# EDGAR Filing Document

**Accession Number:** 0002080095
**File Stem:** 0001315863-25-000573
**Filing Date:** 2025-8
**Character Count:** 57065
**Document Hash:** f777953306586c706d18a987ddc72a29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001315863-25-000573.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001315863-25-000573

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mill City Ventures III, Ltd
- **CENTRAL INDEX KEY:** 0001425355
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 900316651
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84159
- **FILM NUMBER:** 251195866

**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:** Karatage Opportunities
- **CENTRAL INDEX KEY:** 0002080095

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 984500A68A56888D9F02

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

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1002
- **BUSINESS PHONE:** 44 7717 046257

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1002

## Exhibit 99.1

#### Exhibit 99.1
JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Common stock, $0.001 par value per share, of Mill City Ventures III, Ltd. This Joint Filing Agreement shall be filed as an Exhibit to such Statement. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments to such joint filing and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

EXECUTED as of this 7th day of August 2025.

**---

| | |
|:---|:---|
| KARATAGE OPPORTUNITIES |  |
| By: | /s/Leo Kassam<br>|
| Name/Title: | Leo Kassam/Director |
| Date: 08/07/2025 |  |

---

**

#### <br>

**---

| | |
|:---|:---|
| RENOUGH LIMITED<br> (in its capacity as trustee of the Kivalina Trust) |  |
| By: | /s/ Michael Stewart Charmer |
| Name/Title: | Michael Stewart Charmer/Director |
| Date: 08/07/2025 |  |

---

**

**---

| | |
|:---|:---|
| KIVALINA INVESTMENT HOLDINGS LIMITED |  |
| By:<br>| /s/Deborah Jane Anderson |
| Name/Title: | Deborah Jane Anderson/Director for and on behalf of Amber Management Limited |
| Date: 08/07/2025 |  |

---

**

**---

| | |
|:---|:---|
| KARATAGE VENTURES (JERSEY) LIMITED |  |
| By: | /s/ Jade Abigail Fellowes |
| Name/Title: | Jade Abigail Fellowes/Director |
| Date: 08/07/2025 |  |

---

**

**---

| | |
|:---|:---|
| KARATAGE CAPITAL HOLDINGS (JERSEY) LIMITED |  |
| By: | /s/ Jade Abigail Fellowes |
| Name/Title: | Jade Abigail Fellowes/Director |
| Date: 08/07/2025 |  |

---

**

**---

| | |
|:---|:---|
| LEO KASSAM |  |
| By: | /s/ Leo Kassam |
| Name/Title: | Leo Kassam/Self |
| Date: 08/07/2025 |  |

---

**

**---

| | |
|:---|:---|
| LAURA MARIE MCGEEVER |  |
| By: | /s/ Laura Marie McGeever |
| Name/Title: | Laura Marie McGeever/Self |
| Date: 08/07/2025 |  |

---

**

## Exhibit 99.2

Exhibit 99.2

#### <br>

#### SCHEDULE 1

Schedule 1 sets forth the members of the board of directors of Karatage Opportunities.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Present Principal**<br> **Occupation** | **Citizenship** |
| Leo Kassam | 4th Floor, Harbour Place, 103 South Church Street, Grand Cayman, Cayman Islands KY1-1002 | Director | Cayman Islands |
| Laura Marie McGeever | 4th Floor, Harbour Place, 103 South Church Street, Grand Cayman, Cayman Islands KY1-1002 | &nbsp;&nbsp;&nbsp;&nbsp;Director | Cayman Islands |

---

------

Exhibit 99.2

#### SCHEDULE 2

Schedule 2 sets forth the members of the board of directors of Karatage Capital Holdings (Jersey) Limited.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Present Principal Occupation** | **Citizenship** |
| Jade Abigail Fellowes | Suite 121, Viglen House, Alperton Lane, Wembley, United Kingdom, HA0 1HD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director | United Kingdom |
| Helen Anne Prince | Suite 121, Viglen House, Alperton Lane, Wembley, United Kingdom, HA0 1HD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director | United Kingdom |
| Ryan John Taylor | 13 Castle Street, St Helier, Jersey, JE2 3BT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director | Jersey |

