Tenor reports 600,000 shares (4.0%) in Paloma Acquisition

Rhea-AI Filing Summary

Paloma Acquisition Corp I ownership update: Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd. and Robin Shah report shared voting and dispositive power over 600,000 Class A Ordinary Shares held as Units, representing 4.0% of the class based on 15,000,000 Units stated in the issuer's February 19, 2026 prospectus. The filing explains each Unit consists of one Class A ordinary share and one-half of a redeemable warrant and states the Reporting Persons may be deemed to share voting and dispositive power with respect to the Shares owned by the Master Fund. Each Reporting Person disclaims beneficial ownership except for any pecuniary interest. The filing is an amendment to the Schedule 13G disclosure.

Insights

Governance Analyst

Disclosure shows a passive, sub-5% stake held through a fund structure.

The report lists 600,000 shares held as Units by Tenor Opportunity Master Fund, Ltd., representing 4.0% of the class based on 15,000,000 Units in the prospectus. Voting and dispositive power are reported as shared through Tenor Capital and Robin Shah's managerial roles.

Because the position is under 5% and the filing includes a disclaimer of beneficial ownership, this appears to be a routine passive ownership disclosure; subsequent filings would show any change in percent or voting treatment.

Securities Counsel

Filing preserves legal disclaimers while reporting manager and fund relationships.

The schedule clarifies the Units structure: each Unit = one Class A share plus one-half redeemable warrant, as described in the prospectus. The Reporting Persons state shared voting/dispositive power by virtue of management relationships and expressly disclaim beneficial ownership except for pecuniary interest.

These clauses align with standard Schedule 13G/A practice when a manager reports on a fund position; the legal effect of the disclaimer depends on facts beyond this excerpt.

Key Figures

Reported shares: 600,000 shares Percent of class: 4.0% Units outstanding: 15,000,000 Units +1 more

4 metrics

Reported shares 600,000 shares held as Units by Tenor Opportunity Master Fund

Percent of class 4.0% calculated from 15,000,000 Units per prospectus

Units outstanding 15,000,000 Units stated in issuer's February 19, 2026 prospectus

Unit composition 1 share + 1/2 warrant per Unit as described in the prospectus

Key Terms

Units, redeemable warrant, beneficial ownership, shared dispositive power

4 terms

Units financial

"The Units are held by Tenor Opportunity Master Fund, Ltd."

Units are bundled securities sold as one package in a financing—commonly a share paired with an instrument that gives the holder the right to buy more shares later. For investors this matters because a unit’s extra component can change future supply of shares and potential returns, similar to buying a combo with a coupon that can be redeemed later and alter what you actually receive and what others might own.

redeemable warrant financial

"each Unit consists of one Class A ordinary share and one-half of one redeemable warrant"

A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.

beneficial ownership regulatory

"Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

shared dispositive power regulatory

"may be deemed to have shared voting and dispositive power with respect to the Shares"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Tenor Opportunity Master Fund hold in Paloma Acquisition (PALO)?

Tenor Opportunity Master Fund holds 600,000 shares reported as Units, representing 4.0% of the class based on 15,000,000 Units in the issuer's prospectus filed February 19, 2026. The Units include one share and one-half warrant each.

Why does the filing say 'shared voting and dispositive power'?

The filing states Tenor Capital is the fund manager and Robin Shah is the managing member of the general partner, so they report shared voting and dispositive power over the 600,000 shares held by the Master Fund; specific voting authority remains described in the filing.

Does this Schedule 13G/A indicate Tenor or Shah beneficially owns the shares?

The Reporting Persons include an explicit disclaimer: each disclaims beneficial ownership except to the extent of any pecuniary interest. The filing reports managerial relationships and shared powers but disclaims personal beneficial ownership.

How is the 4.0% ownership percentage calculated?

The percentage is calculated using the issuer's prospectus statement that 15,000,000 Units were issued and outstanding; 600,000 shares represent 4.0% of that total as reported in the prospectus filed February 19, 2026.

Are the reported holdings ordinary shares or Units?

The filing explains the reported holdings are held in the form of Units, with each Unit consisting of one Class A ordinary share and one-half of a redeemable warrant, as described in the issuer's February 19, 2026 prospectus.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 04:46 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Paloma Acquisition Corp I

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G6881J128

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G6881J128

1

Names of Reporting Persons

Tenor Capital Management Company, 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:

5	Sole Voting Power 0.00
6	Shared Voting Power 600,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 600,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

600,000.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP Number(s): G6881J128

1

Names of Reporting Persons

Tenor Opportunity Master Fund, Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 600,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 600,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

600,000.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP Number(s): G6881J128

1

Names of Reporting Persons

Robin Shah

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:

5	Sole Voting Power 0.00
6	Shared Voting Power 600,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 600,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

600,000.00

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)

4.0 %

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: Paloma Acquisition Corp I
(b)	Address of issuer's principal executive offices: 535 Fifth Avenue, 4th Floor New York, New York 10017
Item 2.
(a)	Name of person filing: Tenor Capital Management Company, L.P. Tenor Opportunity Master Fund, Ltd. Robin Shah
(b)	Address or principal business office or, if none, residence: 810 Seventh Avenue, Suite 1905, New York, NY 10019
(c)	Citizenship: Tenor Capital Management Company, L.P. - Delaware Tenor Opportunity Master Fund, Ltd. - Cayman Islands Robin Shah - USA
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G6881J128
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: Tenor Capital Management Company, L.P. - 4.0% Tenor Opportunity Master Fund, Ltd. - 4.0% Robin Shah - 4.0% The Class A Ordinary Shares (the "Shares") reported herein are held in the form of units (the "Units"), each Unit consists of one Class A ordinary share and one-half of one redeemable warrant, as described in more detail in the Issuer's Prospectus filed with the SEC on February 19, 2026. The Units are held by Tenor Opportunity Master Fund, Ltd. (the "Master Fund"). Tenor Capital Management Company, L.P. ("Tenor Capital") serves as the investment manager to the Master Fund. Robin Shah serves as the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital. By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Master Fund. 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 Person's pecuniary interest therein. The percentages herein are calculated based upon a statement in the Issuer's Prospectus, filed on February 19, 2026 indicating that there are 15,000,000 Units issued and outstanding as of the date of the filing.
(b)	Percent of class: Tenor Capital Management Company, L.P. - 4.0% Tenor Opportunity Master Fund, Ltd. - 4.0% Robin Shah - 4.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Tenor Capital Management Company, L.P. - 0 Tenor Opportunity Master Fund, Ltd. - 0 Robin Shah - 0
	(ii) Shared power to vote or to direct the vote: Tenor Capital Management Company, L.P. - 600,000 Tenor Opportunity Master Fund, Ltd. - 600,000 Robin Shah - 600,000
	(iii) Sole power to dispose or to direct the disposition of: Tenor Capital Management Company, L.P. - 0 Tenor Opportunity Master Fund, Ltd. - 0 Robin Shah - 0
	(iv) Shared power to dispose or to direct the disposition of: Tenor Capital Management Company, L.P. - 600,000 Tenor Opportunity Master Fund, Ltd. - 600,000 Robin Shah - 600,000
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 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.

Tenor Capital Management Company, L.P.

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah, Managing Member of its general partner, Tenor Management GP, LLC
Date:	05/15/2026

Tenor Opportunity Master Fund, Ltd.

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah, Authorized Signatory
Date:	05/15/2026

Robin Shah

Signature:	/s/ Robin Shah
Name/Title:	Robin Shah
Date:	05/15/2026

Exhibit Information

EXHIBIT I - JOINT FILING STATEMENT