Wolverine Holdings Discloses 987,310 NETD Shares, 7.19% Stake

Rhea-AI Filing Summary

Nabors Energy Transition Corp. II (NETD) Schedule 13G shows that Wolverine Asset Management, LLC and affiliated reporting persons collectively hold 987,310 Class A Ordinary Shares, representing 7.19% of the outstanding Class A shares. The filing states the share count was divided by 13,724,863 total Class A shares outstanding as of August 14, 2025. The reported position is held with shared voting and dispositive power (no sole voting or dispositive power). Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or sale proceeds for the shares attributed to WAM. The filing certifies the holdings were acquired in the ordinary course of business and not for the purpose of changing control.

Positive

• Position disclosed above 5%: 987,310 shares representing 7.19% of Class A shares
• Clear classification as passive: filing states holdings were acquired and are held in the ordinary course of business
• Economic beneficiary identified: Wolverine Flagship Fund Trading Limited has right to dividends/proceeds for the shares

Negative

• No sole voting or dispositive power: 0 shares held with sole voting/dispositive authority
• Shared control only: voting and disposition are shared among reporting persons, limiting unilateral influence

Insights

Institutional Ownership Analyst

Wolverine-affiliated entities report a material passive stake of 7.19%.

The group holds 987,310 Class A shares with shared voting and dispositive power, indicating coordinated ownership across Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and two individuals. The position size is above the 5% Schedule 13G threshold, triggering public disclosure but consistent with passive reporting.

Key dependencies include whether the position remains passive; any change toward active influence would require amended reporting under different rules. Monitor periodic filings for increases, decreases, or changes to voting arrangements within the next reporting cycle.

Corporate Governance Specialist

Shared voting power and identification of a dividend/receipt designee are governance-relevant details.

Shared voting power of 987,310 shares means control is exercised jointly, not unilaterally, which reduces immediate takeover risk from these holders. The mention of Wolverine Flagship Fund Trading Limited as the recipient of dividends/proceeds clarifies economic beneficiaries separate from the reporting manager.

Investors should watch for any amendments that switch filing form or disclose group formation, which would indicate a move from passive to active engagement; such changes typically appear in subsequent filings or proxy-related disclosures within months.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Nabors Energy Transition Corp. II

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G6363K106

(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. G6363K106

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 987,310.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 987,310.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

987,310.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G6363K106

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 987,310.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 987,310.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

987,310.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G6363K106

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 987,310.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 987,310.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

987,310.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G6363K106

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 987,310.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 987,310.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

987,310.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G6363K106

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 987,310.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 987,310.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

987,310.00

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)

7.19 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Nabors Energy Transition Corp. II
(b)	Address of issuer's principal executive offices: 515 West Greens Road, Suite 1200, Houston, Texas, 77067
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.: G6363K106
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 987,310 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: 7.19%. WAM may be deemed the beneficial owner of 7.19% of the Issuers Class A Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 7.19% of the Issuers outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 13,724,863 (the number of Class A Ordinary Shares outstanding as of August 14, 2025 according to 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: 987,310
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 987,310
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:	10/01/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/01/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/01/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/01/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/01/2025

FAQ

What stake does Wolverine Asset Management report in NETD?

Wolverine Asset Management and affiliated reporting persons report 987,310 Class A shares, equal to 7.19% of NETD's Class A shares.

How was the 7.19% ownership calculated for NETD?

The percentage equals 987,310 shares divided by 13,724,863 Class A shares outstanding as of August 14, 2025.

Do the reporting persons have sole voting control over the NETD shares?

No. The filing shows 0 shares with sole voting or dispositive power and 987,310 shares with shared voting and dispositive power.

Who receives economic benefits from the NETD shares held?

Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or proceeds for the shares attributed to WAM.

Was this filing made as passive or active ownership?

The filing certifies the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, indicating passive reporting.