HEIGHTS CAPITAL MANAGEMENT, INC

13F filer, CIK 1081698, SAN FRANCISCO, CA

HEIGHTS CAPITAL MANAGEMENT, INC reported $202,183,168 across 146 holdings for the quarter ended 2024-12-31, in a 13F-HR filed 2025-02-14. Its ten largest share positions make up 76.97% of the portfolio.

Filed 2025-02-14 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR 0001081698-25-000002

Period: 2024-12-31
Reported value: $202M
Holdings: 146
Top 10 weight: 76.97%
New: 53
Sold out: 45

Part of the filer group HEIGHTS CAPITAL MANAGEMENT, INC

CVI Investments, Inc.

How groups are built

Stakes and trades reported after 2024-12-31

13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.

SBFM SUNSHINE BIOPHARMA INC: 13G 1,588,266 shares, 9.9% of the class, 13G filed 2026-10-13, 0001649553-26-000116 Timeline
Accepted 2026-10-13 20:20:51 UTC, ingested 2026-10-13 20:22:13 UTC
Pine Tree Acquisition Corp.: 13G 800,000 shares, 7.6% of the class, 13G filed 2026-10-13, 0001649553-26-000115
Accepted 2026-10-13 20:18:18 UTC, ingested 2026-10-13 20:19:13 UTC

