Schedule 13G/A: Wolverine Discloses 0% Ownership in JVSPAC

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13G filed on 1 July 2025 discloses that Wolverine Asset Management LLC and its affiliated entities now own 0 Class A Ordinary Shares of JVSPAC Acquisition Corp. (ticker JVSAU), representing 0 % of the outstanding class. The filing, triggered by an ownership change dated 30 June 2025, shows no sole or shared voting or dispositive power for any member of the Wolverine group, which includes Wolverine Holdings L.P., Wolverine Trading Partners Inc., and principals Christopher L. Gust and Robert R. Bellick. The group certifies that the shares were held in the ordinary course of business and not for the purpose of influencing control of the issuer. Because their stake has fallen below the 5 % threshold, Wolverine is no longer deemed a beneficial owner under Section 13(d).

Positive

• None.

Negative

• Complete divestiture by Wolverine Asset Management eliminates a prior >5 % institutional holder, potentially reducing perceived sponsorship.
• Zero voting and dispositive power indicates all shares were sold or redeemed, which could have added sell-side pressure before 30 June 2025.

Insights

Financial Analyst

TL;DR – Institutional exit; loss of prior >5 % holder is modestly negative for sentiment.

The amendment confirms Wolverine Asset Management’s complete divestiture of JVSAU Class A shares. While the firm filed passively under 13G, its previous >5 % position provided a degree of institutional sponsorship and potential liquidity support. The disclosure that all voting and dispositive power has dropped to zero suggests the shares were sold or redeemed before 30 June 2025. Although no price or volume data are given, removal of a sizeable holder can signal reduced confidence and may increase near-term float. Overall market impact depends on whether the shares were absorbed smoothly, but directionally the development is mildly negative.

Portfolio Manager

TL;DR – Ownership now below 5 %; administrative disclosure with limited long-term effect.

This filing primarily serves to update SEC records that Wolverine’s stake has fallen under the reporting threshold. Because the group now holds no shares, subsequent 13G obligations cease. The change does not alter JVSPAC’s operations or capital structure and may simply reflect routine portfolio rebalancing following the SPAC’s lifecycle. Unless other large holders follow suit, the practical impact on valuation or liquidity may be minimal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

JVSPAC Acquisition Corp.

(Name of Issuer)

Class A Ordinary Shares, no par value

(Title of Class of Securities)

G5212E105

(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. G5212E105

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G5212E105

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G5212E105

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G5212E105

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G5212E105

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: JVSPAC Acquisition Corp.
(b)	Address of issuer's principal executive offices: 20 Cecil Street #04-03, Plus Building, Singapore, Singapore, 049705
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, no par value
(e)	CUSIP No.: G5212E105
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 0 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: 0%. WAM may be deemed the beneficial owner of 0% of the Issuer's Class A Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 0% of the Issuer's outstanding Ordinary Shares.
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(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.

WOLVERINE ASSET MANAGEMENT LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	07/01/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	07/01/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	07/01/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	07/01/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	07/01/2025

FAQ

Why did Wolverine Asset Management file Amendment No.2 to Schedule 13G for JVSAU?

Its ownership fell below the 5 % threshold, reaching 0 % of Class A shares as of 30 June 2025.

How many JVSPAC Acquisition Corp. shares does Wolverine currently hold?

The filing reports 0 Class A Ordinary Shares beneficially owned.

What voting or dispositive power does Wolverine have over JVSAU shares?

Both sole and shared voting/dispositive power are 0 according to the Schedule 13G/A.

When were the event and filing dates for this Schedule 13G/A?

Event date: 30 June 2025; filing date: 1 July 2025.

Which entities are included in Wolverine’s reporting group?

Wolverine Asset Management LLC, Wolverine Holdings L.P., Wolverine Trading Partners Inc., Christopher L. Gust, and Robert R. Bellick.