RiverNorth Files Schedule 13G Disclosing 5.98% Position in NOEMU Units
Rhea-AI Filing Summary
RiverNorth Capital Management, LLC reported beneficial ownership of 428,479 units of CO2 Energy Transition Corp. units, representing 5.98% of the class. The filing shows RiverNorth holds sole voting and sole dispositive power over all 428,479 units, and the disclosure is made on a Schedule 13G, with a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
The filing identifies CO2 Energy Transition Corp.'s principal executive offices in Houston, TX, and lists RiverNorth's principal business office in West Palm Beach, FL. The Schedule 13G indicates the position relates to units with CUSIP 12664M202 and records the reporting party's classification as an investment adviser.
Positive
- RiverNorth beneficially owns 428,479 units, representing 5.98% of the class
- Reporting party holds sole voting and sole dispositive power over the reported units
- Schedule 13G filing certifies holdings are ordinary-course and not intended to change control
Negative
- None.
Insights
TL;DR: RiverNorth holds a material minority stake of 5.98% (428,479 units) and reports sole voting and dispositive authority; filing claims ordinary-course acquisition.
The reported 5.98% ownership is a material disclosure because it exceeds the 5% threshold that triggers Schedule 13G reporting requirements, making the stake visible to other investors and market participants. RiverNorth's assertion of sole voting and dispositive power means it controls how these units are voted and sold, although the certification on the form states the position was not acquired to influence control. This filing does not disclose any purchase price, timing of acquisitions, or arrangements with third parties. From a portfolio-impact perspective, the disclosure is informative about an institutional investor taking a significant passive position but does not indicate an intent to pursue control or active influence.
TL;DR: A near-6% holding with sole voting power is governance-relevant but the filer attests the stake is passive under Schedule 13G rules.
Holding 428,479 units and declaring sole voting and dispositive power means RiverNorth can unilaterally decide on voting these reported units, which is governance-relevant for issuer shareholders. The Schedule 13G classification and the certification that the securities were acquired in the ordinary course and not for control suggest the filer views this as a passive investment rather than an activist position. The filing does not list any group members or related arrangements and contains no indication of plans to change board composition or strategy. For governance monitoring, this disclosure flags an institutional stake to watch, but the document itself provides no evidence of active engagement.