Super League Enterprise, Inc.

Issuer

Super League Enterprise, Inc.

Security title

Common Stock, $0.001 par value per share

Principal address

Comment

This Amendment No. 1 to Schedule 13D (this "Amendment") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on August 20, 2026 (the "Schedule 13D") by the Reporting Persons identified in Item 2 below with respect to the shares of Common Stock, par value $0.001 per share, of Super League Enterprise, Inc. This Amendment is being filed to report the assignment by Evolution Capital to Evo Fund of the Evo Capital Warrant, as described in Item 3 below. Except as specifically amended and supplemented by the information set forth in this Amendment, the information set forth in the Schedule 13D remains unchanged. Capitalized terms used but not defined in this Amendment have the meanings given to them in the Schedule 13D.

Citizenship

Evo Fund is a Cayman Islands corporation. Evolution Capital is a Delaware limited liability company. ECM is a Delaware limited liability company. Mr. Lerch is a United States citizen.

Principal occupation

The principal business of Evo Fund is investing in securities. The principal business of Evolution Capital is investing in securities. The principal business of ECM is managing investments as the family office of Mr. Lerch. Mr. Lerch's present principal occupation is serving as the Chief Investment Officer of Evolution Capital Management LLC, a family office managing his personal investments through entities such as Evo Fund and Evolution Capital.

Filing person

This Statement is being filed by (i) Evo Fund, a Cayman Islands exempted company ("Evo Fund"), (ii) Evolution Capital Investments LLC, a Delaware limited liability company ("Evolution Capital" and, together with Evo Fund, the "Evo Entities"), (iii) Evolution Capital Management LLC, a Delaware limited liability company ("ECM") and (iv) Michael Lerch, a citizen of the United States. The Evo Entities, ECM and Mr. Lerch are collectively referred to as the "Reporting Persons." ECM holds voting and investment power with respect to the securities held by Evo Fund. Mr. Lerch is the managing member of Evolution Capital and of ECM. As a result, Mr. Lerch may be considered the beneficial owner of the shares held by the Evo Entities.

Criminal proceedings response

During the last five years, the Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

Proceedings description

During the last five years, the Reporting Persons have not been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining further violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Principal business address

The business address of the Reporting Persons is 10250 Constellation Blvd., Ste. 2300, Los Angeles, California 90067.

Source of funds

On September 30, 2026, Evolution Capital assigned to Evo Fund all of Evolution Capital's right, title and interest in and to the Evo Capital Warrant, pursuant to a written assignment executed by Evolution Capital in favor of Evo Fund (the "Warrant Assignment"). As a result of the Warrant Assignment, Evo Fund now holds the Evo Capital Warrant, representing the right to purchase 416,667 shares of Common Stock at an exercise price of $6.84 per share (after giving effect to the exercise price adjustment described above), and Evolution Capital no longer holds any shares of Common Stock or warrants to purchase Common Stock. The foregoing description of the Warrant Assignment does not purport to be complete and is qualified in its entirety by the full text of such document, a copy of which is filed as Exhibit 4 to this Schedule 13D and is incorporated by reference herein. The source of the funds used to acquire the securities described in this Item 3 is other capital of Evo Fund and Evo Capital, as applicable. The foregoing description of the Warrant Assignment does not purport to be complete and is qualified in its entirety by the full text of such document, a copy of which is filed as Exhibit 4 to this Schedule 13D, respectively, and are incorporated by reference herein.

Purpose of transaction

The information set forth in or incorporated by reference in Item 3 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired beneficial ownership of the securities of the Issuer as described in this Schedule 13D for investment and decision-making purposes and intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including but not limited to the Issuer's business, prospects, financial position and strategic direction, price levels of the securities, conditions in the securities markets, and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to its investment in the Issuer as it deems appropriate, including changing its current intentions, with respect to any or all matters required to be disclosed in this Schedule 13D. The Reporting Persons expect that they will, from time to time, review their investment position in the Issuer and may, subject to the terms of each of the Exchange Agreement and Subscription Agreement, make additional purchases of shares of Common Stock (or other securities convertible or exercisable into shares of Common Stock) in the open market or in privately negotiated transactions, or hold or dispose of all or part of its investments in the Common Stock, depending upon the Reporting Person's evaluation of the Issuer's business, prospects, financial condition and strategic direction, the market for the Common Stock, other opportunities available to the Reporting Persons, general economic conditions, stock market conditions and other factors. Except as set forth in this Item 4 or Item 3 above, the Reporting Persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Securities Exchange Act of 1934, as amended.

Number of shares

See Items 7-11 of the cover pages of this Schedule 13D and Item 2 above.

Transactions

Except as reported in this Statement, no Reporting Person has effected any transactions in the Issuer's securities within the past 60 days.

Other persons with an interest

Not applicable.

