EBR Systems, Inc. (EBRCZ) holders report 2.94M shares, 3.9% ownership position

Rhea-AI Filing Summary

EBR Systems, Inc. is reported to have significant minority ownership by a group of related investment entities and individuals as of June 30, 2026. Split Rock Partners, LP and its affiliates, together with SPVC VI, LLC and its affiliates, collectively beneficially own 2,937,570 shares of common stock, representing 3.9% of the outstanding class. This stake is held through common shares underlying CHESS Depositary Interests and immediately exercisable warrants. The ownership percentages are calculated using 75,330,559 shares of common stock outstanding as of June 29, 2026, adjusted for warrant exercises. The reporting entities and the individuals Michael Gorman, James Simons and David Stassen share voting and dispositive power over these securities and indicate ownership of 5 percent or less of the class.

Key Figures

Total shares beneficially owned: 2,937,570 shares Ownership percentage: 3.9% Shares outstanding baseline: 75,330,559 shares +4 more

7 metrics

Total shares beneficially owned 2,937,570 shares Aggregate beneficial ownership by all reporting persons as of June 30, 2026

Ownership percentage 3.9% Beneficial ownership of common stock by each of Gorman, Simons and Stassen

Shares outstanding baseline 75,330,559 shares Common stock outstanding as of June 29, 2026, per definitive proxy statement

Split Rock LP holdings 2,172,239 shares Includes 1,973,246 CDI-underlying shares and 198,993 warrant shares

SPVC VI holdings 765,331 shares Includes 699,648 CDI-underlying shares and 65,683 warrant shares

Split Rock LP ownership percentage 2.9% Percent of EBR Systems common stock class beneficially owned by Split Rock LP and its GP

SPVC VI ownership percentage 1.0% Percent of EBR Systems common stock class beneficially owned by SPVC VI and its manager

Key Terms

CHESS Depositary Interests, beneficially owned, dispositive power, warrants, +1 more

5 terms

CHESS Depositary Interests financial

"shares of Common Stock underlying 19,732,460 CHESS Depositary Interests ("CDIs")"

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.

beneficially owned financial

"aggregate number of shares of common stock of the Issuer beneficially owned"

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.

dispositive power financial

"shares the power to direct the voting and disposition of the securities"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

warrants financial

"shares of Common Stock issuable upon the exercise of immediately exercisable warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

CUSIP financial

"There is no CUSIP number assigned to the Common Stock."

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

FAQ

What stake in EBR Systems, Inc. (EBRCZ) do the reporting investors hold?

The reporting investors beneficially own 2,937,570 shares of EBR Systems common stock, representing 3.9% of the outstanding class as of June 30, 2026, including shares underlying CDIs and warrants.

Which entities are the main reporting holders of EBR Systems, Inc. (EBRCZ) stock?

The reporting holders are Split Rock Partners, LP, Split Rock Partners Management, LLC, SPVC VI, LLC, SPVC Management VI, LLC, and individuals Michael Gorman, James Simons, and David Stassen, who share voting and dispositive power over the securities.

How is the EBR Systems (EBRCZ) ownership split between Split Rock LP and SPVC VI?

Split Rock LP’s holdings total 2,172,239 shares (including CDIs and warrants), while SPVC VI’s holdings total 765,331 shares. Together these positions comprise the 2,937,570 shares reported as beneficially owned.

What percentage of EBR Systems (EBRCZ) is owned by each reporting entity?

Split Rock Partners, LP and Split Rock Partners Management, LLC each report owning 2.9%. SPVC VI, LLC and SPVC Management VI, LLC each report 1.0%. Gorman, Simons and Stassen each report 3.9% beneficial ownership of the common stock.

On what share count is the 3.9% EBR Systems (EBRCZ) ownership based?

The 3.9% ownership figure is based on 75,330,559 shares of EBR Systems common stock outstanding as of June 29, 2026, as disclosed in a definitive proxy statement and adjusted for warrant-exercisable shares.

How do CDIs and warrants factor into EBR Systems (EBRCZ) beneficial ownership?

Holdings include 1,973,246 shares underlying 19,732,460 CDIs and 198,993 warrant shares for Split Rock LP, plus 699,648 CDI shares and 65,683 warrant shares for SPVC VI, all treated as beneficially owned and immediately exercisable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:56 PM Accepted by SEC EDGAR 08/14/2026 - 04:55 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

EBR SYSTEMS, INC.

