[SCHEDULE 13G/A] Cardiol Therapeutics Inc. Amended Passive Investment Disclosure
MMCAP reports 17.6% stake in Cardiol
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.
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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 SharesOwnership percentage:17.6%Shares outstanding baseline:115,272,240 Class A Common Shares+3 more
6 metrics
Beneficial ownership21,310,099 Class A Common SharesTotal shares beneficially owned by MMCAP International Inc. SPC and MM Asset Management Inc. as of June 30, 2026
Ownership percentage17.6%Percent of Cardiol Therapeutics Class A Common Shares beneficially owned by the reporting persons
Shares outstanding baseline115,272,240 Class A Common SharesShares outstanding as of May 11, 2026, used to calculate beneficial ownership percentage
Shares held directly15,598,560 Class A Common SharesPortion of beneficial ownership represented by currently held shares
Shares underlying warrants5,711,539 Class A Common SharesShares issuable upon exercise of warrants exercisable within 60 days
Shared voting power21,310,099 Class A Common SharesNumber of shares over which the reporting persons have shared voting and dispositive power
"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 companyfinancial
"Comment for : segregated portfolio company"
warrantsfinancial
"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 powerfinancial
"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 powerfinancial
"Shared Dispositive Power 21,310,099.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
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.
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.
