HEIGHTS CAPITAL MANAGEMENT, INC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$278.8M

Holdings

192

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (192 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	FLUTFLUTTER ENTMT PLC	294,180	$63.3M	22.69%
2	NNENANO NUCLEAR ENERGY INC	608,500	$14.6M	5.24%	Put
3	FGMCFG MERGER II CORP	790,000	$7.9M	2.84%
4	JACSJACKSON ACQUISITION CO II	700,000	$7.3M	2.62%
5	DMIIDRUGS MADE IN AMER ACQUTN CO	650,000	$6.7M	2.42%
6	DMIIDRUGS MADE IN AMER ACQ II CO	519,400	$5.2M	1.86%
7	CCXIUCHURCHILL CAP CORP XI	499,000	$5.1M	1.83%
8	KCHVKOCHAV DEFENSE ACQUI CO	500,000	$5.1M	1.82%
9	IRHOUIRON HORSE ACQUISIT CORP II	470,000	$4.7M	1.68%
10	EMPDEMPERY DIGITAL INC	1,000,000	$4.6M	1.64%
11	NMPNMP ACQUISITION CORP	450,000	$4.5M	1.62%
12	GPATGP-ACT III ACQUISITION CORP	416,096	$4.5M	1.60%
13	ABSIABSCI CORPORATION	1,065,640	$3.7M	1.33%
14	FERAFIFTH ERA ACQUISITION CORP I	350,000	$3.6M	1.29%
15	NYXHNYXOAH S A	777,188	$3.6M	1.28%
16	EMISEMMIS ACQUISITION CORP.	350,000	$3.5M	1.25%
17	TWLVTWELVE SEAS INVT CO III	350,000	$3.5M	1.25%
18	FVNFUTURE VISION II ACQUISITION	325,000	$3.4M	1.23%
19	FSHPFLAG SHIP ACQUISITION CORP	306,569	$3.3M	1.18%
20	CBIOCRESCENT BIOPHARMA INC.	264,000	$3.1M	1.12%
21	COPLCOPLEY ACQUISITION CORP	300,000	$3.1M	1.10%
22	AIIAAI INFRASTRUCTURE ACQUISI	300,000	$3.1M	1.10%
23	VACHVOYAGER ACQUISITION CORP	250,000	$2.7M	0.96%
24	PLMKPLUM ACQUISITION CORP IV	250,000	$2.6M	0.93%
25	KYTXKYVERNA THERAPEUTICS INC	271,822	$2.6M	0.92%
26	—ORIGIN INVT CORP I	249,900	$2.5M	0.91%
27	TVAITHAYER VENTURES ACQ CORP II	250,000	$2.5M	0.91%
28	OBAOXLEY BRIDGE ACQ LTD	250,000	$2.5M	0.90%
29	MESHMESHFLOW ACQUISITION CORP	250,000	$2.5M	0.90%
30	SLNHSOLUNA HOLDINGS INC	2,043,964	$2.4M	0.86%
31	CHPGCHAMPIONSGATE ACQUISITION CO	212,182	$2.2M	0.77%
32	LKSPLAKE SUPERIOR ACQUISITION CO	210,000	$2.1M	0.75%
33	RIBBRIBBON ACQUISITION CORP	200,000	$2.1M	0.75%
34	COLACOLUMBUS ACQUISITION CORP	200,000	$2.1M	0.74%
35	LCCCLAKESHORE ACQUISITION III CO	200,000	$2.0M	0.73%
36	SZZLSIZZLE ACQUISITION CORP. II	200,000	$2.0M	0.73%
37	SOULSOULPOWER ACQUISITION CORP	200,000	$2.0M	0.73%
38	YCYAA MISSION ACQUISITION CORP	200,000	$2.0M	0.72%
39	DNMXDYNAMIX CORP III	200,000	$2.0M	0.72%
40	SPEGSILVER PEGASUS ACQUISITION C	199,100	$2.0M	0.72%
41	APADA PARADISE ACQUISITION CORP	199,600	$2.0M	0.72%
42	—CROWN RESV ACQUISITION CORP	200,000	$2.0M	0.71%
43	AVXAVAX ONE TECHNOLOGY LTD	1,300,000	$2.0M	0.70%
44	XRPNARMADA ACQUISITION CORP II	191,267	$2.0M	0.70%
45	RDAGREPUBLIC DIGITAL ACQUISITION	178,000	$1.8M	0.65%
46	UYSCUY SCUTI ACQUISITION CORP.	175,000	$1.8M	0.64%
47	BSAABEST SPAC I ACQUISITION CORP	175,000	$1.8M	0.64%
48	CAPNCAYSON ACQUISITION CORP	150,000	$1.6M	0.57%
49	NVANOVA MINERALS LTD	255,906	$1.6M	0.56%
