SCHEDULE: Armistice Capital Boosts Treace Medical Stake to 9.99%

Armistice Capital, LLC and Steven Boyd have reported a 9.99% beneficial ownership stake in Treace Medical Concepts, Inc., holding 6,316,000 shares as of September 30, 2025.

Summary

• Armistice Capital, LLC and Steven Boyd collectively hold 6,316,000 shares of Treace Medical Concepts, Inc. common stock.
• This represents 9.99% of the company's outstanding shares.
• The ownership is based on 63,173,126 shares outstanding as of July 31, 2025, as reported in the issuer's Form 10-Q filed on August 7, 2025.
• Armistice Capital, LLC, as the investment manager, and Steven Boyd, as its managing member, exercise shared voting and dispositive power over these securities.
• The shares are directly held by Armistice Capital Master Fund Ltd., an investment advisory client of Armistice Capital.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, except for activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant 9.99% beneficial ownership by an institutional investor like Armistice Capital, LLC, and its managing member Steven Boyd, is generally viewed positively as it signals confidence in the company's value proposition. The certification of holding shares in the ordinary course of business, without intent to control, suggests a long-term investment perspective.

Positives

• A significant beneficial ownership stake (9.99%) by an institutional investor like Armistice Capital, LLC, and its managing member Steven Boyd, can signal confidence in Treace Medical Concepts, Inc.'s long-term prospects.
• The certification that the shares are held in the ordinary course of business and not for control purposes (with the exception of potential nominations under Rule 14a-11) suggests a passive investment strategy focused on value.

Future Outlook

This filing, a Schedule 13G/A, primarily reports beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or operations.

Management Comments

• "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 indicates a significant investment by a hedge fund in a medical device company. Such investments are common in the healthcare sector, where specialized funds identify companies with strong growth potential or undervalued assets. The 9.99% stake positions Armistice Capital as a major institutional shareholder, potentially influencing strategic decisions through engagement rather than outright control.

Stakeholder Impact

• Shareholders: The significant stake held by Armistice Capital, LLC and Steven Boyd could be seen as a vote of confidence, potentially attracting other investors or stabilizing the stock price. It also means a large block of shares is held by an institutional investor with shared voting and dispositive power.

Next Steps

• Armistice Capital, LLC and Steven Boyd will be responsible for timely filing of future amendments to this Schedule 13G/A if their beneficial ownership changes significantly (e.g., crosses a 1% threshold up or down, or falls below 5%).

Key Dates

Recommendation

The filing indicates a significant institutional stake, which can be a positive signal of confidence. However, it does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. The 'hold' recommendation reflects the stability implied by a major investor maintaining a substantial position, while awaiting further fundamental news from the company itself.

Keywords

Treace Medical Concepts, Armistice Capital, Steven Boyd, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Equity Stake, Investment Management