Wolverine Discloses 9.03% Stake in Translational Development (TDAC)

Rhea-AI Filing Summary

Translational Development Acquisition Corp. disclosure shows a group tied to Wolverine holds 1,557,134 Class A ordinary shares, representing 9.03% of the outstanding Class A shares. The percentage is calculated using 17,250,000 shares outstanding as of August 14, 2025. The filings list the reporting persons as Wolverine Asset Management, LLC; Wolverine Holdings, L.P.; Wolverine Trading Partners, Inc.; and individuals Christopher L. Gust and Robert R. Bellick. The group reports shared voting and dispositive power over the shares and certifies the holdings were acquired in the ordinary course of business.

Positive

• Material disclosure of a 9.03% beneficial stake (1,557,134 shares) provides transparency to investors
• Clear chain of control listed: Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and named individuals

Negative

• Shared voting power only; no sole voting or dispositive power reported which may limit unilateral action
• Position size (>5%) can be market-moving if the shares are sold or increased, affecting liquidity

Insights

Corporate Governance Analyst

Large disclosed stake may affect shareholder dynamics.

The filing documents a 9.03% beneficial ownership position held with shared voting and dispositive authority over 1,557,134 Class A shares. That level exceeds the 5% disclosure threshold that often draws attention from management and other investors.

Dependencies include whether the position is passive as certified and any future Schedule 13D changes; monitor near-term filings for shifts in voting power or statements of intent within months.

Institutional Ownership Analyst

Stake size and shared control are relevant for liquidity and block trading.

The position equals 9.03% of a 17,250,000-share base, which is material relative to the free float and could influence trading liquidity if disposed. The filing names an investment manager and underlying fund as the recipient of proceeds.

Key near-term items to watch are additional amendments, transfer notices, or large transactions that would alter the 9.03% stake or convert shared into sole control within the next few reporting periods.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Translational Development Acquisition Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G9008W105

(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. G9008W105

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 1,557,134.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,557,134.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,557,134.00

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)

9.03 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G9008W105

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 1,557,134.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,557,134.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,557,134.00

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)

9.03 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G9008W105

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 1,557,134.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,557,134.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,557,134.00

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)

9.03 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G9008W105

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 1,557,134.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,557,134.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,557,134.00

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)

9.03 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G9008W105

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 1,557,134.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,557,134.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,557,134.00

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)

9.03 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Translational Development Acquisition Corp.
(b)	Address of issuer's principal executive offices: 52 East 83rd Street, New York, New York, 10028
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.: G9008W105
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 1,557,134 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: 9.03%. WAM may be deemed the beneficial owner of 9.03% of the Issuer's Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 9.03% of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 17,250,000 (the number of Class A ordinary shares outstanding as of August 14, 2025 according to the Issuer's Form 10-Q filed August 14, 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: 1,557,134
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,557,134
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:	10/07/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/07/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/07/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/07/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/07/2025

FAQ

What stake did Wolverine report in TDAC?

The filing reports beneficial ownership of 1,557,134 shares, equal to 9.03% of Class A ordinary shares.

Who are the reporting persons on the TDAC Schedule 13G/A?

Reporting persons include Wolverine Asset Management, LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick.

How was the 9.03% ownership calculated for TDAC?

The percentage is the reported shares divided by 17,250,000 Class A shares outstanding as of August 14, 2025.

Does the filing state whether the stake is passive or active?

The certifying statement declares the securities were acquired and are held in the ordinary course of business and not for changing or influencing control.

What voting and dispositive powers are reported for TDAC shares?

The reporting persons disclose 0 sole voting/dispositive power and 1,557,134 shared voting and dispositive power.