CleanCore: MMCAP reports 12.2M ZONE shares, 5.5% stake

CleanCore Solutions, Inc. received a Schedule 13G disclosing that MMCAP International Inc. SPC and MM Asset Management Inc. together beneficially own 12,157,323 Class B common shares, representing 5.5% of the class.

Rhea-AI Filing Summary

CleanCore Solutions, Inc. received a Schedule 13G disclosing that MMCAP International Inc. SPC and MM Asset Management Inc. together beneficially own 12,157,323 Class B common shares, representing 5.5% of the class. All of these shares are held with shared voting and dispositive power, with no sole voting or dispositive authority reported.

The position consists of 11,157,323 Class B shares plus 1,000,000 additional shares underlying warrants. The warrants are subject to a 4.99% ownership cap, so the warrant shares are excluded from the 5.5% beneficial ownership calculation. The reporting holders certify that the securities were not acquired to change or influence control of CleanCore Solutions and are reported on a passive basis.

Insights

Equity ownership and governance analyst

MMCAP and MM Asset Management report a passive 5.5% stake in CleanCore Solutions, including warrant exposure capped by a 4.99% limit.

The filing shows that MMCAP International Inc. SPC and MM Asset Management Inc. jointly report beneficial ownership of 12,157,323 Class B common shares of CleanCore Solutions, equal to 5.5% of the class. All voting and dispositive power over these shares is shared, with no sole authority reported, indicating coordinated management of the position.

The stake includes 11,157,323 outstanding Class B shares and 1,000,000 shares underlying warrants. The disclosure notes that the warrant shares are excluded from the 5.5% calculation because the warrants cannot be exercised if such exercise would push ownership above 4.99% of outstanding shares, effectively limiting further equity exposure through exercise at higher ownership levels.

The use of a Schedule 13G and the explicit certification that the securities are not held to change or influence control frame this as a passive investment. From a governance perspective, a 5.5% holding can still give these investors a meaningful voice on shareholder matters, but the overall impact will depend on how they choose to vote and any future changes in ownership disclosed in later reports.

FAQ

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

What percentage of CleanCore Solutions (ZONE) does MMCAP report owning?

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 5.5% of CleanCore Solutions, Inc.'s Class B common shares, equal to 12,157,323 shares.

How many CleanCore Solutions (ZONE) shares are included in MMCAP's 5.5% stake?

The reported 12,157,323 beneficially owned Class B shares include 11,157,323 outstanding shares plus 1,000,000 shares underlying warrants, with all voting and dispositive power shared.

Are MMCAP and MM Asset Management passive investors in CleanCore Solutions (ZONE)?

Yes. They file on Schedule 13G and certify that the securities were not acquired and are not held to change or influence control of CleanCore Solutions, Inc.

How are the 1,000,000 warrant shares in CleanCore Solutions (ZONE) treated in the ownership calculation?

The 1,000,000 shares underlying warrants are disclosed but excluded from the 5.5% beneficial ownership percentage because the warrants may not be exercised if exercise would result in ownership above 4.99% of outstanding shares.

Do MMCAP and MM Asset Management have sole or shared voting power over their ZONE shares?

They report 0 shares with sole voting or dispositive power and 12,157,323 shares with shared voting and shared dispositive power.

Who signed the Schedule 13G for the MMCAP and MM Asset Management CleanCore (ZONE) position?

The Schedule 13G was signed by Ulla Vestergaard as Director and Hillel Meltz as President, with a joint filing agreement referenced as Exhibit 99.1.

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

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Accepted by SEC EDGAR 11/18/2025 - 10:50 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CleanCore Solutions, Inc.

(Name of Issuer)

Class B Common Shares, $0.0001 par value

(Title of Class of Securities)

184492106

(CUSIP Number)

11/12/2025

(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. 184492106

1

Names of Reporting Persons

MMCAP International Inc. SPC

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 12,157,323.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,157,323.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,157,323.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The number of shares beneficially owned by the Reporting Person include 11,157,323 Class B Common Shares (the "Shares") plus 1,000,000 Shares underlying warrants. The Shares underlying warrants are not included in the beneficial ownership percentage calculation as the warrants may not be exercised if the exercise would result in ownership by the Reporting Person of greater than 4.99% of the Issuer's outstanding Shares.

SCHEDULE 13G

CUSIP No. 184492106

1

Names of Reporting Persons

MM Asset Management 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 12,157,323.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,157,323.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,157,323.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The number of Shares beneficially owned by the Reporting Person include 11,157,323 Shares plus 1,000,000 Shares underlying warrants. The Shares underlying warrants are not included in the beneficial ownership percentage calculation as the warrants may not be exercised if the exercise would result in ownership by the Reporting Person of greater than 4.99% of the Issuer's outstanding Shares.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CleanCore Solutions, Inc.
(b)	Address of issuer's principal executive offices: 5920 S. 118th Circle, Omaha, NE 68137
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class B Common Shares, $0.0001 par value
(e)	CUSIP No.: 184492106
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: 12,157,323
(b)	Percent of class: 5.5%
(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: 12,157,323
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 12,157,323
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	11/17/2025

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	11/17/2025

Exhibit Information

Exhibit 99.1 Joint Filing Agreement