SCHEDULE 13G/A 0001641172-25-023298 0001698148 XXXXXXXX LIVE 1 Class A Ordinary Shares, par value $0.002 per share 09/30/2025 0001872302 Nano Labs Ltd. G6391Y128 China Yuangu Hanggang Technology Buildin 509 Qianjiang Road, Shangcheng District, Zhejiang F4 310000 Rule 13d-1(b) Ayrton Capital LLC b DE 952381.00 0.00 952381.00 0.00 952381.00 N 4.40 IA Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B b E9 952381.00 0.00 952381.00 0.00 952381.00 N 4.40 CO Waqas Khatri b X1 952381.00 0.00 952381.00 0.00 952381.00 N 4.40 IN Nano Labs Ltd. China Yuangu Hanggang Technology Building, 509 Qianjiang Road, 509 Qianjiang Road, Shangcheng District, Hangzhou (i) Ayrton Capital LLC; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B; and (iii) Waqas Khatri (i) Ayrton Capital LLC, 55 Post Rd West, 2nd Floor Westport, CT 06880; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands; and (iii) Waqas Khatri 55 Post Rd West, 2nd Floor Westport, CT 06880 (i) Ayrton Capital LLC: United States; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: Cayman Islands; and (iii) Waqas Khatri: United States N IA Ayrton Capital LLC: 952,381; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 952,381; and (iii) Waqas Khatri: 952,381. Represents 952,381 shares of Common Stock issuable on the exercise of certain warrants (the "Warrants") held by the Reporting Persons. The issuable shares of Common Stock related to the exercise of the Warrants are subject to a 9.99% beneficial ownership blocker. The shares reported herein represent Common Stock of Nano Labs Ltd. (the "Issuer") held by Alto Opportunity Master Fund, SPC- Segregated Master Portfolio B, a Cayman Islands exempted company (the "Fund"). The Fund is a private investment vehicle for which Ayrton Capital LLC, a Delaware limited liability company (the "Investment Manager"), serves as the investment manager. Waqas Khatri serves as the managing member of the Investment Manager (all of the foregoing, collectively, the "Reporting Persons"). The percentages below are based on (i) 20,712,924 shares of Common Stock of the Issuer that were outstanding as of September 24, 2025; and (ii) 952,381 shares of Common Stock issuable on the exercise of the Warrants held by the Reporting Persons. The amount of shares outstanding was based upon a statement in the Issuer's 424B3 Prospectus filed on September 24, 2025. For the sake of clarity, the holdings of the Reporting Persons reported herein are as of September 30, 2025. (i) Ayrton Capital LLC: 4.40%; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 4.40%; and (iii) Waqas Khatri: 4.40%. (i) Ayrton Capital LLC: 952,381; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 952,381; and (iii) Waqas Khatri: 952,381 (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0 (i) Ayrton Capital LLC: 952,381; Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 952,381; Waqas Khatri: 952,381 (i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; (iii) Waqas Khatri: 0 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Ayrton Capital LLC /s/ Waqas Khatri 11/13/2025 Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B /s/ Waqas Khatri 11/13/2025 Waqas Khatri /s/ Waqas Khatri 11/13/2025