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  4. [Form 4] Eureka Acquisition Corp Insider Trading Activity

Wolverine Flagship fund trims Eureka (NASDAQ: EURK) stake, keeps 395,924 shares

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Eureka Acquisition Corp reported a series of small insider sales of its Class A Ordinary Shares by an affiliated investment vehicle. Wolverine Flagship Fund Trading Limited sold a total of 2,454 shares in multiple open-market transactions between November 4 and December 10 at prices around $10.88–$11.07 per share. After these sales, the fund continued to hold 395,924 Class A Ordinary Shares indirectly. The filing lists Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and individuals Robert R. Bellick and Christopher L. Gust as reporting persons, each disclaiming beneficial ownership beyond any pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

Affiliated fund makes small net sale while retaining a large EURK position.

The transactions show Wolverine Flagship Fund Trading Limited executing eight open-market sales of Class A Ordinary Shares, totaling 2,454 shares. All sales are indirect through the fund, with no derivative exercises or grants involved, indicating straightforward secondary-market activity.

Post-transaction, the fund still holds 395,924 shares, so the sales represent a relatively small portion of its visible stake. Reporting entities, including Wolverine Asset Management and related parties, expressly disclaim beneficial ownership except for any pecuniary interest, which frames these trades as portfolio decisions at the fund level.

Because the filing shows only modest net selling and no changes to corporate structure or financing, the overall impact appears routine from an ownership perspective. There is no indication of a trading plan or other special arrangements in the disclosed footnote, so these look like standard liquidity or positioning trades by the affiliated fund.

Insider WOLVERINE ASSET MANAGEMENT LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Bellick Robert, Gust Christopher
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 2,454 shs ($27K)
Type Security Shares Price Value
Sale Class A Ordinary Shares 400 $11.07 $4K
Sale Class A Ordinary Shares 1,000 $10.89 $11K
Sale Class A Ordinary Shares 2 $10.91 $21.82
Sale Class A Ordinary Shares 10 $10.89 $108.90
Sale Class A Ordinary Shares 1,000 $10.88 $11K
Sale Class A Ordinary Shares 4 $10.88 $43.52
Sale Class A Ordinary Shares 18 $10.88 $195.84
Sale Class A Ordinary Shares 20 $10.88 $217.60
Holdings After Transaction: Class A Ordinary Shares — 395,924 shares (Indirect, by Wolverine Flagship Fund Trading Limited)
Footnotes (1)
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
WOLVERINE ASSET MANAGEMENT LLC
(Last) (First) (Middle)
175 WEST JACKSON
SUITE 340
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Eureka Acquisition Corp [ EURK ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/16/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Ordinary Shares 11/04/2025 S 20 D $10.88 398,358 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 11/05/2025 S 18 D $10.88 398,340 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 11/06/2025 S 4 D $10.88 398,336 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 11/07/2025 S 1,000 D $10.88 397,336 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 12/01/2025 S 10 D $10.89 397,326 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 12/05/2025 S 2 D $10.91 397,324 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 12/09/2025 S 1,000 D $10.89 396,324 I by Wolverine Flagship Fund Trading Limited(1)
Class A Ordinary Shares 12/10/2025 S 400 D $11.07 395,924 I by Wolverine Flagship Fund Trading Limited(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
WOLVERINE ASSET MANAGEMENT LLC
(Last) (First) (Middle)
175 WEST JACKSON
SUITE 340
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Wolverine Holdings, L.P.
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Wolverine Trading Partners, Inc.
(Last) (First) (Middle)
175 WEST JACKSON BLVD
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Bellick Robert
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Gust Christopher
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The Securities are held by Wolverine Flagship Fund Trading Limited (the "Fund"). Wolverine Asset Management, LLC ("WAM") is the manager of the Fund, the sole member and manager of WAM is Wolverine Holdings, L.P. ("WH"), and Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. the general partner of WH. In such capacities, each of the Reporting Persons may be deemed to beneficially own the securities reported herein, but disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest in them.
Kenneth Nadel, Chief Operating Officer of Wolverine Asset Management, LLC 12/11/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Eureka Acquisition Corp (EURK) report in this Form 4?

Eureka Acquisition Corp reported that Wolverine Flagship Fund Trading Limited executed eight open-market sales of Class A Ordinary Shares, totaling 2,454 shares. These trades occurred between November 4 and December 10 at prices around $10.88–$11.07 per share, and are reported as indirect ownership changes.

Who actually sold Eureka Acquisition Corp (EURK) shares in this filing?

The shares were sold by Wolverine Flagship Fund Trading Limited, an affiliated investment vehicle. Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and individuals Robert R. Bellick and Christopher L. Gust are listed as reporting persons but disclaim beneficial ownership beyond any pecuniary interest in the fund’s securities.

How many Eureka Acquisition Corp (EURK) shares were sold and at what prices?

The affiliated fund sold a total of 2,454 Class A Ordinary Shares across eight transactions. Reported sale prices ranged from $10.88 to $11.07 per share. Each transaction is classified as an open-market sale, reflecting routine secondary-market trading activity rather than option exercises or other derivative-related events.

How many Eureka Acquisition Corp (EURK) shares does the affiliated fund still hold?

After the reported sales, Wolverine Flagship Fund Trading Limited continues to hold 395,924 Class A Ordinary Shares indirectly. This remaining balance indicates the fund retains a substantial position in Eureka Acquisition Corp, and the reported 2,454 shares sold represent only a small fraction of its disclosed holdings.

Are the reporting persons in the EURK Form 4 personally selling their shares?

The filing indicates the securities are held by Wolverine Flagship Fund Trading Limited, not directly by the individual reporting persons. Entities and individuals such as Wolverine Asset Management and its affiliates expressly disclaim beneficial ownership except to the extent of their pecuniary interest in the fund’s holdings.