SCHEDULE: Firefly Neuroscience Insiders Trim Stake, Ownership Dips

A group of insiders, including Windsor Private Capital LP and Jordan Kupinsky, reduced their beneficial ownership in Firefly Neuroscience, Inc. through open market sales and dilution from increased outstanding shares.

Summary

• Reporting Persons, including Windsor Private Capital LP and Jordan Kupinsky, collectively sold 184,072 Common Shares of Firefly Neuroscience, Inc. between October 9, 2025, and October 15, 2025.
• The sales were conducted in the open market by Windsor Private Capital LP at prices ranging from $2.6525 to $2.9441 per share.
• The aggregate number of Common Shares outstanding for Firefly Neuroscience, Inc. increased by 5,578,597 shares, from 7,870,251 as of August 12, 2024, to 13,448,848 as of September 4, 2025.
• As a result of these sales and the increase in outstanding shares, the aggregate percentage of Common Shares beneficially owned by the Reporting Persons decreased.
• Jordan Kupinsky's beneficial ownership decreased to 1,521,461 Common Shares, representing 11.3% of the class.
• Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Rocco Marcello, and John Cundari each beneficially own 1,452,701 Common Shares, representing 10.8% of the class.
• HJRK Holdings Inc. beneficially owns 68,760 Common Shares, representing 0.5% of the class.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a group of reporting persons and the dilutive effect of a large increase in outstanding shares. While the reason for the increase in outstanding shares is not detailed, the combination of insider selling and dilution typically signals a bearish outlook from the reporting persons' perspective.

Negatives

• A group of insiders, including significant shareholders and management, reduced their stake in the company by selling 184,072 Common Shares.
• The decrease in beneficial ownership percentage is due to both insider sales and the dilution effect of a substantial increase in the total number of outstanding Common Shares.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the company's future operations or financial performance.

Industry Context

This filing primarily concerns changes in beneficial ownership by a group of investors and does not provide sufficient information to analyze broader industry trends or competitive positioning for Firefly Neuroscience, Inc. The increase in outstanding shares could be a result of various corporate actions, which may or may not be in line with industry norms depending on the specific context not provided here.

Stakeholder Impact

• Shareholders: Existing shareholders experienced dilution due to the increase in outstanding shares and may view the insider selling as a negative signal, potentially impacting share price perception.
• Reporting Persons: The reporting persons have reduced their exposure to Firefly Neuroscience, Inc. by selling shares.

Key Dates

Recommendation

A seasoned investor would likely interpret the significant open market sales by a group of insiders, coupled with a substantial increase in the company's outstanding shares (implying dilution), as a strong negative signal. Insider selling often suggests that those closest to the company believe the stock is fully valued or anticipate future challenges. While this filing alone does not provide a full financial picture, the actions of these reporting persons indicate a lack of confidence or a strategic reduction in exposure, warranting a 'sell' recommendation based on this specific disclosure.

Keywords

Firefly Neuroscience, Schedule 13D/A, Insider Selling, Beneficial Ownership, Share Sales, Windsor Private Capital, Jordan Kupinsky, Equity Dilution, SEC Filing