HCM III ACQUISITION CORP

Ticker: HCMAW CUSIP: G4365E111 Class: *W EXP 07/23/203

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (14)

Mint Tower Capital Management B.V.

Value ($000) $3 Shares 250,000

METEORA CAPITAL, LLC

Value ($000) $388 Shares 775,982

BOOTHBAY FUND MANAGEMENT, LLC

Value ($000) $1,071 Shares 106,708

MMCAP International Inc. SPC

Value ($000) $167 Shares 333,333

Ground Swell Capital, LLC

Value ($000) $9 Shares 18,175

Periscope Capital Inc.

Value ($000) $83 Shares 166,600

GRITSTONE ASSET MANAGEMENT LLC

Value ($000) $8 Shares 16,666

HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND

Value ($000) $159 Shares 333,333

AQR Arbitrage LLC

Value ($000) $60 Shares 126,461

Alberta Investment Management Corp

Value ($000) $92 Shares 183,333

MOORE CAPITAL MANAGEMENT, LP

Value ($000) $17 Shares 33,334

BNP PARIBAS ARBITRAGE, SA

Value ($000) $19 Shares 40,200

Galaxy Group Investments LLC

Value ($000) $7 Shares 14,900

DRIEHAUS CAPITAL MANAGEMENT LLC

Value ($000) $8 Shares 16,666

Institution	Shares	Value ($000)
Mint Tower Capital Management B.V.	250,000	$3
METEORA CAPITAL, LLC	775,982	$388
BOOTHBAY FUND MANAGEMENT, LLC	106,708	$1,071
MMCAP International Inc. SPC	333,333	$167
Ground Swell Capital, LLC	18,175	$9
Periscope Capital Inc.	166,600	$83
GRITSTONE ASSET MANAGEMENT LLC	16,666	$8
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	333,333	$159
AQR Arbitrage LLC	126,461	$60
Alberta Investment Management Corp	183,333	$92
MOORE CAPITAL MANAGEMENT, LP	33,334	$17
BNP PARIBAS ARBITRAGE, SA	40,200	$19
Galaxy Group Investments LLC	14,900	$7
DRIEHAUS CAPITAL MANAGEMENT LLC	16,666	$8

Increased Positions (4)

HGC Investment Management Inc.

Value ($000) $133 (-19.2%) Shares 266,666 (+14.3%)

Shaolin Capital Management LLC

Value ($000) $150 (+22.3%) Shares 300,000 (+73.1%)

TORONTO DOMINION BANK

Value ($000) $44 (+402.2%) Shares 88,733 (+610.1%)

MORGAN STANLEY

Value ($000) $50 (+59.2%) Shares 100,000 (+125.2%)

Institution	Prev Shares	Curr Shares	Change
HGC Investment Management Inc.	233,333	266,666	+33,333 (+14.3%)
Shaolin Capital Management LLC	173,330	300,000	+126,670 (+73.1%)
TORONTO DOMINION BANK	12,496	88,733	+76,237 (+610.1%)
MORGAN STANLEY	44,402	100,000	+55,598 (+125.2%)

Decreased Positions (6)

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $1 (-99.5%) Shares 1,849 (-99.3%)

Weiss Asset Management LP

Value ($000) $29 (-69.2%) Shares 60,391 (-54.7%)

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $35 (-62.1%) Shares 70,000 (-46.4%)

Verition Fund Management LLC

Value ($000) $178 (-33.7%) Shares 373,799 (-2.5%)

Clear Street Group Inc.

Value ($000) $18 (-41.6%) Shares 36,339 (-17.3%)

GLAZER CAPITAL, LLC

Value ($000) $0 (-31.8%) Shares 60,399 (-3.4%)

Institution	Prev Shares	Curr Shares	Change
HIGHBRIDGE CAPITAL MANAGEMENT LLC	257,316	1,849	-255,467 (-99.3%)
Weiss Asset Management LP	133,231	60,391	-72,840 (-54.7%)
WOLVERINE ASSET MANAGEMENT LLC	130,584	70,000	-60,584 (-46.4%)
Verition Fund Management LLC	383,399	373,799	-9,600 (-2.5%)
Clear Street Group Inc.	43,939	36,339	-7,600 (-17.3%)
GLAZER CAPITAL, LLC	62,501	60,399	-2,102 (-3.4%)

Exited Positions (3)

CANTOR FITZGERALD, L. P.

Value ($000) $519 Shares 733,334

StoneX Group Inc.

Value ($000) $18 Shares 25,000

Hudson Bay Capital Management LP

Value ($000) $12 Shares 16,666

Institution	Prev Shares	Prev Value ($000)
CANTOR FITZGERALD, L. P.	733,334	$519
StoneX Group Inc.	25,000	$18
Hudson Bay Capital Management LP	16,666	$12