Swedish investor files 13G: Trill AB holds 6.8 M DMAC shares

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13G, filed 30 Jul 2025, shows Swedish investment vehicle Trill AB and its beneficial owner Jan Stahlberg now hold 6,764,465 DiaMedica Therapeutics Inc. (DMAC) common shares. The position equals 13.14 % of the company’s outstanding stock, calculated against 42.88 M shares outstanding on 9 May 2025 plus 8.61 M shares expected from a July 2025 private placement. All shares carry shared voting and dispositive power; neither Trill AB nor Stahlberg retains sole authority. The certification states the investment is passive and not intended to influence control. No additional transactions, board actions, or financing terms are disclosed.

Positive

• Trill AB & Jan Stahlberg now own 13.14 % of DMAC, adding a significant institutional holder to the register.

Negative

• None.

Insights

Securities Analyst

TL;DR: Trill AB discloses a new 13.1 % passive stake—signal of outside confidence, low immediate control risk.

The filing confirms a substantial 6.76 M-share position in DMAC held jointly by Trill AB and founder-investor Jan Stahlberg. While sizable for a micro-cap biotech, the 13 % stake is reported under Schedule 13G, indicating passive intent and limiting near-term governance impact. Investors may read the position as external validation of DMAC’s pipeline, but dilution from the referenced 8.6 M-share private placement tempers ownership concentration. Market reaction typically hinges on whether the new holder transitions to activist activity, which is explicitly disclaimed here. Overall valuation impact is modest yet directionally positive as it broadens the institutional base.

Corporate Governance Expert

TL;DR: Large but passive holding—no governance challenge signalled.

Ownership above 10 % often triggers concern over potential control contests. However, filing under Rule 13d-1(c) with the certification language required for 13G indicates no intent to influence control. Shared rather than sole power suggests the stake is held through a single Swedish entity, limiting complexity. The board should still monitor any future shift to a 13D filing, which would imply activist motives. Currently, governance risk remains low.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

DiaMedica Therapeutics Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

25253X207

(CUSIP Number)

07/23/2025

(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)

SCHEDULE 13G

CUSIP No. 25253X207

1

Names of Reporting Persons

Trill AB

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

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,764,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,764,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,764,465.00

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)

13.14 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 25253X207

1

Names of Reporting Persons

Jan Stahlberg

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

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,764,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,764,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,764,465.00

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)

13.14 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DiaMedica Therapeutics Inc.
(b)	Address of issuer's principal executive offices: Two Carlson Parkway, Suite 260 Minneapolis, Minnesota 55447
Item 2.
(a)	Name of person filing: This statement is filed by the entities and persons listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Common Shares (as defined in Item 2(d) below) of the Company: Record Holder Trill AB is the record holder of the Common Shares. Reporting Individual Mr. Jan Stahlberg is the Board Member and beneficial owner of Trill AB.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is: Trill AB Sveavagen 17, 18th Floor SE-111 57 Stockholm, Sweden
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 25253X207
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: Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference.
(b)	Percent of class: Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of the date of the event which requires filing of this statement and is incorporated herein by reference. The percentages are based on the sum of (i) 42,883,465 shares of the Issuer's Common Stock outstanding as of May 9, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission ("SEC") on May 13, 2025, and (ii) 8,606,426 shares of Common Stock contemplated to be issued in the Issuer's private placement as described in a Current Report on Form 8-K filed with the SEC on July 21, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
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.

Trill AB

Signature:	/s/ Jan Stahlberg
Name/Title:	Jan Stahlberg/Board Member
Date:	07/30/2025

Jan Stahlberg

Signature:	/s/ Jan Stahlberg
Name/Title:	Jan Stahlberg
Date:	07/30/2025

FAQ

How many DiaMedica (DMAC) shares does Trill AB own?

Trill AB reports ownership of 6,764,465 common shares.

What percentage of DMAC does the 6.76 M-share stake represent?

It equals 13.14 % of the outstanding common shares.

Is Trill AB’s stake in DiaMedica passive or activist?

The Schedule 13G filing and certification state the stake is passive, with no intent to influence control.

Who is Jan Stahlberg in relation to Trill AB?

Jan Stahlberg is the beneficial owner and board member of Trill AB and shares voting/dispositive power over the DMAC shares.

What date triggered the filing requirement for this Schedule 13G/A?

The reportable event occurred on 23 Jul 2025.

How was the percentage ownership calculated?

Based on 42.88 M shares outstanding on 9 May 2025 plus 8.61 M shares to be issued from a July 2025 private placement.