3i group discloses 7% Netcapital (NCPL) position through 518,889 warrant shares

Rhea-AI Filing Summary

Netcapital Inc. (NCPL) received an updated Schedule 13G/A from investment group 3i and related parties. The filing reports beneficial ownership of 518,889 shares of common stock through warrants, representing about 7% of Netcapital’s common shares outstanding as of December 15, 2025.

The warrants are held directly by 3i, LP, while 3i Management LLC and Maier Joshua Tarlow are deemed beneficial owners through their control of 3i. All three reporting persons share voting and dispositive power over these shares and certify they are not holding the securities to change or influence control of Netcapital.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Netcapital Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

64113L202

(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. 64113L202

1

Names of Reporting Persons

3i, 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 518,889.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 518,889.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

518,889.00

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)

7.0 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 2 statement on Schedule 13G (this ''Amendment No. 2''), such percentage is based on 6,867,899 shares of common stock, par value $0.001 per share, of the issuer (the ''Common Stock''), outstanding as of December 15, 2025, as disclosed in the issuer's Quarterly Report on Form 10-Q for the period ended October 31, 2025, filed by the issuer with the U.S. Securities and Exchange Commission (the ''SEC'') on December 15, 2025 (the ''Form 10-Q''). Beneficial ownership consists of an aggregate of 518,889 shares of Common Stock issuable upon exercise of common stock purchase warrants (the ''Warrants'') held directly by the reporting person.

SCHEDULE 13G

CUSIP No. 64113L202

1

Names of Reporting Persons

3i 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 518,889.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 518,889.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

518,889.00

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)

7.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 2, such percentage is based on 6,867,899 shares of Common Stock outstanding as of December 15, 2025, as disclosed in the Form 10-Q. Beneficial ownership consists of an aggregate of 518,889 shares of Common Stock issuable upon exercise of the Warrants held indirectly by the reporting person.

SCHEDULE 13G

CUSIP No. 64113L202

1

Names of Reporting Persons

Maier Joshua Tarlow

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 518,889.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 518,889.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

518,889.00

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)

7.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 2, such percentage is based on 6,867,899 shares of Common Stock outstanding as of December 15, 2025, as disclosed in the Form 10-Q. Beneficial ownership consists of an aggregate of 518,889 shares of Common Stock issuable upon exercise of the Warrants held indirectly by the reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Netcapital Inc.
(b)	Address of issuer's principal executive offices: 1 Lincoln Street, Boston, Massachusetts 02111
Item 2.
(a)	Name of person filing: (i) 3i, LP, a Delaware limited partnership ("3i"); (ii) 3i Management LLC, a Delaware limited liability company ("3i Management''); and (iii) Maier Joshua Tarlow ("Mr. Tarlow"). The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to the Statement on Schedule 13G filed by the Reporting Persons with the SEC on July 9, 2025 (the "Schedule 13G"), pursuant to which the Reporting Persons have agreed to file this Amendment No. 2 and all subsequent amendments to the Schedule 13G and Amendment No. 1 to Schedule 13G filed by the Reporting Persons with the SEC on November 6, 2025 ("Amendment No. 1") jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The filing of this Amendment No. 2 should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 2 Wooster Street, 2nd Floor, New York, NY 10013.
(c)	Citizenship: 3i is a Delaware limited partnership. 3i Management is a Delaware limited liability company. Mr. Tarlow is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 64113L202
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: The purpose of this Amendment No. 2 is to amend and supplement the Schedule 13G and Amendment No. 1 in order to update the beneficial ownership information on the cover pages and in Item 4 in the Schedule 13G and Amendment No.1. The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Amendment No. 2 and is incorporated herein by reference for each such Reporting Person. The ownership percentages reported are based on 6,867,899 shares of Common Stock outstanding as of December 15, 2025, as disclosed in the Form 10-Q. 3i holds Warrants exercisable for up to an aggregate of 518,889 shares of Common Stock. Consequently, 3i is the beneficial owner of 518,889 shares of Common Stock (the "Shares") and has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by 3i Management, the manager and general partner of 3i. Mr. Tarlow, as the manager of 3i Management, has shared power to vote and/or dispose of the Shares beneficially owned by each of 3i and 3i Management. Mr. Tarlow does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may be deemed to beneficially own the Shares beneficially owned by 3i and 3i Management, and 3i Management may be deemed to beneficially own the Shares beneficially owned by 3i.
(b)	Percent of class: 7.02 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (A) 3i: 0.00 (B) 3i Management: 0.00 (C) Mr. Tarlow: 0.00
	(ii) Shared power to vote or to direct the vote: (A) 3i: 518,889.00 (B) 3i Management: 518,889.00 (C) Mr. Tarlow: 518,889.00
	(iii) Sole power to dispose or to direct the disposition of: (A) 3i: 0.00 (B) 3i Management: 0.00 (C) Mr. Tarlow: 0.00
	(iv) Shared power to dispose or to direct the disposition of: (A) 3i: 518,889.00 (B) 3i Management: 518,889.00 (C) Mr. Tarlow: 518,889.00
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 Exhibit 1 to the Schedule 13G.
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.

