Wolverine Reports 926,328 MACI Shares, 5.79% Ownership

Rhea-AI Filing Summary

Wolverine Asset Management and affiliated entities report owning 926,328 Class A Ordinary Shares of Melar Acquisition Corp. I/Cayman, representing 5.79% of the Class A shares outstanding. The filing states the shares are held with shared voting and dispositive power (no sole voting or dispositive power). The aggregate and percentage figures use a 16,000,000 share base as of 08/13/2025. The reporting group includes Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and individuals Christopher L. Gust and Robert R. Bellick; Wolverine Flagship Fund Trading Limited is named as having rights to dividends or sale proceeds for these shares. The filing certifies the holdings were acquired in the ordinary course of business and not to influence control.

Positive

• Disclosure of a material passive stake: 926,328 shares represent 5.79% of Class A shares, meeting SEC reporting thresholds
• Complete identification and signatures from all reporting persons dated 10/02/2025, indicating procedural compliance

Negative

• Shared voting/dispositive power only: no sole control, limiting direct governance influence
• Third-party economic rights disclosed: Wolverine Flagship Fund Trading Limited has rights to dividends or sale proceeds, adding complexity to economic exposure

Insights

Corporate Governance Analyst

Wolverine group holds a material passive stake with shared control.

The group reports beneficial ownership of 5.79% of the Class A shares (926,328 shares) which crosses the 5% disclosure threshold that investors monitor for potential influence.

The shares are held with shared voting and dispositive power, not sole control, which implies coordinated but not unilateral influence on governance; the filing also discloses a third party (Wolverine Flagship Fund Trading Limited) with rights to dividends or sale proceeds, a detail that affects economic exposure.

Watch for any follow-up amendments or Schedule 13D filings within the near term if voting intentions or ownership percentages change beyond passive levels.

Regulatory Compliance Specialist

Filing meets Section 13 disclosure requirements and includes required signatories.

The statement identifies each reporting person, provides citizenship and address details, and shows signatures dated 10/02/2025, satisfying formal Schedule 13G submission elements for a passive holder.

Caution arises because the filing notes shared voting/dispositive power and an entity with dividend/proceeds rights; regulators and investors typically track whether such arrangements remain passive to ensure Schedule 13G remains the correct filing type.

Monitor for any material changes or reclassification to Schedule 13D if intent or arrangements shift.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Melar Acquisition Corp. I/Cayman

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G6004G100

(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. G6004G100

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 926,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 926,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

926,328.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G6004G100

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 926,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 926,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

926,328.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G6004G100

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 926,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 926,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

926,328.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G6004G100

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 926,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 926,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

926,328.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G6004G100

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 926,328.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 926,328.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

926,328.00

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)

5.79 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Melar Acquisition Corp. I/Cayman
(b)	Address of issuer's principal executive offices: 143 West 72nd Street, 4th Floor, New York, New York, 10023
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.: G6004G100
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 926,328 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: 5.79%. WAM may be deemed the beneficial owner of 5.79% 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 5.79% 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 16,000,000 (the number of Class A Ordinary Shares outstanding as of August 13, 2025 according to Issuer's Form 10-Q for June 30, 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: 926,328
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 926,328
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
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:	10/02/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/02/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/02/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/02/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/02/2025

FAQ

What stake does Wolverine Asset Management report in Melar Acquisition Corp. (MACI)?

The filing reports beneficial ownership of 926,328 shares, equal to 5.79% of Class A Ordinary Shares based on a 16,000,000 share base as of 08/13/2025.

Do the Wolverine reporting persons have sole voting control over the MACI shares?

No. The filing shows 0 shares with sole voting or dispositive power and 926,328 shares with shared voting and dispositive power.

Was the Schedule 13G filed as a passive holding or with intent to influence control?

The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, consistent with a Schedule 13G passive disclosure.

Are there other parties with economic rights to the reported MACI shares?

Yes. The filing states that Wolverine Flagship Fund Trading Limited is known to have rights to receive dividends or proceeds from the sale of the reported shares.

Which entities and individuals are included among the reporting persons?

The reporting group includes Wolverine Asset Management, LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick.