Monitor for any subsequent conversion of the 13G to a 13D, which would signal a shift from passive to activist intent. The large warrant overhang (2.16M additional shares subject to limitation) could create future dilution risk if the limitation is waived or the warrants are exercised.
Price Chart
Executive Summary
L1 Capital Global Opportunities Master Fund, Ltd. filed a Schedule 13G disclosing a passive 9.99% beneficial ownership stake in DarkIris Inc. as of October 8, 2026. The stake consists of 299,655 Class A Ordinary Shares and 314,629 Pre-Funded Warrants, with additional Pre-Funded Warrants and Warrants subject to a 9.99% ownership limitation. This is a new passive position, not an activist filing.
Key Financial Metrics
Key Facts
- L1 Capital Global Opportunities Master Fund, Ltd. disclosed a 9.99% beneficial ownership stake in DarkIris Inc.
- Stake comprises 299,655 Class A Ordinary Shares and 314,629 Pre-Funded Warrants.
- Additional 774,605 Pre-Funded Warrants and 1,388,889 Warrants are subject to a 9.99% beneficial ownership limitation and are not included in the reported amount.
- Percentage ownership is based on 5,834,367 Class A Ordinary Shares outstanding after the offering per the issuer's October 9, 2026 prospectus.
- Filing certifies passive intent under Rule 13d-1(c) — no intent to influence control.
- Directors David Feldman and Joel Arber are also named as reporting persons.
Financial Impact
9.99% passive stake valued at approximately $614,284 based on reported share count and warrant holdings; actual economic exposure is larger due to additional warrants subject to ownership limitation.
Risk Factors
- Potential future conversion to activist 13D filing if fund changes intent.
- Large warrant overhang (2.16M additional shares) could lead to dilution if ownership limitation is modified or waived.
- Pre-Funded Warrants and Warrants subject to 9.99% cap limit immediate economic exposure but create overhang.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G Filing (Primary) | 0001400253-26-000020 |
| Document: 0001400253-26-000020-index.html | 0001400253-26-000020 |
| Document: 0001400253-26-000020.txt | 0001400253-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | SC 13G/A | $0.0399 $0.0450 | ▲ +12.78% | ▲ +13.96% | $1.85 (+4536.59%) |
Oct 15, 2026 12d ago | SC 13G | $0.0530 $0.0510 | ▼ −3.77% | ▼ −4.20% | $1.85 (+3390.57%) |
Oct 13, 2026 14d ago | SC 13G | $0.0815 | awaiting T+1 | — | $1.85 (+2169.94%) |
Oct 13, 2026 14d ago | SC 13G | $0.0815 | awaiting T+1 | — | $1.85 (+2169.94%) |
Oct 9, 2026 18d ago | 6-K | $0.1433 $0.0857 | ▲ +40.20% | ▲ +40.18% | $1.85 (−1191.00%) |
Oct 9, 2026 18d ago | 424B4 | $0.3424 $0.1433 | ▲ +58.15% | ▲ +58.09% | $1.85 (−440.30%) |
Oct 9, 2026 18d ago | 424B4 | $0.3424 $0.1433 | ▲ +58.15% | ▲ +58.09% | $1.85 (−440.30%) |
Oct 9, 2026 18d ago | EFFECT | $0.3424 $0.1433 | ▲ +58.15% | ▲ +58.09% | $1.85 (−440.30%) |
Oct 6, 2026 21d ago | 6-K | $68.00 $1.67 | ▲ +97.54% | ▲ +97.30% | $1.85 (+97.28%) |
Sep 30, 2026 27d ago | 6-K | $1.57 $1.29 | ▼ −17.83% | ▼ −18.01% | $1.85 (+17.83%) |
US Market Status
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