SCHEDULE: Velan Capital Discloses 5.1% Stake in InspireMD

Velan Capital and its affiliates have disclosed a 5.1% passive beneficial ownership stake in InspireMD, Inc., holding 2,143,698 common shares.

Summary

• Velan Capital Master Fund LP, along with its affiliates Velan Capital Holdings LLC, Velan Capital Investment Management LP, Velan Capital Management LLC, and individuals Adam Morgan and Balaji Venkataraman, have filed a Schedule 13G.
• The filing discloses a beneficial ownership of 2,143,698 shares of InspireMD, Inc. common stock.
• This represents approximately 5.1% of the outstanding shares of InspireMD, Inc.
• The percentage is based on 41,720,662 shares outstanding as of August 4, 2025, as reported in InspireMD's Quarterly Report on Form 10-Q.
• The reporting persons also hold various warrants (Series J, Series K, and Pre-funded Warrants) exercisable into a total of 1,808,058 shares, but these are subject to a 4.99% beneficial ownership limitation and are excluded from the reported beneficial ownership.
• The securities were acquired and are held for investment purposes and not for the purpose of changing or influencing the control of InspireMD, Inc.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of a significant passive ownership stake, providing transparency without indicating positive or negative operational performance or strategic shifts.

Positives

• Disclosure of a significant institutional investor holding a 5.1% stake in InspireMD, Inc.
• The filing indicates a passive investment intent, not seeking to influence control, which can signal stability.

Negatives

• No specific negatives are indicated in this passive ownership disclosure.

Risks

• The beneficial ownership of additional warrants (Series J, Series K, and Pre-funded Warrants) is subject to a 4.99% limitation, meaning these shares are not currently counted towards the 5.1% reported stake, which could impact future reported ownership if limitations are removed or exercised.
• The filing explicitly states the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, which might limit the potential for activist investor engagement.

Future Outlook

NA

Management Comments

• The undersigned hereby agree that the Statement on Schedule 13G dated August 6, 2025 with respect to the Common Stock, par value $0.0001 per share, of InspireMD, Inc., and any amendments thereto executed by each and any of the undersigned shall be filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
• 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.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially signaling confidence or a long-term passive investment.

Key Dates

Keywords

InspireMD, Velan Capital, Schedule 13G, Common Stock, Beneficial Ownership, SEC Filing, Investment Fund, Institutional Investor