MMCAP INTERNATIONAL INC. SPC

Filed: 11/10/2025ACC: 0000912282-25-001210

📋 What this filing means

MMCAP INTERNATIONAL INC. SPC filed this quarterly 13F‑HR report disclosing 172 equity positions with a total reported market value of $859.78M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

172

Positions

$859.78M

Total AUM (reported)

158.79M

Total Shares

Allocation by class

COM$295.80M34.4%

SHS CL A$104.45M12.1%

COM NEW$76.94M8.9%

ORD SHS CL A$52.35M6.1%

USD CL A ORD SHS$41.39M4.8%

CL A$31.99M3.7%

COM CL A$29.79M3.5%

Portfolio Concentration

Top 3$217.73M25.3%

4–10$159.87M18.6%

11–25$206.82M24.1%

Rest$275.36M32.0%

Top 3 weight

25.3%

Top 10 weight

43.9%

Voting Authority Distribution

Total shares with voting rights: 158.79M

Sole

Full voting authority

158.79M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole172

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings172

Rows:

ARIS MNG CORP

SOLE

COM

Shares16.44M

TypeSH

Market value$161.11M

18.74%

Sole

16.44M

Shared

0.00

None

0.00

ALGOMA STL GROUP INC

SOLE

COM

Shares8.08M

TypeSH

Market value$28.72M

3.34%

Sole

8.08M

Shared

0.00

None

0.00

Uranium Energy Corp

SOLE

COM

Shares2.09M

TypeSH

Market value$27.90M

3.24%

Sole

2.09M

Shared

0.00

None

0.00

Drugs Made In America Acquisit

SOLE

ORD SHS

Shares2.70M

TypeSH

Market value$26.85M

3.12%

Sole

2.70M

Shared

0.00

None

0.00

Denison Mines Corp

SOLE

COM

Shares9.51M

TypeSH

Market value$26.14M

3.04%

Sole

9.51M

Shared

0.00

None

0.00

STRIVE INC

SOLE

CL A COM

Shares18.52M

TypeSH

Market value$25.00M

2.91%

Sole

18.52M

Shared

0.00

None

0.00

New Providence Acquisition Cor

SOLE

USD CL A ORD SHS

Shares2.20M

TypeSH

Market value$22.37M

2.60%

Sole

2.20M

Shared

0.00

None

0.00

Churchill Capital Corp X

SOLE

SHS CL A

Shares1.58M

TypeSH

Market value$20.32M

2.36%

Sole

1.58M

Shared

0.00

None

0.00

POET Technologies Inc

SOLE

COM NEW

Shares3.59M

TypeSH

Market value$19.86M

2.31%

Sole

3.59M

Shared

0.00

None

0.00

Fifth Era Acquisition Corp I

SOLE

ORD SHS CL A

Shares1.90M

TypeSH

Market value$19.32M

2.25%

Sole

1.90M

Shared

0.00

None

0.00

SUI GROUP HOLDINGS LIMITED

SOLE

COM NEW

Shares4.77M

TypeSH

Market value$18.42M

2.14%

Sole

4.77M

Shared

0.00

None

0.00

Republic Digital Acquisition C

SOLE

USD CL A ORD SHS

Shares1.56M

TypeSH

Market value$15.98M

1.86%

Sole

1.56M

Shared

0.00

None

0.00

M3-Brigade Acquisition V Corp

SOLE

CL A

Shares1.50M

TypeSH

Market value$15.82M

1.84%

Sole

1.50M

Shared

0.00

None

0.00

Launch One Acquisition Corp

SOLE

SHS CLASS A

Shares1.48M

TypeSH

Market value$15.54M

1.81%

Sole

1.48M

Shared

0.00

None

0.00

Cantor Equity Partners IV Inc

SOLE

SHS CL A

Shares1.50M

TypeSH

Market value$15.28M

1.78%

Sole

1.50M

Shared

0.00

None

0.00

Churchill Capital Corp IX

SOLE

CL A SHS

Shares1.35M

TypeSH

Market value$14.15M

1.65%

Sole