---

------

#### <br> Exhibit 99.2

#### SCHEDULE 3

Schedule 3 sets forth the members of the board of directors of Karatage Ventures (Jersey) Limited.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Present Principal Occupation** | **Citizenship** |
| Jade Abigail Fellowes | Suite 121, Viglen House, Alperton Lane, Wembley, United Kingdom, HA0 1HD | Director | United Kingdom |
| Helen Anne Prince | Suite 121, Viglen House, Alperton Lane, Wembley, United Kingdom, HA0 1HD | Director | United Kingdom |
| Ryan John Taylor | 13 Castle Street, St Helier, Jersey, JE2 3BT | Director | Jersey |

---

------

Exhibit 99.2

#### SCHEDULE 4

Schedule 4 sets forth the members of the board of directors of Kivalina Investment Holdings Limited.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Present Principal Occupation** | **Citizenship** |
| Amber Management Limited | Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ | Director of Amber Management Limited | Isle of Man |
| Deborah Jane Anderson | Suite 121, Viglen House, Alperton Lane, Wembley, United Kingdom, HA0 1HD | Director of Amber Management Limited | Isle of Man |
| Claire Patricia Terry | 13 Castle Street, St Heliesr, Jersey, JE2 3BT | Director of Amber Management Limited | Isle of Man |

---

------

#### Exhibit 99.2 SCHEDULE 5

Schedule 5 sets forth the members of the board of directors of Renough Limited.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Present Principal Occupation** | **Citizenship** |
| Michael Stewart Charmer | Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ | Director | Isle of Man |
| Kevin Michael Goldie | Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ | Director | Isle of Man |
| Janine Marie Cubbon | Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ | Director | Isle of Man |

---

## Exhibit 99.7

#### Exhibit 99.7

#### LOCK-UP AGREEMENT

July 31, 2025

---

| | |
|:---|:---|
| Re: | Securities Purchase Agreement, dated July 27, 2025 (the "<u>Purchase Agreement</u>"), between Mill City Ventures III, Ltd. (the "<u>Company</u>") and the purchasers signatory thereto (each, a "<u>Purchaser</u>" and, collectively, the "<u>Purchasers</u>") |

---

Ladies and Gentlemen:

Defined terms not otherwise defined in this letter agreement (the "<u>Letter Agreement</u>") shall have the meanings set forth in the Purchase Agreement between the Company and each purchaser identified in the signature pages thereto, dated as of the date hereof. Pursuant to Section 2.2(a)(vii) of the Purchase Agreement and in satisfaction of a condition of the Company's obligations under the Purchase Agreement, the undersigned irrevocably agrees with the Company that, from the date hereof until twelve (12) months after the Closing Date (such period, the "<u>Restriction Period</u>") the undersigned will not offer, sell, contract to sell, hypothecate, pledge, lend or otherwise transfer or dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any Affiliate of the undersigned or any person in privity with the undersigned or any Affiliate of the undersigned), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), with respect to, any shares of Common Stock of the Company or securities convertible, exchangeable or exercisable into, shares of Common Stock of the Company beneficially owned, held or hereafter acquired by the undersigned (the "<u>Securities</u>"). Beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Securities with respect to transfer(s):

i) as a *bona fide* gift or gifts;

ii) to any immediate family member or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this Letter Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin);

iii) to any corporation, partnership, limited liability company, or other business entity all of the equity holders of which consist of the undersigned and/or the immediate family of the undersigned;

iv) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (a) to another corporation, partnership, limited liability company, trust or other business entity that is an Affiliate of the undersigned or (b) in the form of a distribution or other transfer to limited partners, former limited partners, limited liability company members, retired limited liability company members, stockholders or former stockholders of the undersigned or to any wholly-owned subsidiary of such business entity;

v) if the undersigned is a trust, to the beneficiary of such trust;

vi) by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the undersigned;

vii) to the undersigned's affiliates or to any investment fund or other entity controlled or managed by the undersigned;

viii) to the Company in satisfaction of any tax withholding obligation; and

ix) of Securities acquired in open market transactions on or after the Closing Date, if the undersigned is not an officer or director of the Company;

