Marpai, Inc. received a Schedule 13G/A filing from Intelligent Fanatics Capital Management LLC, IFCM MicroCap Fund LP, and Ian Cassel reporting a significant ownership stake. The filing states that IFCM MicroCap Fund LP beneficially owns 1,325,636 common shares, representing 5.6% of Marpai’s common stock. Intelligent Fanatics Capital Management LLC, as general partner of the fund, and Ian Cassel, as the sole managing member of IFCM, each report shared voting and shared dispositive power over these 1,325,636 shares and no sole voting or dispositive power.
The filing explains that the securities are held directly by IFCM MicroCap Fund LP and that Mr. Cassel may be deemed a beneficial owner through his interests in the fund, while he disclaims beneficial ownership beyond his economic interest. The reporting persons certify that the shares were not acquired and are not held for the purpose of changing or influencing control of Marpai.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
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
1,325,636.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,325,636.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,325,636.00
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)
5.6 %
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
1,325,636.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,325,636.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,325,636.00
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)
5.6 %
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
1,325,636.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,325,636.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,325,636.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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: 1,325,636
Ian Cassel: 1,325,636
IFCM MicroCap Fund LP: 1,325,636
(b)
Percent of class:
Intelligent Fanatics Capital Management, LLC: 5.6%
Ian Cassel: 5.6%
IFCM MicroCap Fund LP: 5.6%
(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: 1,325,636
Ian Cassel: 1,325,636
IFCM MicroCap Fund LP: 1,325,636
(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: 1,325,636
Ian Cassel: 1,325,636
IFCM MicroCap Fund LP: 1,325,636
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.
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.
