# EDGAR Filing Document

**Accession Number:** 0001414767
**File Stem:** 0001493152-26-002856
**Filing Date:** 2026-1
**Character Count:** 20830
**Document Hash:** 34901291e29ac93af7ea5daa31597fd1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-002856.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001493152-26-002856

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**EFFECTIVENESS DATE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Netcapital Inc.
- **CENTRAL INDEX KEY:** 0001414767
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 870409951
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292821
- **FILM NUMBER:** 26542903

**BUSINESS ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** (781) 925-1700

**MAIL ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Inc.
- **DATE OF NAME CHANGE:** 20140924

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Corp
- **DATE OF NAME CHANGE:** 20071011

**As filed with the Securities and Exchange Commission on January 20, 2026**

**Registration No. 333-**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**Netcapital Inc.**

**(Exact Name of Registrant as Specified in Its Charter)** 

---

| | |
|:---|:---|
| **Utah** | **87-0409951** |
| **(State or Other Jurisdiction of** | **(I.R.S. Employer** |
| **Incorporation or Organization)** | **Identification No.)** |

---

**1 Lincoln Street<br> Boston, MA 02111**

**(Address of Principal Executive Offices, Including Zip Code)** 

**2023 Omnibus Equity Incentive Plan**

**(Full Title of the Plans)** 

**Coreen Kraysler**

**Chief Financial Officer**

**Netcapital Inc.**

**1 Lincoln Street<br> Boston, MA 02111**

**(781) 925-1700**

**(Name, Address, and Telephone Number, Including Area Code, of Agent For Service)**

***<u>With a copy to</u>:***

**Richard A. Friedman, Esq.<br> Sheppard, Mullin, Richter & Hampton LLP**

**30 Rockefeller Plaza**

**New York, NY 10012**

**Telephone: (212) 653-8700**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act..

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This Registration Statement will become effective upon filing in accordance with Rule 462(a) under the Securities Act.**

**PART I**

**STATEMENT OF INCORPORATION BY REFERENCE**

This Registration Statement on Form S-8, relating to the 2023 Omnibus Equity Incentive Plan, as amended (the "Plan") of Netcapital Inc. (the "Company"), is being filed for the purpose of registering additional securities of the same class as other securities for which a Registration Statement on Form S-8 relating to the Plan has previously been filed and is effective and consists only of those items required by General Instruction E to Form S-8. Accordingly, this Registration Statement incorporates by reference the contents of the (i) Registration Statement on Form S-8, [File No.333-271120](https://www.sec.gov/Archives/edgar/data/1414767/000190359623000272/ncpl_s8.htm), filed with the Securities and Exchange Commission on April 4, 2023; (ii) Registration Statement on Form S-8, [File No.333-279193](https://www.sec.gov/Archives/edgar/data/1414767/000149315224018128/forms-8.htm), filed with the Securities and Exchange Commission on May 8, 2024 and (iii) Registration Statement on Form S-8, [File No.333-292015](https://www.sec.gov/Archives/edgar/data/1414767/000149315225026755/forms-8.htm), filed with the Securities and Exchange Commission on December 9, 2025, by the Company, relating to the Plan (the "Prior Registration Statements"), except for Items 3 and 8, which are being updated by this Registration Statement.

This Registration Statement is being filed for the purpose of registering an additional 576,201 shares of common stock, par value $0.001 per share ("Common Stock") that were reserved for issuance under the Plan. In addition, the Plan provides that shares issued under the Plan that are forfeit or expire are available for future grants of awards under the Plan and an additional 23,799 shares of Common Stock are being registered hereunder for that purpose as well as additional shares of Common Stock reserved under, for an aggregate of 600,000 shares of Common Stock being registered hereunder.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of documents by reference.**

The following documents filed by the Company with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference:

● The Company's Annual Report on Form 10-K for the year ended April 30, 2025, filed with the SEC on [August 12, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225023248/form10-k.htm) ;

● The Company's Quarterly Report on Form 10-Q for the period ended (i) July 31, 2025, filed with the SEC on [September 22, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225014479/form10-q.htm) and (ii) October 31, 2025, filed with the SEC on [December 15, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225027769/form10-q.htm) ;

