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

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. disclosed in a Schedule 13G/A that it beneficially owns 800,000 Class A ordinary shares of Graf Global Corp, representing 3.5% of the class. The position is held directly by Polar Multi-Strategy Master Fund and Polar reports sole voting and sole dispositive power over all 800,000 shares. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer. Because the stake is below 5% and the filer affirms passive intent, it is reported on Schedule 13G/A, not Schedule 13D.

Positive

• Certification of passive intent: The filer states the shares are held in the ordinary course of business and not to influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR: Polar holds 800,000 Graf Global shares (3.5%), a meaningful minority position reported as passive with full voting and dispositive power.

Polar Asset Management reports beneficial ownership of 800,000 Class A shares, equal to 3.5% of the class, with sole voting and dispositive authority. The position is held via Polar Multi-Strategy Master Fund and the filing includes a certification that the stake is held in the ordinary course and not to influence control. From a financial perspective, this is a notable minority stake but remains below 5%, so it is unlikely to signal a control bid or trigger more intensive disclosure or takeover dynamics.

Corporate Governance Expert

TL;DR: Schedule 13G/A shows passive intent; sole voting power exists but the filer certifies no intent to influence control.

The filing is a Schedule 13G/A amendment reporting a 3.5% ownership position. The reporting person is an investment adviser registered in Ontario and confirms the holdings are ordinary-course, non-control investments. Although Polar reports sole voting and dispositive power over 800,000 shares, the explicit certification and sub-5% stake mean this disclosure signals a registry-level transparency item rather than a governance change or an activist campaign.

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)

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. G4036C106

1

Names of Reporting Persons

Polar Asset Management 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 800,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 800,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

800,000.00

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)

3.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Graf Global Corp
(b)	Address of issuer's principal executive offices: 1790 Hughes Landing Blvd., Suite 400, The Woodlands, Texas, 77380
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(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).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 800000
(b)	Percent of class: 3.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 800000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 800000
	(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.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Graf Global (GRAF) shares does Polar Asset Management own?

Polar Asset Management Partners Inc. beneficially owns 800,000 Class A ordinary shares of Graf Global, representing 3.5% of the class.

Does Polar have voting control over the Graf Global shares?

Yes. The filing states Polar has sole voting power and sole dispositive power over all 800,000 shares.

Is this a passive holding or an attempt to influence Graf Global's control?

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Which fund holds the Graf Global shares on behalf of Polar?

The shares are directly held by Polar Multi-Strategy Master Fund (PMSMF), for which Polar Asset Management serves as investment advisor.

Why was this reported on Schedule 13G/A instead of Schedule 13D?

Because the reported stake is below 5% and the filer affirms passive intent, the position was reported on Schedule 13G/A rather than Schedule 13D.