(Name of Issuer)

Common Stock, par value $0.0001

(Title of Class of Securities)

000000000

(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): 000000000

1

Names of Reporting Persons

Split Rock Partners, LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,172,239.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,172,239.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,172,239.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

Split Rock Partners Management LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,172,239.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,172,239.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,172,239.00

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)

2.9 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

SPVC VI, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 765,331.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 765,331.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

765,331.00

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)

1.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

SPVC Management VI, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 765,331.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 765,331.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

765,331.00

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)

1.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

Michael Gorman

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,937,570.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,937,570.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,937,570.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

James Simons

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,937,570.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,937,570.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,937,570.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP Number(s): 000000000

1

Names of Reporting Persons

David Stassen

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,937,570.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,937,570.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,937,570.00

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)

3.9 %

12

Type of Reporting Person (See Instructions)

IN

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: The names of the persons filing this report (collectively, the "Reporting Persons") are: Split Rock Partners, LP ("Split Rock LP") Split Rock Partners Management, LLC ("Split Rock GP") SPVC VI, LLC ("SPVC VI") SPVC Management VI, LLC ("SPVC VI Manager") Michael Gorman ("Gorman") James Simons ("Simons") David Stassen ("Stassen") The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)	Address or principal business office or, if none, residence: 16526 West 78th Street, Suite 504 Eden Prairie, Minnesota 55346
(c)	Citizenship: Split Rock LP Delaware Split Rock GP Delaware SPVC VI Delaware SPVC VI Manager Delaware Gorman United States Simons United States Stassen United States
(d)	Title of class of securities: Common Stock, par value $0.0001
(e)	CUSIP No.: 000000000
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: There is no CUSIP number assigned to the Common Stock. Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of shares of common stock of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference. The Reporting Persons' ownership of the Issuer's securities consists of (i) 1,973,246 shares of Common Stock underlying 19,732,460 CHESS Depositary Interests ("CDIs") and 198,993 shares of Common Stock issuable upon the exercise of immediately exercisable warrants directly held by Split Rock LP and (ii) 699,648 shares of Common Stock underlying 6,996,480 CDIs and 65,683 shares of Common Stock issuable upon the exercise of immediately exercisable warrants directly held by SPVC VI. Split Rock GP is the general partner of Split Rock LP and shares the power to direct the voting and disposition of the securities held by Split Rock LP. SPVC VI Manager is the manager of SPVC VI and shares the power to direct the voting and disposition of the securities held by SPVC VI. Messrs. Gorman, Simons and Stassen are the managing partners of each of Split Rock GP and SPVC VI Manager and share the power to direct the voting and disposition of the securities reported herein.
(b)	Percent of class: Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference. The percentage set forth in each row 11 is based upon 75,330,559 shares of common stock outstanding as of June 29, 2026, as reported in the Issuer's definitive proxy statement, filed with the Securities and Exchange Commission (the "SEC") on June 29, 2026, adjusted for shares issuable upon exercise of the warrants, as applicable.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of June 30, 2026 and is incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.

Split Rock Partners, LP

Signature:	/s/ Michael Gorman
Name/Title:	By Split Rock Partners Management, LLC, its General Partner, By Michael Gorman, Managing Partner
Date:	08/14/2026

Split Rock Partners Management LLC

Signature:	/s/ Michael Gorman
Name/Title:	By Michael Gorman, Managing Partner
Date:	08/14/2026

SPVC VI, LLC

Signature:	/s/ Michael Gorman
Name/Title:	By SPVC Management VI, LLC, its Manager, By Michael Gorman, Managing Partner
Date:	08/14/2026

SPVC Management VI, LLC

Signature:	/s/ Michael Gorman
Name/Title:	By Michael Gorman, Managing Partner
Date:	08/14/2026

Michael Gorman

Signature:	/s/ Michael Gorman
Name/Title:	Michael Gorman
Date:	08/14/2026

James Simons

Signature:	/s/ James Simons
Name/Title:	James Simons
Date:	08/14/2026

David Stassen

Signature:	/s/ David Stassen
Name/Title:	David Stassen
Date:	08/14/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit A to the Reporting Persons' Schedule 13G filed with the SEC on [November 26, 2024).