1.35M

Shared

0.00

None

0.00

INFLECTION PT ACQUISITION CO

SOLE

CL A ORD SHS

Shares1.40M

TypeSH

Market value$14.10M

1.64%

Sole

1.40M

Shared

0.00

None

0.00

Encore Energy Corp

SOLE

COM NEW

Shares4.32M

TypeSH

Market value$13.86M

1.61%

Sole

4.32M

Shared

0.00

None

0.00

CARTESIAN GROWTH CORP III

SOLE

COM CL A

Shares1.35M

TypeSH

Market value$13.56M

1.58%

Sole

1.35M

Shared

0.00

None

0.00

GP-Act III Acquisition Corp

SOLE

CL A

Shares1.27M

TypeSH

Market value$13.52M

1.57%

Sole

1.27M

Shared

0.00

None

0.00

Centurion Acquisition Corp

SOLE

SHS CL A

Shares1.18M

TypeSH

Market value$12.40M

1.44%

Sole

1.18M

Shared

0.00

None

0.00

Wen Acquisition Corp

SOLE

COM CL A

Shares1.20M

TypeSH

Market value$12.14M

1.41%

Sole

1.20M

Shared

0.00

None

0.00

M3-Brigade Acquisition VI Corp

SOLE

UNIT 08/18/2030

Shares1.10M

TypeSH

Market value$11.13M

1.29%

Sole

1.10M

Shared

0.00

None

0.00

FutureCrest Acquisition Corp

SOLE

UNIT 99/99/9999

Shares1M

TypeSH

Market value$10.60M

1.23%

Sole

Shared

0.00

None

0.00

SIM Acquisition Corp I

SOLE

SHS CL A

Shares980K

TypeSH

Market value$10.33M

1.20%

Sole

980K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
ARIS MNG CORPSOLE	COM	16.44M	SH	$161.11M 18.74%	16.44M
ALGOMA STL GROUP INCSOLE	COM	8.08M	SH	$28.72M 3.34%	8.08M
Uranium Energy CorpSOLE	COM	2.09M	SH	$27.90M 3.24%	2.09M
Drugs Made In America AcquisitSOLE	ORD SHS	2.70M	SH	$26.85M 3.12%	2.70M
Denison Mines CorpSOLE	COM	9.51M	SH	$26.14M 3.04%	9.51M
STRIVE INCSOLE	CL A COM	18.52M	SH	$25.00M 2.91%	18.52M
New Providence Acquisition CorSOLE	USD CL A ORD SHS	2.20M	SH	$22.37M 2.60%	2.20M
Churchill Capital Corp XSOLE	SHS CL A	1.58M	SH	$20.32M 2.36%	1.58M
POET Technologies IncSOLE	COM NEW	3.59M	SH	$19.86M 2.31%	3.59M
Fifth Era Acquisition Corp ISOLE	ORD SHS CL A	1.90M	SH	$19.32M 2.25%	1.90M
SUI GROUP HOLDINGS LIMITEDSOLE	COM NEW	4.77M	SH	$18.42M 2.14%	4.77M
Republic Digital Acquisition CSOLE	USD CL A ORD SHS	1.56M	SH	$15.98M 1.86%	1.56M
M3-Brigade Acquisition V CorpSOLE	CL A	1.50M	SH	$15.82M 1.84%	1.50M
Launch One Acquisition CorpSOLE	SHS CLASS A	1.48M	SH	$15.54M 1.81%	1.48M
Cantor Equity Partners IV IncSOLE	SHS CL A	1.50M	SH	$15.28M 1.78%	1.50M
Churchill Capital Corp IXSOLE	CL A SHS	1.35M	SH	$14.15M 1.65%	1.35M
INFLECTION PT ACQUISITION COSOLE	CL A ORD SHS	1.40M	SH	$14.10M 1.64%	1.40M
Encore Energy CorpSOLE	COM NEW	4.32M	SH	$13.86M 1.61%	4.32M
CARTESIAN GROWTH CORP IIISOLE	COM CL A	1.35M	SH	$13.56M 1.58%	1.35M
GP-Act III Acquisition CorpSOLE	CL A	1.27M	SH	$13.52M 1.57%	1.27M
Centurion Acquisition CorpSOLE	SHS CL A	1.18M	SH	$12.40M 1.44%	1.18M
Wen Acquisition CorpSOLE	COM CL A	1.20M	SH	$12.14M 1.41%	1.20M
M3-Brigade Acquisition VI CorpSOLE	UNIT 08/18/2030	1.10M	SH	$11.13M 1.29%	1.10M
FutureCrest Acquisition CorpSOLE	UNIT 99/99/9999	1M	SH	$10.60M 1.23%	1M
SIM Acquisition Corp ISOLE	SHS CL A	980K	SH	$10.33M 1.20%	980K

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