Schedule 13G/A: Wolverine Entities Report No Shares in Embrace Change (EMCGU)

Rhea-AI Filing Summary

Amendment to Schedule 13G for Embrace Change Acquisition Corp (Ordinary Shares, CUSIP G3034H109) filed by Wolverine Asset Management, LLC and related entities reports that the reporting persons hold zero beneficial shares of the issuer.

The filing lists the reporting group as Wolverine Asset Management, LLC; Wolverine Holdings, L.P.; Wolverine Trading Partners, Inc.; and individuals Christopher L. Gust and Robert R. Bellick, all organized or domiciled in Illinois (individuals are U.S. citizens). The statement confirms 0 shares, 0% ownership, and no voting or dispositive power reported by any filer, and includes certification that the securities were acquired and are held in the ordinary course of business.

Insights

Financial Analyst

TL;DR Reporting parties disclose no beneficial ownership of EMCGU shares; this is a routine, neutral filing with no immediate market impact.

The Schedule 13G/A states that WAM and affiliated entities and individuals beneficially own 0 ordinary shares (0% of class) and report no sole or shared voting or dispositive power. For investors, the filing provides transparency that these affiliated parties do not currently hold a stake in Embrace Change Acquisition Corp. There are no indications of accumulation, disposition, or control intent in the text provided.

Corporate Governance Expert

TL;DR Disclosure confirms absence of ownership and control by the named reporting persons; governance implications are minimal.

The amendment identifies the organizational relationships among the filers and certifies ordinary-course holding purposes. Because the filing records zero ownership, there are no governance changes, control concerns, or related-party influence disclosed. The document fulfills regulatory disclosure obligations without revealing transactional activity or shifts in board/control dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Embrace Change Acquisition Corp.

(Name of Issuer)

Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G3034H109

(CUSIP Number)

08/11/2025

(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. G3034H109

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 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

SCHEDULE 13G

CUSIP No. G3034H109

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 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)

CO, HC

SCHEDULE 13G

CUSIP No. G3034H109

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 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

SCHEDULE 13G

CUSIP No. G3034H109

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 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)

IN, HC

SCHEDULE 13G

CUSIP No. G3034H109

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 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)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Embrace Change Acquisition Corp.
(b)	Address of issuer's principal executive offices: 5186 Carroll Canyon Road, San Diego, California, 92121
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, par value $0.0001 per share
(e)	CUSIP No.: G3034H109
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 0 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: 0%. WAM may be deemed the beneficial owner of 0% of the Issuer's ordinary shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 0% of the Issuer's ordinary shares.
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
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:	09/03/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	09/03/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	09/03/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	09/03/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	09/03/2025

FAQ

What does the Schedule 13G/A filed for EMCGU state about ownership?

The filing states that Wolverine Asset Management, LLC and related entities and individuals beneficially own 0 ordinary shares of Embrace Change Acquisition Corp, representing 0% of the class.

Who are the reporting persons on the EMCGU Schedule 13G/A?

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

Does the filing indicate any voting or dispositive power over EMCGU shares?

No. The filing reports 0 sole voting power, 0 shared voting power, 0 sole dispositive power, and 0 shared dispositive power.

Where is the issuer's principal executive office listed in the filing?

The issuer's principal executive office is listed as 5186 Carroll Canyon Road, San Diego, California 92121.

When was the Schedule 13G/A signed and certified?

The signatures on the filing are dated 09/03/2025 and include authorized signatories Kenneth L. Nadel, Christopher L. Gust, and Robert R. Bellick.