SCHEDULE: Split Rock Partners Discloses EBR Systems Stake

Split Rock Partners and associated entities have filed a Schedule 13G, reporting beneficial ownership of 2,937,570 shares of EBR Systems, Inc. common stock, representing 3.9% of the outstanding shares.

Summary

• This filing is an amendment to a Schedule 13G, indicating a change in reporting status or holdings for Split Rock Partners, LP, Split Rock Partners Management, LLC, SPVC VI, LLC, SPVC Management VI, LLC, Michael Gorman, James Simons, and David Stassen.
• The reporting persons collectively beneficially own 2,937,570 shares of EBR Systems, Inc. common stock.
• This ownership represents 3.9% of the class of securities outstanding as of June 29, 2026.
• The shares are held through a combination of directly held common stock, common stock underlying CHESS Depositary Interests (CDIs), and common stock issuable upon exercise of warrants.
• Split Rock Partners, LP holds 1,973,246 shares (including underlying CDIs and warrants).
• SPVC VI, LLC holds 699,648 shares (including underlying CDIs and warrants).
• Michael Gorman, James Simons, and David Stassen share voting and dispositive power over the reported securities.
• The reporting persons expressly disclaim status as a 'group'.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, primarily due to the passive nature of the disclosure and the lack of new strategic information. The reporting of existing holdings does not indicate a change in investment strategy or a strong conviction for future growth.

Positives

• The reporting persons collectively hold a significant stake of 3.9% in EBR Systems, Inc.
• The filing clarifies the beneficial ownership structure and the nature of holdings (direct shares, CDIs, warrants).

Negatives

• This is a Schedule 13G filing, which typically indicates passive investment and does not suggest an intent to influence or control the issuer's management or policies.
• The filing does not provide any new strategic information or forward-looking statements about the company's performance or future plans.

Risks

• The reporting persons' passive investment stance means their holdings could be sold without prior notice, potentially impacting share price.
• The reliance on CDIs and warrants introduces potential complexities and market risks associated with these instruments.

Future Outlook

No forward-looking statements or specific future outlook for EBR Systems, Inc. are provided in this filing. The filing is a disclosure of existing beneficial ownership.

Management Comments

• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G.
• Messrs. Gorman, Simons and Stassen are the managing partners of each of Split Rock GP and SPVC VI Manager and share the power to direct the voting and disposition of the securities reported herein.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors and investment funds that acquire a significant stake in a company but do not intend to control or influence its management. This filing indicates a passive investment position by Split Rock Partners and related entities in EBR Systems, Inc.

Stakeholder Impact

• Shareholders: The passive nature of the holding may not directly impact short-term share price, but significant sales by these holders could exert downward pressure.
• Management: The filing does not indicate any intent to influence management decisions, suggesting a status quo approach from these investors.

Next Steps

• Continued monitoring of Split Rock Partners' holdings and any future amendments to this Schedule 13G filing.

Key Dates

Keywords

EBR Systems, Schedule 13G, Split Rock Partners, Beneficial Ownership, Common Stock, Warrants, CDIs, Investment Holding