[SCHEDULE 13D/A] XBP Global Holdings, Inc. SEC Filing

Rhea-AI Filing Summary

XBP Global Holdings, Inc. Schedule 13D/A discloses that CFAC Holdings VIII, LLC and affiliated reporting persons collectively beneficially own 6,449,404 shares, representing approximately 5.5% of the outstanding common stock based on 117,515,972 shares outstanding as of August 14, 2025. CFAC directly holds 6,064,404 shares plus 385,000 shares underlying warrants exercisable within 60 days. The filing reports a completed internal transfer of CFGM voting shares: Howard W. Lutnick sold CFGM voting shares to trusts controlled by Brandon G. Lutnick for an aggregate purchase price of $200,000 with closing on October 6, 2025, and Howard W. Lutnick no longer holds voting or dispositive power. The filing also discloses a prior SEC settlement in which Cantor agreed to pay a $6.75M penalty.

Positive

• Consolidation of voting control under trusts controlled by Brandon G. Lutnick completed on October 6, 2025
• Clear ownership disclosure showing CFAC holds 6,064,404 shares plus 385,000 exercisable warrants (near-term exercise window disclosed)

Negative

• Cantor Fitzgerald disclosed a prior SEC settlement with a $6.75M penalty dated December 12, 2024
• Howard W. Lutnick relinquished voting and dispositive power, which may change external perceptions of management continuity

Insights

Corporate Governance Expert

Control moved within the Lutnick family while formal voting power shifted away from Howard W. Lutnick.

The filing documents a completed divestiture by Howard W. Lutnick and the transfer of CFGM voting shares to trusts controlled by Brandon G. Lutnick, closed on October 6, 2025. This consolidates voting control under Brandon-controlled trusts while removing Howard's direct voting and dispositive power.

The transaction was completed for an aggregate purchase price of $200,000, and may affect board influence and voting dynamics near-term as the reporting group continues to hold roughly 5.5% of shares. Monitor any subsequent disclosures about voting agreements or director nominations in the next 90–180 days.

Equity Ownership Analyst

CFAC and related entities report a ~5.5% economic and voting stake including near-term exercisable warrants.

CFAC directly owns 6,064,404 shares and holds 385,000 warrants exercisable within 60 days, totaling reporting person beneficial ownership of 6,449,404 shares or about 5.5% of the class based on 117,515,972 shares outstanding as of August 14, 2025.

This level of ownership is material enough to register under Schedule 13D but is not a controlling stake; near-term items to watch include warrant exercise activity within 60 days and any changes to shared voting power that could alter the 5.5% position over the next two quarters.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

XBP Global Holdings, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

98400V101

(CUSIP Number)

Brandon Lutnick
110 East 59th Street,
New York, NY, 10022
212-938-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/06/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 98400V101

1

Name of reporting person

CFAC Holdings VIII, LLC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,449,404.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,449,404.00

11

Aggregate amount beneficially owned by each reporting person

6,449,404.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.5 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 98400V101

1

Name of reporting person

Cantor Fitzgerald, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,449,404.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,449,404.00

11

Aggregate amount beneficially owned by each reporting person

6,449,404.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.5 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 98400V101

1

Name of reporting person

CF Group Management, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,449,404.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,449,404.00

11

Aggregate amount beneficially owned by each reporting person

6,449,404.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 98400V101

1

Name of reporting person

Brandon G. Lutnick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,449,404.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,449,404.00

