SCHEDULE: Marpai Investor Amends Stake to 4.4%

Intelligent Fanatics Capital Management and affiliates disclose a 4.4% passive stake in Marpai, Inc. common shares.

Summary

• Intelligent Fanatics Capital Management LLC, Ian J. Cassel, and IFCM MicroCap Fund LP collectively reported beneficial ownership of 1,030,085 common shares of Marpai, Inc.
• This represents 4.4% of Marpai, Inc.'s outstanding common shares.
• The reporting persons hold shared voting and shared dispositive power over these shares.
• The filing is an Amendment No. 3 to a Schedule 13G, indicating previous disclosures of beneficial ownership.
• The event date requiring this filing was January 1, 2026.
• The reporting entities certify that the securities were not acquired or held for the purpose of changing or influencing control of Marpai, Inc.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral to slightly negative disclosure. While the continued presence of an institutional investor is positive, the implied reduction in stake below the 5% threshold could be interpreted as a decrease in conviction or a portfolio rebalancing.

Positives

• Continued investment by Intelligent Fanatics Capital Management LLC and its fund, IFCM MicroCap Fund LP, signals ongoing confidence in Marpai, Inc.
• The investment group maintains a significant stake of over 1 million shares, indicating a substantial commitment.

Negatives

• The reported ownership of 4.4% is below the 5% threshold typically associated with initial Schedule 13G filings, suggesting a potential reduction in stake from previous filings (as this is Amendment No. 3). A reduction in institutional ownership can be perceived negatively by the market.

Risks

• No specific risks related to Marpai, Inc.'s operations or financial health are disclosed in this beneficial ownership filing. The risks are inherent to the investment itself.

Future Outlook

NA

Management Comments

• Mr. Cassel disclaims beneficial ownership of the shares beneficially owned by the Fund, other than the shares attributable to his limited and general partnership interest therein.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for passive investors holding less than 20% of a company's stock. The continued presence of an investment management firm like Intelligent Fanatics Capital Management as a significant shareholder, even with a potentially reduced stake, can be a signal of long-term interest in the micro-cap space, where Marpai operates.

Comparison to Industry Standards

• This filing is a standard disclosure for passive institutional investors under SEC regulations, aligning with typical reporting requirements for beneficial ownership.
• The 4.4% stake is below the 5% threshold that often triggers initial public disclosure, suggesting a change from a prior position that was at or above 5%. This is a common occurrence as funds adjust their portfolios.

Stakeholder Impact

• Shareholders: May interpret the implied reduction in stake as a negative signal, potentially impacting share price. However, the continued presence of a significant institutional investor could also provide some stability.
• Management: Awareness of a significant, albeit passive, institutional shareholder.

Key Dates

Recommendation

The filing primarily discloses a passive ownership stake and does not provide operational or financial performance data for Marpai, Inc. While the implied reduction in stake could be a minor negative signal, it's insufficient information to warrant a strong buy or sell recommendation. A "hold" recommendation reflects the lack of new fundamental information to change an existing investment thesis, while acknowledging the potential for minor market reaction to the ownership change.

Keywords

Marpai Inc., Intelligent Fanatics Capital Management, IFCM MicroCap Fund, Ian Cassel, Schedule 13G, beneficial ownership, common shares, passive investment, institutional ownership