● the Company's Current Reports on Form 8-K filed with the SEC on [May 28, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224021602/form8-k.htm) , [May 29, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224021785/form8-k.htm) , [July 24, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224028940/form8-k.htm) ; [August 2, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224030079/form8-k.htm) ; [August 19, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224033118/form8-k.htm) ; [August 23, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224033737/form8-k.htm) ; [September 26, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224038220/form8-k.htm) ; [November 27. 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224047985/form8-k.htm) ; [December 12, 2024](https://www.sec.gov/Archives/edgar/data/1414767/000149315224049834/form8-k.htm) ; [January 15, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225002270/form8-k.htm) ; [March 10, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225009730/form8-k.htm) ; [March 17, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225010598/form8-k.htm) ; [March 28, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225001051/form8-k.htm) ; [March 31, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225001772/form8-k.htm) ; [May 5, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225008705/form8-k.htm) ; [June 12, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225014907/form8-k.htm) ; [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225016013/form8-k.htm) and [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225017158/form8-k.htm) ; [July 7, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225018003/form8-k.htm) ; [July 17, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000164117225020048/form8-k.htm) [September 12, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225013187/form8-k.htm) ; [December 9, 2025](https://www.sec.gov/Archives/edgar/data/1414767/000149315225026745/form8-k.htm) ; and [January 8, 2026](https://www.sec.gov/Archives/edgar/data/1414767/000149315226000969/form8-k.htm) and

● The description of the Company's common stock, par value $0.001 per share, contained in [Exhibit 4.17](https://www.sec.gov/Archives/edgar/data/1414767/000164117225023248/ex4-17.htm) to the Company's Annual Report on Form 10-K for the year ended April 30, 2025 filed with the SEC on August 12, 2025, including any amendment or report filed for the purpose of updating such description; and

● A ll other reports and documents filed by the Company pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such reports and documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement herein or in any subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not constitute a part of this Registration Statement, except as so modified or superseded.

**Item 8**. **Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br> Number**<br>| **Description of Exhibit**<br>|
| 4.1 | [Netcapital Inc. 2023 Omnibus Equity Incentive Plan, filed as Exhibit 10.1 to the registrant's Current Report on Form 8-K on January 5, 2023 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414767/000190359623000016/ex10_1.htm) |
| 5.1\* | [Opinion of Holland & Hart LLP](ex5-1.htm) |
| 23.1\* | [Consent of Fruci & Associates II, PLLC.](ex23-1.htm) |
| 23.2\* | [Consent of Holland & Hart LLP (included in Exhibit 5.1)](ex5-1.htm). |
| 24.1\* | [Power of Attorney (included on signature page).](#am_001) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Boston, Massachusetts on January 20, 2026.

---

| | |
|:---|:---|
| **NETCAPITAL INC.** | **NETCAPITAL INC.** |
| By: | */s/ Rich Wheeless* |
| Name | Rich Wheeless |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Rich Wheeless and Coreen Kraysler, with full power of substitution, his or her true and lawful attorney-in-fact to act for him or her in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file each of the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he or she could do in person, hereby ratifying and confirming all that said attorneys-in-fact or substitutes, or any of them, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by each of the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Rich Wheeless* | Chief Executive Officer | January 20, 2026 |
|  | (Principal Executive Officer) |  |
| */s/ Coreen Kraysler* | Chief Financial Officer | January 20, 2026 |
| Coreen Kraysler | (Principal Financial and Accounting Officer) |  |
| */s/ Cecilia Lenk* | Director | January 20, 2026 |
| Cecilia Lenk |  |  |
| */s/ Steven Geary* | Director | January 20, 2026 |
| Steven Geary |  |  |
| */s/ Avi Liss* | Director | January 20, 2026 |
| Avi Liss |  |  |
| */s/ Arnold Scott* | Director | January 20, 2026 |
| Arnold Scott |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

January 20, 2026

Netcapital Inc.

1 Lincoln Street

Boston, MA 02111

***Re: Registration Statement on Form S-8 filed by Netcapital Inc. on January 20, 2026 (the "<u>Registration Statement</u>"), with respect to additional shares issuable under the 2023 Omnibus Equity Incentive Plan of Netcapital Inc. (the "<u>Plan</u>")***

Ladies and Gentlemen:

We have acted as counsel to Netcapital Inc., a Utah Corporation (the "<u>Company</u>"), in connection with the Company's registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") on the Registration Statement, of the offer and sale of an aggregate of up to an additional 600,000 shares of the Company's common stock, par value $0.001 (the "<u>Additional Shares</u>") under the Plan. The Additional Shares are comprised of 576,201 shares that were reserved for issuance under the Plan and 23,799 shares that are available for issuance under the Plan as a result of the forefeet or expiration of certain previous awards made under the Plan.

