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  4. [Form 4] FIREFLY NEUROSCIENCE, INC. Insider Trading Activity

AIFF insiders report Rule 144 sales and updated holdings

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Firefly Neuroscience (AIFF) insiders reported open‑market sales by a group affiliated with Windsor Private Capital. On 10/15/2025, 17,500 shares were sold at an average price of $2.7444; on 10/16/2025, 40,139 shares at $2.6522; and on 10/17/2025, 45,036 shares at $2.5462. Following these transactions, the group reported 1,452,701, then 1,412,562, and finally 1,367,526 shares beneficially owned. The filing notes these sales were conducted under Rule 144 and that the holdings are reported as indirectly owned through Windsor, with the reporting persons identified as members of a group that beneficially owns more than 10%.

Positive

  • None.

Negative

  • None.
Insider Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Kupinsky Jordan, HJRK Holdings Inc., HJR Kupinsky 2013 Family Trust, Marcello Rocco, Cundari John
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 102,675 shs ($269K)
Type Security Shares Price Value
Sale Common Stock 45,036 $2.5462 $115K
Sale Common Stock 40,139 $2.6522 $106K
Sale Common Stock 17,500 $2.7444 $48K
Holdings After Transaction: Common Stock — 1,367,526 shares (Indirect, See footnote)
Footnotes (1)
  1. This Form 4 is filed jointly by Windsor Private Capital LP ("Windsor"), WPC Management Services Inc. ("WPC Management Services"), WPC GP I Inc. ("WPC"), Jordan Kupinsky ("Mr. Kupinsky"), HJRK Holdings Inc. ("HJRK"), HJR Kupinsky 2013 Family Trust ("HJRK Trust"), Rocco Marcello ("Mr. Marcello") and John Cundari ("Mr. Cundari", and collectively, the "Reporting Persons"). The Reporting Persons are members of a "group" that beneficially owns more than 10% of the shares of common stock of Firefly Neurosciences, Inc. (the "Issuer"). These transactions occurred pursuant to broker-dealer sales conducted in accordance with Rule 144 under the Securities Act of 1933, as amended. The reported securities are held directly by Windsor. Mr. Marcello is Founder, Chairman and Chief Executive Officer of Windsor. Mr. Cundari is President of Windsor. Mr. Kupinsky is Managing Partner of Windsor. WPC is the general partner of Windsor and WPC Management Services is the sole shareholder of WPC. Mr. Marcello, Mr. Cundari and Mr. Kupinsky are the directors of WPC and WPC Management Services. WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello and Mr. Cundari may be deemed to beneficially own the reported securities. WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello and Mr. Cundari disclaim beneficial ownership of the securities held directly by Windsor except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello or Mr. Cundari is a beneficial owner of such securities for purposes of Section 16 or any other purpose.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Windsor Private Capital LP
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FIREFLY NEUROSCIENCE, INC. [ AIFF ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock(1) 10/15/2025 S(2) 17,500 D $2.7444 1,452,701 I See footnote(3)
Common Stock(1) 10/16/2025 S(2) 40,139 D $2.6522 1,412,562 I See footnote(3)
Common Stock(1) 10/17/2025 S(2) 45,036 D $2.5462 1,367,526 I See footnote(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Windsor Private Capital LP
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
WPC Management Services Inc.
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
WPC GP I Inc.
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Kupinsky Jordan
(Last) (First) (Middle)
395 BROOKE AVENUE
(Street)
TORONTO A6 M5M 2L5
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
HJRK Holdings Inc.
(Last) (First) (Middle)
395 BROOKE AVENUE
(Street)
TORONTO A6 M5M 2L5
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
HJR Kupinsky 2013 Family Trust
(Last) (First) (Middle)
395 BROOKE AVENUE
(Street)
TORONTO A6 M5M 2L5
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Marcello Rocco
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Cundari John
(Last) (First) (Middle)
22 ST. CLAIR AVENUE EAST
SUITE 202
(Street)
TORONTO A6 M4T 2S3
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. This Form 4 is filed jointly by Windsor Private Capital LP ("Windsor"), WPC Management Services Inc. ("WPC Management Services"), WPC GP I Inc. ("WPC"), Jordan Kupinsky ("Mr. Kupinsky"), HJRK Holdings Inc. ("HJRK"), HJR Kupinsky 2013 Family Trust ("HJRK Trust"), Rocco Marcello ("Mr. Marcello") and John Cundari ("Mr. Cundari", and collectively, the "Reporting Persons"). The Reporting Persons are members of a "group" that beneficially owns more than 10% of the shares of common stock of Firefly Neurosciences, Inc. (the "Issuer").
2. These transactions occurred pursuant to broker-dealer sales conducted in accordance with Rule 144 under the Securities Act of 1933, as amended.
3. The reported securities are held directly by Windsor. Mr. Marcello is Founder, Chairman and Chief Executive Officer of Windsor. Mr. Cundari is President of Windsor. Mr. Kupinsky is Managing Partner of Windsor. WPC is the general partner of Windsor and WPC Management Services is the sole shareholder of WPC. Mr. Marcello, Mr. Cundari and Mr. Kupinsky are the directors of WPC and WPC Management Services. WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello and Mr. Cundari may be deemed to beneficially own the reported securities. WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello and Mr. Cundari disclaim beneficial ownership of the securities held directly by Windsor except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of WPC Management Services, WPC, Mr. Kupinsky, Mr. Marcello or Mr. Cundari is a beneficial owner of such securities for purposes of Section 16 or any other purpose.
Windsor Private Capital LP, by its General Partner, WPC GP I Inc., /s/ John Cundari, Partner 10/17/2025
WPC Management Services Inc., /s/ John Cundari, Partner 10/17/2025
WPC GP I Inc., /s/ John Cundari, Partner 10/17/2025
/s/ Jordan Kupinsky 10/17/2025
HJRK Holdings Inc., /s/ Jordan Kupinsky, President and Director 10/17/2025
HJR Kupinsky 2013 Family Trust, by its Trustee, Jordan Kupinsky, /s/ Jordan Kupinsky 10/17/2025
/s/ Rocco Marcello 10/17/2025
/s/ John Cundari 10/17/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did AIFF’s Form 4 disclose?

Open‑market sales of common stock by a reporting group affiliated with Windsor Private Capital over three days, with updated beneficial ownership.

How many AIFF shares were sold and at what prices?

10/15: 17,500 at $2.7444; 10/16: 40,139 at $2.6522; 10/17: 45,036 at $2.5462.

What is the group’s beneficial ownership after the sales?

Reported beneficial ownership decreased to 1,367,526 shares after the 10/17/2025 transaction.

Were the AIFF insider sales under Rule 144?

Yes. The filing states the broker‑dealer sales were conducted in accordance with Rule 144.

Is the ownership direct or indirect?

Indirect. The reported securities are held by Windsor Private Capital LP; certain individuals and entities may be deemed beneficial owners as disclosed.

Who are the reporting persons on this Form 4?

Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Jordan Kupinsky, HJRK Holdings Inc., HJR Kupinsky 2013 Family Trust, Rocco Marcello, and John Cundari.

What is the relationship to the issuer?

The reporting persons are identified as members of a group that beneficially owns more than 10%.