Largest buys vs the previous quarter

Security	Shares change	Approx. value
NNEnew	+833,334	$20.7M
LBnew	+166,583	$10.8M
ONDSadded	+3,844,401	$9.84M
JACSUnew	+700,000	$7.04M
PSQHnew	+1,285,410	$5.84M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
SOCexited	-275,000	-$6.5M
FVNNUexited	-325,000	-$3.26M
VOYAGER ACQUISITION CORPexited	-250,000	-$2.5M
CAPNUexited	-150,000	-$1.5M
NYXHexited	-149,654	-$1.43M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR 0001081698-25-000002, largest first. % of portfolio is the value over $201,254,178, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
FLUTFLUTTER ENTMT PLC	294,180	$76M	37.78%	0	Timeline
NNENANO NUCLEAR ENERGY INC	833,334	$20.7M	10.31%	new	Timeline
ONDSONDAS INC	4,811,354	$12.3M	6.12%	+3,844,401	Timeline
LBLANDBRIDGE COMPANY LLC	166,583	$10.8M	5.35%	new	Timeline
JACSUJACKSON ACQUISITION CO II	700,000	$7.04M	3.5%	new	Timeline
PSQHPSQ HOLDINGS INC	1,285,410	$5.84M	2.9%	new	Timeline
GPATGP-ACT III ACQUISITION CORP	460,000	$4.66M	2.32%	0	Timeline
FVNFUTURE VISION II ACQUISITION	325,000	$3.26M	1.62%	new	Timeline
FSHPFLAG SHIP ACQUISITION CORP	314,000	$3.19M	1.59%	0	Timeline
CANTOR EQUITY PARTNERS INCCANTOR EQUITY PARTNERS INC	300,000	$3.1M	1.54%	0
IBACIB ACQUISITION CORP	250,000	$2.53M	1.26%	0	Timeline
VACHVOYAGER ACQUISITION CORP	250,000	$2.51M	1.25%	new	Timeline
SIDUSIDUS SPACE INC	483,000	$2.37M	1.18%	new	Timeline
HYACHAYMAKER ACQUISITION CORP IV	195,077	$2.1M	1.04%	0	Timeline
UCFICN HEALTHY FOOD TECH GROUP C	165,043	$1.7M	0.84%	0	Timeline
CAPNCAYSON ACQUISITION CORP	150,000	$1.51M	0.75%	new	Timeline
NVNI GROUP LTDNVNI GROUP LTD	525,858	$1.29M	0.64%	new
GOLDENSTONE ACQUISITION LTD…GOLDENSTONE ACQUISITION LTD COM	109,890	$1.24M	0.62%	0
DYNCDYNAMIX CORP	120,000	$1.17M	0.58%	new	Timeline
BUKIT JALIL GBL ACQUISITION…BUKIT JALIL GBL ACQUISITION ORD S…	100,000	$1.1M	0.55%	0
Oak Woods Acquisition CorpOak Woods Acquisition Corp	90,000	$1.02M	0.51%	0
CUBLIONHEART HOLDINGS	100,000	$1.01M	0.5%	0	Timeline
MACIMELAR ACQUISITION CORP. I	100,000	$1.01M	0.5%	0	Timeline
DTSQDT CLOUD STAR ACQUISITION CO	100,000	$1.01M	0.5%	new	Timeline
VLOSVELOS ACQUISITION I CORP	100,000	$1.01M	0.5%	new	Timeline
DT CLOUD ACQUISITION CORPDT CLOUD ACQUISITION CORP	90,200	$942K	0.47%	0
FTWEQV VENTURES ACQUISITION C-A	93,574	$934K	0.46%	new	Timeline
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	80,000	$802K	0.4%	new
CARGO THERAPEUTICS INC COMCARGO THERAPEUTICS INC COM	52,245	$753K	0.37%	-10,500
DRDBUROMAN DBDR ACQUISITION CORP	75,000	$748K	0.37%	new	Timeline
