SCHEDULE 13G/A: Morgan Stanley Discloses Significant Stake in Pulmonx Corp, Holding 8.5% of Common Stock

Morgan Stanley and its subsidiary, Morgan Stanley Capital Services LLC, have filed an amended Schedule 13G, revealing beneficial ownership of 8.5% of Pulmonx Corp's common stock as of March 31, 2025.

Summary

• Morgan Stanley, as a parent holding company, beneficially owns an aggregate of 3,390,737 shares of Pulmonx Corp's common stock, representing 8.5% of the class.
• Morgan Stanley Capital Services LLC, a wholly-owned subsidiary of Morgan Stanley, beneficially owns 2,897,537 shares, which accounts for 7.3% of the class.
• Both entities report shared voting power and shared dispositive power over their respective holdings, with no sole voting or dispositive power.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Pulmonx Corp.
• The filing is an Amendment No. 4 to a Schedule 13G, indicating a change in previously reported beneficial ownership.

Sentiment

Score: 5

Explanation: The sentiment is neutral as this is a factual disclosure of beneficial ownership, not an announcement of performance or strategic changes. It simply reports a significant stake held by a major financial institution.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Pulmonx Corp's future performance or Morgan Stanley's investment strategy beyond the stated purpose of holding shares in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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

This filing reflects a standard disclosure by a major financial institution, Morgan Stanley, regarding its significant passive investment in a publicly traded company, Pulmonx Corp, which operates in the medical device sector. Such disclosures are common for large asset managers and broker-dealers who hold substantial equity positions for clients or proprietary trading, indicating their presence as a significant institutional shareholder in the healthcare industry.

Related Party Transactions

• Morgan Stanley, as the parent holding company, is reporting beneficial ownership that includes shares held by its wholly-owned subsidiary, Morgan Stanley Capital Services LLC. This represents an intra-group relationship for reporting purposes.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by a major institutional investor like Morgan Stanley can be viewed positively, indicating institutional confidence or interest in Pulmonx Corp. It also provides transparency regarding the ownership structure.

Key Dates

Keywords

Pulmonx Corp, Morgan Stanley, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Equity Stake, Healthcare, Medical Devices