This is a routine internal reorganization within the Evo/Lerch group. Monitor for any future open-market purchases or exercise of the warrants that would increase the stake above 9.9%, which would require a new filing and signal escalation.
Price Chart
Executive Summary
Evo Fund filed Amendment No. 1 to its Schedule 13D for Super League Enterprise, reporting an internal warrant assignment: Evolution Capital Investments LLC assigned its warrant to purchase 416,667 shares (at $6.84/share, subject to a 4.99% beneficial ownership limitation) to Evo Fund. This is a purely administrative transfer between related entities under common control (Michael Lerch). The aggregate beneficial ownership remains unchanged at 9.9% (279,241 shares of common stock plus additional warrants with ownership blockers). No new demands, stake changes, or escalation of activist intent.
Key Financial Metrics
Key Facts
- On September 30, 2026, Evolution Capital assigned its warrant for 416,667 shares (exercise price $6.84) to Evo Fund.
- Evo Fund now holds the warrant directly; Evolution Capital no longer holds any shares or warrants.
- Aggregate beneficial ownership remains 9.9% (279,241 shares of common stock plus pre-funded and other warrants with 4.99%/9.99% blockers).
- No change in purpose or demands — the filing states investment and decision-making purposes with no specific plans.
- The warrant assignment is between entities under common control (Michael Lerch is managing member of both).
Financial Impact
No financial impact — internal transfer of a warrant with no change in aggregate economic exposure or voting power.
Risk Factors
- No new risks identified — the filing is administrative in nature.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001437749-26-031611 |
| Document: 0001437749-26-031611-index-headers.html | 0001437749-26-031611 |
| Document: 0001437749-26-031611-index.html | 0001437749-26-031611 |
| Document: 0001437749-26-031611.txt | 0001437749-26-031611 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | — | awaiting T+5 | — | — |
Oct 21, 2026 5d ago | 8-K | $5.57 | awaiting T+5 | — | $5.67 (−1.80%) |
Oct 21, 2026 5d ago | 424B5 | $5.57 | awaiting T+5 | — | $5.67 (−1.80%) |
Oct 19, 2026 7d ago | 8-K | $4.80 $5.67 | ▲ +18.13% | ▲ +18.27% | $5.67 (+18.13%) |
Oct 15, 2026 11d ago | DEFA14A | $4.65 $5.57 | ▲ +19.78% | ▲ +20.80% | $5.67 (+21.94%) |
Oct 13, 2026 13d ago | Press Release | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.67 (+16.19%) |
Oct 13, 2026 13d ago | 8-K | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.67 (+16.19%) |
Oct 9, 2026 17d ago | DEFA14A | $4.86 $4.80 | ▼ −1.23% | ▲ +0.26% | $5.67 (+16.67%) |
Oct 6, 2026 20d ago | DEFA14A | $5.03 $4.88 | ▼ −2.98% | ▼ −2.84% | $5.67 (+12.72%) |
Sep 30, 2026 26d ago | SC 13D/A | $5.42 $4.77 | ▼ −11.99% | ▼ −13.29% | $5.67 (+4.61%) |
US Market Status
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