We have examined originals or copies, certified or otherwise identified to our satisfaction, of the Registration Statement and the exhibits thereto, including, but not limited to the Plan, the Articles of Incorporation of the Company and the Bylaws of the Company, each as amended through the date hereof, and such documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion.

As to questions of fact material to this opinion, we have relied on certificates or comparable documents of public officials and of officers and representatives of the Company. In rendering the opinion expressed below, we have assumed without verification the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of such copies.

Subject to the foregoing and the other matters set forth herein, it is our opinion, as of the date hereof, that when the Additional Shares have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the recipients, and have been issued by the Company for legal consideration in excess of par value in the circumstances contemplated by the Plan, assuming in each case that the individual grant or award under the Plan is duly authorized by all necessary corporate action and duly granted or awarded and exercised in accordance with the requirements of law and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Additional Shares will have been duly authorized by all necessary corporate action of the Company, and the Additional Shares will be validly issued, fully paid and nonassessable.

In rendering our opinion, we have relied on the applicable laws of the State of Utah, as those laws presently exist and as they have been applied and interpreted by courts having jurisdiction within the State of Utah and the existing laws of the United States of America. We express no opinion as to the laws of any other jurisdiction.

This opinion letter speaks as of its date. We disclaim any express or implied undertaking or obligation to advise of any subsequent change of law or fact (even though the change may affect the legal analysis or a legal conclusion in this opinion letter). This opinion letter is limited to the matters set forth herein, and no opinion may be inferred or implied beyond the matters expressly stated herein.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement, and consent to the reference of our firm under "Legal Matters" in the Prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.

---

| |
|:---|
| Very truly yours, |
| */s/ Holland & Hart LLP* |
| HOLLAND & HART LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM</u>**

We consent to the incorporation by reference in the Registration Statement to Form S-8 of our audit report dated August 12, 2025, with respect to the consolidated balance sheets of Netcapital Inc. as of April 30, 2025 and 2024, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for each of the years in the two-year period ended April 30, 2025.

Our report relating to these financial statements includes an emphasis of a matter paragraph regarding substantial doubt as to the Company's ability to continue as a going concern.

/s/ Fruci & Associates II, PLLC

Spokane, Washington

January 20, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107** 

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Netcapital Inc.**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security <br>Type | Security Class Title | Fee Calculation Rule | Amount Registered(1) | Proposed Maximum Offering Price Per Unit |  | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee |
| Equity | Common Stock, $0.001 par value per share | Other(3) | 600000 (2) | $0.73825 | (3) | $442950 | $0.0001381 | $61.18 |
| Total Offering Amount | Total Offering Amount | Total Offering Amount | Total Offering Amount |  |  | $442950 |  | $61.18 |
| Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |  |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  |  | $61.18 |

---

(1) Pursuant
 to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
 this Registration Statement shall also cover an indeterminate number of additional shares
 of common stock, $0.001 par value per share (the "Common Stock") of Netcapital
 Inc. (the "Registrant"), which become issuable under the Registrant's 2023
 Omnibus Equity Incentive Plan, as amended by reason of any stock splits, stock dividends,
 reorganizations, mergers, consolidations, recapitalizations or other similar transactions.

(2) Represents
 466,201 shares of Common Stock that were automatically added to the shares authorized for
 issuance under the 2023 Omnibus Equity Incentive Plan, as amended (the "Plan")
 pursuant to an "evergreen" provision contained in the 2023. In addition, the
 Company is registering an additional 133,799 shares of Common Stock reserved under the Plan
 not previously registered and also in respect of shares issued under the Plan that are forfeit
 or expire are available for future grants of awards under the Plan.

(3) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h)
 under the Securities Act, based on the average of the high and low sales prices of the Common
 Stock as reported on the Nasdaq Capital Market on January 14, 2026, which was $0.738525 per
 share.

N/A