[SCHEDULE 13G/A] Graf Global Corp. SEC Filing

Rhea-AI Filing Summary

Graf Global Corp. received a Schedule 13G/A showing that a group led by Wolverine Asset Management, LLC and affiliated entities holds 1,100,516 Class A ordinary shares, equal to 4.78% of the 23,000,000 outstanding Class A shares cited in the filing. The filing states the positions are held in the ordinary course of business and not to influence control. All reporting persons—Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, Christopher L. Gust and Robert R. Bellick—report shared voting and dispositive power over the same 1,100,516 shares and no sole voting or dispositive power.

The percentage is calculated using the issuer’s reported share count as of 08/13/2025. Signatures from authorized representatives are dated 10/07/2025.

Positive

• Full disclosure of position at 1,100,516 shares (4.78%), providing transparency to investors
• Filing states holdings are passive and not intended to change or influence control
• Signatures from all reporting persons dated 10/07/2025 confirm the filing's authorization

Negative

• Shared voting power only with no sole voting or dispositive power, limiting individual control
• Stake below 5% means the group lacks the threshold that commonly triggers deeper disclosure or activist scrutiny

Insights

Institutional Investor Analyst

Passive sub-5% stake; position disclosed as non-control.

The group reports beneficial ownership of 1,100,516 shares, representing 4.78% of Class A shares, which is below the 5% Schedule 13D threshold that typically signals activist intent. The filing explicitly states the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing control.

Dependencies include the issuer’s share count used (08/13/2025) and any subsequent transactions; monitor public filings for changes above the 5% threshold within the next 30–90 days.

Corporate Governance Expert

Shared voting/dispositive power implies coordinated group ownership.

All reporting persons disclose shared voting and dispositive power and no sole power, indicating the group acts collectively rather than through a single controlling entity. That structure limits any unilateral governance influence but creates a coordinated voting block of 4.78%.

Key risks and watchpoints include whether the group files an amendment if holdings change or if any side agreements alter voting control; expect any material shift to be reported in subsequent Schedule 13 filings within typical SEC timing windows.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Graf Global Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G4036C106

(CUSIP Number)

09/30/2025

(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. G4036C106

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 1,100,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,100,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,100,516.00

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)

4.78 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G4036C106

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 1,100,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,100,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,100,516.00

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)

4.78 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G4036C106

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 1,100,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,100,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,100,516.00

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)

4.78 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G4036C106

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 1,100,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,100,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,100,516.00

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)

4.78 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G4036C106

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 1,100,516.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,100,516.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,100,516.00

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)

4.78 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Graf Global Corp.
(b)	Address of issuer's principal executive offices: 1790 Hughes Landing Boulevard, Suite 400, The Woodlands, Texas, 77380
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: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G4036C106
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 1,100,516 Class A 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: 4.78%. WAM may be deemed the beneficial owner of 4.78% of the Issuer's Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 4.78% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 23,000,000 (the number of Class A Ordinary Shares outstanding as of August 13, 2025 according to the Issuer's Form 10-Q filed August 13, 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: 1,100,516
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,100,516
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:	10/07/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/07/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/07/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/07/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/07/2025

FAQ

What stake does Wolverine report in Graf Global (GRAF)?

The group reports beneficial ownership of 1,100,516 Class A shares, equal to 4.78% of Class A shares.

Does the filing indicate Wolverine intends to influence control of GRAF?

No. The filing certifies the shares are held in the ordinary course of business and not for the purpose of changing or influencing control.

What voting powers are reported by the filing for GRAF?

The reporting persons state 0 sole voting power and shared voting power over 1,100,516 shares; likewise shared dispositive power only.

What share count was used to calculate the percentage ownership?

Percentages were calculated using 23,000,000 Class A Ordinary Shares outstanding as of 08/13/2025.

When was the Schedule 13G/A signed?

Authorized signatures on the filing are dated 10/07/2025.