Schedule 13G: Hilve Holdings and M. Stiskin Report 5.7% of ECOR

Rhea-AI Filing Summary

Hilve Holdings Limited and Mikhail Stiskin disclosed beneficial ownership of 432,000 shares of electroCore, Inc. common stock, representing 5.7% of the outstanding shares based on 7,583,445 shares outstanding as of August 5, 2025. Hilve Holdings, a Cyprus company, holds the shares directly and has sole voting and dispositive power over them. Mr. Stiskin, an Israeli citizen and sole shareholder of Hilve Holdings, may be deemed the beneficial owner with identical sole voting and dispositive power. The filing states the stake was not acquired to change or influence control of the issuer.

Positive

• Clear disclosure of a >5% beneficial ownership (432,000 shares, 5.7% of outstanding shares based on 7,583,445 shares).
• Reporting persons hold sole voting and dispositive power over the reported shares, providing transparency about control of the stake.
• Filed on Schedule 13G with certification of non-control intent, indicating the holders state the position is passive rather than an attempt to influence control.

Negative

• None.

Insights

Securities Analyst

TL;DR: A disclosed 5.7% stake with sole voting and dispositive power; filing asserts no intent to influence control.

The Schedule 13G reports a passive, greater-than-5%-owner disclosure by Hilve Holdings Ltd and beneficial attribution to Mikhail Stiskin. The filing provides clear ownership metrics: 432,000 shares, 5.7% of a 7,583,445-share base, and sole voting/dispositive power. Because the report is on Schedule 13G and includes a certification of non-control purpose, this is treated as a passive disclosure rather than an active proxy or control attempt. Materiality is limited to ownership concentration and transparency.

Corporate Governance Expert

TL;DR: Ownership concentrated in a single Cyprus-held vehicle with beneficial attribution to its sole shareholder; governance implications are limited.

The document identifies governance-relevant facts: Hilve Holdings holds the shares directly with sole authority to vote and dispose, and Mr. Stiskin is the sole shareholder of that holding company. The filing’s certification that the stake is not intended to change control reduces immediate regulatory or takeover signalling. For board-level influence, 5.7% is notable but not controlling; further disclosures would be required if intentions change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

electroCore, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

28531P103

(CUSIP Number)

08/15/2025

(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)

SCHEDULE 13G

CUSIP No. 28531P103

1

Names of Reporting Persons

Hilve Holdings 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

CYPRUS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 432,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 432,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

432,000.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 28531P103

1

Names of Reporting Persons

Mikhail Stiskin

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

ISRAEL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 432,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 432,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

432,000.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: electroCore, Inc.
(b)	Address of issuer's principal executive offices: 200 FORGE WAY, SUITE 205, ROCKAWAY, NEW JERSEY, 07866.
Item 2.
(a)	Name of person filing: (i) Hilve Holdings Limited and (ii) Mikhail Stiskin (collectively, the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: (i) For Hilve Holdings Ltd.: Spyrou Araouzou, 25, Beregaria 25, 5th Floor, Office 2, 3036, Limassol, Republic of Cyprus, and (ii) For Mikhail Stiskin: Onisilou, 8A, Rita Court 1, Block B, Flat/Office 208, Agios Tychonas, 4532, Limassol, Republic of Cyprus.
(c)	Citizenship: (i) Hilve Holdings Limited was established under the laws of the Republic of Cyprus, and (ii) Mikhail Stiskin is a citizen of Israel.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 28531P103
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: Hilve Holdings Limited directly holds 432,000 shares of Common Stock, par value $0.001 per share ("Common Stock"), of electroCore, Inc. (the "Issuer"). Mikhail Stiskin, as the sole shareholder of Hilve Holdings Limited, may be deemed the beneficial owner of 432,000 shares of Common Stock held by Hilve Holdings Limited.
(b)	Percent of class: Hilve Holdings Limited may be deemed the beneficial owner of 5.7% of the outstanding shares of Common Stock of the Issuer. Mikhail Stiskin may be deemed the beneficial owner of 5.7% of the outstanding shares of Common Stock. Such percentages are based on 7,583,445 shares of Common Stock of the Issuer outstanding as of August 5, 2025, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 6, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of the date hereof, Hilve Holdings Limited has the sole power to vote or to direct the vote of 432,000 shares of Common Stock of the Issuer. Mikhail Stiskin, as the sole shareholder of Hilve Holdings Limited, has the sole power to vote or to direct the vote of 432,000 shares of Common Stock of the Issuer.
	(ii) Shared power to vote or to direct the vote: As of the date hereof, each of the Reporting Persons has shared power to vote or direct the vote of 0 shares of Common Stock of the Issuer.
	(iii) Sole power to dispose or to direct the disposition of: As of the date hereof, Hilve Holdings Limited has the sole power to dispose or to direct the disposition of 432,000 shares of Common Stock of the Issuer. Mikhail Stiskin has the sole power to dispose or to direct the disposition of 432,000 shares of Common Stock of the Issuer.
	(iv) Shared power to dispose or to direct the disposition of: As of the date hereof, each of the Reporting Persons has shared power to dispose or to direct the disposition of 0 shares of Common Stock of the Issuer.
Item 5.	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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

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.

Hilve Holdings Ltd

Signature:	/s/ Asya Andreeva
Name/Title:	Director
Date:	09/08/2025

Mikhail Stiskin

Signature:	/s/ Mikhail Stiskin
Name/Title:	self
Date:	09/08/2025

FAQ

How many shares of ECOR does Hilve Holdings Ltd report owning?

The filing reports 432,000 shares of electroCore, Inc. common stock.

What percentage of ECOR does the reported stake represent?

The reported stake represents 5.7% of the outstanding common stock, based on 7,583,445 shares outstanding as of August 5, 2025.

Who may be deemed the beneficial owner of the shares?

Hilve Holdings Ltd directly holds the shares; Mikhail Stiskin, as sole shareholder of Hilve Holdings, may be deemed the beneficial owner.

Do the reporting persons claim intent to change control of ECOR?

No. The filing includes a certification that the securities were not acquired to change or influence control of the issuer.

Where is Hilve Holdings Ltd organized and where is Mr. Stiskin a citizen?

Hilve Holdings Ltd is organized in the Republic of Cyprus; Mikhail Stiskin is a citizen of Israel.