[SCHEDULE 13G] SUI Group Holdings Ltd. SEC Filing

Rhea-AI Filing Summary

Sui Group Holdings Ltd. received a Schedule 13G disclosing that MMCAP International Inc. SPC and MM Asset Management Inc. together beneficially own 4,288,055 shares, representing 5.2% of the outstanding common stock (CUSIP 59982U200). The filing shows the holders have shared voting and dispositive power over all reported shares and no sole voting or dispositive power. The percentage calculation is based on 81,944,398 outstanding shares reported by the issuer plus 253,091 shares purchased on September 26, 2025. The filing includes certifications that the stake was not acquired to change or influence control and is accompanied by a joint filing agreement signed September 30, 2025.

Positive

• Clear disclosure of a 5.2% beneficial ownership (4,288,055 shares) in Sui Group Holdings Ltd.
• Shared voting and dispositive power explicitly identified, improving transparency for investors
• Includes basis for percentage using 81,944,398 outstanding shares plus 253,091 shares purchased on September 26, 2025
• Joint filing agreement and certifications provided and signed, indicating compliance with filing rules

Negative

• None.

Insights

Securities Analyst

TL;DR: A pair of investment entities disclosed a modest, shared 5.2% holding with no sole control.

The filing reports a collective beneficial ownership of 4,288,055 shares (5.2%) in Sui Group Holdings Ltd., with both MMCAP International Inc. SPC and MM Asset Management Inc. claiming shared voting and dispositive authority. The statement includes the acquisition reference of 253,091 shares on September 26, 2025, and uses the issuer's reported outstanding share count of 81,944,398 to compute the percentage. The filers certify the position is not intended to influence control and executed a joint filing agreement. For investors, this is a routine large-holder disclosure rather than an explicit control or activist signal.

Corporate Governance Expert

TL;DR: Disclosure is compliant and indicates coordinated reporting but not control intent.

The Schedule 13G shows coordinated beneficial ownership reported by two related entities with shared voting and dispositive power, and includes the required certification against control-seeking purpose. The joint filing agreement and signatures dated September 30, 2025, reflect standard governance practice for combined ownership reporting. No sole voting power or explicit governance actions are reported in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Sui Group Holdings Ltd.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

59982U200

(CUSIP Number)

09/26/2025

(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 4,288,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,288,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,288,055.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Segregated portfolio company

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 4,288,055.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,288,055.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,288,055.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Percentage holdings based on 81,944,398 outstanding shares reported on the Issuer's 8-K filed with the Securities and Exchange Commission on September 29, 2025, plus 253,091 shares purchased by the Reporting Rerson on September 26, 2025.

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, Minnesota, 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: 4,288,055
(b)	Percent of class: 5.2 %
(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: 4,288,055
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,288,055
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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard, Director - MMCAP International Inc. SPC
Date:	09/30/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz, President - MM Asset Management Inc.
Date:	09/30/2025

Comments accompanying signature: Exhibit 1.01 Joint Filing Agreement

FAQ

What stake did MMCAP International Inc. SPC and MM Asset Management Inc. report in Sui Group (MCVT)?

They reported a combined beneficial ownership of 4,288,055 shares, representing 5.2% of the outstanding common stock (CUSIP 59982U200).

Do the reporting persons have sole voting or dispositive power over the shares?

No. The filing shows 0 shares with sole voting or dispositive power and 4,288,055 shares with shared voting and dispositive power.

How was the 5.2% ownership percentage calculated?

The percentage is based on 81,944,398 outstanding shares reported by the issuer and includes 253,091 shares purchased on September 26, 2025.

Did the filers state the stake was intended to change or influence control of Sui Group?

No. The filers certified that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

When was the Schedule 13G signed by the reporting entities?

Signatures for both filers are dated September 30, 2025 and reference an accompanying joint filing agreement.