MMCAP and MM Asset Management (CRDL) reveal 21.3M-share Cardiol Therapeutics stake

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 21,310,099 Class A Common Shares of Cardiol Therapeutics Inc. as of June 30, 2026, representing 17.6% of the class.

The position consists of 15,598,560 shares plus 5,711,539 shares underlying warrants exercisable within 60 days. Both reporting persons have shared voting and dispositive power over all 21,310,099 shares and no sole voting or dispositive power.

Key Figures

Beneficial ownership: 21,310,099 Class A Common Shares Ownership percentage: 17.6% Shares outstanding baseline: 115,272,240 Class A Common Shares +3 more

6 metrics

Beneficial ownership 21,310,099 Class A Common Shares Total shares beneficially owned by MMCAP International Inc. SPC and MM Asset Management Inc. as of June 30, 2026

Ownership percentage 17.6% Percent of Cardiol Therapeutics Class A Common Shares beneficially owned by the reporting persons

Shares outstanding baseline 115,272,240 Class A Common Shares Shares outstanding as of May 11, 2026, used to calculate beneficial ownership percentage

Shares held directly 15,598,560 Class A Common Shares Portion of beneficial ownership represented by currently held shares

Shares underlying warrants 5,711,539 Class A Common Shares Shares issuable upon exercise of warrants exercisable within 60 days

Shared voting power 21,310,099 Class A Common Shares Number of shares over which the reporting persons have shared voting and dispositive power

Key Terms

beneficial ownership, segregated portfolio company, warrants, shared voting power, +1 more

5 terms

beneficial ownership financial

"The Adviser may be deemed to beneficially own the Class A Common Shares"

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.

segregated portfolio company financial

"Comment for : segregated portfolio company"

warrants financial

"includes 15,598,560 Class A Common Shares and an additional 5,711,539 Class A Common Shares underlying warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

shared voting power financial

"Shared Voting Power 21,310,099.00"

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 power financial

"Shared Dispositive Power 21,310,099.00"

FAQ

What percentage of Cardiol Therapeutics (CRDL) does MMCAP hold?

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 17.6% of Cardiol Therapeutics’ Class A Common Shares, based on 115,272,240 shares outstanding plus shares underlying warrants included in their position.

How many Cardiol Therapeutics (CRDL) shares do MMCAP and MM Asset Management own?

They report beneficial ownership of 21,310,099 Class A Common Shares, including both currently held shares and shares underlying warrants that are exercisable within 60 days of June 30, 2026.

How is the 21,310,099-share Cardiol (CRDL) position structured?

The reported position includes 15,598,560 Class A Common Shares directly held and 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days from the June 30, 2026 event date.

Do MMCAP and MM Asset Management have sole or shared voting power in CRDL?

They report 0 shares with sole voting or dispositive power and 21,310,099 shares with shared voting and shared dispositive power, reflecting joint control over the reported Cardiol Therapeutics position.

What share count did MMCAP use to calculate its 17.6% stake in Cardiol (CRDL)?

The 17.6% figure is based on 115,272,240 Class A Common Shares outstanding as of May 11, 2026, as reported by Cardiol, plus the shares underlying the warrants included in MMCAP’s beneficial ownership.

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

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Available on EDGAR 08/14/2026 - 04:17 PM Accepted by SEC EDGAR 08/14/2026 - 04:08 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Cardiol Therapeutics Inc.

(Name of Issuer)

Class A Common Shares

(Title of Class of Securities)

14161Y200

(CUSIP Number)

06/30/2026

(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): 14161Y200

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 21,310,099.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 21,310,099.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,310,099.00

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)

17.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP Number(s): 14161Y200

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 21,310,099.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 21,310,099.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,310,099.00

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)

17.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cardiol Therapeutics Inc.
(b)	Address of issuer's principal executive offices: 602-2265 Upper Middle Road East, Oakville, Ontario, Canada, L6H 0G5
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Class A Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Class A Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Class A Common Shares other than the Class A Common Shares directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Class A Common Shares
(e)	CUSIP No.: 14161Y200
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: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of June 30, 2026, and which includes 15,598,560 Class A Common Shares and an additional 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days.
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 115,272,240 Class A Common Shares outstanding as of May 11, 2026 as reported in the Issuer's MD&A for the three months ended March 31, 2026 as found on the Issuer's website; and (2) the Class A Common Shares underlying the warrants described in Item 4(a) above.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
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:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	08/14/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	08/14/2026