New Providence Acquisition Corp. III Class A Ordinary Shares

NPAC • NASDAQ

New Providence Acquisition Corp. III Class A Ordinary Shares is a blank checks company on NASDAQ, with a market cap of $394.7M. As of Q3 2025, 67% of shares are held by 47 institutional investors, with MMCAP International Inc. SPC as the largest holder at 5.73%.

Market Cap$394.7M

BLANK CHECKS

Overview

Overview of institutional ownership in NPAC as of Q3 2025 with a market cap of $390.4M

All Institutions

Institutions: 47
Value Held: $262.4M
Shares Held: 25.8M
Avg Position: $5.6M
Median Position: $4.0M

Hedge Funds

Hedge Funds: 27
Value Held: $152.3M
Shares Held: 15.0M
Avg Position: $5.6M
Median Position: $3.5M

Ownership Breakdown

Institutional (non-HF)

28.19%

$110.1M

Hedge Funds

39.02%

$152.3M

Retail & Other

32.79%

$128.0M

Based on market cap of $390.4M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in NPAC as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
M MMCAP International Inc. SPC Institution	-	$22.4M 2.97% of portfolio	5.73% 2.2M shares	Q3 2025 Held for 2 months	$752.3M
Magnetar Financial LLC Hedge Fund•Multi-Strategy	David Jay Snyderman CEO	$17.8M 0.12% of portfolio	4.56% 1.7M shares	Q2 2025 Held for 5 months	$15.4B
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	-	$17.2M 0.03% of portfolio	4.40% 1.7M shares	Q2 2025 Held for 5 months	$53.3B
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	Herbert James Willcox CCO	$16.4M 0.61% of portfolio	4.20% 1.6M shares	Q3 2025 Held for 2 months	$2.7B
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	$15.3M 1.89% of portfolio	3.91% 1.5M shares	Q2 2025 Held for 5 months	$806.7M
H Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Institution	-	$12.7M 0.13% of portfolio	3.26% 1.3M shares	Q2 2025 Held for 5 months	$9.7B
ARISTEIA CAPITAL LLC Hedge Fund•Multi-Strategy	Andrew Benjamin David COO	$12.2M 0.61% of portfolio	3.13% 1.2M shares	Q2 2025 Held for 5 months	$2.0B
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	$12.2M 1.26% of portfolio	3.13% 1.2M shares	Q2 2025 Held for 5 months	$971.4M
L LMR Partners LLP Institution	-	$12.2M 0.24% of portfolio	3.13% 1.2M shares	Q2 2025 Held for 5 months	$5.1B
Ghisallo Capital Management LLC Hedge Fund•Multi-Strategy	Michael Walter Germino CEO	$10.2M 0.59% of portfolio	2.60% 1.0M shares	Q2 2025 Held for 5 months	$1.7B

Net Capital Flow

Institutional buying and selling activity for NPAC in Q3 2025

Traded: +$106.6M
Buyers: 31
Sellers: 8
Total Bought: +$117.6M
Total Sold: −$11.1M
Avg Position: $5.1M

Biggest Buyers

Institution	Net Bought	Current Position
M MMCAP International Inc. SPC Institution	+$22.4M +2.2M shares	$22.4M 2.2M shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	+$16.4M +1.6M shares	$16.4M 1.6M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	+$10.2M +1.0M shares	$10.2M 1.0M shares
Wealthspring Capital LLC Hedge Fund•Event Driven	+$7.6M +743.3K shares	$7.6M 743.3K shares
Radcliffe Capital Management, L.P. Hedge Fund•Multi-Strategy	+$5.7M +558.4K shares	$5.7M 558.4K shares
GOLDMAN SACHS GROUP INC Institution	+$5.2M +512.3K shares	$5.2M 512.3K shares
M Mint Tower Capital Management B.V. Institution	+$5.1M +500.0K shares	$5.1M 500.0K shares
HGC Investment Management Inc. Private Equity	+$4.6M +450.0K shares	$4.6M 450.0K shares
PERISCOPE CAPITAL INC. Institution	+$4.4M +430.4K shares	$4.4M 430.4K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	+$4.4M +428.6K shares	$4.4M 428.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	−$5.2M −510.0K shares	$17.2M 1.7M shares
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	−$2.9M −286.9K shares	Sold Off 0 shares
UBS OCONNOR LLC Long Only Manager	−$1.0M −100.0K shares	Sold Off 0 shares
V Virtu Financial LLC Institution	−$920.3K −90.2K shares	Sold Off 0 shares
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$634.5K −62.4K shares	Sold Off 0 shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$341.6K −33.6K shares	$3.0M 298.7K shares
JPMORGAN CHASE & CO Institution	−$33.4K −3.3K shares	$454.7K 44.7K shares
MORGAN STANLEY RIA/Wealth	−$244.3 −24.0 shares	$458.0 45.0 shares

