Evo Fund, Evolution Capital Management LLC, and Michael Lerch filed Amendment No. 2 to their Schedule 13D on November 9, 2026, disclosing a partial pre-funded warrant exercise that added 172,797 shares of Super League Enterprise, Inc. common stock on November 5, 2026.

Key Highlights

  • Triggering event: On November 5, 2026, Evo Fund partially exercised the New Evo Pre-Funded Warrant to purchase 172,797 shares of Common Stock at $0.001 per share.
  • Aggregate beneficial ownership: Each reporting person now reports shared voting and dispositive power over 530,661 shares of Super League Enterprise common stock.
  • Percent of class: The 530,661 shares represent 9.9% of the class, as reported in the filing.
  • Composition of reported shares: The 530,661 shares consist of 357,794 shares of common stock and 172,867 shares underlying currently exercisable warrants, according to the filing.
  • Additional warrants held subject to caps: Evo Fund also holds pre-funded warrants for 300,777 shares subject to a 9.99% beneficial ownership limitation, warrants for 833,334 shares subject to a 4.99% cap, and warrants for 416,667 shares subject to a 4.99% cap.
  • Reporting persons: The filing is made jointly by Evo Fund (Cayman Islands), Evolution Capital Management LLC (Delaware), and Michael Lerch (United States citizen), who serves as managing member of ECM and Chief Investment Officer of Evolution Capital Management LLC.

Evo Fund's Partial Warrant Exercise and Updated Stake in Super League Enterprise

According to the filing, this Amendment No. 2 to Schedule 13D amends the original Schedule 13D filed with the SEC on August 20, 2026, as previously amended on September 30, 2026. The amendment was triggered by Evo Fund's partial exercise of the New Evo Pre-Funded Warrant on November 5, 2026, through which it acquired 172,797 shares of Super League Enterprise, Inc. common stock at an exercise price of $0.001 per share. The source of funds is described as "other capital of Evo Fund."

The filing identifies three reporting persons acting jointly under a Joint Filing Agreement dated November 9, 2026. ECM holds voting and investment power over the securities held by Evo Fund, and Michael Lerch, as managing member of ECM, "may be considered the beneficial owner of the shares held by Evo Fund," according to the filing. Each of the three reporting persons reports shared voting power and shared dispositive power over 530,661 shares, with zero sole voting or sole dispositive power.

The filing states that the reporting persons acquired beneficial ownership "for investment and decision-making purposes" and intend to review their investment on a continuing basis. The filing notes the reporting persons may make additional purchases, hold, or dispose of their position depending on factors including the issuer's business, financial position, market conditions, and other considerations. The filing states that, except as set out in Items 3 and 4, the reporting persons have "no present plans or proposals" that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.

What Was Disclosed

Evo Fund, Evolution Capital Management LLC, and Michael Lerch filed an amended Schedule 13D reporting the November 5, 2026 exercise of 172,797 shares under a pre-funded warrant at $0.001 per share, bringing their reported aggregate beneficial ownership to 530,661 shares, or 9.9% of the class.