Hudson Bay Discloses 5.23% Stake in HWH International
The position represents a strategic investment managed through warrants rather than direct stock ownership.
May 15, 2025
Hudson Bay Capital Management Builds Stake in HWH Through Warrant-Linked Exposure
Hudson Bay Capital Management has taken a meaningful position in HWH International Inc., reporting beneficial ownership of 357,400 shares—equal to 5.23% of the company’s outstanding common stock. But this isn’t a direct equity purchase. The entire position is tied to warrants, giving Hudson Bay the right to acquire shares under specific terms.
These warrants are held by HB Strategies LLC , an entity managed by Hudson Bay. The firm’s role here is clear: manage exposure, not influence control. All voting and investment decisions related to these warrants sit squarely with Hudson Bay as the investment manager. Sander Gerber, who oversees the firm’s general partner, is also listed in the disclosure but has formally disclaimed personal ownership of the securities.
The 5.23% figure is based on HWH’s most recent share count—6,476,400 shares outstanding as of March 31, 2025. That number comes directly from the company’s latest annual report. When the math includes potential warrant exercises, Hudson Bay’s position crosses the 5% threshold that triggers public reporting.
This wasn’t a move to take over the company or change its direction. According to the filing, the stake was acquired in the normal course of business. The firm and its affiliates have no stated intent to influence management or pursue control.
The joint filing, dated May 14, 2025, includes a certification that the information provided is complete and accurate. Both Hudson Bay and Sander Gerber signed on, reaffirming that the filing reflects a routine investment position—not part of a larger agenda.
For now, the takeaway is simple: Hudson Bay has structured exposure to HWH through warrants. If those warrants are exercised, they’ll hold a sizable stake. Until then, it remains a strategic position that adds optionality without taking direct control.
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