GSR III ACQUISITION CORPGSR III ACQUISITION CORP	70,000	$704K	0.35%	new
TAVIUTAVIA ACQUISITION CORP	65,000	$653K	0.32%	new	Timeline
PANTAGES CAPITAL ACQUISITIONPANTAGES CAPITAL ACQUISITION	65,000	$651K	0.32%	new
ASPCUA SPAC III ACQUISITION CORP	60,000	$604K	0.3%	new	Timeline
FACTUFACT II ACQUISITION CORP	60,000	$599K	0.3%	new	Timeline
GLOBAL LIGHTS ACQUISITION COGLOBAL LIGHTS ACQUISITION CO	53,354	$569K	0.28%	0
VCICVINE HILL CAP INVT CORP.	55,790	$561K	0.28%	new	Timeline
FOUR LEAF ACQUISITION CORPFOUR LEAF ACQUISITION CORP	49,122	$545K	0.27%	0
NABORS ENERGY TRANSITION CORNABORS ENERGY TRANSITION COR	49,795	$538K	0.27%	0
CCIXCHURCHILL CAPITAL CORP IX	48,900	$506K	0.25%	0	Timeline
CHENGHE ACQUISITION II COCHENGHE ACQUISITION II CO	50,000	$506K	0.25%	0
RANGURANGE CAP ACQUISITION CORP	50,000	$502K	0.25%	new	Timeline
NEWBURY STR II ACQUISITION CNEWBURY STR II ACQUISITION C	45,000	$450K	0.22%	new
CHARLTON ARIA ACQUISITION COCHARLTON ARIA ACQUISITION CO	40,000	$408K	0.2%	new
GOLDEN STAR ACQUISITION CORPGOLDEN STAR ACQUISITION CORP	36,029	$402K	0.2%	0
NOEMUCO2 ENERGY TRANSITION CORP	40,000	$401K	0.2%	new	Timeline
RDACRISING DRAGON ACQUISITION CO	40,000	$401K	0.2%	new	Timeline
ANSCAGRICULTURE & NAT SOL ACQ CO	35,482	$372K	0.18%	0	Timeline
WILLOW LANE ACQUISITION CORPWILLOW LANE ACQUISITION CORP	35,000	$349K	0.17%	new
YHNAYHN ACQUISITION I LTD	29,000	$292K	0.14%	new	Timeline
POLEANDRETTI ACQUISITION CORP II	26,600	$266K	0.13%	new	Timeline
CADLCANDEL THERAPEUTICS INC	30,000	$260K	0.13%	new	Timeline
VERRICA PHARMACEUTICALS INCVERRICA PHARMACEUTICALS INC	351,142	$246K	0.12%	new
PESIPERMA-FIX ENVIRONMENTAL SVCS	20,000	$221K	0.11%	new	Timeline
HSPTUHORIZON SPACE ACQUISITION II	20,000	$201K	0.1%	new	Timeline
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	20,000	$199K	0.1%	new
BIOMX INCBIOMX INC	258,492	$189K	0.09%	-330,535
EURKEUREKA ACQUISITION CORP	15,400	$156K	0.08%	new	Timeline
RYVYL INCRYVYL INC	120,026	$156K	0.08%	+92,841
PROMIS NEUROSCIENCES INCPROMIS NEUROSCIENCES INC	160,207	$152K	0.08%	-226,687
SCILEX HOLDING COSCILEX HOLDING CO	221,869	$94.6K	0.05%	-11,594
GLOBAL BLOCKCHAIN ACQUI CORPGLOBAL BLOCKCHAIN ACQUI CORP	625,000	$66.1K	0.03%	0
GROY/WSGOLD ROYALTY CORP	249,397	$63.6K	0.03%	0	Timeline
LBRA1847 HLDGS LLC COM PAR NO PAR	236,790	$60.1K	0.03%	new	Timeline
MARS ACQUISITION CORPMARS ACQUISITION CORP	155,000	$58.9K	0.03%	0
RTS/IRON HORSE ACQUISITIONS…RTS/IRON HORSE ACQUISITIONS CORP …	200,000	$55.6K	0.03%	0
FVNNRFUTURE VISION II ACQUISITION	325,000	$45.5K	0.02%	new	Timeline
