[SCHEDULE 13G] Lion Group Holding Ltd. American Depositary Share SEC Filing
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
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UNDER THE SECURITIES EXCHANGE ACT OF 1934
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Lion Group Holding Ltd. (Name of Issuer) |
Class A Ordinary Shares represented by American Depositary Shares (Title of Class of Securities) |
53620U102 (CUSIP Number) |
07/02/2025 (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. | 53620U102 |
| 1 | Names of Reporting Persons
ATW Opportunities Master Fund, 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
DELAWARE
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
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| CUSIP No. | 53620U102 |
| 1 | Names of Reporting Persons
ATW Opportunities Master Fund II, 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
|
| CUSIP No. | 53620U102 |
| 1 | Names of Reporting Persons
ATW Master Fund V 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
PN |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
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| CUSIP No. | 53620U102 |
| 1 | Names of Reporting Persons
ATW Partners Opportunities 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: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA, OO |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
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| CUSIP No. | 53620U102 |
| 1 | Names of Reporting Persons
Kerry Propper | ||||||||
| 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
UNITED STATES
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
HC, IN |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
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| CUSIP No. | 53620U102 |
| 1 | Names of Reporting Persons
Antonio Ruiz-Gimenez | ||||||||
| 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
SPAIN
| ||||||||
| Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
277,558.00 | ||||||||
| 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)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
HC, IN |
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
|
| Item 1. | ||
| (a) | Name of issuer:
Lion Group Holding Ltd. | |
| (b) | Address of issuer's principal executive offices:
10 Ubi Crescent, #06-51 (Office 12), Ubi Techpark, Lobby C
Singapore, U0 408574 | |
| Item 2. | ||
| (a) | Name of person filing:
ATW Opportunities Master Fund, L.P.*
ATW Opportunities Master Fund II, LP*
ATW Master Fund V LP*
ATW Partners Opportunities Management, LLC*
Kerry Propper*
Antonio Ruiz-Gimenez* | |
| (b) | Address or principal business office or, if none, residence:
1 Pennsylvania Plaza, Suite 4810
New York, New York 10119 | |
| (c) | Citizenship:
ATW Opportunities Master Fund, L.P. - Delaware
ATW Opportunities Master Fund II, LP - Delaware
ATW Master Fund V LP - Delaware
ATW Partners Opportunities Management, LLC - Delaware
Kerry Propper - United States
Antonio Ruiz-Gimenez - Spain | |
| (d) | Title of class of securities:
Class A Ordinary Shares represented by American Depositary Shares | |
| (e) | CUSIP No.:
53620U102 | |
| 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:
ATW Opportunities Master Fund, L.P. - 277,558*
ATW Opportunities Master Fund II, LP - 277,558*
ATW Master Fund V LP - 277,558*
ATW Partners Opportunities Management, LLC - 277,558*
Kerry Propper - 277,558*
Antonio Ruiz-Gimenez - 277,558*
*The Class A ordinary shares represented by American Depositary Shares (the "Shares") of Lion Group Holdings Ltd (the "Issuer") reported herein represents Shares held directly by ATW Opportunities Master Fund, L.P. and the approximate number of Shares that ATW Opportunities Master Fund, L.P., ATW Opportunities Master Fund II, LP, and ATW Master Fund V LP (collectively, the "Funds") can acquire through the exercise of warrants and/or convertible debt. ATW Partners Opportunities Management, LLC serves as the investment manager to the Funds (the "Adviser"). Antonio Ruiz-Gimenez and Kerry Propper are the control persons of the Adviser (the "Control Persons", and collectively with the Funds and Adviser, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares reported herein.
As of the start of the trading day which required this filing, (i) ATW Opportunities Master Fund, L.P. held 115,647 Shares and certain warrants; (ii) ATW Opportunities Master Fund II, LP held certain warrants and convertible debt; and (iii) ATW Master Fund V LP held certain convertible debt. Each of the aforementioned convertible debt and warrants can ultimately be exercisable into Shares and are subject to a blocker which prevents the Funds from exercising its warrants and convertible debt to purchase Shares or otherwise convert such instruments into Shares to the extent that, upon such exercise, the Funds, together with its affiliates, would beneficially own in excess of 9.99% of the Shares outstanding as a result of such exercise and/or conversion (the "Blocker"). As such, the percent of class reported herein is giving effect to the Blocker and is based upon a statement in the Issuer's Form 20-F filed on April 30, 2025 that there were 1,281,237,399 Class A Ordinary Shares outstanding as of December 31, 2024 (and accounting for any stock splits or other corporate actions) plus the approximate total number of Shares that the Reporting Persons have acquired and/or can acquire upon the exercise of warrants and/or convertible debt subject to the Blocker in accordance with Rule 13d-3(d)(1)(i) under the Act. For the sake of clarity, the number of Shares reported herein are in the form of American Depositary Shares.
This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest, if any, therein. | |
| (b) | Percent of class:
ATW Opportunities Master Fund, L.P. - 9.9%
ATW Opportunities Master Fund II, LP - 9.9%
ATW Master Fund V LP - 9.9%
ATW Partners Opportunities Management, LLC - 9.9%
Kerry Propper - 9.9%
Antonio Ruiz-Gimenez - 9.9% | |
| (c) | Number of shares as to which the person has:
| |
| (i) Sole power to vote or to direct the vote:
ATW Opportunities Master Fund, L.P. - 0
ATW Opportunities Master Fund II, LP - 0
ATW Master Fund V LP - 0
ATW Partners Opportunities Management, LLC - 0
Kerry Propper - 0
Antonio Ruiz-Gimenez - 0 | ||
| (ii) Shared power to vote or to direct the vote:
ATW Opportunities Master Fund, L.P. - 277,558*
ATW Opportunities Master Fund II, LP - 277,558*
ATW Master Fund V LP - 277,558*
ATW Partners Opportunities Management, LLC - 277,558*
Kerry Propper - 277,558*
Antonio Ruiz-Gimenez - 277,558* | ||
| (iii) Sole power to dispose or to direct the disposition of:
ATW Opportunities Master Fund, L.P. - 0
ATW Opportunities Master Fund II, LP - 0
ATW Master Fund V LP - 0
ATW Partners Opportunities Management, LLC - 0
Kerry Propper - 0
Antonio Ruiz-Gimenez - 0 | ||
| (iv) Shared power to dispose or to direct the disposition of:
ATW Opportunities Master Fund, L.P. - 277,558*
ATW Opportunities Master Fund II, LP - 277,558*
ATW Master Fund V LP - 277,558*
ATW Partners Opportunities Management, LLC - 277,558*
Kerry Propper - 277,558*
Antonio Ruiz-Gimenez - 277,558* | ||
| 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
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| 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.
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Exhibit Information
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Exhibit I - JOINT FILING STATEMENT |