SCHEDULE: Rosalind Funds Disclose 9.4% Stake in InspireMD

Rosalind Advisors and affiliated funds have disclosed a significant 9.4% beneficial ownership stake in InspireMD, Inc., primarily through common shares and warrants.

Summary

• Rosalind Advisors, Inc., along with Rosalind Master Fund L.P., Rosalind Opportunities Fund I L.P., Steven Salamon, and Gilad Aharon, have reported beneficial ownership in InspireMD, Inc.
• Rosalind Advisors, Steven Salamon, and Gilad Aharon collectively hold 10,987,104 shares, representing 9.4% of the common stock. This includes 3,905,743 common shares and 7,081,361 shares issuable upon warrant exercise.
• Rosalind Master Fund L.P. beneficially owns 9,485,697 shares (8.4% of class), comprising 3,508,336 common shares and 5,977,361 shares from warrants.
• Rosalind Opportunities Fund I L.P. beneficially owns 1,501,407 shares (0.1% of class), comprising 397,407 common shares and 1,104,000 shares from warrants.
• The percentage of class is based on 41,720,662 shares of common stock outstanding as of August 1, 2025, as per the Issuer's S-3 filing.
• Warrants held by Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P. contain a blocker provision, preventing exercise if it would result in beneficial ownership exceeding 9.99% of the Common Stock.
• Due to these blocker provisions, the reporting persons were unable to exercise any warrants as of the filing event date.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of InspireMD, Inc.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership. While a significant stake by an institutional investor can be seen positively, the presence of blocker provisions on warrants introduces a neutral element regarding immediate impact or full realization of the investment's potential.

Positives

• A significant institutional investor group has taken a substantial stake in InspireMD, Inc., potentially signaling confidence in the company's long-term prospects.
• The investment includes a mix of common shares and warrants, indicating a strategic position with potential for increased ownership.

Negatives

• The presence of blocker provisions on warrants means that the full dilutive effect of the warrants is not immediately realized, but could be in the future if the ownership percentage falls below the threshold or the provisions are waived/modified.

Risks

• The existence of blocker provisions on warrants means that a large number of shares (7,081,361 for the main group) are currently unexercisable, limiting the immediate upside from warrant exercise for the holders.
• Future exercise of warrants, once blocker provisions allow, could lead to dilution for existing shareholders.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake could be viewed positively, but the large number of unexercised warrants due to blocker provisions represents potential future dilution if and when they are exercised.

Key Dates

Keywords

InspireMD, Schedule 13G, Beneficial Ownership, Warrants, Rosalind Advisors, Common Shares, Institutional Investment, SEC Filing, Equity Stake, Blocker Provision