<SEC-DOCUMENT>0001213900-25-034168.txt : 20250422
<SEC-HEADER>0001213900-25-034168.hdr.sgml : 20250422
<ACCEPTANCE-DATETIME>20250422155349
ACCESSION NUMBER:		0001213900-25-034168
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250214
FILED AS OF DATE:		20250422
DATE AS OF CHANGE:		20250422

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lipman Matthew E.
		CENTRAL INDEX KEY:			0001687758
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33560
		FILM NUMBER:		25857608

	MAIL ADDRESS:	
		STREET 1:		C/O MECHANICAL TECHNOLOGY, INCORPORATED
		STREET 2:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Capstone Holding Corp.
		CENTRAL INDEX KEY:			0000887151
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				860585310
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		5141 W. 122ND STREET
		CITY:			ALSIP
		STATE:			IL
		ZIP:			60803
		BUSINESS PHONE:		7083710660

	MAIL ADDRESS:	
		STREET 1:		5141 W. 122ND STREET
		CITY:			ALSIP
		STATE:			IL
		ZIP:			60803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Capstone Therapeutics Corp.
		DATE OF NAME CHANGE:	20100521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORTHOLOGIC CORP
		DATE OF NAME CHANGE:	19940211
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-02-14</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000887151</issuerCik>
        <issuerName>Capstone Holding Corp.</issuerName>
        <issuerTradingSymbol>CAPS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001687758</rptOwnerCik>
            <rptOwnerName>Lipman Matthew E.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5141 W. 122ND STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ALSIP</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60803</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2650436</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>75.00</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2020-10-15</value>
            </exerciseDate>
            <expirationDate>
                <value>2028-10-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6322</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Consists of (i) 121,774 shares controlled by Matthew Lipman, through his control of BP Peptides, LLC. Brookstone Acquisition Partners XXI Corporation owns 81% of BP Peptides, LLC. Mr. Lipman owns approximately 4% of Brookstone Acquisition Partners XXI Corporation; and (ii) 2,528,662 shares of Common Stock owned by BPA XIV, LLC, an entity controlled by Matthew Lipman.</footnote>
        <footnote id="F2">Includes a warrant to purchase up to 6,322 shares of Common Stock issued to Brookstone Partners IAC, Inc., the investment manager of BP Peptides, LLC which is controlled by Matthew Lipman and Michael Toporek.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Matthew E. Lipman</signatureName>
        <signatureDate>2025-04-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
