SCHEDULE: Firefly Neuroscience Major Holders Trim Stake

Key reporting persons, including Windsor Private Capital LP and Jordan Kupinsky, have reduced their beneficial ownership in Firefly Neuroscience, Inc. by selling 134,000 common shares.

Summary

• Reporting Persons, including Windsor Private Capital LP, Jordan Kupinsky, Rocco Marcello, and John Cundari, collectively sold 134,000 common shares of Firefly Neuroscience, Inc.
• The sales occurred between October 27, 2025, and November 5, 2025, in open market transactions.
• As a result, the aggregate beneficial ownership percentage of the Reporting Persons decreased.
• Windsor Private Capital LP sold shares at prices ranging from $1.6959 to $2.0175 per share.
• Jordan Kupinsky's beneficial ownership is now 1,171,533 shares, representing 8.7% of the outstanding common shares.
• Windsor Private Capital LP's beneficial ownership is now 1,102,773 shares, representing 8.2% of the outstanding common shares.
• HJRK Holdings Inc.'s beneficial ownership is now 68,760 shares, representing 0.5% of the outstanding common shares.
• The percentages are based on 13,448,848 common shares outstanding as of September 4, 2025.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant share sales by multiple key reporting persons, including a major institutional investor and company executives. This action typically signals a reduction in confidence or a strategic divestment, which can be perceived negatively by the market.

Negatives

• Significant reduction in beneficial ownership by key reporting persons, including a major institutional investor (Windsor Private Capital LP) and company executives/partners (Jordan Kupinsky, Rocco Marcello, John Cundari).
• The sales of 134,000 shares indicate a decrease in conviction or a need for liquidity from these significant holders.
• The average selling price declined over the period, from $2.0175 on October 27, 2025, to $1.7432 on November 5, 2025, potentially signaling a negative trend in the stock price during the selling period.

Future Outlook

NA

Industry Context

This filing reflects a change in ownership structure for Firefly Neuroscience, Inc., rather than a direct industry trend. However, significant sales by large institutional and insider holders can sometimes precede or coincide with broader shifts in investor sentiment towards a particular sector or company within the neuroscience industry.

Stakeholder Impact

• Shareholders: May interpret the significant sales by key reporting persons as a negative signal, potentially leading to downward pressure on the stock price.
• Management/Employees: Could face questions regarding the company's outlook if major investors are reducing their stake.

Key Dates

Recommendation

The significant reduction in beneficial ownership by multiple key reporting persons, including a major institutional investor and company executives, signals a lack of confidence or a strategic divestment. Such insider selling, especially when the selling price declines over the period, is typically a strong negative indicator for a stock's near-term performance and suggests that these informed parties see better opportunities elsewhere or anticipate challenges for Firefly Neuroscience, Inc. This action warrants a 'sell' recommendation for investors to reconsider their position.

Keywords

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