1.9M FERA shares reported by MMCAP and Asset Management Inc.

Rhea-AI Filing Summary

MMCAP International Inc. SPC and Asset Management Inc. report beneficial ownership of 1,900,000 Class A Ordinary Shares of Fifth Era Acquisition Corp I, representing 8.1% of the class as of 12/31/2025.

They report shared voting and dispositive power over all 1,900,000 shares and no sole voting or dispositive power. They certify the shares were not acquired to change or influence control, but on a passive basis, and enter into a joint filing agreement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Fifth Era Acquisition Corp I

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001

(Title of Class of Securities)

G3415K101

(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. G3415K101

1

Names of Reporting Persons

MMCAP International Inc. SPC

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,900,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,900,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,900,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G3415K101

1

Names of Reporting Persons

MM Asset Management 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,900,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,900,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,900,000.00

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)

8.1 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fifth Era Acquisition Corp I
(b)	Address of issuer's principal executive offices: 4545 Paradise Drive, Tiburon, CA 94920
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001
(e)	CUSIP No.: G3415K101
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: 1,900,000
(b)	Percent of class: 8.1%
(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: 1,900,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,900,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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 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.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What ownership stake in Fifth Era Acquisition Corp I (FERA) is reported?

MMCAP International Inc. SPC and Asset Management Inc. report owning 1,900,000 Class A shares, or 8.1% of the class. This reflects a significant but minority stake in Fifth Era Acquisition Corp I’s Class A Ordinary Shares as of December 31, 2025.

Who are the reporting persons in the Fifth Era Acquisition Corp I (FERA) Schedule 13G/A?

The reporting persons are MMCAP International Inc. SPC and Asset Management Inc. MMCAP is organized in the Cayman Islands, while Asset Management Inc. is organized in Ontario, Canada, and both jointly report their beneficial ownership in Fifth Era Acquisition Corp I.

How many Fifth Era Acquisition Corp I (FERA) shares have shared voting power?

The reporting persons disclose shared voting power over 1,900,000 Class A Ordinary Shares. They report zero sole voting power, indicating all voting authority over this 8.1% stake is held on a shared basis between the reporting entities.

Do the reporting holders of FERA shares seek to influence control of the company?

The reporting persons certify the securities were not acquired to change or influence control of Fifth Era Acquisition Corp I. They state the holdings are not connected with any transaction aimed at control, other than activities solely related to director nominations under applicable proxy rules.

What dispositive power do the FERA reporting persons have over their shares?

The reporting persons state shared dispositive power over 1,900,000 Class A shares and no sole dispositive power. This means decisions to sell or otherwise dispose of these shares are made jointly, consistent with their joint filing arrangement.

When was the ownership event requiring the FERA Schedule 13G/A filing?

The event triggering this ownership report is dated December 31, 2025. That date is used for calculating the 1,900,000 shares and the 8.1% beneficial ownership percentage in Fifth Era Acquisition Corp I’s Class A Ordinary Shares.