SCHEDULE 13G 0001279891 XXXXXXXX LIVE Class A Ordinary Shares, par value $0.0001 per share 03/31/2025 0002035016 Ribbon Acquisition Corp. G7552W109 Central Park Tower LaTour Shinjuku Room 3001, 6-15-1 Nishi Shinjuku Shinjuku-ku Tokyo M0 160-0023 Rule 13d-1(b) WOLVERINE ASSET MANAGEMENT LLC IL 0 410927 0 410927 410927 N 6.35 IA Wolverine Trading Partners, Inc. IL 0 410927 0 410927 410927 N 6.35 CO HC Wolverine Holdings, L.P. IL 0 410927 0 410927 410927 N 6.35 HC Christopher L. Gust IL 0 410927 0 410927 410927 N 6.35 IN HC Robert R. Bellick IL 0 410927 0 410927 410927 N 6.35 IN HC Ribbon Acquisition Corp. Central Park Tower LaTour Shinjuku, Room 3001, 6-15-1 Nishi Shinjuku, Shinjuku-ku Tokyo, Japan, 160-0023 Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. Christopher L. Gust Robert R. Bellick c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604 Wolverine Asset Management, LLC - Illinois Wolverine Holdings, L.P. - Illinois Wolverine Trading Partners, Inc. - Illinois Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen N IA HC Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 410,927 of the Issuer's outstanding Class A Ordinary Shares. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, Mr. Gust, and WTP have voting and disposition power over 410,927 of the Issuer's outstanding Class A Ordinary Shares. WAM may be deemed the beneficial owner of 6.35% of the Issuer's outstanding Class A Ordinary Shares and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 6.35% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 6,470,000 (the number of Class A Ordinary Shares outstanding as of March 31, 2025 as reported in the Issuer's Form 10-K filed on April 1, 2025). 0 WAM has shared power to vote or direct the vote of 410,927 outstanding Class A Ordinary Shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 410,927 outstanding Class A Ordinary Shares of the Issuer, in each case as set forth in Item 4(a) above. 0 WAM has shared power to dispose or direct the disposition of 410,927 outstanding Class A Ordinary Shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 410,927 outstanding Class A Ordinary Shares of the Issuer, in each case as set forth in Item 4(a) above. Y N Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary shares covered by this statement that may be deemed to be beneficially owned by WAM. 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. WOLVERINE ASSET MANAGEMENT LLC /s/ Kenneth L. Nadel 04/30/2025 Wolverine Trading Partners, Inc. /s/ Christopher L. Gust 04/30/2025 Wolverine Holdings, L.P. /s/ Christopher L. Gust 04/30/2025 Christopher L. Gust /s/ Christopher L. Gust 04/30/2025 Robert R. Bellick /s/ Robert R. Bellick 04/30/2025