AMPLITECH GROUP INCAMPLITECH GROUP INC	46,662	$40.6K	0.02%	0
HUDSON ACQUISITION I CORPHUDSON ACQUISITION I CORP	197,000	$40.3K	0.02%	0
GWHWSESS TECH INC	586,218	$38.1K	0.02%	0	Timeline
MRMMEDIROM HEALTHCARE TECH INC	35,582	$37.4K	0.02%	new	Timeline
LEXARIA BIOSCIENCE CORPLEXARIA BIOSCIENCE CORP	41,251	$35.1K	0.02%	0
FSHPRFLAG SHIP ACQUISITION CORP	314,000	$34.6K	0.02%	0	Timeline
AQUARON ACQUISITION CORPAQUARON ACQUISITION CORP	194,000	$33K	0.02%	0
TBMCRTRAILBLAZER MERGER CORP I RT	130,000	$31.2K	0.02%	0	Timeline
WINVEST ACQU-RTS EQUITYWINVEST ACQU-RTS EQUITY	290,295	$25.7K	0.01%	0
GPATWGP-ACT III ACQUISITION CORP	176,172	$24.7K	0.01%	-25,929	Timeline
RTS/BELLEVUE LIFE SCNCS AQS…RTS/BELLEVUE LIFE SCNCS AQSTN CORP	156,176	$20.3K	0.01%	0
GOLDENSTONE ACQUISITION LTDGOLDENSTONE ACQUISITION LTD	150,000	$19.5K	0.01%	0
BAYARBAYVIEW ACQUISITION CORP	147,900	$19.2K	0.01%	0	Timeline
CAPNRCAYSON ACQUISITION CORP	150,000	$18K	0.01%	new	Timeline
GLOBAL STAR ACQUISITION INCGLOBAL STAR ACQUISITION INC	120,000	$18K	0.01%	0
GLOBAL BLK-CW27 EQUITYGLOBAL BLK-CW27 EQUITY	442,645	$17.7K	0.01%	-33,320
IBACRIB ACQUISITION CORP	250,000	$17.3K	0.01%	0	Timeline
OAK WOODS ACQUISITION CORPOAK WOODS ACQUISITION CORP	90,000	$16.2K	0.01%	0
DYNCWDYNAMIX CORP	60,000	$15.6K	0.01%	new	Timeline
DATA STORAGE CORPDATA STORAGE CORP	29,000	$15.6K	0.01%	0
DYCQRDT CLOUD ACQUISITION CORP RT 0	100,000	$15K	0.01%	0	Timeline
GLOBAL LIGHTS ACQUISITION COGLOBAL LIGHTS ACQUISITION CO	99,800	$15K	0.01%	0
BROAD CAPITAL ACQUISITION COBROAD CAPITAL ACQUISITION CO	100,000	$14.4K	0.01%	0
DTSQRDT CLOUD STAR ACQUISITION CO	100,000	$13.8K	0.01%	new	Timeline
LEMONADE INCLEMONADE INC	88,946	$12.1K	0.01%	0
TNONWTENON MEDICAL INC	999,400	$11.7K	0.01%	0	Timeline
IVDAWIVEDA SOLUTIONS INC	54,000	$11.3K	0.01%	0	Timeline
BUKIT JALIL GBL ACQUISITIONBUKIT JALIL GBL ACQUISITION	100,000	$10K	<0.01%	0
00	118,500	$9.33K	<0.01%	0
CYCUWCYCURION INC	437,885	$9.06K	<0.01%	-300	Timeline
DISTOKEN ACQUISITION CORP (…DISTOKEN ACQUISITION CORP (U.S.) …	80,000	$8.81K	<0.01%	0
ECXWWECARX HOLDINGS INC	149,100	$7.46K	<0.01%	0	Timeline
CN HEALTHY FOOD TECH GROUP CCN HEALTHY FOOD TECH GROUP C	200,000	$7K	<0.01%	0
RMCOWROYALTY MGMT HLDG CORP	357,253	$6.72K	<0.01%	-2,100	Timeline
VLOSWVELOS ACQUISITION I CORP	35,300	$6.35K	<0.01%	new	Timeline
FORLWWTS/FOUR LEAF ACQUISITION CORPORA…	68,700	$5.98K	<0.01%	-400	Timeline
ANTELOPE ENTERPRISE HLDGS LTANTELOPE ENTERPRISE HLDGS LT	25,036	$5.71K	<0.01%	0
RDACRRISING DRAGON ACQUISITION CO	40,000	$5.66K	<0.01%	new	Timeline
GEOVAX LABS INCGEOVAX LABS INC	53,960	$5.4K	<0.01%	0
