7.4% SUI Group stake held by MMCAP, Asset Management (MCVT)

Rhea-AI Filing Summary

MMCAP International Inc. SPC and Asset Management Inc. report passive ownership of SUI Group Holdings Ltd. common stock on an amended Schedule 13G. Together they beneficially own 6,141,356 shares, representing 7.4% of the outstanding common stock.

The reporting persons have no sole voting or dispositive power, but share voting and dispositive power over all 6,141,356 shares. They certify that the securities were not acquired and are not held for the purpose of changing or influencing control of SUI Group Holdings Ltd.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

SUI Group Holdings Ltd.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

59982U200

(CUSIP Number)

12/31/2025

(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. 59982U200

1

Names of Reporting Persons

MMCAP International Inc. SPC

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 6,141,356.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,141,356.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,141,356.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 59982U200

1

Names of Reporting Persons

MM Asset 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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,141,356.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,141,356.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,141,356.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SUI Group Holdings Ltd.
(b)	Address of issuer's principal executive offices: 1907 Wayzata Boulevard, Suite 205, Wayzata, MN 55391
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP No.: 59982U200
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: 6,141,356
(b)	Percent of class: 7.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 6,141,356
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 6,141,356
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What ownership stake in SUI Group Holdings Ltd. (MCVT) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 6,141,356 SUI Group Holdings Ltd. common shares, representing 7.4% of the class. This level of ownership requires public disclosure under U.S. securities rules once it exceeds five percent.

Who are the reporting persons in the SUI Group Holdings Ltd. (MCVT) Schedule 13G/A?

The Schedule 13G/A is jointly filed by MMCAP International Inc. SPC and Asset Management Inc.. Both entities report the same 6,141,356 shares as being beneficially owned with shared voting and dispositive power over the position.

How much voting power do the reporting persons have in SUI Group Holdings Ltd. (MCVT)?

The reporting persons disclose 0 shares with sole voting power and 6,141,356 shares with shared voting power. They also report the same 6,141,356 shares with shared dispositive power and no sole dispositive power over the common stock.

Is the 7.4% SUI Group Holdings Ltd. (MCVT) stake held for control purposes?

The filers certify the securities were not acquired and are not held to change or influence control of SUI Group Holdings Ltd. They also state the holdings are not in connection with any transaction aimed at achieving such a control purpose.

What type of filing is this SUI Group Holdings Ltd. (MCVT) disclosure?

This is an Amendment No. 1 to Schedule 13G, a beneficial ownership report for holders above five percent. It reflects the reporting persons’ 7.4% passive ownership of SUI Group Holdings Ltd. common stock as of the reported event date.

What securities of SUI Group Holdings Ltd. (MCVT) are covered in this Schedule 13G/A?

The filing covers common stock with $0.001 par value of SUI Group Holdings Ltd., identified by CUSIP 59982U200. The reported position totals 6,141,356 shares, all subject to shared voting and shared dispositive power.