SCHEDULE: Firefly Neuroscience: Major Shareholder Group Exits

A group of reporting persons, including Windsor Private Capital LP and Jordan Kupinsky, have reduced their beneficial ownership in Firefly Neuroscience, Inc. below the 5% threshold, triggering an exit filing.

Summary

• WPC Management Services Inc., WPC GP I Inc., Windsor Private Capital LP, Jordan Kupinsky, HJRK Holdings Inc., Rocco Marcello, and John Cundari (collectively, the "Reporting Persons") have filed Amendment No. 6 to their Schedule 13D.
• The amendment serves as an exit filing, indicating that the Reporting Persons have ceased to be the beneficial owners of more than 5% of Firefly Neuroscience, Inc.'s outstanding Common Shares.
• Between December 31, 2025, and January 30, 2026, the Reporting Persons sold an aggregate of 147,300 Common Shares in open market transactions.
• Windsor Private Capital LP executed multiple sales of Common Shares during January 2026, with prices ranging from $0.88561 to $1.1255 per share.
• As of December 2, 2025, there were 13,492,928 Common Shares of Firefly Neuroscience, Inc. outstanding.
• Following these transactions, Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Rocco Marcello, and John Cundari each beneficially own 605,421 Common Shares, representing 4.5% of the class.
• Jordan Kupinsky beneficially owns 674,181 Common Shares, representing 5.0% of the class, which includes shares held by Windsor Private Capital LP and HJRK Holdings Inc.
• HJRK Holdings Inc. beneficially owns 68,760 Common Shares, representing 0.5% of the class.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a neutral to slightly negative event. While it's a procedural exit filing, the reduction in a significant investor's stake could be interpreted by the market as a loss of confidence, even if it's part of a planned divestment.

Positives

• The Reporting Persons successfully divested a significant portion of their holdings, completing their investment strategy in Firefly Neuroscience, Inc.

Negatives

• A significant shareholder group reducing its stake below the 5% threshold could be perceived as a lack of conviction or a strategic exit, potentially impacting investor sentiment.

Risks

• The reduction in ownership by a major investor group might lead to increased volatility or downward pressure on the stock price if other investors interpret the exit negatively." "A decrease in institutional ownership could reduce the stability of the shareholder base.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Firefly Neuroscience, Inc. or the Reporting Persons regarding the company's future operations or financial performance. It solely reports on past transactions and current ownership status of the Reporting Persons.

Industry Context

StockSavvy.ai notes that a Schedule 13D exit filing typically signals the conclusion of an activist or significant investment position. While not directly indicative of broader industry trends, such exits can sometimes reflect a re-evaluation of sector-specific opportunities or a shift in investment focus by large capital groups. For a neuroscience company like Firefly, the departure of a significant investor could prompt questions about the company's near-term catalysts or strategic direction, especially if the investor was perceived as a long-term holder.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure for a significant shareholder reducing their stake below the 5% threshold, consistent with SEC requirements for Schedule 13D amendments.
• The detailed reporting of individual share sales, including dates and prices, aligns with best practices for transparency in such disclosures, similar to how other institutional investors like BlackRock or Vanguard would report changes in their passive stakes, though this is an active investor's exit.

Stakeholder Impact

• Shareholders: May experience increased stock price volatility or a negative sentiment shift due to the exit of a significant investor group.
• Company Management: May need to address investor concerns regarding the reasons for the significant shareholder's divestment.

Next Steps

• The Reporting Persons will no longer be required to file Schedule 13D amendments unless their beneficial ownership again exceeds 5% of Firefly Neuroscience, Inc.'s Common Shares.

Key Dates

Recommendation

The filing indicates a significant shareholder group has reduced its stake below 5%, which is a procedural exit. While this could introduce short-term negative sentiment or volatility, it doesn't provide new fundamental information about Firefly Neuroscience, Inc.'s operations or prospects. Investors should hold and monitor for further company-specific news or financial updates rather than reacting solely to this ownership change.

Keywords

Firefly Neuroscience, Schedule 13D/A, Shareholder Exit, Beneficial Ownership, Windsor Private Capital, Jordan Kupinsky, Common Stock Sales, SEC Filing, Institutional Investor