EBR Systems (EBRCZ): H.E.S.T. Australia discloses 5.3% ownership via CDIs and warrants

Rhea-AI Filing Summary

EBR Systems, Inc. reports that H.E.S.T. Australia Ltd., as trustee for HESTA, has filed an amended Schedule 13G reflecting beneficial ownership of 4,031,904.10 shares of common stock, representing 5.3% of the class. This ownership includes shares held directly via CHESS Depositary Interests and shares over which voting and investment power is shared through associated trusts and warrants.

The disclosure reflects a 1-for-10 reverse stock split effective April 1, 2026, which changed the CDI-to-share conversion ratio from 1-to-1 to 10-to-1, so that 10 CDIs represent one share. The percentage ownership is based on 75,330,559 shares outstanding plus 307,226 shares issuable upon warrant exercise as of early July 2026.

Key Figures

Beneficial ownership: 4,031,904.10 shares Percent of class: 5.3% Sole voting power: 1,634,387.40 shares +5 more

8 metrics

Beneficial ownership 4,031,904.10 shares Shares of EBR Systems common stock beneficially owned by H.E.S.T. Australia Ltd.

Percent of class 5.3% Portion of EBR Systems common stock class beneficially owned

Sole voting power 1,634,387.40 shares Shares over which H.E.S.T. Australia has sole voting and dispositive power

Shared voting power 2,397,516.70 shares Shares over which H.E.S.T. Australia has shared voting and dispositive power

Shares outstanding baseline 75,330,559 shares EBR Systems common shares outstanding as of July 7, 2026

Warrant shares 307,226 shares Common stock issuable upon exercise of specified warrants held via MRCF3 Service

CDI-to-share ratio 10-to-1 Post–reverse split CHESS Depositary Interest conversion ratio to common stock

Reverse stock split 1-for-10 Reverse stock split effective April 1, 2026 for EBR Systems common stock

Key Terms

CHESS Depositary Interests, reverse stock split, beneficially owned, Management Deed, +1 more

5 terms

CHESS Depositary Interests financial

"underlying 16,343,874 CHESS Depositary Interests ("CDIs") of EBR Systems, Inc."

CHESS depositary interests are tradable certificates used on the Australian settlement system that represent ownership of underlying foreign shares held by a custodian. They let investors buy and sell foreign-listed stocks on the local exchange as if they were domestic shares, simplifying trading, dividend collection and record-keeping, though they may involve custodian fees and can alter certain direct shareholder rights and tax treatments.

reverse stock split financial

"The Issuer completed a 1-for-10 reverse stock split that was effected"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

beneficially owned financial

"Row 11 is based on the sum of ... shares of common stock outstanding"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Management Deed financial

"Pursuant to a Management Deed, dated May 17, 2024, among BCP4 Pty Ltd"

Part B Management Agreement financial

"Pursuant to a Part B Management Agreement, dated April 22, 2015, among"

FAQ

What stake does H.E.S.T. Australia Ltd. report in EBR SYSTEMS, INC. (EBRCZ)?

H.E.S.T. Australia Ltd. reports beneficial ownership of 4,031,904.10 shares of EBR Systems common stock, representing 5.3% of the outstanding class based on the issuer’s disclosed share count and certain warrants.

How many EBR SYSTEMS, INC. (EBRCZ) shares are used to calculate the 5.3% ownership?

The 5.3% figure is based on 75,330,559 shares of common stock outstanding plus 307,226 shares issuable upon exercise of specified warrants, for a total reference base of 75,637,785 shares.

How did the reverse stock split affect EBR SYSTEMS, INC. (EBRCZ) CHESS Depositary Interests?

EBR Systems completed a 1-for-10 reverse stock split effective April 1, 2026. Outstanding CDIs were not consolidated, but the conversion ratio changed to 10-to-1, so 10 CDIs now represent the right to receive one common share.

What portion of EBR SYSTEMS, INC. (EBRCZ) shares does H.E.S.T. Australia control solely versus jointly?

H.E.S.T. Australia Ltd. reports 1,634,387.40 shares with sole voting and dispositive power and 2,397,516.70 shares with shared voting and dispositive power through various trust and warrant arrangements.

Which entities are involved in the shared voting power over EBR SYSTEMS, INC. (EBRCZ) shares?

