[Form 3] Digimarc Corporation Initial Statement of Beneficial Ownership

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Altai Capital Management, L.P.

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock, par value $0.001 per share ("Common Stock")	--	--	--

Holdings After Transaction: Common Stock, par value $0.001 per share ("Common Stock") — 2,769,346 shares (Indirect, See footnote)

Footnotes (1)

1. F1. Altai Capital Management, L.P. (the "Investment Manager" or the "Reporting Person") is a private money management firm which beneficially owns the securities reported herein through various accounts under its management and control. Altai Capital Management, LLC ("IMGP") is the general partner of the Investment Manager. Rishi Bajaj ("Mr. Bajaj") is the President and Chief Investment Officer of the Investment Manager and managing member of IMGP. The Investment Manager, IMGP and Mr. Bajaj disclaim any beneficial ownership of any of the Issuer's securities reported herein except to the extent of their pecuniary interest therein, if any.

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Accepted by SEC EDGAR 08/07/2025 - 04:30 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Altai Capital Management, L.P.

(Last) (First) (Middle)

PO BOX 15203

(Street)

IRVINE CA 92623-9998

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/28/2025

3. Issuer Name and Ticker or Trading Symbol
Digimarc CORP [ DMRC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share ("Common Stock")	2,769,346	I	See footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Altai Capital Management, L.P. (the "Investment Manager" or the "Reporting Person") is a private money management firm which beneficially owns the securities reported herein through various accounts under its management and control. Altai Capital Management, LLC ("IMGP") is the general partner of the Investment Manager. Rishi Bajaj ("Mr. Bajaj") is the President and Chief Investment Officer of the Investment Manager and managing member of IMGP. The Investment Manager, IMGP and Mr. Bajaj disclaim any beneficial ownership of any of the Issuer's securities reported herein except to the extent of their pecuniary interest therein, if any.

Remarks:

The Reporting Person may be deemed to be a director by deputization for purposes of Section 16 under the Securities Exchange Act of 1934 by virtue of the fact that Mr. Bajaj currently serves on the board of directors of the Issuer.

	/s/ Altai Capital Management, L.P., by Rishi Bajaj, President and Chief Investment Officer	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.