SCHEDULE: Windsor Private Capital Reduces Firefly Neuroscience Stake

Sentiment:

Beneficial Ownership Amendment 9 December 2025 8:33 PM

📋All filings for Firefly Neuroscience, INC

Windsor Private Capital and its affiliates have reduced their beneficial ownership in Firefly Neuroscience, Inc. to 7.0% through recent share sales.

Worse than expectedA significant beneficial owner reducing its stake can be perceived negatively by the market, suggesting a potential lack of confidence or a strategic shift away from the investment.

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") filed Amendment No. 4 to their Schedule 13D.
The Reporting Persons collectively sold an aggregate of 164,252 Common Shares of Firefly Neuroscience, Inc. between November 6, 2025, and December 9, 2025.
As a result of these transactions, the aggregate percentage of Common Shares beneficially owned by the Reporting Persons has decreased.
Windsor Private Capital LP was responsible for all 164,252 share sales.
Jordan Kupinsky's beneficial ownership is 1,007,281 Common Shares, representing 7.5% of the outstanding class.
Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Rocco Marcello, and John Cundari each beneficially own 938,521 Common Shares, representing 7.0% of the outstanding class.
HJRK Holdings Inc. beneficially owns 68,760 Common Shares, representing 0.5% of the outstanding class.
The percentage ownership is based on 13,492,928 Common Shares of Firefly Neuroscience, Inc. outstanding as of December 2, 2025.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to a significant beneficial owner reducing their stake, which can signal a decrease in confidence or a strategic divestment, potentially impacting investor perception.

Negatives

A significant beneficial owner, Windsor Private Capital LP and its affiliates, has reduced its stake in Firefly Neuroscience, Inc., which could be interpreted as a decrease in conviction or a move to realize gains.

Future Outlook

This filing does not contain 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 significant investor group and does not provide direct insights into broader industry trends or competitive landscape within the neuroscience sector.

Stakeholder Impact

Shareholders: The reduction in beneficial ownership by a significant investor group could lead to increased selling pressure or a perception of reduced institutional support, potentially impacting share price. Other shareholders might view this as a signal to re-evaluate their own positions.

Key Dates

Date	Description
2024-08-19	Original Schedule 13D filed.
2025-10-15	Amendment No. 1 to Schedule 13D filed.
2025-10-23	Amendment No. 2 to Schedule 13D filed.
2025-11-06	Start date of share sales by Reporting Persons.
2025-11-07	Amendment No. 3 to Schedule 13D filed.
2025-11-17	Windsor sold 17,200 Common Shares at $1.5020.
2025-11-18	Windsor sold 10,700 Common Shares at $1.5670.
2025-11-19	Windsor sold 24,500 Common Shares at $1.6319.
2025-11-20	Windsor sold 15,400 Common Shares at $1.5969.
2025-11-21	Windsor sold 18,100 Common Shares at $1.5461.
2025-11-24	Windsor sold 4,600 Common Shares at $1.5709.
2025-11-25	Windsor sold 4,600 Common Shares at $1.5941.
2025-11-26	Windsor sold 5,100 Common Shares at $1.5679.
2025-11-28	Windsor sold 7,000 Common Shares at $1.7456.
2025-12-01	Windsor sold 8,000 Common Shares at $1.6483.
2025-12-02	Windsor sold 4,600 Common Shares at $1.5934. Also, 13,492,928 Common Shares outstanding as of this date.
2025-12-03	Windsor sold 3,900 Common Shares at $1.6206. Issuer's Registration Statement on Form S-3 filed.
2025-12-04	Windsor sold 7,152 Common Shares at $1.6997.
2025-12-05	Date of event requiring this filing. Windsor sold 14,000 Common Shares at $1.6493.
2025-12-08	Windsor sold 4,600 Common Shares at $1.6366.
2025-12-09	End date of share sales by Reporting Persons. Windsor sold 14,800 Common Shares at $1.7010. Filing date of Amendment No. 4.

Recommendation

hold

While a significant investor group has reduced its stake, this filing alone does not provide sufficient information to warrant a 'sell' recommendation, as the reasons for the sale are not detailed (e.g., portfolio rebalancing, profit-taking). However, the reduction in a large holder's position could signal caution, suggesting a 'hold' until further clarity on the company's performance or strategic direction emerges. A 'buy' is not justified given the divestment by a knowledgeable party.

Keywords

Firefly Neuroscience, Windsor Private Capital, Jordan Kupinsky, Schedule 13D/A, Beneficial Ownership, Share Sales, Institutional Investor, Neuroscience, Biotechnology

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