50	CGCTCARTESIAN GROWTH CORP III	150,000	$1.5M	0.55%
51	SCIISC II ACQUISITION CORP	150,000	$1.5M	0.54%
52	EVOXEVOLUTION GLOBAL ACQUISITION	150,000	$1.5M	0.54%
53	IGACINVEST GREEN ACQUISITION COR	150,000	$1.5M	0.54%
54	HCACHALL CHADWICK ACQUISITION CO	150,000	$1.5M	0.54%
55	QUMSQUANTUMSPHERE ACQUISITION CO	150,000	$1.5M	0.54%
56	GIWGIGCAPITAL8 CORP	141,683	$1.4M	0.52%
57	HYACHAYMAKER ACQUISITION CORP IV	121,772	$1.4M	0.50%
58	GTERAGLOBA TERRA ACQUISITION COR	124,229	$1.3M	0.45%
59	TACHTITAN ACQUISITION CORP	120,000	$1.2M	0.44%
60	BLZRTRAILBLAZER ACQUISITION CORP	113,373	$1.2M	0.42%
61	ITHAITHAX ACQUISITION CORP III	110,000	$1.1M	0.39%
62	GSRFGSR IV ACQUISITION CORP	103,119	$1.1M	0.38%
63	BACQINFLECTION POINT ACQU CORP V	100,000	$1.0M	0.37%
64	WTGWINTERGREEN ACQUISITION CORP	100,000	$1.0M	0.37%
65	TACOBERTO ACQUISITION CORP	100,000	$1.0M	0.36%
66	MKLYMCKINLEY ACQUISITION CORP	100,000	$1.0M	0.36%
67	BPACBLUEPORT ACQUISITION LTD	100,000	$1.0M	0.36%
68	INACINDIGO ACQUISITION CORP	100,000	$1.0M	0.36%
69	FIGXUFIGX CAP ACQUISITION CORP.	100,000	$1.0M	0.36%
70	PACHPIONEER ACQUISITION I CORP	100,000	$1.0M	0.36%
71	SSEASTARRY SEA ACQUISITION CORP	100,000	$1.0M	0.36%
72	LAFALAFAYETTE ACQUISITION CORP	100,000	$1.0M	0.36%
73	BLRKBLUEROCK ACQUISITION CORP	100,000	$1.0M	0.36%
74	TDWDTAILWIND 2.0 ACQUISITION COR	100,000	$986K	0.35%
75	FTWEQV VENTURES ACQUISITION COR	93,574	$981K	0.35%
76	—SPRING VY ACQUISITION CORP I	86,481	$893K	0.32%
77	ALISCALISA ACQUISITION CORP	75,000	$783K	0.28%
78	CRANUCRANE HBR ACQUISITION CORP I	75,000	$754K	0.27%
79	LFACLEAPFROG ACQUISITION CORP	75,000	$750K	0.27%
80	TAVITAVIA ACQUISITION CORP	65,000	$678K	0.24%
81	PGACPANTAGES CAPITAL ACQUISITION	65,000	$673K	0.24%
82	FACTFACT II ACQUISITION CORP	60,000	$625K	0.22%
83	—HENNESSY CAP INVT CORP VII	60,000	$621K	0.22%
84	CTXRCITIUS PHARMACEUTICALS INC	799,934	$621K	0.22%
85	PMTRPERIMETER ACQUISITION CORP I	58,925	$605K	0.22%
86	VCICVINE HILL CAP INVT CORP.	55,790	$600K	0.22%
87	MACIMELAR ACQUISITION CORP. I	52,161	$554K	0.20%
88	CUBLIONHEART HOLDINGS	50,798	$542K	0.19%
89	—RANGE CAP ACQUISITION CORP	50,000	$527K	0.19%
90	NPACNEW PROVIDENCE ACQUISITION C	50,000	$513K	0.18%
91	APACSTONEBRIDGE ACQUISITION II C	50,500	$509K	0.18%
92	PELIPELICAN ACQUISITION CORP	50,000	$508K	0.18%
93	IPCXINFLECTION PT ACQUISITION CO	50,000	$507K	0.18%
94	HVMCHIGHVIEW MERGER CORP	50,000	$506K	0.18%
95	OYSEOYSTER ENTERPRISES II ACQUIS	50,000	$505K	0.18%
96	—CSLM DIGITA ASSET ACQ CORP I	49,900	$504K	0.18%
97	AXINAXIOM INTELLIGENCE AC CORP 1	50,000	$503K	0.18%
98	VACIVIKING ACQUISITION CORP I	50,000	$503K	0.18%
99	DYORINSIGHT DIGITAL PARTNERS II	50,000	$503K	0.18%
100	SOCASOLARIUS CAPITAL ACQU CORP	50,000	$502K	0.18%

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