11

Aggregate amount beneficially owned by each reporting person

6,449,404.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value
(b)	Name of Issuer: XBP Global Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2701 East Grauwyler Road,, Irving, TEXAS , 75061.
Item 1 Comment: This Amendment No. 4A (this "Amendment") amends and supplements the Schedule 13D filed with the United States Securities and Exchange Commission (the "SEC") on March 26, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1 to the Original Schedule 13D filed with the SEC on December 1, 2023 ("Amendment No. 1), Amendment No. 2 to the Original Schedule 13D filed with the SEC on March 14, 2024 ("Amendment No. 2"), and Amendment No. 3 to the Original Schedule 13D filed with the SEC on November 21, 2024 ("Amendment No. 3" and, together with the Original Schedule 13D, Amendment No. 1 and Amendment No. 2, the "Prior Schedule 13D"), by CFAC Holdings VIII, LLC, a Delaware limited liability company ("CFAC"), Cantor Fitzgerald, L.P., a Delaware limited partnership ("Cantor"), CF Group Management, Inc., a New York corporation ("CFGM") and Howard W. Lutnick. This Amendment is being filed by CFAC, Cantor, CFGM and Mr. Brandon G. Lutnick (collectively, the "Reporting Persons") relating to their beneficial ownership of shares of common stock, par value $0.0001 per share ("Common Stock"), in XBP Global Holdings, Inc. (the "Issuer"). Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Prior Schedule 13D.
Item 2.	Identity and Background
(a)	Item 2(a) is hereby amended and restated as follows: This statement is filed by: (i) CFAC, which is the holder of record of approximately 5.5% of the issued and outstanding shares of Common Stock based on 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025; (ii) Cantor, the sole member of CFAC; (iii) CFGM, the managing general partner of Cantor; and (iv) Brandon G. Lutnick, the Chairman and Chief Executive Officer of CFAC, Cantor and CFGM and the controlling trustee of the trusts owning all of the voting shares of CFGM. All disclosures herein with respect to any Reporting Person are made only by such Reporting Person.
(b)	Item 2(b) is hereby amended and supplemented with the following: The address of the principal business and principal office of Brandon G. Lutnick is 499 Park Avenue, New York, New York 10022.
(c)	Item 2(c) is hereby amended and supplemented as follows: The principal occupation of Brandon G. Lutnick is to serve as an executive of Cantor and certain of its affiliates.
(d)	Item 2(d) is hereby amended and restated as follows: None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	Item 2(e) is hereby amended and restated as follows: Except as set forth below, during the last five (5) years, no Reporting Person or any other person for whom information is required to be disclosed pursuant to Instruction C to Schedule 13D has been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. On December 12, 2024, Cantor, without admitting or denying the SEC's findings, entered into a settlement with the SEC to resolve charges that, in 2020 and 2021, CF Finance Acquisition Corp. II and CF Acquisition Corp. V, two special purpose acquisition companies (each, a "SPAC") controlled by Cantor, included false and misleading statements about each SPAC's prior interactions with target businesses in their filings with the SEC, in violation of Section 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended (the "Securities Act"), Section 14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 14a-3 thereunder. Cantor cooperated immediately and fully with the SEC's investigation and agreed to cease and desist from committing or causing any violations and any future violations of Section 17(a)(2) and 17(a)(3) of the Securities Act, Section 14(a) of the Exchange Act and Rule 14a-3 thereunder, and to pay a $6.75 million penalty.
(f)	Item 2(f) is hereby amended and supplemented with the following: Brandon G. Lutnick is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and supplemented with the information in Item 4 responsive hereto, which is incorporated by reference herein.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions detailed below, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce, has completed his previously announced divestiture of his holdings in Cantor and CFGM in connection with his appointment as the U.S. Secretary of Commerce. Mr. Howard W. Lutnick no longer has any voting or dispositive power over any of the securities of the Issuer, and the Reporting Persons understand that he will file Amendment No. 4B as his final amendment to the Original Schedule 13D to reflect his zero ownership. Acquisition of CFGM Voting Shares by Trusts Controlled by Mr. Brandon G. Lutnick On May 16, 2025, Howard W. Lutnick, in his capacity as trustee of a trust, entered into agreements to sell to trusts controlled by Brandon G. Lutnick (the "Purchaser Trusts") all of the voting shares of CFGM, which is the managing general partner of Cantor. On October 6, 2025, the transactions under such agreements closed. The aggregate purchase price for such sales was $200,000, and was paid using cash on hand at the Purchaser Trusts. Following the closing of the transactions described above, Brandon G. Lutnick may be deemed to have beneficial ownership of the shares of Common Stock owned by CFAC, and Howard W. Lutnick no longer has beneficial ownership over such securities. ******** Other than as described in this Item 4, none of the Reporting Persons has any current plans or proposals that relate to or that would result in any of the transactions or other matters specified in clauses (a) through (j) of Item 4 of Schedule 13D; provided, that the Reporting Persons may, at any time, review or reconsider their positions with respect to the Issuer and reserve the right to develop such plans or proposals.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: The aggregate number and percentage of shares of Common Stock beneficially owned by each of the Reporting Persons is on the basis of a total of 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025. As of the date hereof, CFAC directly owns 6,064,404 shares of Common Stock and 385,000 shares of Common Stock underlying an equal number of warrants to purchase shares of Common Stock held by CFAC which are exercisable within 60 days. None of the other Reporting Persons directly own any shares of Common Stock.
(b)	Item 5(b) is hereby amended and restated as follows: As of the date hereof: (i) CFAC directly owns, is the beneficial owner of, and has shared voting and dispositive power with respect to, 6,064,404 shares of Common Stock and 385,000 shares of Common Stock underlying an equal number of warrants to purchase shares of Common Stock held by CFAC which are exercisable within 60 days, which represent approximately 5.5% of the issued and outstanding shares of Common Stock based on 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025. (ii) Cantor, as the sole member of CFAC, controls CFAC, and may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Common Stock directly owned by CFAC, which represent approximately 5.5% of the issued and outstanding shares of Common Stock based on 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025. Cantor disclaims any ownership of such shares of Common Stock other than to the extent of any pecuniary interest it may have therein, directly or indirectly. (iii) CFGM, as the managing general partner of Cantor, controls Cantor and may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Common Stock directly owned by CFAC, which represent approximately 5.5% of the issued and outstanding shares of Common Stock based on 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025. CFGM disclaims any ownership of such shares of Common Stock other than to the extent of any pecuniary interest it may have therein, directly or indirectly. (iv) Brandon G. Lutnick, as the Chairman and Chief Executive Officer of CFAC, Cantor and CFGM and the controlling trustee of the trusts owning all of the voting shares of CFGM, may be deemed to beneficially own, and have shared voting and dispositive power with respect to, all shares of Common Stock directly owned by CFAC, which represent approximately 5.5% of the issued and outstanding shares of Common Stock based on 117,515,972 shares of Common Stock outstanding as of August 14, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed by the Issuer with the SEC on August 14, 2025. Brandon G. Lutnick disclaims any ownership of such shares of Common Stock other than to the extent of any pecuniary interest he may have therein, directly or indirectly.
(c)	See Item 4 of this Amendment, which is incorporated by reference herein.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended and supplemented with the information contained in Item 4 and Item 5 responsive hereto, which is incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended and supplemented by adding the following: Exhibit 10.10: Joint Filing Agreement, dated as of October 6, 2025, by and among the Reporting Persons Exhibit 10.11: Purchase Agreement, dated as of May 16, 2025, by and between Howard W. Lutnick, as Trustee of the Howard W. Lutnick Revocable Trust, and Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees of the trust known as the BGL Management Trust. Exhibit 10.12: Purchase Agreement, dated as of May 16, 2025, by and between Howard W. Lutnick, as Trustee of the Howard W. Lutnick Revocable Trust, and Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees of the trust known as the KSL Management Trust. Exhibit 10.13: Purchase Agreement, dated as of May 16, 2025, by and between Howard W. Lutnick, as Trustee of the Howard W. Lutnick Revocable Trust, and Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees of the trust known as the RGL Management Trust. Exhibit 10.14: Purchase Agreement, dated as of May 16, 2025, by and between Howard W. Lutnick, as Trustee of the Howard W. Lutnick Revocable Trust, and Kyle S. Lutnick, Brandon G. Lutnick, Casey J. Lutnick, and Ryan G. Lutnick, as Investment Trustees of the trust known as the CJL Management Trust.

