DevvStream (DEVS) 5.95% Stake Reported by Wolverine

Wolverine Asset Management and related entities reported beneficial ownership of warrants equivalent to 210,577 Common Shares of DevvStream Corp., representing 5.95% of the outstanding class based on 3,541,668 shares outstanding as of Sept. 26, 2025.

Rhea-AI Filing Summary

Wolverine Asset Management and related entities reported beneficial ownership of warrants equivalent to 210,577 Common Shares of DevvStream Corp., representing 5.95% of the outstanding class based on 3,541,668 shares outstanding as of Sept. 26, 2025. The filing clarifies the position is held in the form of warrants that give shared voting and dispositive power over the 210,577 shares; no sole voting or dispositive power is claimed. The reporting group includes Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and individuals Christopher L. Gust and Robert R. Bellick, all organized or resident in Illinois or the U.S. Signatures for the filing are dated Oct. 2, 2025.

Positive

• Transparent disclosure of a 5.95% economic interest via 210,577 warrants
• Clear identification of reporting entities and individuals with signatures dated Oct. 2, 2025

Negative

• Position held as warrants, indicating potential dilution or overhang if exercised into shares
• No exercise dates or conversion terms disclosed, leaving timing and immediate voting impact unclear

Insights

Investment Analyst

Wolverine's position equals a near-6% economic interest via warrants.

The group reports warrants representing 210,577 common shares, calculated as 5.95% of 3,541,668 outstanding shares. Because the stake is in warrant form, the reported ownership reflects potential economic and voting exposure rather than immediate share ownership.

This creates a potential near-term overhang if warrants are exercised or converted; investors should note the filing date Sept. 30, 2025 and formal signatures on Oct. 2, 2025 when assessing timing of any exercise-related impact.

Corporate Governance Specialist

Reported control is shared, with no sole voting or dispositive power claimed.

The filing shows 0 shares with sole voting/dispositive power and 210,577 shares with shared voting/dispositive power across related entities and individuals, indicating coordinated beneficial ownership without unilateral control. Classification codes list the manager as an IA and other entities as CO/HC/IN

For governance analysis, monitor whether the warrants convert into voting shares and whether any related-party agreements disclose differing economic rights; timelines for conversion or exercise are not specified in the filing.

FAQ

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

What stake did Wolverine report in DevvStream (DEVS)?

Wolverine and related entities reported warrants representing 210,577 common shares, equal to 5.95% of outstanding shares.

Are the reported DevvStream (DEVS) holdings actual shares or warrants?

The filing states the position is held in the form of warrants representing 210,577 common shares; no sole voting or dispositive power over actual shares is claimed.

What is the share count used to calculate the percentage for DEVS?

Percentages were calculated using 3,541,668 common shares outstanding as of Sept. 26, 2025.

Who are the named reporting persons on the Schedule 13G?

The reporting persons are Wolverine Asset Management, LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Christopher L. Gust, and Robert R. Bellick.

When was the Schedule 13G signed for DEVS?

Signatures on the filing are dated Oct. 2, 2025.

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

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Accepted by SEC EDGAR 10/10/2025 - 01:46 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

DevvStream Corp.

(Name of Issuer)

Common Shares, par value $0.0001 per share

(Title of Class of Securities)

251936209

(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. 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)

5.95 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 251936209

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 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)

5.95 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. 251936209

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 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)

5.95 %

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)

5.95 %

12

Type of Reporting Person (See Instructions)

IN, HC

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)

5.95 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DevvStream Corp.
(b)	Address of issuer's principal executive offices: 2108 N St., Suite 4254, Sacramento, California, 95816
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: Common Shares, par value $0.0001 per share
(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 manager and has voting and dispositive power over Warrants representing 210,577 Common Shares of the Issuer in the form of warrants. 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.
(b)	Percent of class: 5.95%. WAM may be deemed the beneficial owner of 5.95% of the Issuer's Common Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.95% of the Issuer's outstanding Common Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 3,541,668 (the number of Common Shares outstanding according to Issuer's Form 8-K for Sept. 26, 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: Warrants representing 210,577 Common Shares
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: Warrants representing 210,577 Common Shares
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. 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 Common 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.

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:	10/02/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/02/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/02/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/02/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/02/2025