SCHEDULE: Intracoastal Capital Group Discloses 9.3% Stake in Netcapital

A group led by Mitchell P. Kopin and Daniel B. Asher, including Intracoastal Capital LLC, has disclosed a 9.3% beneficial ownership stake in Netcapital Inc.

Summary

• Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC (the "Reporting Persons") collectively beneficially own 501,781 shares of Netcapital Inc. common stock.
• This ownership represents approximately 9.3% of the company's common stock.
• The beneficial ownership includes 287,877 shares issuable upon exercise of Intracoastal Warrant 1 and 213,904 shares issuable upon exercise of Intracoastal Warrant 2.
• The calculation of the 9.3% stake is based on 4,917,889 shares of common stock outstanding as of September 22, 2025, plus the 501,781 shares from the two exercisable warrants.
• An additional 62,497 shares from five other warrants (Intracoastal Warrants 3-7) are excluded from the beneficial ownership calculation due to blocker provisions that prevent ownership from exceeding 4.99% of the common stock.
• Without these blocker provisions, the Reporting Persons would have beneficial ownership of 564,278 shares of Common Stock.
• The Reporting Persons share both voting and dispositive power over the 501,781 beneficially owned shares.

Sentiment

Score: 7

Explanation: The disclosure of a significant 9.3% beneficial ownership stake by a group of investors, including an investment firm, generally indicates a positive outlook and confidence in the company's value proposition. While the filing itself is purely factual, the substantial investment suggests a bullish sentiment from the reporting persons.

Positives

• A significant beneficial ownership stake of 9.3% by a group of investors, including an investment firm, can signal confidence in Netcapital Inc.'s future prospects.
• The presence of multiple warrants indicates a structured investment approach by Intracoastal Capital LLC.

Negatives

• The filing itself does not contain information that would typically be categorized as negative financial or operational news for the issuer.

Risks

• The existence of blocker provisions in several warrants (Intracoastal Warrants 3-7) limits the immediate exercisability of an additional 62,497 shares, potentially restricting the Reporting Persons' ability to increase their stake beyond the 9.3% threshold without further disclosures or actions.
• The filing does not detail the exercise price or expiration dates of the warrants, which could impact the value and future exercisability of these holdings.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Netcapital Inc. or the Reporting Persons regarding the company's future performance.

Industry Context

This filing indicates a significant investment by a group of individuals and an investment firm in Netcapital Inc., a company operating in the financial technology and crowdfunding space. Such substantial stakes can influence market perception and potentially signal strategic interest in the company's growth trajectory within its niche.

Stakeholder Impact

• Shareholders: The disclosure of a significant ownership stake by a group of investors may be viewed positively, potentially increasing investor confidence and market interest in Netcapital Inc.'s stock.
• Company Management: Awareness of a substantial shareholder group may influence strategic decisions and engagement with major investors.

Key Dates

Keywords

Netcapital Inc., Intracoastal Capital LLC, Mitchell P. Kopin, Daniel B. Asher, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, SEC Filing, Investment