SCHEDULE: Trinity Biotech: MiCo IVD Ownership & Management Update

An amendment to Schedule 13D reports a change in MiCo IVD's management and confirms its 17.0% beneficial ownership in Trinity Biotech plc.

Summary

• MiCo IVD Holdings, LLC, AI n M net Ltd., and Joon Ho Lee are the reporting persons for this Schedule 13D Amendment No. 6.
• The filing updates the beneficial ownership of Trinity Biotech plc's Class 'A' Ordinary Shares.
• Reporting persons collectively beneficially own 69,450,720 Ordinary Shares, representing 17.0% of the class.
• This ownership includes 44,759,380 Ordinary Shares (represented by 2,237,969 American Depository Shares or ADSs) directly owned by MiCo IVD.
• It also includes 24,691,340 Ordinary Shares (represented by 1,234,567 ADSs) issuable upon conversion of a 1.50% seven-year unsecured junior convertible note held by MiCo IVD, with a conversion price of U.S. $16.20 per ADS.
• Each ADS now represents twenty (20) Ordinary Shares, following an ADS Ratio Change effected by Trinity Biotech plc on February 23, 2024.
• The percentage of beneficial ownership is calculated based on 383,881,600 Class 'A' Ordinary Shares reported outstanding by Trinity Biotech plc as of March 15, 2025, plus the shares issuable from the convertible note.
• Joon Ho Lee has been appointed as the manager, chief executive officer, and president of MiCo IVD Holdings, LLC.
• AI n M net Ltd. beneficially owns all equity interests in MiCo IVD.
• A Joint Filing Agreement among the reporting persons was executed on December 10, 2025.

Sentiment

Score: 5

Explanation: The filing is a factual update regarding beneficial ownership and a change in management within a key investor entity. It contains no performance-related information or forward-looking statements that would indicate a positive or negative sentiment.

Positives

• Clear disclosure of the updated significant beneficial ownership structure in Trinity Biotech plc.
• Formalization of management roles within MiCo IVD Holdings, LLC, providing clarity on leadership for a major investor.

Future Outlook

na

Industry Context

This filing is an ownership disclosure and does not provide information directly related to broader industry trends or competitors. It details a significant shareholder's updated stake and internal management changes, which are specific to Trinity Biotech plc and its major investor, MiCo IVD.

Management Changes

Corporate Governance

Legal Proceedings

• None of the Reporting Persons, nor any person identified in Item 2(a), has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• None of the Reporting Persons, nor any person identified in Item 2(a), has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the last five years.

Related Party Transactions

• AI n M net Ltd. beneficially owns all of the equity interests in MiCo IVD Holdings, LLC.
• Joon Ho Lee serves as manager, chief executive officer, and president of MiCo IVD Holdings, LLC.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant beneficial owner's updated stake and internal leadership changes within that investor entity.
• Management: Clarifies the leadership structure of a major investor in Trinity Biotech plc.

Key Dates

Recommendation

The filing is an amendment to a Schedule 13D, primarily reporting a change in management for MiCo IVD Holdings, LLC, a significant beneficial owner of Trinity Biotech plc, and formalizing joint filing agreements. It confirms a 17.0% beneficial ownership stake. While the change in management of a major investor is noteworthy, the filing does not contain financial performance data, strategic shifts, or other information that would directly alter the fundamental investment thesis for Trinity Biotech plc. Therefore, a 'hold' recommendation is appropriate as investors should monitor future developments from this significant shareholder and the company itself, but no immediate action is suggested based solely on this ownership update.

Keywords

Trinity Biotech, MiCo IVD, AI n M, Joon Ho Lee, Schedule 13D, beneficial ownership, ordinary shares, ADSs, convertible note, corporate governance, management change, SEC filing