DIH HLDG US INCDIH HLDG US INC	99,349	$5.39K	<0.01%	-117,028
SPLASH BEVERAGE GROUP INCSPLASH BEVERAGE GROUP INC	288,884	$5.17K	<0.01%	0
VACHWVOYAGER ACQUISITION CORP	40,355	$5.04K	<0.01%	new	Timeline
CUBWWLIONHEART HOLDINGS	43,169	$4.75K	<0.01%	-6,831	Timeline
MELAR ACQUISITION CORP. IMELAR ACQUISITION CORP. I	40,899	$4.7K	<0.01%	-9,101
GOLDENSTONE ACQUISITION LTDGOLDENSTONE ACQUISITION LTD	107,827	$4.64K	<0.01%	0
VERSUS SYSTEMS INCVERSUS SYSTEMS INC	100,000	$4.5K	<0.01%	0
VCICWVINE HILL CAP INVT CORP.	27,895	$4.46K	<0.01%	new	Timeline
CROWN LONG HOLDINGSCROWN LONG HOLDINGS	136,232	$4.24K	<0.01%	0
WTS/EVERGREEN CORPORATION E…WTS/EVERGREEN CORPORATION EXP 02/…	147,002	$4.17K	<0.01%	-6,309
AIMDWAINOS INC	82,500	$4.1K	<0.01%	0	Timeline
WTS/BELLEVUE LIFE SCNCS AQS…WTS/BELLEVUE LIFE SCNCS AQSTN CORP	100,942	$4.04K	<0.01%	0
YHNARYHN ACQUISITION I LTD	29,000	$3.77K	<0.01%	new	Timeline
CLRRFCLIMATEROCK USD RTS (CYM) 01/3	50,000	$3.54K	<0.01%	0	Timeline
WinVest Acquisition CorpWinVest Acquisition Corp	257,929	$3.51K	<0.01%	-700
YOTTA ACQUISITION CORPORATIOYOTTA ACQUISITION CORPORATIO	50,000	$3.5K	<0.01%	0
Oak Woods Acquisition CorpOak Woods Acquisition Corp	63,594	$3.15K	<0.01%	-10,021
TECHNOLOGY & TELECOMMUNICAT…TECHNOLOGY & TELECOMMUNICATION	178,270	$3.08K	<0.01%	0
EURKREUREKA ACQUISITION CORP	15,400	$3.08K	<0.01%	new	Timeline
METAL SKY STAR ACQUISITION CMETAL SKY STAR ACQUISITION C	55,000	$2.76K	<0.01%	0
RMSGWREAL MESSENGER CORP.	62,168	$2.51K	<0.01%	new	Timeline
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	18,868	$2.26K	<0.01%	new
POLEWANDRETTI ACQUISITION CORP II	13,300	$2.06K	<0.01%	new	Timeline
VERIFYME INCVERIFYME INC	67,870	$1.98K	<0.01%	0
KVACWKEEN VISION ACQUISITION CORP	28,059	$1.33K	<0.01%	-17,881	Timeline
BUKIT JALIL GBL ACQUISITIONBUKIT JALIL GBL ACQUISITION	44,979	$1.32K	<0.01%	-1,600
BNCWWBNB STANDARD CORP	100,000	$1K	<0.01%	0	Timeline
EMCWFEMBRACE CHANGE ACQUISITION COR	68,399	$917	<0.01%	0	Timeline
Distoken Acquisition CorpDistoken Acquisition Corp	47,037	$833	<0.01%	-2,831
SVREWSAVERONE 2014 LTD	40,000	$800	<0.01%	0	Timeline
Futuretech II Acquisition C…Futuretech II Acquisition Corp	41,559	$640	<0.01%	-1,300
BENFWBENEFICIENT	67,109	$517	<0.01%	0	Timeline
CDTTWCDT EQUITY INC	78,958	$466	<0.01%	0	Timeline
HYCROFT MINING HOLDING CORPHYCROFT MINING HOLDING CORP	15,174	$220	<0.01%	0
Aimfinity Investment Corp IAimfinity Investment Corp I	21,000	$147	<0.01%	0
PARAWBANZAI INTERNATIONAL INC	11,072	$132	<0.01%	0	Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