*provided, however,* that it shall be a condition that in the case of clauses (i)-(viii), (1) the Company receives a signed lock-up letter agreement (in the form of this Letter Agreement) for the balance of the Restriction Period from each donee, trustee, distributee, or transferee, as the case may be, prior to such transfer, (2) any such transfer shall not involve a disposition for value, (3) such transfer is not required to be reported with the Securities and Exchange Commission in accordance with the Exchange Act and no report of such transfer shall be made voluntarily or, if the undersigned is required to file a report under the Exchange Act reporting a change in beneficial ownership during the Restriction Period, the undersigned shall include a statement in such report indicating the circumstances of such transfer, and (4) neither the undersigned nor any donee, trustee, distributee or transferee, as the case may be, otherwise voluntarily effects any public filing or report regarding such transfers or, if the undersigned is required to file a filing or report under the Exchange Act reporting a change in beneficial ownership during the Restriction Period, the undersigned shall include a statement in such report indicating the circumstances of such transfer.

"Change of Control" shall mean the consummation of any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction following the Closing Date and approved by the Board of Directors of the Company, the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of the total voting power of the voting stock of the Company.

In addition, notwithstanding the foregoing, this Letter Agreement shall not restrict or prohibit (1) the transfer of the undersigned's Securities to the Company in connection with the termination of the undersigned's services to the Company, provided that any filing under Section 16 of the Exchange Act made in connection with such transfer shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (1); (2) the delivery of shares of Common Stock to the undersigned upon (i) exercise or exchange by the undersigned of any restricted stock units or options granted under any employee benefit plan of the Company; provided that any shares of Common Stock or Securities acquired in connection with any such exercise will be subject to the restrictions set forth in this Letter Agreement, or (ii) the exercise of warrants; provided that such shares of Common Stock delivered to the undersigned in connection with such exercise are subject to the restrictions set forth in this Letter Agreement, including the transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock upon a vesting event of the Company's securities or upon the exercise or conversion of restricted stock units, options or warrants to purchase the Company's securities, in each case, for cash or on a "cashless" or "net exercise" basis or to cover tax withholding obligations of the undersigned in connection with such vesting or exercise, pursuant to any stock option, stock bonus or other stock plan or arrangement, and (3) the transfer of Securities upon the completion of a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of the Company's securities involving a Change of Control of the Company; provided, however, that in the event that such tender offer, merger, consolidation or other such transaction is not completed, such Securities held by the undersigned shall remain subject to the restrictions on transfer set forth in this letter.

Notwithstanding anything herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act (a "<u>10b5-1 Trading Plan</u>") or from amending an existing 10b5-1 Trading Plan so long as there are no sales of Securities under any such 10b5-1 Trading Plan during the Restriction Period; and provided that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan shall only be permitted if (1) the establishment or amendment of such plan is not required to be reported in any public report or filing with the Commission, or otherwise and (2) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment or amendment of such plan.

If any record or beneficial owner of any securities of the Company, other than the undersigned, is granted a release from the restrictions described herein or in any similar lock-up agreement during the Restriction Period, then the undersigned shall also be granted an early release from his, her, or its obligations hereunder with respect to a pro rata portion of the securities of the undersigned that are subject to this letter agreement, based on all other similarly restricted securities of the Company and on the maximum percentage of shares held by any such beneficial holder being released from such holder's lock-up agreement (the "**Pro-rata Release**"); provided, however, that no Pro-rata Release of the undersigned's securities will occur unless the Company has waived such prohibitions with respect to more than 1%, in the aggregate, of the Company's total outstanding shares of Common Stock as of the date of the Purchase Agreement (calculated assuming conversion of all outstanding shares of the Company's preferred stock), in one or a series of similar transactions. The Pro-rata Release shall not be applied in the case of a release effective solely to permit a transfer not involving a disposition for value if the transferee agrees in writing to be bound by the same terms described in this letter agreement; provided that, if the undersigned has a contractual right to demand or require the registration of the undersigned's shares or otherwise "piggyback" on a registration statement filed by the Company for the offer and sale of Common Stock, the undersigned is offered the opportunity to participate in such underwritten sale on a basis consistent with such contractual rights. Upon the occurrence of a release of a stockholder of its obligations under any lock-up agreement that gives rise to a corresponding release of the undersigned from its obligations hereunder pursuant to the terms of this paragraph, the Company shall notify the undersigned within five business days of receipt of such notice. For purposes of determining beneficial ownership of a stockholder, all shares of securities held by investment funds affiliated with such stockholder shall be aggregated.

