FG Merger Corp.

FGMC • XNAS

FG Merger Corp. is a publicly traded company on XNAS, with a market cap of $103.2M. As of Q3 2025, 61% of shares are held by 29 institutional investors, with HEIGHTS CAPITAL MANAGEMENT, INC as the largest holder at 7.67%.

Market Cap$103.2M

Overview

Overview of institutional ownership in FGMC as of Q3 2025 with a market cap of $102.9M

All Institutions

Institutions: 29
Value Held: $62.6M
Shares Held: 6.3M
Avg Position: $2.2M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 17
Value Held: $38.5M
Shares Held: 3.9M
Avg Position: $2.3M
Median Position: $1.3M

Ownership Breakdown

Institutional (non-HF)

23.43%

$24.1M

Hedge Funds

37.4%

$38.5M

Retail & Other

39.17%

$40.3M

Based on market cap of $102.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FGMC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
H HEIGHTS CAPITAL MANAGEMENT, INC Institution	-	$7.9M 2.80% of portfolio	7.67% 790.0K shares	Q2 2025 Held for 5 months	$282.2M
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	$7.8M 0.29% of portfolio	7.61% 784.0K shares	Q1 2025 Held for 8 months	$2.7B
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Patrick William Galley CEO	$5.0M 0.30% of portfolio	4.86% 500.0K shares	Q3 2025 Held for 2 months	$1.7B
Westchester Capital Management, LLC Hedge Fund•Merger Arb	George Robert Aylward CEO	$4.2M 0.23% of portfolio	4.06% 418.3K shares	Q1 2025 Held for 8 months	$1.8B
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	Nathaniel Hall August President	$3.9M 0.27% of portfolio	3.81% 392.0K shares	Q1 2025 Held for 8 months	$1.4B
Cable Car Capital LLC Hedge Fund•Long/Short	Evan Howell Eurich COO	$3.9M 3.28% of portfolio	3.81% 392.0K shares	Q1 2025 Held for 8 months	$119.3M
C CSS LLC/IL Institution	-	$3.5M 0.61% of portfolio	3.42% 352.1K shares	Q3 2025 Held for 2 months	$577.9M
BERKLEY W R CORP Institution	W. Robert Berkley, Jr. CEO	$3.2M 0.21% of portfolio	3.07% 316.0K shares	Q3 2025 Held for 2 months	$1.5B
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	Scott David Hoffman CEO	$2.9M 0.00% of portfolio	2.82% 290.0K shares	Q2 2025 Held for 5 months	$62.0B
PERISCOPE CAPITAL INC. Institution	Scott Allen Hayes President	$2.8M 0.78% of portfolio	2.75% 283.1K shares	Q1 2025 Held for 8 months	$363.3M

Net Capital Flow

Institutional buying and selling activity for FGMC in Q3 2025

Traded: +$7.0M
Buyers: 11
Sellers: 13
Total Bought: +$15.1M
Total Sold: −$8.0M
Avg Position: $1.8M

Biggest Buyers

Institution	Net Bought	Current Position
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	+$5.0M +500.0K shares	$5.0M 500.0K shares
C CSS LLC/IL Institution	+$3.5M +352.1K shares	$3.5M 352.1K shares
BERKLEY W R CORP Institution	+$3.2M +316.0K shares	$3.2M 316.0K shares
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.6M +157.9K shares	$2.5M 254.6K shares
Q Quarry LP Institution	+$999.1K +100.0K shares	$1.8M 177.6K shares
PERISCOPE CAPITAL INC. Institution	+$330.7K +33.1K shares	$2.8M 283.1K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$314.5K +31.5K shares	$594.2K 59.5K shares
R Rangeley Capital, LLC Hedge Fund•Event Driven	+$135.2K +13.5K shares	$135.2K 13.5K shares
A Advisor Group Holdings, Inc. Institution	+$18.0K +1.8K shares	$18.0K 1.8K shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	+$4.7K +474.0 shares	$1.3M 125.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
Wealthspring Capital LLC Hedge Fund•Event Driven	−$2.0M −206.9K shares	Sold Off 0 shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$1.7M −166.3K shares	$2.1M 212.4K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	−$1.6M −159.9K shares	$900.2K 90.1K shares
TORONTO DOMINION BANK Institution	−$768.9K −77.0K shares	$1.6M 164.2K shares
V Virtu Financial LLC Institution	−$711.0K −71.2K shares	$525.9K 52.6K shares
DLD Asset Management, LP Hedge Fund•Multi-Strategy	−$499.6K −50.0K shares	$999.1K 100.0K shares
Westchester Capital Management, LLC Hedge Fund•Merger Arb	−$179.2K −17.9K shares	$4.2M 418.3K shares
A ATW SPAC MANAGEMENT LLC Institution	−$146.7K −14.8K shares	Sold Off 0 shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	−$146.7K −14.8K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$122.5K −12.4K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FGMC in Q3 2025