Shared voting and dispositive power covers shares underlying CDIs and warrants held by MRCF3 Service (H) Pty Ltd for MRCF3 (H) Trust and BB6 Service (H) Coinvestment Trusco Pty Ltd for BCP HESTA Co-Investment Trust, where H.E.S.T. is the sole unitholder.

What are CHESS Depositary Interests in relation to EBR SYSTEMS, INC. (EBRCZ)?

CHESS Depositary Interests (CDIs) are instruments through which investors hold an economic interest in EBR Systems shares. After the reverse split, 10 CDIs correspond to one share of common stock, with CDIs held by CHESS Depositary Nominees Pty Limited.

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Available on EDGAR 08/12/2026 - 06:05 AM Accepted by SEC EDGAR 08/12/2026 - 06:02 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

EBR SYSTEMS, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

0000000000

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 0000000000

1

Names of Reporting Persons

H.E.S.T. Australia Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

AUSTRALIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,634,387.40
6	Shared Voting Power 2,397,516.70
7	Sole Dispositive Power 1,634,387.40
8	Shared Dispositive Power 2,397,516.70

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,031,904.10

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Rows 5 and 7 consist of 1,634,387.40 shares of common stock, par value $0.0001 per share ("common stock"), underlying 16,343,874 CHESS Depositary Interests ("CDIs") of EBR Systems, Inc. (the "Issuer") held by H.E.S.T. Australia Ltd. (the "Reporting Person"), as trustee for HESTA. The Issuer completed a 1-for-10 reverse stock split that was effected on April 1, 2026 (the "Reverse Split"). The disclosure herein gives effect to the Reverse Split. The outstanding CDIs were not consolidated as a result of the Reverse Split, but the conversion ratio of the CDIs to shares changed from 1-to-1 to 10-to-1, and 10 CDIs now represent the right to receive one share of common stock. The CDIs are held by CHESS Depositary Nominees Pty Limited, a subsidiary of ASX Limited. Rows 6 and 8 consist of (i) 1,587,540.80 shares of common stock underlying 15,875,408 CDIs held by MRCF3 Service (H) Pty Ltd ("MRCF3 Service") on trust for MRCF3 (H) Trust ("MRCF3 Trust"), (ii) 307,226 shares of common stock issuable upon exercise of certain warrants held by MRCF3 Service on trust for the MRCF3 Trust, and (iii) 502,749.90 shares of common stock underlying 5,027,499 CDIs held by BB6 Service (H) Coinvestment Trusco Pty Ltd ("BB6 Service") on trust for BCP HESTA Co-Investment Trust ("BCP Trust"). MRCF3 Service is the trustee of MRCF3 Trust. Pursuant to a Part B Management Agreement, dated April 22, 2015, among MRCF3 Service, BCP3 Pty Ltd and the Reporting Person, the Reporting Person may be deemed to share voting and investment power with respect to the CDIs and shares of common stock issuable upon exercise of certain warrants held by MRCF3 Trust. BB6 Service is the trustee of BCP Trust. Pursuant to a Management Deed, dated May 17, 2024, among BCP4 Pty Ltd and BB6 Service, the Reporting Person may be deemed to share voting and investment power with respect to the CDIs held by BCP Trust. The Reporting Person is the sole unitholder in each of MRCF3 Trust and BCP Trust. Row 11 is based on the sum of (i) 75,330,559 shares of common stock outstanding (equivalent to 753,305,590 CDIs) as of July 7, 2026, as disclosed in the Issuer's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on July 9, 2026 and (ii) 307,226 shares of common stock issuable upon exercise of the warrants described above.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: EBR SYSTEMS, INC.
(b)	Address of issuer's principal executive offices: 480 Oakmead Parkway, Sunnyvale, CA 94085
Item 2.
(a)	Name of person filing: H.E.S.T. Australia Ltd.
(b)	Address or principal business office or, if none, residence: Level 20, 2 Lonsdale Street, Melbourne, Victoria, 3000
(c)	Citizenship: Australia
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 0000000000
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,031,904.10
(b)	Percent of class: 5.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,634,387.40
	(ii) Shared power to vote or to direct the vote: 2,397,516.70
	(iii) Sole power to dispose or to direct the disposition of: 1,634,387.40
	(iv) Shared power to dispose or to direct the disposition of: 2,397,516.70
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

H.E.S.T. Australia Ltd.

Signature:	/s/ Bruce Cooper
Name/Title:	Bruce Cooper, Attorney-in-Fact
Date:	08/12/2026