The undersigned acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to the Company to complete the transactions contemplated by the Purchase Agreement and the Company shall be entitled to specific performance of the undersigned's obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this Letter Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Purchase Agreement.

This Letter Agreement may not be amended or otherwise modified in any respect without the written consent of each of the Company and the undersigned. This Letter Agreement shall be construed and enforced in accordance with the laws of the State of New York without regard to the principles of conflict of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in the Borough of Manhattan, for the purposes of any suit, action or proceeding arising out of or relating to this Letter Agreement, and hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that (i) it is not personally subject to the jurisdiction of such court, (ii) the suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue of the suit, action or proceeding is improper. The undersigned hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by receiving a copy thereof sent to the Company at the address in effect for notices to it under the Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The undersigned agrees and understands that this Letter Agreement does not intend to create any relationship between the undersigned and any Purchaser and that no Purchaser is entitled to cast any votes on the matters herein contemplated and that no issuance or sale of the Securities is created or intended by virtue of this Letter Agreement.

This Letter Agreement shall be binding on successors and assigns of the undersigned with respect to the Securities and any such successor or assign shall enter into a similar agreement for the benefit of the Company. This Letter Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

This Letter Agreement shall automatically terminate, and the undersigned shall be released from its obligations hereunder, upon the earliest to occur, if any, of (i) the Company advising the undersigned or any placement agent in writing, prior to the execution of the Purchase Agreement, that it has determined not to proceed with the offering, or (ii) the executed Purchase Agreement being terminated prior to the closing of the offering (other than the provisions thereof that survive termination).

\*\*\* SIGNATURE PAGE FOLLOWS\*\*\*

------

This Letter Agreement may be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

_________________________

Signature

__________________________

Print Name

__________________________

Position in Company, if any

Address for Notice:

c/o Mill City Ventures III, Ltd.

1907 Wayzata Boulevard East, Suite 205 Wayzata, MN 55391

By signing below, the Company agrees to enforce the restrictions on transfer set forth in this Letter Agreement.

#### MILL CITY VENTURES III, LTD.

By: _________________________________

Name: Douglas M. Polinsky

Title: Chief Executive Officer

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Mill City Ventures III, Ltd**

*(Name of Issuer)*

**Common stock, $0.001 par value per share**

*(Title of Class of Securities)*

**59982U200**

*(CUSIP Number)*

**Samantha Andrews**<br>4th Floor, Harbour Place<br>103 South Church Street<br>Grand Cayman E9 KY1-1002<br>447717 046257

*(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>**Renough Limited** | Name of reporting person<br>**Renough Limited** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**Y8** | Citizenship or place of organization<br>**Y8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kivalina Trust** | Name of reporting person<br>**Kivalina Trust** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**Y8** | Citizenship or place of organization<br>**Y8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kivalina Investment Holdings Limited** | Name of reporting person<br>**Kivalina Investment Holdings Limited** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**Y8** | Citizenship or place of organization<br>**Y8** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Karatage Ventures (Jersey) Limited** | Name of reporting person<br>**Karatage Ventures (Jersey) Limited** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**Y9** | Citizenship or place of organization<br>**Y9** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Karatage Capital Holdings (Jersey) Limited** | Name of reporting person<br>**Karatage Capital Holdings (Jersey) Limited** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**Y9** | Citizenship or place of organization<br>**Y9** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Laura Marie McGeever** | Name of reporting person<br>**Laura Marie McGeever** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4612547.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Leo Kassam** | Name of reporting person<br>**Leo Kassam** | |
| 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>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4612547.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Karatage Opportunities** | Name of reporting person<br>**Karatage Opportunities** | |
| 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>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4612547.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | Aggregate amount beneficially owned by each reporting person<br>**4612547.00** | |
| 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>**5.63%** | Percent of class represented by amount in Row (11)<br>**5.63%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**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 Blvd #205, Wayzata, MN, 55391

