Polar Asset discloses sole voting power over 730,327 M3-Brigade shares

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. reports beneficial ownership of 730,327 Class A ordinary shares of M3-Brigade Acquisition V Corp, representing 2.5% of the class. The filing states Polar serves as investment advisor to a fund that directly holds these shares and that the reporting person has sole voting and sole dispositive power over the shares. The filing also certifies the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. This disclosure documents a modest, non-controlling position and clarifies voting and disposition authority.

Positive

• Beneficial ownership disclosed: 730,327 shares, providing transparency to the market
• Sole voting and dispositive power confirmed, clarifying who controls voting and sale decisions
• Holdings certified as acquired and held in the ordinary course, indicating no declared intent to change control

Negative

• None.

Insights

Financial Analyst

TL;DR: A modest 2.5% stake with sole voting and dispositive power, unlikely to affect control or trigger major market moves.

The filing shows Polar Asset Management holds 730,327 shares (2.5%) of M3-Brigade Class A shares and reports sole voting and dispositive authority. For investors this represents a transparent, passive-sized position relative to the class that does not indicate an intent to seek control. The certification that the securities are held in the ordinary course reduces the likelihood of imminent activist action. Materiality is limited given the sub-5% stake but clarity on control rights is useful for governance analysis.

Corporate Governance Expert

TL;DR: Disclosure confirms sole authority over a small investment; governance impact is minimal but transparency is positive.

Polar's declaration of sole voting and dispositive power over the reported shares clarifies who can exercise shareholder rights, which is relevant for proxy and voting outcomes. However, at 2.5% ownership the position is unlikely to be decisive in corporate votes or to constitute a control threat. The explicit certification that holdings are not intended to influence control further diminishes governance risk for the issuer, while providing useful record-keeping for market participants.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

M3-Brigade Acquisition V Corp

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G63212107

(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. G63212107

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 730,327.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 730,327.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

730,327.00

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)

2.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: M3-Brigade Acquisition V Corp
(b)	Address of issuer's principal executive offices: 1700 Broadway, 19th Floor. New York, New York, 10019
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.: G63212107
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: 730327
(b)	Percent of class: 2.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 730327
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 730327
	(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 M3-Brigade (MBAVW) shares does Polar Asset Management report owning?

The filing reports 730,327 Class A ordinary shares.

What percentage of M3-Brigade (MBAVW) does Polar Asset's holding represent?

Polar's position represents 2.5% of the class according to the filing.

Does Polar Asset Management have voting control over these shares?

Yes; the filing states Polar has sole voting power and sole dispositive power over the reported shares.

Is the stake reported as intended to influence control of the issuer?

No; 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.

What type of filer is Polar Asset Management classified as?

The filing identifies Polar Asset Management Partners Inc. as an investment adviser (IA).