Harraden Funds Cease >5% Stake in UY Scuti; Exit Filing
Rhea-AI Filing Summary
UY Scuti Acquisition Corp. — This Amendment to Schedule 13G reports that the Harraden Circle reporting persons, including several Harraden funds, their GP/LLC/adviser and Frederick V. Fortmiller, no longer beneficially own any Class A common stock of the issuer. The aggregate reported ownership is 0 shares, representing 0% of the class, and the filing is identified as an exit filing indicating the reporting persons ceased to be beneficial owners of more than five percent.
The statement lists the reporting structure and confirms no sole or shared voting or dispositive power over the shares. This amendment documents a complete exit by these affiliated holders and therefore constitutes a material change in the ownership concentration disclosed for the issuer.
Positive
- Transparent exit disclosure documenting that the reporting persons no longer beneficially own any Class A common stock
- Aggregate ownership reduced to 0%, removing the reporting group as a previously disclosed >5% holder
Negative
- Material change in ownership concentration as a formerly reported substantial holder has exited
- Loss of named shareholder group may alter shareholder support and voting dynamics (change is factual in the filing)
Insights
TL;DR Harraden group reports complete exit; aggregate ownership now 0%, removing a previously disclosed >5% stake.
The filing documents a full divestment by the Harraden-affiliated entities and Mr. Fortmiller, with all reported voting and dispositive powers at zero. From a securities perspective, the change is material because it removes a named substantial holder and therefore alters the ownership profile and potential shareholder coordination for the issuer. The filing itself is a clear, routine disclosure of that change and contains no indication of transactions or motives beyond the exit statement.
TL;DR The Harraden entities and managing member no longer hold any Class A common stock, eliminating their governance influence.
The schedule clarifies the reporting chain—funds, GP, LLC, and adviser—and notes that none of those entities or the individual holds sole or shared voting or dispositive power. For governance, the practical effect is straightforward: the affiliated group no longer represents a blockholder and cannot exercise the previously disclosed influence. The amendment is a direct disclosure of that governance change without additional qualifiers.