SCHEDULE: Tejara Capital Discloses 5.2% Stake in Cardiol Therapeutics

Tejara Capital Ltd and Trefoil Select Funds SPC-Stylus SP reported a 5.2% beneficial ownership in Cardiol Therapeutics Inc.'s Class A Common Shares.

Summary

• Tejara Capital Ltd and Trefoil Select Funds SPC-Stylus SP collectively hold 5,130,122 Class A Common Shares of Cardiol Therapeutics Inc.
• This represents 5.2% of the Class A Common Shares outstanding.
• The beneficial ownership also includes 1,250,000 warrants.
• The event requiring this filing occurred on October 17, 2025.
• Tejara Capital Ltd is a UK-based fund manager authorized by the FCA, managing Trefoil Select Funds SPC-Stylus SP, which is registered in Cayman.
• An additional 2,500,000 shares and 1,250,000 warrants, which led to exceeding the 5% threshold, are not yet registered for trading in the US (DTC form) and cannot be traded in the US.

Sentiment

Score: 6

Explanation: The acquisition of a significant stake by an institutional investor is generally positive, but the inability to trade a portion of these shares in the US due to pending DTC registration introduces a notable negative aspect and liquidity concern.

Positives

• A significant institutional investor, Tejara Capital Ltd, has taken a 5.2% stake in Cardiol Therapeutics Inc., indicating confidence in the company.
• The investment includes 1,250,000 warrants, suggesting a long-term bullish outlook.

Negatives

• A substantial portion of the newly acquired shares (2,500,000 shares and 1,250,000 warrants) cannot currently be traded in the US due to pending DTC registration.

Risks

• The inability to trade 2,500,000 shares and 1,250,000 warrants in the US market due to pending DTC registration could limit liquidity for these specific holdings.
• Regulatory delays in DTC registration could impact the reporting person's ability to manage their investment effectively.

Future Outlook

N/A. This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from the issuer.

Industry Context

N/A. This Schedule 13G filing primarily discloses beneficial ownership and does not provide sufficient information to analyze broader industry trends or competitor relations for Cardiol Therapeutics Inc.

Stakeholder Impact

• Shareholders of Cardiol Therapeutics Inc. may view the increased institutional ownership as a positive signal of investor confidence.
• The reporting person, Tejara Capital Ltd, faces a temporary restriction on trading a portion of its newly acquired shares and warrants in the US market until DTC registration is complete.

Next Steps

• The reporting person notes that additional shares and warrants are still to be registered for trading in the US (DTC form).

Key Dates

Recommendation

The disclosure of a new 5.2% institutional stake by Tejara Capital Ltd in Cardiol Therapeutics Inc. is generally a positive indicator of investor confidence. However, the immediate inability to trade a substantial portion of these newly acquired shares and warrants in the US market due to pending DTC registration introduces a liquidity constraint for the reporting entity. This mixed signal suggests a 'hold' recommendation, awaiting further clarity on the DTC registration and any subsequent actions by the institutional investor or the company.

Keywords

Cardiol Therapeutics, Tejara Capital, Trefoil Select Funds, Schedule 13G, Beneficial Ownership, Institutional Investment, SEC Filing, Class A Common Shares, Warrants