HEIGHTS CAPITAL MANAGEMENT, INC Q2 2025 Filing

Filed August 14, 2025

Portfolio Value

$374.7M

Holdings

160

Report Date

Q2 2025

Filing Type

13F-HR

All Holdings (160 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	FLUTFLUTTER ENTMT PLC	294,180	$84.1M	22.43%
2	NNENANO NUCLEAR ENERGY INC	1,594,967	$55.0M	14.68%	Put
3	ACHRARCHER AVIATION INC	2,312,285	$25.1M	6.70%
4	AMSCAMERICAN SUPERCONDUCTOR CORP	683,002	$25.1M	6.69%	Put
5	NANANO LABS LTD	1,440,018	$13.4M	3.57%
6	ALVOALVOTECH	1,090,664	$9.9M	2.65%
7	OTLY 9.25 09/14/28OATLY GROUP AB	12,052,970	$8.3M	2.22%
8	FGMCFG MERGER II CORP	790,000	$7.8M	2.08%
9	ADCTADC THERAPEUTICS SA	2,832,861	$7.6M	2.03%
10	ONDSONDAS HLDGS INC	3,845,070	$7.4M	1.97%
11	JACSJACKSON ACQUISITION CO II	700,000	$7.2M	1.92%
12	BMEABIOMEA FUSION INC	3,839,349	$6.9M	1.84%
13	DMIIDRUGS MADE IN AMER ACQUTN CO	650,000	$6.6M	1.77%
14	KCHVKOCHAV DEFENSE ACQUI CO	500,000	$5.1M	1.36%
15	GPATGP-ACT III ACQUISITION CORP	459,501	$4.8M	1.29%
16	CABACABALETTA BIO INC	3,144,106	$4.8M	1.28%
17	FERAFIFTH ERA ACQUISITION CORP I	350,000	$3.6M	0.95%
18	KTOSKRATOS DEFENSE & SEC SOLUTIO	75,000	$3.5M	0.93%
19	FVNFUTURE VISION II ACQUISITION	325,000	$3.4M	0.90%
20	FSHPFLAG SHIP ACQUISITION CORP	314,000	$3.3M	0.88%
21	CMIIUCOLUMBUS CIRCLE CAP CORP. I	271,004	$3.1M	0.83%
22	COPLCOPLEY ACQUISITION CORP	300,000	$3.0M	0.81%
23	IBACIB ACQUISITION CORP	249,100	$2.6M	0.70%
24	VACHVOYAGER ACQUISITION CORP	250,000	$2.6M	0.69%
25	PLMKPLUM ACQUISITION CORP IV	250,000	$2.6M	0.69%
26	TVAITHAYER VENTURES ACQ CORP II	250,000	$2.5M	0.68%
27	OBAOXLEY BRIDGE ACQ LTD	250,000	$2.5M	0.67%
28	SP4PACHIEVE LIFE SCIENCES INC	989,509	$2.2M	0.60%
29	HYACHAYMAKER ACQUISITION CORP IV	195,077	$2.2M	0.58%
30	CHPGCHAMPIONSGATE ACQUISITION CO	212,182	$2.2M	0.58%
31	RIBBRIBBON ACQUISITION CORP	200,000	$2.0M	0.54%
32	LCCCLAKESHORE ACQUISITION III CO	200,000	$2.0M	0.54%
33	—ARMADA ACQUISITION CORP II	200,000	$2.0M	0.54%
34	COLACOLUMBUS ACQUISITION CORP	200,000	$2.0M	0.54%
35	SZZLSIZZLE ACQUISITION CORP. II	200,000	$2.0M	0.54%
36	SOULSOULPOWER ACQUISITION CORP	200,000	$2.0M	0.54%
37	RDAGREPUBLIC DIGITAL ACQUISITION	178,000	$1.9M	0.50%
38	FBRXFORTE BIOSCIENCES INC	143,033	$1.8M	0.49%
39	UYSCUY SCUTI ACQUISITION CORP.	175,000	$1.8M	0.47%
40	BSAABEST SPAC I ACQUISITION CORP	175,000	$1.8M	0.47%
41	CAPNCAYSON ACQUISITION CORP	150,000	$1.5M	0.41%
42	CGCTCARTESIAN GROWTH CORP III	150,000	$1.5M	0.41%
43	ETHMDYNAMIX CORP	120,000	$1.2M	0.33%
44	TACHTITAN ACQUISITION CORP	120,000	$1.2M	0.32%
45	TACOBERTO ACQUISITION CORP	100,000	$1.1M	0.29%
46	MACIMELAR ACQUISITION CORP. I	99,999	$1.0M	0.28%
47	CUBLIONHEART HOLDINGS	99,242	$1.0M	0.28%
48	DTSQDT CLOUD STAR ACQUISITION CO	100,000	$1.0M	0.28%
