Cardiol Therapeutics Inc. ownership update: MMCAP International Inc. SPC and MM Asset Management Inc. report shared beneficial ownership of 21,063,856 Class A Common Shares, representing 17.9% of the class as of March 31, 2026. The statement shows 15,352,317 directly owned shares plus 5,711,539 shares underlying warrants exercisable within 60 days. The filing attributes the Fund as the direct owner and the Adviser as investment manager; each Reporting Person disclaims ownership beyond the shares shown.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed with convertible overhang.
The filing shows the Fund directly owns 15,352,317 Class A shares and holds warrants for 5,711,539 additional shares exercisable within 60 days, totaling 21,063,856 shares and 17.9% of the class as of March 31, 2026.
Ownership is reported as shared voting/dispositive power. Subsequent market activity depends on whether warrants are exercised; the disclosure lists the positions and the Adviser may be deemed to beneficially own the Fund’s holdings.
Key Figures
Shared beneficial ownership:21,063,856 sharesPercent of class:17.9%Directly owned shares:15,352,317 shares+2 more
5 metrics
Shared beneficial ownership21,063,856 sharesas of March 31, 2026
Percent of class17.9%based on 111,872,084 shares outstanding as of March 31, 2026
Directly owned shares15,352,317 sharesdirect holdings reported by the Fund
Warrants exercisable5,711,539 sharesunderlying warrants exercisable within 60 days
Shares outstanding111,872,084 sharesreported in issuer MD&A for fiscal year ended Dec 31, 2025, used as base
"additional 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days"
shared dispositive powerregulatory
"Shared Dispositive Power 21,063,856.00"
beneficially ownsregulatory
"The Fund directly beneficially owns the Class A Common Shares reported in this Statement"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Cardiol Therapeutics Inc.
(Name of Issuer)
Class A Common Shares
(Title of Class of Securities)
14161Y200
(CUSIP Number)
03/31/2026
(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
21,063,856.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,063,856.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,063,856.00
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)
17.9 %
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
21,063,856.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,063,856.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,063,856.00
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)
17.9 %
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, A6, 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 March 31, 2026, and which includes 15,352,317 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) 111,872,084 Class A Common Shares outstanding as of March 31, 2026 as reported in the Issuer's MD&A for the fiscal year ended December 31, 2025 as found on the Issuer's website; and (y) 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.
