Intelligent Fanatics, Ian Cassel report 4.4% stake in Marpai (MRAI)

Rhea-AI Filing Summary

Marpai, Inc. files an Amendment to Schedule 13G/A reporting beneficial ownership. The amendment states that Intelligent Fanatics Capital Management LLC, IFCM MicroCap Fund LP and Ian J. Cassel each have beneficial ownership of 1,030,085 common shares, representing 4.4% of the class as reported in the filing.

The filing shows shared voting and dispositive power of 1,030,085 shares for each reporting person and includes a statement that the Fund holds the securities directly while Mr. Cassel disclaims direct beneficial ownership except for partnership interests.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Marpai, Inc.

(Name of Issuer)

Common Shares, par value $0.0001

(Title of Class of Securities)

571354109

(CUSIP Number)

01/01/2026

(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)

SCHEDULE 13G

CUSIP No. 571354109

1

Names of Reporting Persons

Intelligent Fanatics Capital Management LLC

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,030,085.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,030,085.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,030,085.00

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)

4.4 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Intelligent Fanatics Capital Management LLC (IFCM) is the general partner of IFCM MicroCap Fund LP (Fund). The securities reported in this Schedule 13G are held directly by the Fund.

SCHEDULE 13G

CUSIP No. 571354109

1

Names of Reporting Persons

Cassel Ian J.

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,030,085.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,030,085.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,030,085.00

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)

4.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Mr. Cassel is the sole managing member of IFCM. Mr. Cassel has shared voting and investment power with respect to, and therefore may be deemed to be the beneficial owner of, the shares beneficially owned by the Fund. Mr. Cassel disclaims beneficial ownership of the shares beneficially owned by the Fund, other than the shares attributable to his limited and general partnership interest therein.

SCHEDULE 13G

CUSIP No. 571354109

1

Names of Reporting Persons

IFCM MicroCap Fund LP

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 1,030,085.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,030,085.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,030,085.00

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)

4.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Marpai, Inc.
(b)	Address of issuer's principal executive offices: 615 CHANNELSIDE DRIVE, 615 CHANNELSIDE DRIVE, TAMPA, FLORIDA, 33602.
Item 2.
(a)	Name of person filing: Intelligent Fanatics Capital Management, LLC Ian Cassel IFCM MicroCap Fund LP
(b)	Address or principal business office or, if none, residence: 350 Rumford Road Lititz, Pennsylvania 17543
(c)	Citizenship: Intelligent Fanatics Capital Management, LLC - Pennsylvania IFCM MicroCap Fund LP - Delaware Ian Cassel - USA
(d)	Title of class of securities: Common Shares, par value $0.0001
(e)	CUSIP No.: 571354109
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: Intelligent Fanatics Capital Management, LLC: 1,030,085 Ian Cassel: 1,030,085 IFCM MicroCap Fund LP: 1,030,085
(b)	Percent of class: Intelligent Fanatics Capital Management, LLC: 4.4% Ian Cassel: 4.4% IFCM MicroCap Fund LP: 4.4%
(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: Intelligent Fanatics Capital Management, LLC: 1,030,085 Ian Cassel: 1,030,085 IFCM MicroCap Fund LP: 1,030,085
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: Intelligent Fanatics Capital Management, LLC: 1,030,085 Ian Cassel: 1,030,085 IFCM MicroCap Fund LP: 1,030,085
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 2(a) in lieu of an Exhibit.
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.

Intelligent Fanatics Capital Management LLC

Signature:	IAN J. CASSEL
Name/Title:	MANAGING MEMBER
Date:	02/27/2026

Cassel Ian J.

Signature:	IAN J. CASSEL
Name/Title:	SELF
Date:	02/27/2026

IFCM MicroCap Fund LP

Signature:	IAN J. CASSEL
Name/Title:	MANAGING MEMBER OF THE GENERAL PARTNER
Date:	02/27/2026

Exhibit Information

Exhibit 1- Agreement of Reporting Persons

FAQ

What stake does Intelligent Fanatics report in Marpai (MRAI)?

Intelligent Fanatics reports beneficial ownership of 1,030,085 shares (4.4%). The filing lists shared voting and dispositive power over 1,030,085 shares, and states the securities are held directly by IFCM MicroCap Fund LP.

How much of Marpai does Ian J. Cassel beneficially own (MRAI)?

Ian J. Cassel is reported as beneficial owner of 1,030,085 shares (4.4%). The schedule notes Mr. Cassel is the sole managing member of IFCM and disclaims beneficial ownership of Fund-held shares except for partnership-attributable interests.

Who holds voting and dispositive power over the reported Marpai shares?

The filing shows shared voting and dispositive power of 1,030,085 shares for each reporting person. Sole voting and dispositive power are listed as 0, indicating shared control as reported in the amendment.

What entity directly holds the Marpai shares reported by Intelligent Fanatics?

IFCM MicroCap Fund LP is reported as holding the securities directly. The filing comment states the securities are held directly by the Fund, with Intelligent Fanatics as general partner and Mr. Cassel as managing member.

When and how was this ownership disclosed for MRAI?

The ownership was disclosed in an Amendment to Schedule 13G/A signed on 02/27/2026. The amendment lists names, addresses, citizenship, CUSIP 571354109, and the 1,030,085 share figures with the 4.4% percent-of-class amounts.