HGC Investment Management Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), HGC Investment Management Inc. reported 44 stock positions worth $241.0 million. Its top holding was GP-Act III Acquisition-A (GPAT) at 10.4% of the portfolio, followed by Centurion Acquisition (ALF, 10.3%) and Aa Mission Acquisition Cor-A (AAM, 10.2%). Compared with Q2 2024, it opened 13 new positions, sold out of 10, added to 2 and reduced 4. The biggest buy was a new position in Aa Mission Acquisition Cor-A (AAM) and the biggest sale an exit from Agriculture & Natural Soluti (ANSC).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001711200
Portfolio Value
$241.0M (Q3 2024)
SEC Filing
0001711200-24-000006 ↗ filed Nov 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $279.1M Q1 2024 Q2 2024: $216.0M Q2 2024 Q3 2024: $241.0M $241.0M Q3 2024 Q4 2024: $232.7M Q4 2024 Q1 2025: $279.8M Q1 2025 Q2 2025: $358.7M Q2 2025 Q3 2025: $407.2M Q3 2025 Q4 2025: $467.6M Q4 2025 Q1 2026: $447.3M Q1 2026 Q2 2026: $501.5M Q2 2026

Holdings 44 stocks · $241.0M
GPAT GP-Act III Acquisition-A 10.35% 2,475,000 $24.9M No change
ALF Centurion Acquisition Corp. 10.29% 2,475,000 $24.8M No change
AAM Aa Mission Acquisition Cor-A 10.21% 2,455,000 $24.6M New
VLOS Velos Acquisition I Corp. filed as M3BRIGADE ACQUISITION V CORP 6.22% 1,500,000 $15.0M New
NVEI Nuvei Corp.-Subordinate VTG 5.40% 390,150 $13.0M Add +16.4%
NETD Nabors Energy Transition C-A 5.04% 1,139,792 $12.2M No change
IBIT iShares Bitcoin Trust ETF 4.67% 311,809 $11.3M Reduce -19.8%
SMAR Smartsheet Inc. Class A 4.59% 200,000 $11.1M New
ARES ACQUISITION CORP II 4.41% 981,504 $10.6M No change
ESHA Esh Acquisition Corp. Class A 4.13% 937,369 $9.9M No change
VACHU Voyager Acquisition Corp. 3.94% 950,000 $9.5M New
HES Hess Corp. 2.52% 44,800 $6.1M Add +148.9%
HAYMAKER ACQUISITION CORP 4 2.52% 570,000 $6.1M No change
CEP Cantor Equity Partners Inc. 2.50% 601,132 $6.0M New
ALCYF Alchemy Investments Acquisit 2.33% 515,764 $5.6M No change
SPKLF Spark I Acquisition Corp. 1.92% 440,600 $4.6M No change
BOWN Bowen Acquisition Corp. 1.79% 402,127 $4.3M New
CTLT Catalent Inc. 1.75% 69,659 $4.2M New
QETA Quetta Acquisition Corp. 1.55% 360,000 $3.7M No change
YHNAU YHN Acquisition I Ltd. 1.43% 345,000 $3.5M New
ALPHATIME ACQUISITION CORP 1.39% 300,000 $3.4M No change
MACIU Melar Acquisition Corp. I 1.35% 325,000 $3.3M No change
AITR AI Transportation Acquisitio 1.11% 255,000 $2.7M No change
DYCQU DT Cloud Acquisition Corp. 1.09% 250,000 $2.6M No change
LEGT Legato Merger Corp. III 1.06% 250,000 $2.5M No change
AFJK Aimei Health Technology Co. 0.89% 205,000 $2.1M No change
RFAIU RF Acquisition Corp. II 0.86% 200,000 $2.1M No change
CHEB Chenghe Acquisition II Co. 0.83% 200,000 $2.0M No change
AUGX Augmedix Inc. 0.80% 825,424 $1.9M New
USAR USA Rare Earth Inc. filed as INFLECTION PT ACQUISITN CRP 0.56% 125,000 $1.3M No change
