Schedule 13G/A: Jan Stahlberg/Trill AB Disclose 15.02% of DiaMedica

Rhea-AI Filing Summary

DiaMedica Therapeutics Inc. Schedule 13G/A shows that Trill AB and its board member Jan Stahlberg report beneficial ownership of 7,764,465 common shares, representing 15.02% of DiaMedica's outstanding common stock (based on 51,688,913 shares outstanding as of August 8, 2025). The filing identifies Trill AB as the record holder and Mr. Stahlberg as a beneficial owner and board member. The reported holdings reflect shared voting and shared dispositive power of 7,764,465 shares for each reporting person, with no sole voting or dispositive power. The filing includes a certification that the shares were not acquired to change or influence control of the issuer.

Positive

• Material ownership disclosed: Trill AB/Jan Stahlberg report 7,764,465 shares, representing 15.02% of common stock, providing transparency to the market.
• Certification of passive intent: The filing includes a certification that the shares were not acquired to change or influence control of the issuer.

Negative

• No sole voting or dispositive power: Both reporting persons list 0 shares of sole voting and sole dispositive power, indicating no unilateral control.
• Shared control only: Voting and dispositive powers are reported as shared, which may limit clarity about who can direct votes or dispositions absent further disclosures.

Insights

Securities Analyst

TL;DR: A single shareholder reports a meaningful 15.02% stake with shared control; not structured to unilaterally direct votes or dispositions.

The Schedule 13G/A discloses that Trill AB and Jan Stahlberg beneficially own 7,764,465 common shares, equal to 15.02% of outstanding common stock using the issuers August 8, 2025 share count. The position is material by common institutional thresholds (>5%). Ownership is reported as shared voting and dispositive power, while sole voting and dispositive powers are zero, indicating the stake is held jointly or subject to shared control mechanisms. The filings certification states the shares were not acquired to influence control, consistent with passive investor reporting. For investors, this is a significant ownership disclosure but not an explicit control play.

Corporate Governance Expert

TL;DR: Material equity stake disclosed with shared authority; disclosure suggests passive intent and board linkage via Mr. Stahlberg.

The filing ties beneficial ownership to a board member, which is governance-relevant. While the 15.02% stake is large enough to affect shareholder dynamics, the record shows shared rather than sole authority over voting and disposition, and the signatory certified no intent to alter control. The combination of board membership and a sizeable passive stake warrants attention from governance committees, but the Schedule 13G/A structure and certification indicate the reporting parties are presenting this as a non-control, passive position rather than an active takeover posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DiaMedica Therapeutics Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

25253X207

(CUSIP Number)

08/14/2025

(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 7,764,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,764,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,764,465.00

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)

15.02 %

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 7,764,465.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,764,465.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,764,465.00

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)

15.02 %

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 51,688,913 shares of the Issuer's Common Stock outstanding as of August 8, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission ("SEC") on August 12, 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:	09/04/2025

Jan Stahlberg

Signature:	/s/ Jan Stahlberg
Name/Title:	Jan Stahlberg
Date:	09/04/2025

FAQ

What stake in DiaMedica (DMAC) do Trill AB and Jan Stahlberg report?

They report beneficial ownership of 7,764,465 common shares, equal to 15.02% of the outstanding common stock.

Does the filing indicate they have sole voting control over DMAC shares?

No. The filing reports 0 sole voting power and 7,764,465 shared voting power for each reporting person.

On what share count is the 15.02% based?

The percentage is based on 51,688,913 shares outstanding as of August 8, 2025, per the issuers quarterly report for the quarter ended June 30, 2025.

Was the reported position described as intended to change control of the company?

No. The certification states the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing control of the issuer.

Who signed the Schedule 13G/A?

The filing is signed by /s/ Jan Stahlberg as Board Member of Trill AB and by Jan Stahlberg individually, dated 09/04/2025.