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.

CFAC Holdings VIII, LLC.

Signature:	/s/ Brandon Lutnick
Name/Title:	Brandon Lutnick/Chief Executive Officer
Date:	10/06/2025

Cantor Fitzgerald, L.P.

Signature:	/s/ Brandon Lutnick
Name/Title:	Brandon Lutnick/Chief Executive Officer
Date:	10/06/2025

CF Group Management, Inc.

Signature:	/s/ Brandon Lutnick
Name/Title:	Brandon Lutnick/Chief Executive Officer
Date:	10/06/2025

Brandon G. Lutnick

Signature:	/s/ Brandon G. Lutnick
Name/Title:	Brandon G. Lutnick
Date:	10/06/2025

FAQ

What stake does CFAC report in XBP (XBP)?

CFAC and affiliated reporting persons beneficially own 6,449,404 shares, representing approximately 5.5% of XBP based on 117,515,972 shares outstanding as of August 14, 2025.

How many warrants are exercisable by CFAC and when?

CFAC holds 385,000 warrants exercisable within 60 days, which are included in the reported beneficial ownership.

What change did Howard W. Lutnick make to his holdings?

Howard W. Lutnick completed a divestiture and no longer has any voting or dispositive power over the Issuer's securities; he will file a final amendment reflecting zero ownership.

Who acquired the CFGM voting shares and for how much?

Trusts controlled by Brandon G. Lutnick acquired all voting shares of CFGM for an aggregate purchase price of $200,000, with transactions closing on October 6, 2025.

Does the filing disclose any regulatory actions involving the reporting group?

Yes. Cantor entered into a settlement with the SEC on December 12, 2024, agreeing to pay a $6.75M penalty and to cease and desist from certain violations.