CHX Championx Corp. 0.54% 43,000 $1.3M New
ALPHAVEST ACQUISITION CORP 0.46% 100,000 $1.1M No change
JVSA Jvspac Acquisition Corp. Class A 0.43% 100,000 $1.0M No change
BKHAU Black Hawk Acquisition Corp. 0.22% 50,000 $528K No change
HCP Hashicorp Inc. Class A 0.20% 14,426 $488K Reduce -94.5%
RCM R1 RCM Inc. 0.18% 30,494 $432K New
ACI Albertsons Cos Inc. Class A 0.18% 22,937 $424K Reduce -30.4%
FSHPU Flag Ship Acquisition Corp. 0.11% 27,000 $273K No change
SIMA Sim Acquisition Corp. I-A 0.10% 25,000 $250K New
TEVOGEN BIO HLDGS INC 0.03% 223,077 $82K New
SHMD Schmid Group NV 0.00% 2,505 $9K No change
AAGR African Agriculture Holdings 0.00% 168,036 $4K No change
NORTHVIEW ACQUISITION CORP 0.00% 50,000 $2K No change
BKSY Blacksky Technology Inc. 0.00% 75 $356 Reduce -1.0%
Other holdings (61): bonds, preferreds, convertibles and warrants · $1.8M (not counted above)
SecurityClassShares / PrincipalValueChange
ANSCW Agriculture & Natural Solu-W *W EXP 10/01/202 1,187,500$309KNo change
GPATW GP-Act III Acq Class A -CW27 *W EXP 05/13/202 1,237,500$136KNo change
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 750,000$113KNew
ALFUW Centurion Acquisition - 29 *W EXP 05/31/203 1,237,500$112KNo change
KDKRW Ares Acquisition Corp. II-28 *W EXP 99/99/999 677,252$108KNo change
NETDW Nabors Energy Transiti-CW *W EXP 09/01/202 951,498$86KNo change
BOWNR Bowen Acquisition Corp.-RTS RIGHT 99/99/9999 402,127$76KNew
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 1,227,500$74KNew
SPKWF Spark I Acquisition Corp.-28 *W EXP 10/01/203 475,000$62KNo change
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 347,500$56KNo change
BUJAR Bukit Jalil Global Acquisiti RIGHT 12/30/2024 450,000$54KNo change
ATMCR Alphatime Acquisition-Right RIGHT 03/01/2028 300,000$49KNo change
AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 130,905$43KNo change
GLLRF Global Lights Acquisition Co. RIGHT 99/99/9999 300,000$42KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 1,957,785$42KNo change
AITRR AI Transportation Acquis-RTS RIGHT 09/01/2028 255,000$41KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 120,000$33KNo change
BAYAR Bayview Acquisition Corp. RIGHT 11/17/2028 200,000$30KNo change
MARXR Mars Acquisition Corp.-Rights RIGHT 99/99/9999 125,000$29KNo change
AQUNR Aquaron Acquisition Corp.-RTS RIGHT 07/15/2026 140,000$28KNo change
TBMCR Trailblazer Merger Corp.-RTS RIGHT 04/21/2028 165,000$26KNo change
ATMVR Alphavest Acquisition Co.-RT RIGHT 01/22/2026 200,000$26KNo change
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 450,000$22KReduce -62.5%
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 80,000$22KNo change
FUFUW Bitfufu Inc.-28 *W EXP 03/01/202 50,000$19KNo change
SBXC.WS Silverbox Corp. III-28 *W EXP 02/28/202 166,333$17KNo change
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 60,000$16KNo change
