SCHEDULE: Iroquois Capital, Richard Abbe Disclose DEFSEC Stake

Iroquois Capital Management, LLC, Richard Abbe, and Kimberly Page have filed an amended Schedule 13G disclosing their beneficial ownership in DEFSEC Technologies Inc., including shares issuable from warrants.

Summary

• Iroquois Capital Management, LLC, Richard Abbe, and Kimberly Page have filed an amended Schedule 13G regarding their beneficial ownership in DEFSEC Technologies Inc.
• Iroquois Capital Management, LLC beneficially owns 43,223 shares of Common Stock, representing 3.12% of the class, with shared voting and dispositive power over these shares.
• Richard Abbe beneficially owns 70,419 shares of Common Stock, representing 4.99% of the class, with sole voting and dispositive power over 64,835 shares and shared power over 43,223 shares.
• Kimberly Page beneficially owns 43,223 shares of Common Stock, representing 3.12% of the class, with shared voting and dispositive power over these shares.
• The reported beneficial ownership includes shares of Common Stock issuable upon the exercise of warrants held by Iroquois Master Fund Ltd. (IMF) and Iroquois Capital Investment Group LLC (ICIG).
• These warrants are subject to 'Beneficial Ownership Blockers,' which prevent their exercise to the extent that, following exercise, the holder would own more than 4.99% of the Common Stock outstanding.
• Due to these blockers, the reporting persons were not able to exercise all of the warrants as of the event date.
• DEFSEC Technologies Inc. had 1,340,791 Common Shares outstanding as of the completion of an offering referenced in a prospectus filed on July 25, 2025.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, including warrants, and does not contain performance or strategic updates. The presence of beneficial ownership blockers is a factual limitation on warrant exercise, not an indicator of positive or negative sentiment regarding the company's operations.

Risks

• Warrants held by the reporting persons are subject to 'Beneficial Ownership Blockers,' which preclude their exercise if it would result in ownership exceeding 4.99% of the Common Stock outstanding, thereby limiting the immediate ability to fully convert all warrants.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding significant beneficial ownership stakes by Iroquois Capital Management, Richard Abbe, and Kimberly Page, including the nature of their holdings (warrants) and limitations on exercise.

Key Dates

Keywords

DEFSEC Technologies, Iroquois Capital Management, Richard Abbe, Kimberly Page, Schedule 13G, beneficial ownership, common shares, warrants, SEC filing, investment advisor