Security	Type	Amount	Value	Change
NNENANO NUCLEAR ENERGY INC COM	put	33,100	$824K	new
MVISMICROVISION INC DEL COM NEW	put	80,000	$105K	new

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
OATLY GROUP ABOATLY GROUP AB NOTE 9.250% 9/1	principal	11,520,162	$7.79M	+509,254
PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INC NOTE 7.250% 8/1	principal	7,000,000	$6.47M	new

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
SOCSABLE OFFSHORE CORP	275,000	$6.5M	shares
FVNNUFUTURE VISION II ACQUISITION	325,000	$3.26M	shares
VOYAGER ACQUISITION CORPVOYAGER ACQUISITION CORP	250,000	$2.5M	shares
CAPNUCAYSON ACQUISITION CORP	150,000	$1.5M	shares
NYXHNYXOAH S A	149,654	$1.43M	shares
BKSYBLACKSKY TECHNOLOGY INC	286,330	$1.36M	shares
DTSQUDT CLOUD STAR ACQUISITION CO	100,000	$1.01M	shares
VLOSUVELOS ACQUISITION I CORP	100,000	$1M	shares
KVACFKEEN VISION ACQUISITION CORP	91,879	$989K	shares
EQV VENTURES ACQUISITION COREQV VENTURES ACQUISITION COR	93,574	$929K	shares
HCM II ACQUISITION CORPHCM II ACQUISITION CORP	80,000	$799K	shares
MDXHMDXHEALTH SA	325,000	$676K	shares
BIODESIX INCBIODESIX INC	318,767	$567K	shares
VINE HILL CAP INVT CORP.VINE HILL CAP INVT CORP.	55,790	$558K	shares
ENVVENO MEDICAL CORPORATIONENVVENO MEDICAL CORPORATION	141,477	$475K	shares
AHRTAH RLTY TR INC	35,000	$379K	shares
SRZNSURROZEN INC	29,999	$353K	shares
INMBINMUNE BIO INC	60,978	$329K	shares
YHNAUYHN ACQUISITION I LTD	29,000	$291K	shares
POLEUANDRETTI ACQUISITION CORP II	26,600	$266K	shares
AMTBAMERANT BANCORP INC	10,000	$214K	shares
BLACK SPADE ACQUISITION II CBLACK SPADE ACQUISITION II C	20,000	$199K	shares
TOVXTHERIVA BIOLOGICS INC	141,958	$196K	shares
LUCYINNOVATIVE EYEWEAR INC	20,482	$171K	shares
EURKUEUREKA ACQUISITION CORP	15,400	$157K	shares
NOVA VISION ACQUISITION CORPNOVA VISION ACQUISITION CORP	188,193	$46.1K	shares
NORTHVIEW ACQUISITION CO-RTSNORTHVIEW ACQUISITION CO-RTS	437,419	$22.4K	shares
QOMOLANGMA ACQUISITION CORPQOMOLANGMA ACQUISITION CORP	50,000	$10K	shares
DUET ACQUISITION CORP (U.S.)DUET ACQUISITION CORP (U.S.)	458,408	$8.94K	shares
GLOBALINK INVESTMENT INC-RTSGLOBALINK INVESTMENT INC-RTS	54,478	$6.54K	shares
HHG CAPITAL CORPORATIONHHG CAPITAL CORPORATION	96,567	$5.95K	shares
NOVA VISION ACQUISITION CORPNOVA VISION ACQUISITION CORP	102,811	$4.63K	shares
TMT ACQUISITION CORPTMT ACQUISITION CORP	16,916	$4.62K	shares
KAIROUS ACQUISITION CORP LTDKAIROUS ACQUISITION CORP LTD	56,630	$3.97K	shares
SURGEPAYS INCSURGEPAYS INC	197,185	$3.17K	shares
ANSCWAGRICULTURE & NAT SOL ACQ CO	10,481	$2.73K	shares
Chenghe Acquisition II CoChenghe Acquisition II Co	24,900	$1.74K	shares
FORTUNE RI -CW23 EQUITYFORTUNE RI -CW23 EQUITY	54,996	$1.5K	shares
GLOBAL STAR ACQUISITION INCGLOBAL STAR ACQUISITION INC	72,389	$1.45K	shares
INSIGHT ACQUISITION CORPINSIGHT ACQUISITION CORP	27,340	$1.4K	shares
GRIID INFRASTRUCTURE INCGRIID INFRASTRUCTURE INC	37,472	$1.25K	shares
NOCO NOCO INCNOCO NOCO INC	124,026	$1.24K	shares
QOMOLANGMA ACQUISITION CORPQOMOLANGMA ACQUISITION CORP	49,799	$717	shares
METAL SKY STAR ACQUISITION CMETAL SKY STAR ACQUISITION C	55,000	$462	shares
HHG CAPITAL CORPORATIONHHG CAPITAL CORPORATION	18,475	$113	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001081698-25-000002	base		2025-02-14	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC