[SCHEDULE 13G/A] DT Cloud Acquisition Corporation Unit SEC Filing

Rhea-AI Filing Summary

Schedule 13G filing overview

On 7 July 2025, Wolverine Asset Management LLC and affiliated entities filed a Schedule 13G disclosing a passive ownership position in RF Acquisition Corp II (Ticker: RFAIU). The filing was triggered by an event date of 30 June 2025 that pushed the group above the 5 % reporting threshold.

The Wolverine group reports beneficial ownership of 863,687 ordinary shares, representing 5.75 % of the SPAC’s 15,012,500 outstanding shares as of 12 May 2025. Voting and dispositive authority are held on a shared basis across the reporting persons; no sole authority is claimed.

• Reporting persons: Wolverine Asset Management LLC (investment adviser), Wolverine Holdings L.P. (parent), Wolverine Trading Partners Inc. (general partner), and principals Christopher L. Gust and Robert R. Bellick.
• All reporting persons are organized or resident in Illinois/United States.
• Form type: Schedule 13G, indicating a passive investment with no intent to influence control.
• The stake is held on behalf of Wolverine Flagship Fund Trading Limited, which is entitled to dividends and sale proceeds.

The disclosure adds a mid-sized institutional investor to the SPAC’s register but does not signal activist activity or a change in corporate strategy. Investors may view the filing as a modest vote of confidence in the issuer, yet the absolute stake size and passive classification suggest limited immediate market impact.

Positive

• Wolverine Asset Management disclosed a 5.75 % passive stake (863,687 shares) in RFAIU, introducing additional institutional credibility and potential liquidity.

Negative

• None.

Insights

Securities Analyst

Wolverine’s 5.75 % stake signals institutional interest, limited strategic impact.

Wolverine Asset Management’s disclosure establishes it as a notable holder but remains below activist thresholds. The Schedule 13G classification indicates the fund is not seeking board influence. The 5.75 % position gives modest alignment yet insufficient voting power to affect the SPAC’s eventual merger approval. The filing therefore offers incremental validation of market interest rather than an immediate valuation catalyst.

Corporate Governance Expert

Passive filing limits governance implications.

The multi-entity reporting structure is routine for fund complexes. Because voting and dispositive power are shared, control remains internal to Wolverine and does not constitute a concerted activist group. With the stake under 10 %, Section 16 insider obligations and poison-pill triggers are avoided. Existing shareholders should not expect governance initiatives stemming from this ownership disclosure alone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

DT Cloud Acquisition Corp

(Name of Issuer)

Ordinary shares, $0.0001 par value per share

(Title of Class of Securities)

G28524117

(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. G28524117

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 93,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 93,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,250.00

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)

1.38 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G28524117

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 93,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 93,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,250.00

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)

1.38 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G28524117

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 93,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 93,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,250.00

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)

1.38 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G28524117

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 93,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 93,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,250.00

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)

1.38 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G28524117

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 93,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 93,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

93,250.00

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)

1.38 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DT Cloud Acquisition Corp
(b)	Address of issuer's principal executive offices: 30 Orange Street, London, United Kingdom, WC2H 7HF
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: Ordinary shares, $0.0001 par value per share
(e)	CUSIP No.: G28524117
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 93,250 Ordinary shares 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.
(b)	Percent of class: WAM may be deemed the beneficial owner of 1.38% of the Issuer's outstanding Ordinary shares and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 1.38% of the Issuer's outstanding Ordinary shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 6,767,729 (the number of Ordinary shares of the Issuer outstanding as of May 8, 2025 as reported in the Issuer's Form 10-Q filed on May 15, 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 93,250 Ordinary 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 93,250 Ordinary shares of the Issuer, 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 93,250 Ordinary shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 93,250 Ordinary shares of the Issuer, 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:	07/03/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	07/03/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	07/03/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	07/03/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	07/03/2025

FAQ

How many RF Acquisition Corp II shares does Wolverine Asset Management own?

The filing states Wolverine controls 863,687 ordinary shares.

What percentage of RFAIU's outstanding shares is Wolverine's stake?

The disclosed holding equals 5.75 % of the 15,012,500 shares outstanding.

Is Wolverine's Schedule 13G filing considered activist or passive?

It is passive; a Schedule 13G indicates no intent to influence control.

Which entities are included in the Wolverine reporting group?

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

Does Wolverine have sole voting power over the RFAIU shares?

No. The filing shows shared voting and dispositive power; sole authority is 0.

Why was the Schedule 13G filed on 7 July 2025?

The group crossed the 5 % threshold on 30 June 2025, triggering the 10-day filing window that ended with the 7 July submission.