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CDT Equity Inc. is the issuer whose common shares are reported as beneficially owned by Primary Development Fund (Cayman) SPC, E2 Trust, E3 Fund SP and IALC Trustees SA. Each reporting person's disclosure lists the same 50,321-share block, equal to 9.2%, with shared voting and dispositive power; the reporting persons may be deemed to share beneficial ownership of shares directly held by Primary Development Fund. The reported share count is as of August 31, 2026 and gives effect to the 1-for-25 reverse split effected September 28, 2026. Sam Bratchie is listed as a Director and Administrator; Ian Altug is listed as Director of Corporate Trustee to E2 Trust - IALC Trustees and as a Director.
Key Figures
Beneficially owned shares:50,321 sharesBeneficial ownership percentage:9.2%Common shares outstanding:547,754 shares+3 more
6 metrics
Beneficially owned shares50,321 sharesThe same block is listed by each reporting person; directly held by Primary Development Fund as of August 31, 2026.
Beneficial ownership percentage9.2%Reported for each reporting person.
Common shares outstanding547,754 sharesAs of August 31, 2026; the reported count gives effect to the reverse split.
E2 Trust beneficial interest in E3 Fund95%Ownership structure described in the report.
Altug Family Trust beneficial interest in E3 Fund5%Ownership structure described in the report.
Reverse stock split1-for-25Effected September 28, 2026.
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared power to vote or to direct the vote"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition"
segregated portfoliofinancial
"E3 Fund is a segregated portfolio"
beneficial interestfinancial
"E2 Trust holds 95% of the beneficial interest"
Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many CDT shares do the reporting persons report as beneficially owned?
The four reporting persons each list 50,321 shares, or 9.2%, referring to the same block directly held by Primary Development Fund. The percentage is based on 547,754 CDT common shares outstanding as of August 31, 2026.
How are E2 Trust and E3 Fund connected in CDT's ownership report?
E3 Fund is a segregated portfolio and sub-account of Primary Development Fund. E2 Trust holds 95% of E3 Fund's beneficial interest, while Altug Family Trust holds 5%. IALC Trustees acts as trustee/fiduciary of E2 Trust.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
CDT Equity Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
20678X700
(CUSIP Number)
08/28/2026
(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):
20678X700
1
Names of Reporting Persons
Primary Development Fund (Cayman) 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
50,321.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
50,321.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50,321.00
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)
9.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Statement on Schedule 13G (this "Schedule 13G"), the percentage is based on 547,754 shares of common stock, par value $0.0001 per share (the "Common Stock"), of CDT Equity Inc. (the "Issuer"), outstanding as of August 31, 2026, as reported in the Issuer's Current Report on Form 8-K filed by the Issuer with the U.S. Securities and Exchange Commission on September 1, 2026 (the ''Form 8-K''). The number of shares of Common Stock reported is as of August 31, 2026 and gives effect to the Issuer's 1-for-25 reverse stock split of its outstanding shares of Common Stock effected on September 28, 2026 (the "Reverse Split").
SCHEDULE 13G
CUSIP Number(s):
20678X700
1
Names of Reporting Persons
E2 Trust
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
50,321.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
50,321.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50,321.00
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)
9.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Schedule 13G, the percentage is based on 547,754 shares of Common Stock outstanding as of August 31, 2026, as reported in the Form 8-K. The number of shares of Common Stock reported is as of August 31, 2026 and gives effect to the Reverse Split.
SCHEDULE 13G
CUSIP Number(s):
20678X700
1
Names of Reporting Persons
E3 Fund SP
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
50,321.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
50,321.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50,321.00
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)
9.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Schedule 13G, the percentage is based on 547,754 shares of Common Stock outstanding as of August 31, 2026, as reported in the Form 8-K. The number of shares of Common Stock reported is as of August 31, 2026 and gives effect to the Reverse Split.
SCHEDULE 13G
CUSIP Number(s):
20678X700
1
Names of Reporting Persons
IALC Trustees SA
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
50,321.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
50,321.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50,321.00
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)
9.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: As more fully described in Item 4 of this Schedule 13G, the percentage is based on 547,754 shares of Common Stock outstanding as of August 31, 2026, as reported in the Form 8-K. The number of shares of Common Stock reported is as of August 31, 2026 and gives effect to the Reverse Split.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CDT Equity Inc.
(b)
Address of issuer's principal executive offices:
4851 Tamiami Trail North, Suite 200, Naples, FL 34103
Item 2.
(a)
Name of person filing:
This Statement is being filed jointly on behalf of the following persons (collectively, the "Reporting Persons"):
i. Primary Development Fund (Cayman) SPC, a Cayman Islands fund ("Primary Development Fund");
ii. E2 Trust, a discretionary trust ("E2 Trust");
iii. E3 Fund SP ("E3 Fund"); and
iv. IALC Trustees SA ("IALC Trustees").
Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this Schedule 13G should not be construed in and of itself as an admission by the Reporting Persons as to beneficial ownership of the shares of Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The principal business address of Primary Development Fund is 6 The Court, Holywell Business Park, Northfield Rd., Southam, Warwickshire, CV47 0FS. The principal business address of E2 Trust is c/o IALC Trustees, 11 Cours de Rive, 1204 Geneva, P.O. Box 3378, 1211 Geneva 3, Switzerland. The principal business address of E3 Fund is c/o IALC Trustees, 11 Cours de Rive, 1204 Geneva, P.O. Box 3378, 1211 Geneva 3, Switzerland. The principal business address of IALC Trustees is 11 Cours de Rive, 1204 Geneva, P.O. Box 3378, 1211 Geneva 3, Switzerland.
(c)
Citizenship:
Primary Development Fund is a company organized under the laws of the Cayman Islands. E2 Trust is a discretionary trust organized under the laws of the United Kingdom. E3 Fund is segregated fund organized under the laws of the Cayman Islands. IALC Trustees is a company organized under the laws of Switzerland.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP Number(s):
20678X700
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:
The information required by this item with respect to the Reporting Persons is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G and is incorporated herein by reference for each Reporting Person. The ownership percentage reported is based on 547,754 shares of Common Stock outstanding as of August 31, 2026, as reported in the Form 8-K. Primary Development Fund directly held 50,321 shares of Common Stock as of August 31, 2026 after giving effect to the Reverse Split on behalf of E3 Fund. E3 Fund is a segregated portfolio and sub-account of Primary Development Fund. E2 Trust holds 95% of the beneficial interest in E3 Fund and the Altug Family Trust hold a 5% beneficial interest in the E3 Fund. IALC Trustees, acting in its capacity as trustee/fiduciary of E2 Trust, and the Altug Family Trust, exercises sole voting and dispositive power over the shares of Common Stock held by Primary Development Fund through E2 Trust and the Altug Family Trust. Accordingly, the Reporting Persons may be deemed to share beneficial ownership of the shares of Common Stock directly held by Primary Development Fund.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 filed herewith.
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.
Primary Development Fund (Cayman) SPC
Signature:
/s/ Sam Bratchie
Name/Title:
Sam Bratchie, Director
Date:
10/07/2026
E2 Trust
Signature:
/s/ Ian Altug
Name/Title:
Ian Altug, Director of Corporate Trustee to E2 Trust - IALC Trustees SA
