Wolverine group discloses 4.81% DevvStream (DEVS) common share stake

Rhea-AI Filing Summary

DevvStream Corp. received an amended Schedule 13G showing that Wolverine Asset Management, LLC and related reporting persons hold a minority position in its common shares. They report beneficial ownership of 210,577 common shares, equal to 4.81% of DevvStream’s outstanding shares, as of a total of 4,380,012 shares outstanding on December 15, 2025. The filing states that Wolverine Asset Management, Wolverine Holdings, and individuals Christopher L. Gust and Robert R. Bellick share voting and dispositive power over these shares, with no sole authority for any one reporting person. The group certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of DevvStream.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

DevvStream Corp.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

251936209

(CUSIP Number)

12/31/2025

(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. 251936209

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 210,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 210,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

210,577.00

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)

4.81 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 251936209

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 210,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 210,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

210,577.00

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)

4.81 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 251936209

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 210,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 210,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

210,577.00

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)

4.81 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 251936209

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 210,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 210,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

210,577.00

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)

4.81 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DevvStream Corp.
(b)	Address of issuer's principal executive offices: 2108 N St., Suite 4254, Sacramento, CA 95816
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: Common Shares
(e)	CUSIP No.: 251936209
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 210,577 common 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 210,577 common shares of the Issuer.
(b)	Percent of class: WAM may be deemed the beneficial owner of 4.81% of the Issuer's outstanding Common Shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 4.81% of the Issuer's outstanding Common Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 4,380,012 (the number of shares outstanding as of December 15, 2025 according to the Issuer's 10-Q filed December 16, 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 210,577 common shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 210,577 common 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 shared power to dispose or direct the disposition of 210,577 common shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 210,577 common 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.
	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:	01/29/2026

Wolverine Holdings, LLC

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Member
Date:	01/29/2026

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	01/29/2026

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	01/29/2026

FAQ

What does DevvStream Corp. (DEVS) disclose in this Schedule 13G/A?

The filing discloses that entities affiliated with Wolverine Asset Management hold a minority stake in DevvStream Corp. common shares. It updates institutional ownership information and confirms the position is held in the ordinary course, not to influence control of the company.

How many DevvStream (DEVS) shares does Wolverine Asset Management report owning?

The reporting persons disclose beneficial ownership of 210,577 DevvStream common shares. This figure represents the total number of shares over which they collectively have shared voting and dispositive power, according to the Schedule 13G/A amendment.

What percentage of DevvStream (DEVS) does Wolverine’s 210,577 shares represent?

The filing states the Wolverine group beneficially owns 4.81% of DevvStream’s outstanding common shares. This percentage is calculated using 4,380,012 shares outstanding as of December 15, 2025, based on DevvStream’s Form 10-Q.

Who are the reporting persons in this DevvStream (DEVS) Schedule 13G/A filing?

The reporting persons are Wolverine Asset Management, LLC, Wolverine Holdings, LLC, and individuals Christopher L. Gust and Robert R. Bellick. They report shared voting and dispositive power over the same block of DevvStream common shares.

Do the Wolverine entities have sole or shared voting power over DevvStream (DEVS) shares?

The Schedule 13G/A shows zero sole voting or dispositive power and shared power over 210,577 shares for each reporting person. This means decisions on voting or selling these shares are made collectively rather than by any one entity alone.

Is Wolverine’s DevvStream (DEVS) stake intended to influence control of the company?

The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control of DevvStream. It also notes they are not held as part of any control-related transaction.

What is the key date for the ownership reported in this DevvStream (DEVS) filing?

The event date triggering this Schedule 13G/A is December 31, 2025. The percentage ownership calculation relies on 4,380,012 shares outstanding as of December 15, 2025, as disclosed in DevvStream’s Form 10-Q filed December 16, 2025.