MMCAP/MM Asset report 8.0% stake in Akari Therapeutics (NASDAQ: AKTX)

Rhea-AI Filing Summary

Akari Therapeutics, Plc. ownership disclosure: MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 8,000,000,000 Ordinary Shares, representing 8.0% of the class. The position represents 100,000 American Depositary Shares, each convertible into 80,000 Ordinary Shares, with the percent calculated on a partially‑diluted basis using 91,567,009,533 Ordinary Shares outstanding as of March 31, 2026 per the issuer's 10-Q. Both filers report shared voting power of 8,000,000,000 and shared dispositive power of 8,000,000,000.

Insights

Institutional Ownership Analyst

Large ADS-derived stake reported: 8.0% beneficial ownership via 100,000 ADS convertible into 8,000,000,000 Ordinary Shares.

The filing states that 100,000 ADS are each convertible into 80,000 Ordinary Shares, amounting to 8,000,000,000 Ordinary Shares and 8.0% on a partially‑diluted basis using March 31, 2026 outstanding shares. This describes the legal economic exposure held through ADSs rather than direct share issuance.

Cash‑flow treatment and trading intent are not disclosed in the excerpt; subsequent filings or public statements would be required to clarify whether the position is passive or seeks influence.

Corporate Governance Specialist

Shared voting and dispositive power reported for the two related filers; governance influence depends on coordination between entities.

The report lists shared voting power of 8,000,000,000 and shared dispositive power of 8,000,000,000 for both MMCAP International Inc. SPC and MM Asset Management Inc. The joint filing agreement is referenced via Exhibit 99.1 and signatures are provided.

Whether this stake translates into board influence or proposal power depends on future disclosures and any coordination described in additional filings.

Key Figures

Beneficial ownership: 8,000,000,000 Ordinary Shares Ownership percent: 8.0% ADS held: 100,000 American Depositary Shares +4 more

7 metrics

Beneficial ownership 8,000,000,000 Ordinary Shares Represents 100,000 ADS each convertible into 80,000 Ordinary Shares

Ownership percent 8.0% Calculated on a partially-diluted basis using 91,567,009,533 Ordinary Shares outstanding

ADS held 100,000 American Depositary Shares Each ADS convertible into 80,000 Ordinary Shares (per filing text)

Shares outstanding (basis) 91,567,009,533 Ordinary Shares Outstanding as of <date>March 31, 2026</date> per the issuer's 10-Q

Shared voting power 8,000,000,000 Reported shared voting power for each filer

Shared dispositive power 8,000,000,000 Reported shared dispositive power for each filer

CUSIP 00972G405 Class identifier for Ordinary Shares

Key Terms

American Depositary Shares, partially-diluted basis, beneficially owned, shared dispositive power

4 terms

American Depositary Shares financial

"The Reporting Person owns 100,000 American Depositary Shares (NASDAQ: AXTX)"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

partially-diluted basis regulatory

"Percent of class calculated on a partially-diluted basis using 91,567,009,533 Ordinary Shares"

A partially-diluted basis is a way of counting a company’s shares that includes currently outstanding shares plus certain likely additional shares from things like vested options, warrants, and convertible securities, but excludes more speculative or unissued items. For investors it gives a more realistic view of ownership stakes and per-share figures — like earnings per share — by showing dilution that is probable today, much as counting people with purchased tickets (but not those who might buy later) gives a clearer sense of how full a theater really is.

beneficially owned regulatory

"Amount beneficially owned: 8,000,000,000 Represents 100,000 American Depositary Shares"

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.

shared dispositive power governance

"Shared power to dispose or to direct the disposition of: 8,000,000,000"

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

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Available on EDGAR 06/08/2026 - 08:53 PM Accepted by SEC EDGAR 06/08/2026 - 08:53 PM Learn about SEC filing dates

FAQ

What stake did MMCAP and MM Asset Management report in AKTX?

They reported beneficial ownership of 8,000,000,000 Ordinary Shares, representing 8.0% of the class on a partially-diluted basis using 91,567,009,533 shares outstanding as of March 31, 2026.

How do the 100,000 ADS relate to the ordinary shares reported?

The filing states 100,000 American Depositary Shares, each convertible into 80,000 Ordinary Shares, which equals the reported 8,000,000,000 Ordinary Shares beneficially owned by the filers.

What voting and disposition powers are reported for the filers?

Both filers report shared voting power of 8,000,000,000 and shared dispositive power of 8,000,000,000; sole voting and dispositive powers are reported as 0.

On what basis was the 8.0% ownership percentage calculated?

The percentage is calculated on a partially-diluted basis using 91,567,009,533 Ordinary Shares outstanding as of March 31, 2026, as reported in the issuer's 10-Q filed May 19, 2026.

Who signed the joint Schedule 13G filing for these holders?

The filing is signed by Ulla Vestergaard (Director) and Hillel Meltz (President) with signature dates of 06/08/2026 and includes a Joint Filing Agreement as Exhibit 99.1.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Akari Therapeutics, Plc.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

00972G405

(CUSIP Number)

06/02/2026

(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): 00972G405

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 8,000,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,000,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,000,000,000.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The Reporting Person owns 100,000 American Depository Shares (NASDAQ: AXTX) of the Issuer, each convertible into 80,000 Ordinary Shares, par value $0.000000005, of the Issuer

SCHEDULE 13G

CUSIP Number(s): 00972G405

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 8,000,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,000,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,000,000,000.00

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)

8.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The Reporting Person owns 100,000 American Depository Shares (NASDAQ: AXTX) of the Issuer, each convertible into 80,000 Ordinary Shares, par value $0.000000005, of the Issuer

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Akari Therapeutics, Plc.
(b)	Address of issuer's principal executive offices: 401 E. Jackson Street, Suite 3300, Tampa, FL 33602
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: Ordinary Shares
(e)	CUSIP Number(s): 00972G405
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: 8,000,000,000 Represents 100,000 American Depository Shares, each convertible into 80,000 Ordinary Shares
(b)	Percent of class: 8.0% Percent of class calculated on a partially-diluted basis using 91,567,009,533 Ordinary Shares, par value $0.000000005, outstanding as of March 31, 2026, as reported on the Issuer's 10-Q filed with the Securities and Exchange Commission on May 19, 2026.
(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: 8,000,000,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 8,000,000,000
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:	06/08/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	06/08/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement