PIONEER ACQUISITION I CORP

Ticker: PACH CUSIP: G7117W107 Class: CL A ORD SHS

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (14)

MMCAP International Inc. SPC

Value ($000) $7,538 Shares 750,000

METEORA CAPITAL, LLC

Value ($000) $5,527 Shares 549,969

HEIGHTS CAPITAL MANAGEMENT, INC

Value ($000) $1,006 Shares 100,000

Mint Tower Capital Management B.V.

Value ($000) $4 Shares 400,000

Magnetar Financial LLC

Value ($000) $10,060 Shares 1,000,000

DLD Asset Management, LP

Value ($000) $1,284 Shares 127,737

TIG Advisors, LLC

Value ($000) $1,508 Shares 150,000

Alberta Investment Management Corp

Value ($000) $5,030 Shares 500,000

OMERS ADMINISTRATION Corp

Value ($000) $4,426 Shares 440,000

Jain Global LLC

Value ($000) $5,030 Shares 500,000

PenderFund Capital Management Ltd.

Value ($000) $175 Shares 17,400

ABC ARBITRAGE SA

Value ($000) $251 Shares 25,000

Value ($000) $1 Shares 67

FNY Investment Advisers, LLC

Value ($000) $0 Shares 1,000

Institution	Shares	Value ($000)
MMCAP International Inc. SPC	750,000	$7,538
METEORA CAPITAL, LLC	549,969	$5,527
HEIGHTS CAPITAL MANAGEMENT, INC	100,000	$1,006
Mint Tower Capital Management B.V.	400,000	$4
Magnetar Financial LLC	1,000,000	$10,060
DLD Asset Management, LP	127,737	$1,284
TIG Advisors, LLC	150,000	$1,508
Alberta Investment Management Corp	500,000	$5,030
OMERS ADMINISTRATION Corp	440,000	$4,426
Jain Global LLC	500,000	$5,030
PenderFund Capital Management Ltd.	17,400	$175
ABC ARBITRAGE SA	25,000	$251
MORGAN STANLEY	67	$1
FNY Investment Advisers, LLC	1,000	$0

Increased Positions (5)

Westchester Capital Management, LLC

Value ($000) $4,111 (+540.0%) Shares 408,612 (+532.4%)

Karpus Management, Inc.

Value ($000) $4,835 (+204.0%) Shares 481,088 (+200.7%)

RIVERNORTH CAPITAL MANAGEMENT, LLC

Value ($000) $2,510 (+37.9%) Shares 249,758 (+36.4%)

Radcliffe Capital Management, L.P.

Value ($000) $6,324 (+7.3%) Shares 629,247 (+6.2%)

D. E. Shaw & Co., Inc.

Value ($000) $12,599 (+83.2%) Shares 1,252,350 (+81.1%)

Institution	Prev Shares	Curr Shares	Change
Westchester Capital Management, LLC	64,612	408,612	+344,000 (+532.4%)
Karpus Management, Inc.	160,000	481,088	+321,088 (+200.7%)
RIVERNORTH CAPITAL MANAGEMENT, LLC	183,093	249,758	+66,665 (+36.4%)
Radcliffe Capital Management, L.P.	592,475	629,247	+36,772 (+6.2%)
D. E. Shaw & Co., Inc.	691,682	1,252,350	+560,668 (+81.1%)

Decreased Positions (10)

Wealthspring Capital LLC

Value ($000) $8,546 (-2.7%) Shares 850,336 (-3.7%)

Periscope Capital Inc.

Value ($000) $4,020 (-14.9%) Shares 400,000 (-15.8%)

Shaolin Capital Management LLC

Value ($000) $5,025 (-27.9%) Shares 500,000 (-28.6%)

MIZUHO SECURITIES USA LLC

Value ($000) $514 (-82.8%) Shares 50,924 (-83.1%)

Virtu Financial LLC

Value ($000) $0 (-86.7%) Shares 34,201 (-86.9%)

Clear Street Group Inc.

Value ($000) $3,200 (-55.6%) Shares 318,445 (-56.0%)

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $5,151 (-23.5%) Shares 512,506 (-24.3%)

TORONTO DOMINION BANK

Value ($000) $1,457 (-60.3%) Shares 145,000 (-60.7%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $2,708 (-4.6%) Shares 269,500 (-5.4%)

Verition Fund Management LLC

Value ($000) $5,475 (+0.1%) Shares 544,200 (-1.1%)

Institution	Prev Shares	Curr Shares	Change
Wealthspring Capital LLC	883,286	850,336	-32,950 (-3.7%)
Periscope Capital Inc.	475,000	400,000	-75,000 (-15.8%)
Shaolin Capital Management LLC	700,000	500,000	-200,000 (-28.6%)
MIZUHO SECURITIES USA LLC	301,302	50,924	-250,378 (-83.1%)
Virtu Financial LLC	261,126	34,201	-226,925 (-86.9%)
Clear Street Group Inc.	723,060	318,445	-404,615 (-56.0%)
WOLVERINE ASSET MANAGEMENT LLC	677,208	512,506	-164,702 (-24.3%)
TORONTO DOMINION BANK	368,629	145,000	-223,629 (-60.7%)
MILLENNIUM MANAGEMENT LLC	285,001	269,500	-15,501 (-5.4%)
Verition Fund Management LLC	550,000	544,200	-5,800 (-1.1%)

Exited Positions (1)

StoneX Group Inc.

Value ($000) $1,541 Shares 155,000

Institution	Prev Shares	Prev Value ($000)
StoneX Group Inc.	155,000	$1,541