Hudson Global Gains Major Investor as Mink Brook Nears 10% Ownership

Rhea-AI Filing Summary

Mink Brook Asset Management and affiliated entities filed Amendment No. 2 to Schedule 13G disclosing aggregate ownership of 274,496 Hudson Global (HSON) common shares, equal to roughly 9.96 % of the 2,755,735 shares outstanding as of 14 Jul 2025.

The stake is split evenly between Mink Brook Partners LP and Mink Brook Opportunity Fund LP, each holding about 137 k shares (≈4.98 %). Voting and dispositive powers are shared: neither fund, their general partner Mink Brook Capital GP LLC, managing member William Mueller, nor Mink Brook Asset Management LLC claim sole authority. Collectively, Capital GP, Mueller and the asset-management arm control the full block.

Mink Brook acquired the shares after receiving written consent from Hudson Global on 20 Nov 2023 to exceed the 5 % threshold. The filing states the position is passive and “not held for the purpose of influencing control,” yet the near-10 % holding makes Mink Brook one of HSON’s largest shareholders, potentially giving it meaningful weight in future proxy matters without triggering 13D activist classification.

Positive

• Near-10 % ownership by Mink Brook signals increased institutional confidence and positions the firm as a potentially influential shareholder in future votes.

Negative

• None.

Insights

Securities Analyst

TL;DR Large passive investor discloses 9.96 % stake; increases institutional support but no control intent signalled.

Owning nearly a tenth of HSON’s float places Mink Brook among the top holders, improving the stock’s institutional profile and liquidity. Because the group filed on Schedule 13G instead of 13D, it certifies the investment is passive, limiting immediate governance implications. However, the block is large enough to affect voting outcomes on strategic matters, including the recent merger proposal referenced in the filing. The absence of sole voting power suggests coordination between related partnerships rather than activist positioning. Overall impact on valuation is modest but directionally positive, as additional professional oversight often supports market confidence.

Corporate Governance Specialist

TL;DR Near-10 % ownership elevates Mink Brook’s influence in ballots despite a passive stance, potentially shaping future governance decisions.

The amendment shows consolidated reporting under common control, with William Mueller at the nexus of GP and asset-management entities. Shared voting/dispositive power across funds provides flexibility to coordinate votes while staying below the 10 % psychological threshold that can trigger heightened scrutiny. The filing’s certification removes immediate takeover concerns, yet boards typically monitor any holder approaching double-digits. If Mink Brook’s economic interests diverge from management, its vote could be pivotal, particularly given HSON’s small equity base. Investors should watch subsequent filings for movement above 10 % or a switch to Schedule 13D, both of which would signal a more activist posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Hudson Global, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

443787205

(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. 443787205

1

Names of Reporting Persons

Mink Brook Partners LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 137,246.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 137,246.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

137,246.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) This percentage is calculated based upon 2,755,735 shares outstanding as of 7/14/25 disclosed in its recent Merger Proposal proxy vote

SCHEDULE 13G

CUSIP No. 443787205

1

Names of Reporting Persons

Mink Brook Opportunity Fund LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 137,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 137,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

137,250.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) This percentage is calculated based upon 2,755,735 shares outstanding as of 7/14/25 disclosed in its recent Merger Proposal proxy vote

SCHEDULE 13G

CUSIP No. 443787205

1

Names of Reporting Persons

Mink Brook Capital GP 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 274,496.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 274,496.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

274,496.00

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)

10.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) This percentage is calculated based upon 2,755,735 shares outstanding as of 7/14/25 disclosed in its recent Merger Proposal proxy vote

SCHEDULE 13G

CUSIP No. 443787205

1

Names of Reporting Persons

William Mueller

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 274,496.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 274,496.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

274,496.00

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)

10.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) This percentage is calculated based upon 2,755,735 shares outstanding as of 7/14/25 disclosed in its recent Merger Proposal proxy vote

SCHEDULE 13G

CUSIP No. 443787205

1

Names of Reporting Persons

Mink Brook 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 274,496.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 274,496.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

274,496.00

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)

10.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) This percentage is calculated based upon 2,755,735 shares outstanding as of 7/14/25 disclosed in its recent Merger Proposal proxy vote