SHMDW Schmid Group NV -28 *W EXP 04/30/202 46,200$15KNo change
DISTR Distoken Acquisition Corp. RIGHT 99/99/9999 125,000$14KNo change
ALCWF Alchemy Investments Acqui-28 *W EXP 11/30/202 107,882$9KNo change
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 586,928$8KAdd +2.0%
CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 100,000$7KNew
BUJAW Bukit Jalil Global Acquis-28 *W EXP 12/30/202 225,000$7KNo change
INTEW Integral Acquisition -CW28 *W EXP 05/31/202 125,000$6KNo change
NVACR Northview Acquisition Co.-RTS RIGHT 99/99/9999 100,000$5KNo change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 110,000$5KNo change
SVIRF Spring Valley Acquisit-Right RIGHT 02/25/2026 43,076$4KNo change
IMAQW International Media Ac -CW28 *W EXP 99/99/999 210,100$4KNo change
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 50,000$4KNo change
ATMCW Alphatime Acquisition Cor-28 *W EXP 03/01/202 300,000$4KNo change
KACRF Kairous Acquisition Corp.-RTS RIGHT 09/15/2026 50,000$4KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 120,000$3KNo change
MKDWW MKD Tech Inc. -29 *W EXP 06/10/202 175,000$3KNew
ISLWF Israel Acquisitions Corp.-28 *W EXP 99/99/999 100,800$3KNo change
REEWF Cartesian Growth Corp. II -28 *W EXP 07/12/202 50,000$3KNo change
DMYYW DMY Squared Technology GR-27 *W EXP 99/99/999 25,000$3KNo change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 146,051$2KNo change
DISTW Distoken Acquisition Corp.-28 *W EXP 11/30/202 125,000$2KNo change
APXIW Apx Acquisition Corp. I -23 *W EXP 99/99/999 50,000$2KNo change
BTMWQ Bitcoin Depot Inc.-CW23 *W EXP 06/30/202 28,678$1KNo change
DRTSW Alpha Tau Medical Ltd. -27 *W EXP 99/99/999 6,296$1KNo change
LAKESHORE BIOPHARMA CO LTD *W EXP 03/15/202 5,000$331No change
BLUAW Blueriver Acquisit A -CW26 *W EXP 01/04/202 166,666$300No change
KACWF Kairous Acquisition -23 *W EXP 09/15/202 24,900$137No change
RFACW RF Acquisition Corp.-CW27 *W EXP 05/01/202 4,500$135No change
ZPTAW Zapata Computing Hol- CW23 *W EXP 02/14/202 3,600$129No change
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 666$107No change
RRAWF Rigel Resource Acquisi -CW23 *W EXP 99/99/999 200$70No change
SHCRW Sharecare Inc. -CW27 *W EXP 07/01/202 333$29No change
IRIS ACQUISITION CORP *W EXP 02/28/202 1,250$13No change
AAGRW African Agriculture Hol-CW27 *W EXP 12/06/202 10,000$10No change

Total filed on the 13F, all lines: $242.8M.

Portfolio Sells Q2 2024 → Q3 2024
ANSC Agriculture & Natural Soluti Sold out 0.00% −14.10
HCP Hashicorp Inc. Class A Reduce -94.5% 0.20% −3.92
IVCAF Libity Sold out 0.00% −2.05
VCXB 10X Capital Venture Acquis-A Sold out 0.00% −2.04
BOWNU Bowen Acquisition Corp. Sold out 0.00% −1.96
SBXC Silverbox Corp. III-A Sold out 0.00% −1.89
IBIT iShares Bitcoin Trust ETF Reduce -19.8% 4.67% −1.47
BAYA Bayview Acquisition Corp. Class A Sold out 0.00% −0.95