Entry and Exit Activity

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

New Positions: 24
New Value: $112.2M
Exited Positions: 4
Exited Value: $5.5M

New Positions

Institution	Position Value
M MMCAP International Inc. SPC Institution	$22.4M 2.2M shares
CNH PARTNERS LLC Hedge Fund•Multi-Strategy	$16.4M 1.6M shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$10.2M 1.0M shares
Wealthspring Capital LLC Hedge Fund•Event Driven	$7.6M 743.3K shares
Radcliffe Capital Management, L.P. Hedge Fund•Multi-Strategy	$5.7M 558.4K shares
GOLDMAN SACHS GROUP INC Institution	$5.2M 512.3K shares
M Mint Tower Capital Management B.V. Institution	$5.1M 500.0K shares
HGC Investment Management Inc. Private Equity	$4.6M 450.0K shares
PERISCOPE CAPITAL INC. Institution	$4.4M 430.4K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$4.4M 428.6K shares

Exited Positions

Institution	Previous Position
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	$2.9M 286.9K shares
UBS OCONNOR LLC Long Only Manager	$1.0M 100.0K shares
V Virtu Financial LLC Institution	$920.3K 90.2K shares
H HIGHBRIDGE CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$634.5K 62.4K shares

Options Activity

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

Call Positions: 1
Call Value: $29.3K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
DLD Asset Management, LP Hedge Fund•Multi-Strategy	$29.3K 666.7 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M MMCAP International Inc. SPC Institution	-	2.97% $22.4M	5.73% 2.2M shares	Q3 2025 Held for 2 months	$752.3M
Wealthspring Capital LLC Hedge Fund•Event Driven	Matthew Simpson Managing Partner	2.13% $7.6M	1.94% 743.3K shares	Q3 2025 Held for 2 months	$355.5M
HGC Investment Management Inc. Private Equity	Jason Frederick Young CFO	2.07% $4.6M	1.17% 450.0K shares	Q3 2025 Held for 2 months	$221.0M
T TENOR CAPITAL MANAGEMENT Co., L.P. Hedge Fund•Multi-Strategy	Robin Rajendra Shah CIO	1.89% $15.3M	3.91% 1.5M shares	Q2 2025 Held for 5 months	$806.7M
Decagon Asset Management LLP Hedge Fund•Event Driven	Benjamin John Durham CEO	1.53% $2.6M	0.66% 253.5K shares	Q2 2025 Held for 5 months	$169.1M
M Mint Tower Capital Management B.V. Institution	-	1.52% $5.1M	1.30% 500.0K shares	Q3 2025 Held for 2 months	$333.7M
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	Siu Min (Joe) Wong CEO	1.26% $12.2M	3.13% 1.2M shares	Q2 2025 Held for 5 months	$971.4M
Radcliffe Capital Management, L.P. Hedge Fund•Multi-Strategy	Steve Brett Katznelson CIO	1.26% $5.7M	1.45% 558.4K shares	Q3 2025 Held for 2 months	$452.3M
PERISCOPE CAPITAL INC. Institution	Scott Allen Hayes President	1.20% $4.4M	1.12% 430.4K shares	Q3 2025 Held for 2 months	$363.3M
Shaolin Capital Management LLC Hedge Fund•Multi-Strategy	David Barry Puritz CIO	0.96% $4.3M	1.11% 425.0K shares	Q2 2025 Held for 5 months	$449.9M