3i, LP

Signature:	/s/ 3i, LP
Name/Title:	Maier Joshua Tarlow, Manager of 3i Management LLC, General Partner of 3i, LP
Date:	02/05/2026

3i Management LLC

Signature:	/s/ 3i Management LLC
Name/Title:	Maier Joshua Tarlow, Manager
Date:	02/05/2026

Maier Joshua Tarlow

Signature:	/s/ Maier Joshua Tarlow
Name/Title:	Maier Joshua Tarlow
Date:	02/05/2026

Comments accompanying signature: LIST OF EXHIBITS Exhibit No. 1 - Joint Filing Agreement, dated July 9, 2025 (incorporated by reference to Exhibit 1 to the Schedule 13G filed by the Reporting Persons with the SEC on July 9, 2025).

FAQ

What ownership stake in Netcapital Inc. (NCPL) is reported in this Schedule 13G/A amendment?

The filing reports beneficial ownership of 518,889 Netcapital common shares, representing about 7% of the outstanding common stock as of December 15, 2025. This stake is based on 6,867,899 shares outstanding disclosed in Netcapital’s Form 10-Q for the period ended October 31, 2025.

Who are the reporting persons in the Netcapital Inc. (NCPL) Schedule 13G/A Amendment No. 2?

The reporting persons are 3i, LP, 3i Management LLC, and Maier Joshua Tarlow. 3i directly holds the warrants, 3i Management is its manager and general partner, and Tarlow manages 3i Management, giving them shared voting and dispositive power over the reported shares.

How is the 7% ownership of Netcapital Inc. (NCPL) calculated in this filing?

The approximately 7% ownership is calculated using 518,889 shares issuable upon warrant exercise over a base of 6,867,899 Netcapital common shares outstanding as of December 15, 2025. That outstanding share figure comes from Netcapital’s Form 10-Q for the quarter ended October 31, 2025.

Are the Netcapital Inc. (NCPL) shares owned directly or through derivatives in this Schedule 13G/A?

The beneficial ownership consists entirely of 518,889 shares issuable upon exercise of common stock purchase warrants. 3i, LP holds the warrants directly. 3i Management LLC and Maier Joshua Tarlow are deemed indirect beneficial owners through their control roles over 3i and its investment decisions.

Does this Netcapital Inc. (NCPL) Schedule 13G/A indicate any intent to influence control of the company?

The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Netcapital. They also state the holdings are not part of any transaction intended to affect control, aside from activities solely related to certain nomination rules.

What voting and dispositive powers are reported over Netcapital Inc. (NCPL) shares in this filing?

Each reporting person shows zero sole voting and dispositive power and shared voting and dispositive power over 518,889 shares. This means decisions on voting and selling the warrant shares are shared among 3i, LP, 3i Management LLC, and Maier Joshua Tarlow under their management structure.