MMCAP-backed entities hold 9.1% in United Acquisition Corp. (UAC)

Rhea-AI Filing Summary

United Acquisition Corp. I ownership disclosure: two affiliated filers report beneficial ownership of 1,050,000 units, equal to 9.1% of Class A Ordinary Shares. The filing states the units are convertible one-for-one and that 262,500 warrants exercisable for Class A shares are held but not exercisable for 12 months or until the issuer completes a business combination.

The report is signed by representatives on 05/11/2026 and lists filing parties MMCAP International Inc. SPC and MM Asset Management Inc..

Insights

Securities Compliance Counsel

Filing records a passive beneficial ownership disclosure of 9.1% by two affiliated entities.

The Schedule 13G/A amendment lists 1,050,000 Units (each convertible into one Class A share) and discloses 262,500 warrants that are not exercisable for 12 months or until a business combination.

Ownership is shown as shared voting and dispositive power. Future filings may clarify any changes in conversion, warrant exercise timing, or whether the position becomes active; current disclosure is a passive ownership report.

Institutional Portfolio Analyst

Two MMCAP-related entities together hold a single-digit, sizable stake (9.1%) in UAC.

The position comprises 1,050,000 Units convertible one-for-one and 262,500 warrants, with the warrants subject to a 12-month exercise restriction or until a business combination.

For portfolio impact, the disclosed 9.1% stake is material for holder visibility; whether these rights convert or warrants are exercised depends on transaction timing and issuer events recorded in subsequent filings.

Key Figures

Units beneficially owned: 1,050,000 units Percent of class: 9.1% Warrants exercisable: 262,500 warrants +3 more

6 metrics

Units beneficially owned 1,050,000 units Amount beneficially owned reported in Item 4

Percent of class 9.1% Percent of Class A Ordinary Shares reported in Item 4

Warrants exercisable 262,500 warrants Warrants exercisable for Class A Ordinary Shares; exercise restriction disclosed

Par value $0.0001 Par value of Class A Ordinary Shares as stated in the filing

Signature date 05/11/2026 Signing of the joint filing agreement by company representatives

Warrant exercise restriction 12 months Warrants are not exercisable for 12 months or until a business combination

Key Terms

Units convertible, Warrants exercisable, Beneficially owned, Schedule 13G/A

4 terms

Units convertible financial

""1,050,000 Units, each unit convertible into one Class A Ordinary Share""

Warrants exercisable financial

""warrants exercisable for an additional 262,500 Class A Ordinary Shares""

Beneficially owned regulatory

""Amount beneficially owned: 1,050,000""

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Schedule 13G/A regulatory

"Filing header indicates amendment to Schedule 13G/A"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 05:14 PM Learn about SEC filing dates

FAQ

What stake do MMCAP entities report in United Acquisition Corp. (UAC)?

They report beneficial ownership of 1,050,000 units, representing 9.1% of Class A Ordinary Shares. The filing lists the holdings as shared voting and dispositive power held by MMCAP International Inc. SPC and MM Asset Management Inc.

Are warrants included in the MMCAP ownership disclosure for UAC?

Yes. The filing discloses 262,500 warrants exercisable for Class A Ordinary Shares. The warrants are not exercisable for 12 months or until the issuer enters into a business combination.

Do the reported MMCAP holdings convert into ordinary shares one-for-one?

Yes. The filing states the 1,050,000 Units are each convertible into one Class A Ordinary Share, par value $0.0001, reflecting a one-for-one conversion feature as disclosed in the filing.

Who signed the Schedule 13G/A amendment for these holdings?

The amendment is signed by Ulla Vestergaard (Director) and Hillel Meltz (President) with signature dates of 05/11/2026, certifying the joint filing agreement and the reported ownership.

Is the MMCAP position reported as sole or shared voting power?

The filing lists 0 sole voting power and 1,050,000 shared voting power, indicating the filers report shared voting and dispositive authority over the disclosed Units.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

United Acquisition Corp. I

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001

(Title of Class of Securities)

G92ALM124

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G92ALM124

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,050,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The number of Shares beneficially owned by the Reporting Person consists of 1,050,000 Units, each unit convertible into one Class A Ordinary Share, par value $0.0001, and warrants exercisable for an additional 262,500 Class A Ordinary Shares, par value $0.0001. The warrants are not exercisable for 12 months or until the Issuer enters into a business combination transaction.

SCHEDULE 13G

CUSIP Number(s): G92ALM124

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,050,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,050,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,050,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The number of Shares beneficially owned by the Reporting Person consists of 1,050,000 Units, each unit convertible into one Class A Ordinary Share, par value $0.0001, and warrants exercisable for an additional 262,500 Class A Ordinary Shares, par value $0.0001. The warrants are not exercisable for 12 months or until the Issuer enters into a business combination transaction.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: United Acquisition Corp. I
(b)	Address of issuer's principal executive offices: 7100 W. Camino Real, Suite 302-48, Boca Raton, FL 33433
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001
(e)	CUSIP No.: G92ALM124
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,050,000
(b)	Percent of class: 9.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,050,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,050,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	05/11/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	05/11/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement