Hudson Bay Capital Management LP - Apr 25, 2023 Form 4 Insider Report for Twin Ridge Capital Acquisition Corp. (TRCA)

Role: 10%+ Owner
Signature: Hudson Bay Capital Management LP, By: /s/ Sander Gerber, Authorized Signatory
Stock symbol: TRCA
Transactions as of: Apr 25, 2023
Transactions value $: -$2,371,303
Form type: 4
Date filed: 4/27/2023, 02:20 PM
Previous filing: Mar 21, 2023
Next filing: May 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TRCA	Class A Ordinary Shares, $0.0001 par value	Sale	-$2.62K	-254	-0.03%	$10.32	850K	Apr 25, 2023	See footnote	F1
transaction	TRCA	Class A Ordinary Shares, $0.0001 par value	Sale	-$2.37M	-230K	-27.02%	$10.31	621K	Apr 26, 2023	See footnote	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Hudson Bay Capital Management LP is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The securities are held by Hudson Bay Master Fund Ltd. (the "Fund"). Hudson Bay Capital Management LP (the "Investment Manager") serves as the investment manager of the Fund. As such, the Investment Manager may be deemed to have beneficial ownership of the securities held by the Fund. As the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP, Mr. Sander Gerber may be deemed to have beneficial ownership of the securities held by the Fund. Each Reporting Person disclaims beneficial ownership of the securities held by the Fund, except to the extent of its or his pecuniary interest therein.

Content

The securities are held by Hudson Bay Master Fund Ltd. (the "Fund"). Hudson Bay Capital Management LP (the "Investment Manager") serves as the investment manager of the Fund. As such, the Investment Manager may be deemed to have beneficial ownership of the securities held by the Fund. As the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP, Mr. Sander Gerber may be deemed to have beneficial ownership of the securities held by the Fund. Each Reporting Person disclaims beneficial ownership of the securities held by the Fund, except to the extent of its or his pecuniary interest therein.