Item 1 Comment: This statement on Schedule 13D (the "Schedule 13D") relates to the Common stock, $0.001 par value per share (the "Common Stock") of Mill City Ventures III, Ltd. (the "Issuer"). The Issuer's principal executive offices are at 1907 Wayzata Blvd #205, Wayzata, Minnesota, 55391.

**Item 4. Purpose of Transaction**

The information in Item 6 is incorporated herein by reference.

Securities Purchase Agreement

On July 27, 2025, the Issuer entered into securities purchase agreements (the "Securities Purchase Agreements") with certain investors, including Karatage (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) 75,789,375 shares of Common Stock, of the Issuer 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 7,236,455 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 the exercise price of $0.0001 per share, immediately exercisable, 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 in exchange for shares of Common Stock is subject to certain beneficial ownership limitations set forth therein. The Common Stock, the Pre-Funded Warrants and the Pre-Funded Warrant Shares were offered in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Common Stock, the Pre-Funded Warrants and the Pre-Funded Warrant Shares have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

Specifically, the Issuer agreed to sell and Karatage agreed to purchase 4,612,547 shares of Common Stock for an aggregate purchase price of $25,000,004.74. In addition, the Issuer agreed to issue warrants (the "Lead Investor Warrants") to Karatage to purchase 3,113,469 shares of Common Stock (the "Lead Investor Warrant Shares") at various prices per share of Common Stock as follows: (i) 1,245,387 shares of Common Stock at an exercise price of $5.42 per share of Common Stock; (ii) 1,245,387 shares of Common Stock at an exercise price of $5.962 per share of Common Stock; (iii) 415,129 shares of Common Stock at an exercise price of $6.504 per share of Common Stock; and (iv) 207,565 shares of Common Stock at an exercise price of $7.046 per share of Common Stock. The Lead Investor Warrants are exercisable for a period of five years from the date of issuance of the warrants. The Lead Investor Warrants will vest over a period of 24 months starting six months from the Issue Date (as defined therein) in four equal installments (being 25% every six months).

The Lead Investor Warrants and Lead Investor Warrant Shares were offered in reliance upon the exemption from the registration requirement of the Securities Act, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Lead Investor Warrants and Lead Investor Warrant Shares have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

Under the Securities Purchase Agreements, the Issuer has agreed not to issue, enter into any agreement to issue, or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock equivalents, or file any registration statement or any amendment or supplement thereto, for a period of 15 days after the effective date of the Resale Registration Statement (as defined below), subject to certain customary exceptions. The Issuer also agreed not to undertake any reclassifications of its Common Stock, such as a reverse or forward stock split, without the written consent of Purchasers holding a majority in interest of the shares issued or issuable to each Purchaser under the Securities Purchase Agreements, for a period of one year following the closing of the Offering, provided such consent will not be required to conduct a reverse stock split to maintain listing of the Common Stock on The Nasdaq Capital Market.

The Issuer intends to use the proceeds from the Offering to acquire the native cryptocurrency of the Sui blockchain commonly referred to as "SUI" and other cryptocurrencies with the Sui layer 1 blockchain protocol and for the establishment of the Issuer's cryptocurrency treasury operations, with 2% of the net proceeds to be used to fund the Issuer's short-term lending business.

The Reporting Persons acquired the position in the shares of Common Stock of the Issuer for investment purposes. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending on various factors, including, without limitation, the Issuer's financial position and strategic direction, actions taken by the Issuer's Board, price levels of the shares of Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to their investments in the Issuer as they deem appropriate. These actions may include, without limitation: (i) acquiring additional shares of Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are convertible into shares of Common Stock, or are based upon or relate to the value of the shares of Common Stock or the Issuer (collectively, "Securities") in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or (iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

The foregoing description of the Securities Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Securities Purchase Agreement, which is incorporated by reference as Exhibit 99.3 and is incorporated herein by reference. 

