Draganfly Inc. is reported to have a significant, but sub‑5%, shareholder position held through warrants. CVI Investments, Inc. and Heights Capital Management, Inc. (the “Reporting Persons”) report beneficial ownership of 1,950,579 common shares of Draganfly Inc., representing 4.9% of the outstanding common shares as of June 30, 2026. These shares are all issuable upon exercise of warrants, which are subject to a 9.99% beneficial ownership limitation that prevents exercise if it would push the Reporting Persons’ aggregated holdings above that level. According to a company Form 6‑K exhibit, there were 37,148,523 shares outstanding as of June 30, 2026. Heights Capital Management, Inc., as investment manager to CVI Investments, Inc., may be deemed to share voting and dispositive power, though each Reporting Person disclaims beneficial ownership except to the extent of its pecuniary interest.
Positive
None.
Negative
None.
Key Figures
Beneficially owned shares:1,950,579 sharesOwnership percentage:4.9%Shares outstanding:37,148,523 shares+1 more
4 metrics
Beneficially owned shares1,950,579 sharesCommon shares issuable upon exercise of warrants reported as beneficially owned by the Reporting Persons
Ownership percentage4.9%Percent of Draganfly common shares represented by the reported beneficial ownership
Shares outstanding37,148,523 sharesDraganfly common shares outstanding as of June 30, 2026, per Form 6-K exhibit
Beneficial ownership limitation9.99%Cap above which the warrants cannot be exercised under Section 13(d) aggregation
Key Terms
beneficially owned, Section 13(d) of the Exchange Act, pecuniary interest, Limited Power of Attorney, +1 more
5 terms
beneficially ownedfinancial
"The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Section 13(d) of the Exchange Actregulatory
"beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Exchange Act"
pecuniary interestfinancial
"Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein"
Limited Power of Attorneyregulatory
"authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed"
Report of Foreign Private Issuer on Form 6-Kregulatory
"Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K, filed on August 10, 2026"
FAQ
How many Draganfly Inc. (DPRO) shares do CVI Investments and Heights Capital report owning?
CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of 1,950,579 Draganfly common shares. These consist entirely of shares issuable upon exercise of warrants, rather than currently issued common shares.
What percentage of Draganfly Inc. (DPRO) does CVI and Heights Capital’s position represent?
The Reporting Persons state that their 1,950,579 shares represent 4.9% of Draganfly’s common shares. This percentage is based on 37,148,523 shares outstanding as of June 30, 2026, as disclosed in a Form 6‑K exhibit.
Are CVI and Heights Capital’s Draganfly (DPRO) holdings subject to an ownership cap?
Yes. The filing explains that the warrants are not exercisable if exercise would cause the Reporting Persons’ aggregated beneficial ownership to exceed a 9.99% threshold under Section 13(d) rules, limiting how much of Draganfly they can beneficially own at any time.
What is the nature of Heights Capital’s role in the Draganfly Inc. (DPRO) position?
Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and may exercise shared voting and dispositive power over the Draganfly shares. Both entities disclaim beneficial ownership except to the extent of their pecuniary interest.
How many Draganfly Inc. (DPRO) shares were outstanding on June 30, 2026?
An exhibit to a company Form 6‑K indicates there were 37,148,523 Draganfly common shares outstanding as of June 30, 2026. This outstanding share count is used as the basis for calculating the 4.9% ownership reported.
Do CVI and Heights Capital hold Draganfly (DPRO) shares directly or via derivatives?
The reported beneficial ownership of 1,950,579 shares consists entirely of shares issuable upon the exercise of warrants. The warrants give the right to acquire Draganfly shares but are constrained by the 9.99% beneficial ownership limitation.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Draganfly Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
26142Q304
(CUSIP Number)
06/30/2026
(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):
26142Q304
1
Names of Reporting Persons
CVI Investments, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,950,579.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,950,579.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,950,579.00
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)
4.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
SCHEDULE 13G
CUSIP Number(s):
26142Q304
1
Names of Reporting Persons
Heights Capital 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,950,579.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,950,579.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,950,579.00
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)
4.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Draganfly Inc.
(b)
Address of issuer's principal executive offices:
235 103rd St E, Saskatoon, SK, Canada S7N 1Y8
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the common shares of Draganfly Inc. (the "Company"), no par value (the "Shares").
(i) CVI Investments, Inc.
(ii) Heights Capital Management, Inc.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of CVI Investments, Inc. is:
P.O. Box 309GT
Ugland House
South Church Street
George Town
Grand Cayman
KY1-1104
Cayman Islands
The address of the principal business office of Heights Capital Management, Inc. is:
101 California Street, Suite 3250
San Francisco, California 94111
(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.:
26142Q304
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:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares (the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Exchange Act, would exceed 9.99%.
Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K, filed on August 10, 2026, indicates there were 37,148,523 Shares outstanding as of June 30, 2026.
(b)
Percent of class:
4.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.
Ownership of 5 Percent or Less of a Class.
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.
CVI Investments, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:
08/14/2026
Heights Capital Management, Inc.
Signature:
/s/ Sarah Travis
Name/Title:
Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:
08/14/2026
Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
24 Limited Power of Attorney*
99 Joint Filing Agreement*
* Previously filed
