X0202 SCHEDULE 13G 0001947975 XXXXXXXX LIVE Class A Ordinary Shares, par value US$0.00001 per share 06/05/2026 0002024656 Kandal M Venture Limited G5225N100 Padachi Village, Prek Ho Commune Takhmao Town, Kandal Province E3 00000 Rule 13d-1(c) JAK FMFC Opportunities I LLC b DE 0 1698111 0 1698111 1698111 N 9.9 OO Please see note in Item 4(a). ATW Master Fund V LP b DE 0 1698111 0 1698111 1698111 N 9.9 PN Please see note in Item 4(a). ATW Partners Opportunities Management, LLC b DE 0 1698111 0 1698111 1698111 N 9.9 IA OO Please see note in Item 4(a). Kerry Propper b X1 0 1698111 0 1698111 1698111 N 9.9 HC IN Please see note in Item 4(a). Antonio Ruiz-Gimenez b U3 0 1698111 0 1698111 1698111 N 9.9 HC IN Please see note in Item 4(a). Kandal M Venture Limited Padachi Village, Prek Ho Commune Takhmao Town, Kandal Province, Cambodia 00000 JAK FMFC Opportunities I LLC* ATW Master Fund V LP* ATW Partners Opportunities Management, LLC* Kerry Propper* Antonio Ruiz-Gimenez* 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119 JAK FMFC Opportunities I LLC - Delaware ATW Master Fund V LP - Delaware ATW Partners Opportunities Management, LLC - Delaware Kerry Propper - United States Antonio Ruiz-Gimenez - Spain Y JAK FMFC Opportunities I LLC - 1,698,111* ATW Master Fund V LP - 1,698,111* ATW Partners Opportunities Management, LLC - 1,698,111* Kerry Propper - 1,698,111* Antonio Ruiz-Gimenez - 1,698,111* *The Class A Ordinary Shares (the "Shares") reported herein represents the approximate number of Shares which JAK FMFC Opportunities I LLC (the "Holding Company") has the right to acquire within sixty (60) days through the exercise and/or conversion of senior unsecured convertible debt ("Convertible Debt") issued by Kandal M Venture Limited (the "Issuer"). The Holding Company is wholly owned by the private fund, ATW Master Fund V LP (the "Fund"). ATW Partners Opportunities Management, LLC (the "Adviser") serves as the investment manager to the Fund. Antonio Ruiz-Gimenez and Kerry Propper are control persons of the Adviser (the "Control Persons," and collectively with the Holding Company, the Fund, and the Adviser, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Holding Company. The Holding Company's Convertible Debt is subject to a blocker which prevents the Holding Company from exercising and/or converting its Convertible Debt into Shares to the extent that, upon such exercise or conversion, the Holding Company, together with its affiliates would beneficially own in excess of 9.99% of the Shares outstanding as a result of such exercise or conversion (the "Blocker"). As such, the percent of class reported herein gives effect to the Blocker and is based upon a statement in the Issuer's Form 20-F filed on July 30, 2026 that there were 15,300,000 Shares outstanding as of March 31, 2026 plus the approximate total number of Shares that the Reporting Persons can acquire upon the conversion and/or exercise of its Convertible Debt subject to the Blocker in accordance with Rule 13d-3(d)(1)(i) under the Act. This Schedule 13G shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Person's pecuniary interest, if any, therein. JAK FMFC Opportunities I LLC - 9.9% ATW Master Fund V LP - 9.9% ATW Partners Opportunities Management, LLC - 9.9% Kerry Propper - 9.9% Antonio Ruiz-Gimenez - 9.9% JAK FMFC Opportunities I LLC - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0 JAK FMFC Opportunities I LLC - 1,698,111* ATW Master Fund V LP - 1,698,111* ATW Partners Opportunities Management, LLC - 1,698,111* Kerry Propper - 1,698,111* Antonio Ruiz-Gimenez - 1,698,111* JAK FMFC Opportunities I LLC - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0 JAK FMFC Opportunities I LLC - 1,698,111* ATW Master Fund V LP - 1,698,111* ATW Partners Opportunities Management, LLC - 1,698,111* Kerry Propper - 1,698,111* Antonio Ruiz-Gimenez - 1,698,111* Y N Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Exhibit I - JOINT FILING STATEMENT JAK FMFC Opportunities I LLC /s/ Kerry Propper 08/13/2026 ATW Master Fund V LP /s/ Kerry Propper 08/13/2026 ATW Partners Opportunities Management, LLC /s/ Kerry Propper 08/13/2026 Kerry Propper /s/ Kerry Propper 08/13/2026 Antonio Ruiz-Gimenez /s/ Antonio Ruiz-Gimenez 08/13/2026