Registration Rights Agreement

On July 27, 2025, the Issuer and the Purchasers entered into a Registration Rights Agreement (the "Registration Rights Agreement") pursuant to which the Issuer agreed to file a registration statement (the "Resale Registration Statement"), within 10 days of the closing of the Offering, providing for the resale by the Purchasers of the shares of Common Stock, Pre- Funded Warrant Shares, Lead Investor Warrant Shares, and certain other warrants and to have such registration statement declared effective within 30 days of its filing date (or 60 days, if the Securities and Exchange Commission conducts a full review), and to maintain the effectiveness of such registration statement until all securities registered pursuant to the Resale Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) starting from the third anniversary of the Registration Rights Agreement, may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Issuer to be in compliance with the current public information requirement under Rule 144.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is incorporated by reference as Exhibit 99.4 and is incorporated herein by reference.

Strategic Advisor Agreement

On July 27, 2025 (the "SAA Effective Date"), the Issuer entered into a Strategic Advisor Agreement (the "Strategic Advisor Agreement") with Karatage to expand and diversify the Issuer's business operations through the integration of cryptocurrency and digital asset strategies in both its product offerings and as part of its treasury management strategy. Under the Strategic Advisor Agreement, Karatage will provide the Issuer with technical advisory services regarding the digital asset ecosystem, including SUI and related technologies, developments in the digital asset and crypto gaming industries, the selection of third-party vendors with respect to asset management and related digital asset services, and other strategic advice regarding the Issuer's digital assets treasury operations.

The Issuer will pay Karatage a tiered asset-based fee ranging from 0.0% to 0.80% per annum of the assets managed by the Issuer or an asset manager engaged by the Issuer, excluding the assets of the Issuer's short term lending business. Karatage recommended to the Issuer that it engage Galaxy Digital Capital Management LP as its asset manager. On July 27, 2025, the Issuer entered into an Asset management Agreement with Galaxy Digital Capital Management LP.

The Strategic Advisor Agreement will, unless earlier terminated in accordance with its terms, continue in effect for a period of ten years beginning on the SAA Effective Date after which time, the Strategic Advisor Agreement will automatically renew for a successive period of five years each, subject to the mutual agreement between the parties (the "Term"). Either the Issuer or Karatage may terminate the Strategic Advisor Agreement for cause immediately upon written notice if the other party: (i) materially breaches the Strategic Advisor Agreement; and (ii) fails to cure such breach within 30 days after receiving written notice of the breach. If the Strategic Advisor Agreement is terminated by the Issuer for cause or by Karatage other than for cause, Karatage will cease providing technical advisory services and the Issuer will pay Karatage any fees due and payable under the Strategic Advisor Agreement up to the date of termination, provided if the Strategic Advisor Agreement is terminated by the Issuer for any other reason or by the Karatage for cause, Karatage will cease providing technical advisory services and the Issuer will pay Karatage any fees that would be due and payable under the Strategic Advisor Agreement for the remainder of the term as if the Strategic Advisor Agreement had not been terminated.

The Strategic Advisor Agreement also contains customary representations and warranties, confidentiality provisions and limitations on liability.

The foregoing description of the Strategic Advisor Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Strategic Advisor Agreement, which is incorporated by reference as Exhibit 99.5 and is incorporated herein by reference.

Director Resignation and Appointments

On July 27, 2025, the Issuer's Board of Directors (the "Board") approved, subject to the closing of the Offering, to set the size of the Board to five members. The Board elected and appointed Marius Barnett to serve as a member of the Board. Mr. Barnett is expected to serve as Chairman of the Board.

