MindWalk (HYFT) launches $30M ATM; JonesTrading to earn 3%

MindWalk Holdings Corp. (HYFT) entered a Sales Agreement enabling an at‑the‑market offering of up to $30 million in common shares.

Rhea-AI Filing Summary

MindWalk Holdings Corp. (HYFT) entered a Sales Agreement enabling an at‑the‑market offering of up to $30 million in common shares. The company may offer and sell shares from time to time through JonesTrading Institutional Services LLC as sales agent, under its effective Form F‑3 shelf, as supplemented by a prospectus dated November 7, 2025.

Shares may be sold on The Nasdaq Capital Market or other existing trading markets using methods permitted by law and deemed an “at the market offering” under Rule 415(a)(4). The company is not obligated to sell any shares. JonesTrading’s compensation is 3.0% of the gross proceeds of any shares sold. The agreement may be terminated by either party as provided in the contract.

Insights

Capital markets strategist

HYFT set up a flexible $30M ATM; impact depends on usage.

MindWalk established an at‑the‑market program allowing sales of up to $30 million in common shares via JonesTrading. ATMs permit incremental issuance directly into the market, typically at prevailing prices, and can be activated in small tranches.

The agreement lists standard sale methods and a commission of 3.0% on gross proceeds. The company is not obligated to sell, and either party can terminate, which provides procedural flexibility but does not, by itself, change operations or liquidity.

The actual effect on capitalization and trading dynamics will depend on if, when, and how much stock is sold under the prospectus supplement dated November 7, 2025. No specific timing or sale amounts beyond the cap are indicated in the excerpt.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did MindWalk Holdings (HYFT) announce in this 6-K?

The company entered a Sales Agreement for an at-the-market offering of up to $30 million in common shares through JonesTrading.

How will HYFT shares be sold under the ATM?

JonesTrading may sell shares by methods permitted by law, including sales made directly on The Nasdaq Capital Market or other existing trading markets.

What fees apply under the HYFT ATM program?

JonesTrading will receive 3.0% of the gross proceeds from any common shares sold under the Sales Agreement.

Is MindWalk (HYFT) required to sell shares under this program?

No. The company is not obligated to make any sales and there is no assurance any sales will occur.

What filing supports HYFT’s ATM offering?

Sales are made under the company’s effective Form F-3 shelf (File No. 333-273197), supplemented by a prospectus dated November 7, 2025.

Can the HYFT Sales Agreement be terminated?

Yes. The Sales Agreement may be terminated by either party as set forth in the agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/07/2025 - 05:13 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2025.

Commission File Number: 001-39530

MindWalk Holdings Corp.

3204 - 4464 Markham Street, Victoria, British Columbia V8Z 7X8, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒ Form 40-F  ☐

INCORPORATION BY REFERENCE

Exhibits 5.1, 10.1, and 23.1 of this Form 6-K are incorporated by reference into the Registration Statement on Form F-3 (File No. 333-273197) of MindWalk Holdings Corp. (formerly ImmunoPrecise Antibodies Ltd.) (the "Company").

The disclosure set out below in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 (File Nos. 333-256730 and 333-290949) and the Registration Statement on Form F-3 (File No. 333-281312) of the Company.

Sales Agreement

On November 7, 2025, the Company entered into a Sales Agreement (the "Sales Agreement") with JonesTrading Institutional Services LLC ("JonesTrading"), as sales agent, pursuant to which the Company may offer and sell, from time to time through JonesTrading, common shares, without par value, of the Company (the "Common Shares"). The offer and sale of the Common Shares, if any, will be made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-273197), previously declared effective by the Securities and Exchange Commission on July 14, 2023 (the "Registration Statement"), as supplemented by the prospectus supplement relating to the Common Shares which may be issued from time to time pursuant to the Sales Agreement, dated November 7, 2025 (the "Prospectus Supplement"). Pursuant to the Prospectus Supplement, the Company may offer and sell up to $30 million of Common Shares (the "Shares").

Under the Sales Agreement, JonesTrading may sell Shares by any method permitted by law and deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Capital Market, or on any other existing trading market for the Common Shares.

The Company is not obligated to make any sales of Common Shares under the Sales Agreement and no assurance can be given that it will sell any Common Shares under the Sales Agreement, or, if it does, as to the price or number of Common Shares that it will sell, or the dates on which any such sales will take place. The aggregate compensation payable to JonesTrading as sales agent is equal to 3.0% of the gross proceeds of the Common Shares sold pursuant to the Sales Agreement.

The Sales Agreement may be terminated by either party as set forth in the Sales Agreement.

The foregoing is not a complete description of the Sales Agreement and is qualified by reference to the full text and terms of the Sales Agreement, which is filed as Exhibit 10.1 to this current report and incorporated herein by reference.

EXHIBIT INDEX

Exhibit		Description
5.1		Opinion of Koffman Kalef LLP regarding legality of securities being registered
10.1		Sales Agreement dated November 7, 2025 by and between MindWalk Holdings Corp. and JonesTrading Institutional Services LLC
23.1		Consent of Koffman Kalef LLP (included in Exhibit 5.1)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MINDWALK HOLDINGS CORP.
Date: November 7, 2025
	By:	/s/ Jennifer Bath
	Name:	Jennifer Bath
	Title:	Chief Executive Officer