SCHEDULE: MMCAP International Discloses 14.9% Stake in Cardiol Therapeutics

MMCAP International Inc. SPC and MM Asset Management Inc. jointly reported a 14.9% beneficial ownership stake in Cardiol Therapeutics Inc.'s Class A Common Shares.

Summary

• MMCAP International Inc. SPC (the "Fund") and MM Asset Management Inc. (the "Adviser") have jointly filed a Schedule 13G.
• The reporting persons collectively beneficially own 17,451,746 Class A Common Shares of Cardiol Therapeutics Inc.
• This ownership represents 14.9% of the Class A Common Shares outstanding.
• The beneficial ownership includes 11,740,207 Class A Common Shares and an additional 5,711,539 Class A Common Shares underlying warrants exercisable within 60 days.
• The percentage of beneficial ownership is calculated based on 111,680,087 Class A Common Shares outstanding as of January 23, 2026, after giving effect to the closing of an offering on that date.
• The securities were acquired and are held for investment purposes and not with the intent to change or influence the control of Cardiol Therapeutics Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a substantial passive stake by a reputable investment firm like MMCAP International can instill investor confidence in Cardiol Therapeutics' long-term value and market perception.

Positives

• A significant institutional investor, MMCAP International Inc. SPC, has disclosed a substantial 14.9% stake in Cardiol Therapeutics Inc., potentially signaling confidence in the company's long-term prospects.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Cardiol Therapeutics Inc.'s future performance or strategic direction, as it is solely a disclosure of beneficial ownership by passive investors.

Management Comments

• MMCAP International Inc. SPC and MM Asset Management Inc. certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard disclosures for passive institutional investors who acquire more than 5% of a company's voting equity. This filing indicates a significant, non-control investment by MMCAP International, a common strategy for funds seeking long-term value in specific sectors, such as the therapeutics industry where Cardiol operates.

Comparison to Industry Standards

• A 14.9% stake is a substantial position for an institutional investor, often signaling strong conviction in the company's long-term prospects, similar to significant holdings observed in emerging biotech firms by specialized healthcare funds like Orbimed or RA Capital Management.
• While not a controlling interest, this level of ownership by MMCAP International positions them as a key institutional shareholder, comparable to the influence major funds exert in smaller-cap pharmaceutical or therapeutic companies, providing a degree of market validation.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may enhance investor confidence and potentially attract further institutional interest.
• Company Management: Management will be aware of a large, passive institutional shareholder, which can influence strategic considerations without directly impacting control.

Key Dates

Recommendation

The disclosure of a significant 14.9% passive stake by MMCAP International Inc. SPC in Cardiol Therapeutics Inc. suggests institutional confidence. While this filing does not provide operational or financial performance data, the presence of a major institutional investor typically provides a level of stability and validation, supporting a 'hold' recommendation for current investors and signaling potential for further due diligence for prospective investors.

Keywords

Cardiol Therapeutics, MMCAP International, MM Asset Management, Schedule 13G, beneficial ownership, Class A Common Shares, institutional investment, equity stake