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

**(a)**
Each of the Reporting Persons may be deemed to beneficially own 4,612,547 shares of Common Stock of the Issuer, which represents approximately 5.63% of the shares of Common Stock outstanding, based on 81,944,398 shares of Common Stock outstanding as of August 1, 2025, as reported in the Issuer's Form S-1 filed with the Securities and Exchange Commission on August 4, 2025.  The shares of Common Stock reported herein are directly held and beneficially owned by Karatage.  Each of Renough (in its capacity as trustee of the Kivalina Trust), the Kivalina Trust, Kivalina Investment, Karatage Ventures, Karatage Capital, Mr. Kassam, and Ms. McGeever may be deemed to beneficially own the shares of Common Stock directly held by Karatage due to their relationships with Karatage as described above in Item 2(a). Such information regarding the relationships among the Reporting Persons in Item 2(a) is incorporated herein by reference.

**(b)**
Items 7 through 10 of the cover pages of this Schedule 13D for each of the Reporting Persons are incorporated herein by reference.

**(c)**
Item 4 is incorporated by reference. Except as set forth in Item 4, none of the Reporting Persons has effected any transactions in the Common Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information in Item 4 is incorporated herein by reference. 

Investor Rights Agreement

On July 31, 2025, the Issuer entered into an Investor Rights Agreement with Karatage (the "Investor Rights Agreement"). Pursuant to the Investor Rights Agreement, so long as Karatage holds 10.0% of the Issuer's Common Stock or Common Stock equivalents purchased by Karatage in the Offering, Karatage will have the right to nominate a number of persons to the Board for election to the Board equal to the result of (rounded up to the nearest whole number) (a) the percentage determined by dividing (i) the number of shares of Common Stock beneficially owned by Karatage (together with its affiliates) (on an "as-converted" and "as exercised" basis and without applying any "blocker" provisions limiting the exercise or conversion of any securities held by any such person) by (ii) the total number of shares of Common Stock then outstanding (on an "as-converted" and "as exercised" basis), multiplied by (b) the then current size of the Board (counting, for purposes of this determination, all vacancies as filled), but in any event at least one director, who will serve as Chairman of the Board.

The foregoing description of the Investor Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Investor Rights Agreement, which is incorporated by reference as Exhibit 99.6 and is filed as an exhibit hereto.

Lock-up Agreement 

On July 31, 2025, in connection with the Offering, Karatage entered into a lock-up agreement with the Issuer (the "Lock-up Agreement"). Under the Lock-up Agreement, Karatage agreed not to offer, sell, or otherwise transfer or dispose of any of the shares of Common Stock of the Issuer or securities convertible, exchangeable or exercisable, into shares of Common Stock of the Issuer for a period of twelve (12) months after the Closing Date (as defined in the Lock-up Agreement), except in certain limited circumstances as set forth in the Lock-up Agreement.

The foregoing description of the Lock-up Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Lock-up Agreement, which is incorporated by reference as Exhibit 99.7 and is filed as an exhibit hereto.

### 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:** Renough Limited

**Signature:** /s/ Michael Stewart Charmer

**Name/Title:** Michael Stewart Charmer/Director

**Date:** 08/07/2025

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:** Kivalina Trust

**Signature:** /s/ Michael Stewart Charmer

**Name/Title:** Michael Stewart Charmer/Director

**Date:** 08/07/2025

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:** Kivalina Investment Holdings Limited

**Signature:** /s/ Deborah Jane Anderson

**Name/Title:** Deborah Jane Anderson/Director, for and on behalf of Amber Management Ltd

**Date:** 08/07/2025

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:** Karatage Ventures (Jersey) Limited

**Signature:** /s/ Jade Abigail Fellowes

**Name/Title:** Jade Abigail Fellowes/Director

**Date:** 08/07/2025

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:** Karatage Capital Holdings (Jersey) Limited

**Signature:** /s/ Jade Abigail Fellowes

**Name/Title:** Jade Abigail Fellowes/Director

**Date:** 08/07/2025

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:** Laura Marie McGeever

**Signature:** /s/ Laura Marie McGeever

**Name/Title:** Laura Marie McGeever/Self

**Date:** 08/07/2025

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:** Leo Kassam

**Signature:** /s/ Leo Kassam

**Name/Title:** Leo Kassam/Self

**Date:** 08/07/2025

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:** Karatage Opportunities

**Signature:** /s/ Leo Kassam

**Name/Title:** Leo Kassam/Director

**Date:** 08/07/2025