New Positions: 3
New Value: $3.3M
Exited Positions: 5
Exited Value: $2.6M

New Positions

Institution	Position Value
BERKLEY W R CORP Institution	$3.2M 316.0K shares
R Rangeley Capital, LLC Hedge Fund•Event Driven	$135.2K 13.5K shares
A Advisor Group Holdings, Inc. Institution	$18.0K 1.8K shares

Exited Positions

Institution	Previous Position
Wealthspring Capital LLC Hedge Fund•Event Driven	$2.0M 206.9K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$146.7K 14.8K shares
A ATW SPAC MANAGEMENT LLC Institution	$146.7K 14.8K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$122.5K 12.4K shares
F FLOW TRADERS U.S. LLC Institution	$115.1K 11.7K shares

Options Activity

Institutions with the largest Call and Put options positions in FGMC as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FGMC as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Cable Car Capital LLC Hedge Fund•Long/Short	Evan Howell Eurich COO	3.28% $3.9M	3.81% 392.0K shares	Q1 2025 Held for 8 months	$119.3M
H HEIGHTS CAPITAL MANAGEMENT, INC Institution	-	2.80% $7.9M	7.67% 790.0K shares	Q2 2025 Held for 5 months	$282.2M
PERISCOPE CAPITAL INC. Institution	Scott Allen Hayes President	0.78% $2.8M	2.75% 283.1K shares	Q1 2025 Held for 8 months	$363.3M
C CSS LLC/IL Institution	-	0.61% $3.5M	3.42% 352.1K shares	Q3 2025 Held for 2 months	$577.9M
Q Quarry LP Institution	-	0.48% $1.8M	1.73% 177.6K shares	Q2 2025 Held for 5 months	$369.0M
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	Jason Keith Hempel CIO	0.43% $2.5M	2.47% 254.6K shares	Q2 2025 Held for 5 months	$597.8M
C Crossingbridge Advisors, LLC Long Only Manager	Jonathan Seth Barkoe CFO	0.33% $244.6K	0.24% 24.5K shares	Q2 2025 Held for 5 months	$73.8M
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Patrick William Galley CEO	0.30% $5.0M	4.86% 500.0K shares	Q3 2025 Held for 2 months	$1.7B
W Warberg Asset Management LLC Hedge Fund•Multi-Strategy	Jonathan Alan Blumberg Managing Partner	0.30% $149.9K	0.15% 15.0K shares	Q1 2025 Held for 8 months	$50.4M
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	0.29% $7.8M	7.61% 784.0K shares	Q1 2025 Held for 8 months	$2.7B

Hedge Fund Spotlight

Discover hedge funds investing in FGMC

TWO SIGMA INVESTMENTS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerScott David Hoffman

Portfolio Value: $62.0B
Positions: 3,252
Last Reported: Q3 2025

Sector Allocation

Position in FG Merger Corp.

Market Value: $2.9M
Shares Held: 290.0K
Portfolio Weight: 0.00%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$680.4M	1.10%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$582.6M	0.94%
3 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$489.6M	0.79%