# EDGAR Filing Document

**Accession Number:** 0001425355
**File Stem:** 0001654954-25-008939
**Filing Date:** 2025-8
**Character Count:** 10100
**Document Hash:** cd3f7160e38744180421bee4a2a71f2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-008939.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001654954-25-008939

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mill City Ventures III, Ltd
- **CENTRAL INDEX KEY:** 0001425355
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 900316651
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84159
- **FILM NUMBER:** 251182172

**BUSINESS ADDRESS:**
- **STREET 1:** 1907 WAYZATA BOULEVARD
- **STREET 2:** SUITE 205
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391
- **BUSINESS PHONE:** (952) 479-1923

**MAIL ADDRESS:**
- **STREET 1:** 1907 WAYZATA BOULEVARD
- **STREET 2:** SUITE 205
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POKER MAGIC INC
- **DATE OF NAME CHANGE:** 20080129
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POLINSKY DOUGLAS MICHAEL
- **CENTRAL INDEX KEY:** 0001394819

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 130 LAKE ST. WEST
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Mill City Ventures III, Ltd**

*(Name of Issuer)*

**COMMON STOCK, $0.001 PAR VALUE PER SHARE**

*(Title of Class of Securities)*

**59982U200**

*(CUSIP Number)*

**Douglas M. Polinsky**<br>1907 Wayzata Boulevard<br>Suite 205<br>Wayzata MN 55391<br>(952) 479-1920

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/31/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **59982U200** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**POLINSKY DOUGLAS MICHAEL** | Name of reporting person<br>**POLINSKY DOUGLAS MICHAEL** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**551847.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**128915.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**551847.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**128915.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**680762.00** | Aggregate amount beneficially owned by each reporting person<br>**680762.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.8%** | Percent of class represented by amount in Row (11)<br>**0.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Footnote for entries 7, 9, 11: Includes (i) 301,847 shares of common stock of the issuer held individually and directly by Mr. Polinsky and (ii) 250,000 shares of common stock of the issuer presently exercisable under a non-statutory stock option. Excludes 622,694 shares of common stock exercisable under warrants issued to Mr. Polinsky by the issuer on July 31, 2025. Pursuant to Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, the shares of common stock issuable upon exercise of such warrants are not deemed to be beneficially owned by Mr. Polinsky as they are not exercisable within 60 days of the date of the event which triggered this filing.

Footnote for entries 7, 8, 9, 10, 11: The reported figures are accurate as of the date of the event requiring the filing of this document, and remain accurate as of the date on which this document is filed.

Footnote for entries 8, 10, 11: Consists of 128,915 shares of common stock of the issuer held by Lantern Advisers, LLC ("Lantern"). Lantern is controlled by Mr. Polinsky and Joseph A. Geraci, II, who share voting and dispositive power over the securities held by Lantern and therefore may be deemed to beneficially own the securities held by Lantern. Each of Messrs. Polinsky and Geraci disclaims beneficial ownership of the securities held by Lantern except to the extent of his individual pecuniary interest therein.

Footnote for entry 13: As of the date on which this document is filed, the percentage of common stock of the issuer beneficially owned by Mr. Polinsky is 0.8% based on 81,944,398 shares of common stock of the issuer issued and outstanding, as disclosed in the issuer's Current Report on Form 8-K filed on July 31, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
COMMON STOCK, $0.001 PAR VALUE PER SHARE

**(b) Name of Issuer:**
Mill City Ventures III, Ltd

**(c) Address of Issuer's Principal Executive Offices:**
1907 WAYZATA BOULEVARD, SUITE 205, WAYZATA, MN, 55391

Explanatory Note

On July 27, 2025, Mill City Ventures III, Ltd., a Minnesota corporation (the "issuer") entered into securities purchase agreements (the "Securities Purchase Agreements") with certain investors (the "Purchasers") pursuant to which the issuer agreed to sell and issue to the Purchasers in a private placement offering (the "Offering") an aggregate of (i) 75,881,625 shares of common stock (the "Shares") at an offering price of $5.42 per Share, and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase up to an aggregate of 7,144,205 shares of common stock (the "Pre-Funded Warrant Shares") at an offering price of $5.4199 per Pre-Funded Warrant. Each of the Pre-Funded Warrants is exercisable for one share of common stock at an exercise price of $0.0001 per Pre-Funded Warrant Share. The Pre-Funded Warrants are immediately exercisable upon issuance, and may be exercised at any time until all of the Pre-Funded Warrants issued in the Offering are exercised in full. Each Purchaser's ability to exercise its Pre-Funded Warrants is subject to certain beneficial ownership limitations set forth therein. The Offering closed on July 31, 2025 and there were 81,944,398 shares of the issuer's common stock issued and outstanding following the Offering.

This Amendment No. 5 to Schedule 13D relates to shares of common stock, par value $0.001 per share, of the issuer, and amends the initial statement on Schedule 13D dated February 17, 2009, Amendment No. 1 to Schedule 13D dated February 16, 2010, Amendment No. 2 to Schedule 13D dated February 14, 2011, Amendment No. 3 to Schedule 13D dated February 17, 2012, and Amendment No. 4 to Schedule 13D dated November 30, 2023 filed by Douglas M. Polinsky (the "reporting person").  This Amendment No. 5, together with the above-noted initial statement and its earlier amendments, are collectively referred to as the "Schedule 13D."  Except as specifically provided herein, this Amendment No. 5 does not modify any of the information previously reported in the Schedule 13D.

This Amendment No.5 is being filed to update the number of shares of common stock of the issuer, and the aggregate percentage of the common stock of the issuer, beneficially owned by the reporting person due to changes in outstanding common stock figures of the issuer resulting from the Offering, prior acquisitions of common stock of the issuer by the reporting person (as previously reported on Form 4 filings made with the SEC under Section 16 of the Securities Exchange Act of 1934, together with other filings of the issuer made on Form 10-Q, Form 10-K, and a proxy statement) (and which acquisitions did not require any amendment to the Schedule 13D), and not in connection with a disposition of any common stock by the reporting person.

This Amendment No. 5 is the final amendment to the Schedule 13D and constitutes an exit filing for the reporting person, as the reporting person beneficially owns less than five percent of the common stock of the issuer.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended incorporate the information contained in Item 5(c).

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information contained on the cover pages to this Amendment No. 5 is incorporated herein by this reference.

**(b)**
The information contained on the cover pages to this Amendment No. 5 is incorporated herein by this reference.

**(c)**
The reporting person effected no transactions during the last 60 days. This Amendment No. 5 is being filed to disclose a material change in Mr. Polinsky's beneficial ownership of shares of common stock of the issuer following the Offering (as described in Item 1), as required under applicable rules.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** POLINSKY DOUGLAS MICHAEL

**Signature:** /s/ Douglas M. Polinsky

**Name/Title:** Douglas M. Polinsky/Chief Executive Officer

**Date:** 08/04/2025