[SCHEDULE 13G/A] Fifth Era Acquisition Corp I Units SEC Filing

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. each report beneficial ownership of 1,900,000 Class A ordinary shares of Fifth Era Acquisition Corp. I, representing 8.05% of the issuer's 23,600,000 Class A shares outstanding as reported by the issuer. Each reporting person discloses 0 shares of sole voting or dispositive power and 1,900,000 shares of shared voting and shared dispositive power, and the filing states the shares were not acquired to change or influence control of the issuer. The filing does not identify any subsidiary, group affiliations, transaction terms, or acquisition timing.

Positive

• Material ownership disclosed: Each reporting person holds 1,900,000 Class A shares representing 8.05% of the class, exceeding the 5% reporting threshold.
• Clear voting/dispositive disclosure: The filing specifies 0 sole and 1,900,000 shared voting and dispositive powers, improving transparency about control rights.
• Certification of non-control intent: Signatories certify the shares were not acquired to change or influence control of the issuer.

Negative

• No sole control: Reporting persons disclose no sole voting or dispositive power, indicating they are not unilateral controllers.
• Limited context: The filing does not provide acquisition timing, purchase price, or transaction terms, which limits assessment of intent and economic exposure.

Insights

Financial Analyst

TL;DR: Two institutional reporting persons each disclose an 8.05% Class A stake in FERAU with shared voting and dispositive power.

The disclosure notifies the market of a material ownership position above the 5% reporting threshold, relevant for shareholder composition and potential influence. Each filer reports identical holdings of 1,900,000 Class A shares and no sole voting or dispositive control, indicating joint or coordinated rights rather than unilateral control. The filing contains no acquisition price, purchase date, or transaction structure, which limits assessment of intent, cost basis, or immediate market impact. Overall, this is a material, routine ownership disclosure that increases transparency but provides limited strategic context.

Corporate Governance Expert

TL;DR: Both reporting entities disclose shared voting/dispositive power for 8.05% stakes, clarifying they are not sole controllers of FERAU.

The schedule clarifies governance rights: no sole voting or dispositive power is reported, while shared voting and dispositive power cover the full 1,900,000 shares for each reporting person. The certifying statement affirms the holdings were not acquired to effect control changes, and the filing lists no group identifications or subsidiary acquirers. For governance analysis this confirms material minority stakes with shared influence, but the absence of transaction timing or coordinating agreements prevents deeper conclusions about strategic intent or potential board/nomination agendas.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Fifth Era Acquisition Corp. I

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G3415K127

(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. G3415K127

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)

8.05 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * The reporting person holds 1,900,000 Class A ordinary shares. **Based on 23,600,000 Class A ordinary shares outstanding of the Issuer, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.

SCHEDULE 13G

CUSIP No. G3415K127

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)

8.05 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: * The reporting person holds 1,900,000 Class A ordinary shares. **Based on 23,600,000 Class A ordinary shares outstanding of the Issuer, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fifth Era Acquisition Corp. I
(b)	Address of issuer's principal executive offices: 1093 Boundary Hall, Cricket Square, Grand Cayman, CAYMAN ISLANDS KY1-1102
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G3415K127
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: 8.05 %
(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.
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:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

How many Class A shares of Fifth Era Acquisition Corp. I (FERAU) are reported by MMCAP International Inc. SPC?

MMCAP International Inc. SPC reports beneficial ownership of 1,900,000 Class A ordinary shares, representing 8.05% of the class.

How many Class A shares of FERAU does MM Asset Management Inc. report?

MM Asset Management Inc. reports beneficial ownership of 1,900,000 Class A ordinary shares, representing 8.05% of the class.

Do the reporting persons have sole voting or dispositive power over the reported shares?

No. Both reporting persons disclose 0 sole voting power and 0 sole dispositive power and report 1,900,000 shares of shared voting and dispositive power.

Is the reported stake in FERAU considered material under SEC thresholds?

Yes. The reported 8.05% stake exceeds the SEC's 5% reporting threshold and is therefore material for disclosure purposes.

Does the filing state the purpose of the acquisition or intent to influence control of FERAU?

The certifying statement in the filing states the securities were not acquired to change or influence control of the issuer and were not acquired in connection with such a transaction.