49	BACQMAYWOOD ACQUISITION CORP	100,000	$1.0M	0.27%
50	WTGWINTERGREEN ACQUISITION CORP	100,000	$1.0M	0.27%
51	—FIGX CAP ACQUISITION CORP.	100,000	$1.0M	0.27%
52	PACHPIONEER ACQUISITION I CORP	100,000	$1.0M	0.27%
53	FTWEQV VENTURES ACQUISITION COR	93,574	$983K	0.26%
54	DTSQDT CLOUD ACQUISITION CORP	90,200	$980K	0.26%
55	ALLTALLOT LTD	100,000	$855K	0.23%
56	SNTISENTI BIOSCIENCES INC	381,384	$805K	0.21%
57	PMTRPERIMETER ACQUISITION CORP I	71,307	$747K	0.20%
58	DRDBROMAN DBDR ACQUISITION CORP	71,175	$734K	0.20%
59	—REVIVA PHARMACEUTCLS HLDGS I	1,829,904	$697K	0.19%
60	TAVITAVIA ACQUISITION CORP	65,000	$668K	0.18%
61	PGACAIFEEX NEXUS ACQUISITION COR	65,000	$662K	0.18%
62	—GSR III ACQUISITION CORP	60,900	$657K	0.18%
63	FACTFACT II ACQUISITION CORP	60,000	$620K	0.17%
64	ASPCRA SPAC III ACQUISITION CORP	60,000	$612K	0.16%
65	—HENNESSY CAP INVT CORP VII	60,000	$610K	0.16%
66	VCICVINE HILL CAP INVT CORP.	55,790	$581K	0.15%
67	BCTXZBRIACELL THERAPEUTICS CORP	552,081	$574K	0.15%
68	—NABORS ENERGY TRANSITION COR	49,195	$546K	0.15%
69	—INFLECTION PT ACQUISITION CO	50,000	$526K	0.14%
70	—CRANE HBR ACQUISITION CORP	50,000	$524K	0.14%
71	—RANGE CAP ACQUISITION CORP	50,000	$514K	0.14%
72	PELIPELICAN ACQUISITION CORP	50,000	$508K	0.14%
73	NPACNEW PROVIDENCE ACQUISITION C	50,000	$508K	0.14%
74	OYSEOYSTER ENTERPRISES II ACQUIS	50,000	$506K	0.14%
75	AXINAXIOM INTELLIGENCE AC CORP 1	50,000	$505K	0.13%
76	LWACLIGHTWAVE ACQUISITION CORP	50,000	$503K	0.13%
77	BACCBLUE ACQUISITION CORP.	50,000	$502K	0.13%
78	—NEWBURY STR II ACQUISITION C	44,400	$457K	0.12%
79	CHARCHARLTON ARIA ACQUISITION CO	40,000	$411K	0.11%
80	ISOISOENERGY LTD	57,500	$411K	0.11%
81	NOEMCO2 ENERGY TRANSITION CORP	40,000	$404K	0.11%
82	RDACRISING DRAGON ACQUISITION CO	39,000	$402K	0.11%
83	ANSCAGRICULTURE & NAT SOL ACQ CO	35,482	$385K	0.10%
84	CLGNCOLLPLANT BIOTECHNOLOGIES LT	275,082	$377K	0.10%
85	WLACWILLOW LANE ACQUISITION CORP	35,000	$358K	0.10%
86	CCIXCHURCHILL CAPITAL CORP IX	33,475	$352K	0.09%
87	IPODDUNE ACQUISITION CORP II	30,000	$306K	0.08%
88	POLEANDRETTI ACQUISITION CORP II	26,600	$276K	0.07%
89	—YHN ACQUISITION I LTD	26,000	$269K	0.07%
90	ADSEADS TEC ENERGY PLC	19,000	$262K	0.07%	Put
91	TVATEXAS VENTURES ACQUISITION I	25,900	$261K	0.07%
92	CTXRCITIUS PHARMACEUTICALS INC	159,898	$254K	0.07%
93	HSPTHORIZON SPACE ACQUISITION II	20,000	$205K	0.05%
94	JACSJACKSON ACQUISITION CO II	700,000	$196K	0.05%
95	USARUSA RARE EARTH INC	15,300	$168K	0.04%	Put
96	—EUREKA ACQUISITION CORP	15,400	$161K	0.04%
97	FGMCRFG MERGER II CORP	716,784	$143K	0.04%
98	FERAFIFTH ERA ACQUISITION CORP I	310,687	$87K	0.02%
99	GROY/WSGOLD ROYALTY CORP	249,397	$87K	0.02%
100	SENS1GBPSENSEONICS HLDGS INC	177,725	$85K	0.02%

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