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hudson Global, Inc.
(b)	Address of issuer's principal executive offices: 53 FOREST AVENUE, OLD GREENWICH, CONNECTICUT, 06870.
Item 2.
(a)	Name of person filing: Mink Brook Partners LP Mink Brook Opportunity Fund LP Mink Brook Capital GP LLC William Mueller Mink Brook Asset Management LLC
(b)	Address or principal business office or, if none, residence: 201 Summa Street West Palm Beach, FL 33405
(c)	Citizenship: Mink Brook Partners LP - Delaware Mink Brook Opportunity Fund LP - Delaware Mink Brook Capital GP LLC - Delaware William Mueller - Florida Mink Brook Asset Management LLC - Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 443787205
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on June 30, 2025, Mink Brook Partners LP and Mink Brook Opportunity Fund LP held an aggregate of 274,496 shares of the common stock of the Issuer. As the general partner to both Mink Brook Partners LP and Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. As the managing member of Mink Brook Capital GP LLC and Mink Brook Asset Management, LLC William Mueller may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that Mr. Mueller or Mink Brook Capital GP LLC is the beneficial owner of the shares of the common stock of the Issuer referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed, except to the extent of their respective pecuniary interests therein. Mink Brook acquired shares of Hudson Global, Inc. after written permission was obtained by the company on November 20, 2023 to cross the 5% threshold assuming certain conditions are and continue to be met by Mink Brook Asset Management LLC.
(b)	Percent of class: Mink Brook Partners LP - 4.98% Mink Brook Opportunity Fund LP - 4.98% Mink Brook Capital GP LLC - 9.96% William Mueller - 9.96% Mink Brook Asset Management LLC - 9.96%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Mink Brook Partners LP - 0 Mink Brook Opportunity Fund LP - 0 Mink Brook Capital GP LLC - 0 William Mueller - 0 Mink Brook Asset Management LLC - 0
	(ii) Shared power to vote or to direct the vote: Mink Brook Partners LP - 137,246 Mink Brook Opportunity Fund LP - 137,250 Mink Brook Capital GP LLC - 274,496 William Mueller - 274,496 Mink Brook Asset Management LLC - 274,496
	(iii) Sole power to dispose or to direct the disposition of: Mink Brook Partners LP - 0 Mink Brook Opportunity Fund LP - 0 Mink Brook Capital GP LLC - 0 William Mueller - 0 Mink Brook Asset Management LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: Mink Brook Partners LP - 137,246 Mink Brook Opportunity Fund LP - 137,250 Mink Brook Capital GP LLC - 274,496 William Mueller - 274,496 Mink Brook Asset Management LLC - 274,496
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.

Mink Brook Partners LP

Signature:	/s/ William Mueller
Name/Title:	William Mueller, Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

Mink Brook Opportunity Fund LP

Signature:	/s/ William Mueller
Name/Title:	William Mueller, Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

Mink Brook Capital GP LLC

Signature:	/s/ William Mueller
Name/Title:	William Mueller, Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

William Mueller

Signature:	/s/ William Mueller
Name/Title:	William Mueller
Date:	07/29/2025

Mink Brook Asset Management LLC

Signature:	/s/ William Mueller
Name/Title:	William Mueller, Managing Member, Mink Brook Asset Management LLC
Date:	07/29/2025

FAQ

How many Hudson Global (HSON) shares does Mink Brook now own?

Mink Brook entities report owning 274,496 common shares of HSON.

What percentage of Hudson Global’s outstanding shares does this represent?

The holding equals approximately 9.96 % of the 2,755,735 shares outstanding.

Who controls the voting power over the disclosed HSON shares?

Voting and dispositive power are shared among Mink Brook Partners LP, Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC and William Mueller.

Is Mink Brook’s stake in Hudson Global considered passive or activist?

The Schedule 13G/A certification states the stake is passive and not intended to influence control.

Why did Mink Brook file Amendment No. 2 to Schedule 13G?

The amendment updates ownership to reflect that Mink Brook’s combined position has risen above the 5 % reporting threshold to nearly 10 %.