer's Class A common stock, in each case, as set forth in Item 4(a) above.
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.

WOLVERINE ASSET MANAGEMENT LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	10/07/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/07/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/07/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/07/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/07/2025

FAQ

What stake did Wolverine Asset Management report in CXAI?

Wolverine Asset Management reported shared voting and dispositive power over 1,035,828 Class A shares, representing 4.42% of Class A stock.

How many CXAI shares do Wolverine Holdings and related parties report owning?

Wolverine Holdings, Wolverine Trading Partners, Christopher L. Gust, and Robert R. Bellick each reported shared power over 1,042,043 shares, or 4.44% of Class A stock.

Do any reporting persons have sole voting or dispositive power over CXAI shares?

No. The filing shows 0 shares with sole voting power and 0 shares with sole dispositive power for the reporting persons.

What share count was used to calculate the ownership percentages?

Percentages were calculated using 23,435,234 Class A shares outstanding as of August 12, 2025.

Was the position reported as intended to influence control of CXApp?

No. The certifications state the securities were acquired and are held in the ordinary course of business and not to change or influence control.