Date ownership ceased to exceed 5%

Not applicable.

Percentage of class

See Item 2 above. Evo Fund shares voting and dispositive power over 279,241 shares of Common Stock consisting of (i) 184,997 shares of Common Stock and (ii) 94,244 shares of Common Stock underlying currently exercisable warrants. In addition, Evo Fund owns (i) pre-funded warrants to purchase 552,198 shares of Common Stock which are subject to a beneficial ownership limitation of 9.99%, (ii) warrants to purchase 833,334 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% and (iii) warrants to purchase 416,667 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% and were acquired from Evolution Capital pursuant to the Warrant Assignment described in Item 3 above. ECM shares voting and dispositive power over 279,241 shares of Common Stock held by Evo Fund consisting of (i) 184,997 shares of Common Stock and (ii) 92,244 shares of Common Stock underlying currently exercisable warrants. In addition, ECM beneficially owns (i) pre-funded warrants to purchase 552,198 shares of Common Stock which are subject to a beneficial ownership limitation of 9.99% and are held by Evo Fund, (ii) warrants to purchase 833,334 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% and are held by Evo Fund and (iii) warrants to purchase 416,667 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% which were acquired by Evo Fund from Evolution Capital pursuant to the Warrant Assignment described in Item 3 above. Mr. Lerch shares voting and dispositive power over 279,241 shares of Common Stock held by Evo Fund consisting of (i) 184,997 shares of Common Stock and (ii) 94,244 shares of Common Stock underlying currently exercisable warrants. In addition, Mr. Lerch beneficially owns (i) pre-funded warrants to purchase 552,198 shares of Common Stock which are subject to a beneficial ownership limitation of 9.99% and are held by Evo Fund, (ii) warrants to purchase 833,334 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% and are held by Evo Fund and (iii) warrants to purchase 416,667 shares of Common Stock which are subject to a beneficial ownership limitation of 4.99% which were acquired by Evo Fund from Evolution Capital pursuant to the Warrant Assignment described in Item 3 above. Calculations are based on 2,700,958 shares of Common Stock outstanding[GT1.1], as reported by the Issuer to the Reporting Persons on September 9, 2026 and the applicable number of shares of Common Stock underlying currently exercisable warrants for each Reporting Person.

Contracts and arrangements

The information set forth in or incorporated by reference in Items 3 and 4 of this Schedule 13D is incorporated by reference in its entirety into this Item 6. On the closing date of the August 2026 Investment (the "Closing Date"), Evo Fund and the Issuer expect to enter into a customary registration rights agreement (the "Registration Rights Agreement"). The registration rights will expire on the date on which the securities subject to the Registration Rights Agreement are (i) sold pursuant to an effective registration statement, (ii) are sold or transferred without a restrictive legend, (iii) are no longer outstanding, or (iv) are sold to or through a public distribution or other public securities transaction. The registration rights are subject to certain delay, suspension and cutback provisions. Shelf Registration Statement. The Issuer will be required to file a shelf registration statement on Form S-3, or to the extent unavailable, on Form S-1, that covers Evo Fund's registrable securities within thirty (30) days after the Closing Date. Piggyback Registration Rights. In the event that the Issuer proposes to register any of its securities under the Securities Act, either for Super League's account or for the account of the Issuer's other securityholders, Evo Fund will be entitled to certain piggyback registration rights allowing each to include its shares in the registration, subject to certain marketing and other limitations. The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by the full text of such document, a copy of which is included as Exhibit A to the Subscription Agreement, a copy of which is filed as Exhibit 3 to this Schedule 13D and is incorporated by reference herein.

Filed exhibits

Exhibit 1 Joint Filing Agreement, dated as of August 20, 2026, among Evo Fund, Evolution Capital Investments LLC, Evolution Capital Management LLC and Michael Lerch (filed as Exhibit 1 to the Reporting Persons' General Statement of Acquisition of Beneficial Ownership on Schedule 13D as filed with the Commission on August 20, 2026 (SEC File No. 005-91138)). Exhibit 2 Exchange Agreement, dated August 14, 2026, by and between Super League Enterprise, Inc. and Evo Fund (filed as Exhibit 10.4 to the Issuer's Current Report on Form 8-K as filed with the Commission on August 18, 2026 (SEC File No. 001-38819). Exhibit 3 Subscription Agreement, dated August 18, 2026, by and between Super League Enterprise, Inc. and Evo Fund (filed as Exhibit 10.2 to the Issuer's Current Report on Form 8-K as filed with the Commission on August 18, 2026 (SEC File No. 001-38819). Exhibit 4 Assignment, dated September 30, 2026, by Evolution Capital Investments LLC in favor of Evo Fund, with respect to the warrant to purchase 416,667 shares of Common Stock originally issued to Evolution Capital Investments LLC on October 22, 2025.