OAKU Oak Woods Acquisition Corp. Class A Sold out 0.00% −0.60
RRACF Rigel Resource Acquisit Class A Sold out 0.00% −0.52
TMTC TMT Acquisition Corp. Class A Sold out 0.00% −0.30
NNAG 99 Acquisition Group in Class A Sold out 0.00% −0.24
ACI Albertsons Cos Inc. Class A Reduce -30.4% 0.18% −0.13
BKSY Blacksky Technology Inc. Reduce -1.0% 0.00% −0.00

Portfolio Buys Q2 2024 → Q3 2024
AAM Aa Mission Acquisition Cor-A New 10.21% +10.21
VLOS Velos Acquisition I Corp. New 6.22% +6.22
SMAR Smartsheet Inc. Class A New 4.59% +4.59
VACHU Voyager Acquisition Corp. New 3.94% +3.94
CEP Cantor Equity Partners Inc. New 2.50% +2.50
BOWN Bowen Acquisition Corp. New 1.79% +1.79
CTLT Catalent Inc. New 1.75% +1.75
YHNAU YHN Acquisition I Ltd. New 1.43% +1.43
HES Hess Corp. Add +148.9% 2.52% +1.30
AUGX Augmedix Inc. New 0.80% +0.80
CHX Championx Corp. New 0.54% +0.54
NVEI Nuvei Corp.-Subordinate VTG Add +16.4% 5.40% +0.37
RCM R1 RCM Inc. New 0.18% +0.18
SIMA Sim Acquisition Corp. I-A New 0.10% +0.10
TEVOGEN BIO HLDGS INC New 0.03% +0.03

Notes & Other Activity Q2 2024 → Q3 2024
VLOSW M3-Brigade Acquisition -30 *W EXP 99/99/999 New 750,000 $113K
BOWNR Bowen Acquisition Corp.-RTS RIGHT 99/99/9999 New 402,127 $76K
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 New 1,227,500 $74K
TENKR Tenx Keane Acquisition-RTS RIGHT 06/30/2028 Sold out 190,000 $61Kbefore exit
CETUR Cetus Capital Acquisition Co. RIGHT 03/31/2024 Sold out 175,000 $35Kbefore exit
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 Reduce -62.5% 450,000 $22K
NNAGR 99 Acquisition Group -RTS RIGHT 08/25/2028 Sold out 50,000 $14Kbefore exit
TVGNW Semper Paratus Acqu -CW26 *W EXP 02/14/202 Add +2.0% 586,928 $8K
CHEB.WS Chenghe Acquisition II - 29 *W EXP 05/30/203 New 100,000 $7K
CETUW Cetus Capital Acquisition-28 *W EXP 01/31/202 Sold out 175,000 $5Kbefore exit
MKDWW MKD Tech Inc. -29 *W EXP 06/10/202 New 175,000 $3K
NNAGW 99 Acquisition Group in-C-28 *W EXP 08/25/202 Sold out 50,000 $2Kbefore exit
CNXXW Conx Corp. Class A -CW27 *W EXP 10/30/202 Sold out 10,407 $520before exit
KCGI.WS Kensington Capital Acq -CW23 *W EXP 99/99/999 Sold out 774 $20before exit
ML.WS Moneylion Inc. -CW27 *W EXP 09/22/202 Sold out 6 $1before exit
PPHPW PHP Ventures Acquisiti -CW22 *W EXP 08/16/202 Sold out 50,000 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 115$501.5MAACB, ALOVU, SDHI, QADRU, MTNE.U
Q1 2026 109$447.3MAACB, ALOVU, SDHI, DMII, FERAU
Q4 2025 110$467.6MAACB, ALF, JACS, GPAT, SDHI
Q3 2025 81$407.2MJACS, ALF, AACB, GPAT, SOUL
Q2 2025 69$358.7MALF, AAM, JACS, AACBU, GPAT
Q1 2025 47$279.8MGPAT, AAM, ALF, JACS.U, VLOS
Q4 2024 33$232.7MGPAT, AAM, ALF, SMAR, JACS.U
Q3 2024 44$241.0MGPAT, ALF, AAM, VLOS, NVEI
Q2 2024 41$216.0MANSC, GPATU, ALFUU, IBIT, NETD
Q1 2024Amended 40$279.1MARES ACQUISITION CORP II, ANSC, NETD, USAR, HAYMAKER ACQUISITION CORP 4