[Form 4] Establishment Labs Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13G Filing Overview – Enzo Biochem, Inc. (ENZ)

• Reporting group: Beryl Capital Management LLC, Beryl Capital Management LP, Beryl Capital Partners II LP and control person David A. Witkin.
• Ownership: The group reports 5,069,789 common shares, equal to 9.7 % of ENZ’s 52,432,129 shares outstanding as referenced in a 24 Jun 2025 merger agreement filing.
• Largest internal holder: Beryl Capital Partners II LP owns 4,088,352 shares (7.8 %).
• Voting & dispositive power: All shares are held with shared voting and dispositive power; none of the reporting persons has sole power.
• Filing nature: A Schedule 13G denotes a passive position — the securities are held in the ordinary course and not to change or influence control of the issuer.
• Trigger date: 24 Jun 2025; certification and signatures dated 1 Jul 2025 by COO Andrew Nelson and Mr. Witkin.
• Entity details: All entities are Delaware-organized; Beryl Capital Management LLC is investment adviser and general partner for the limited partnerships, with Mr. Witkin as the ultimate control person.

No financial results, transaction pricing, or additional strategic intentions are disclosed beyond the ownership data. The filing simply informs investors that a single institutional complex now controls just under 10 % of ENZ’s outstanding shares.

Positive

• Institutional confidence: Beryl Capital and affiliates amassed 5.07 M ENZ shares, representing 9.7 % of the company.
• Passive certification: Filing on Schedule 13G confirms no activist agenda, reducing governance disruption risk.

Negative

• None.

Insights

Equity Portfolio Manager

TL;DR – A passive 9.7 % stake by Beryl Capital signals institutional interest but no activist intent.

This 13G shows Beryl Capital and affiliates accumulating roughly five million ENZ shares. Because they filed on Schedule 13G rather than 13D, the group certifies that the holding is passive and not meant to influence control. The size – just under the 10 % threshold – is material, giving the firm meaningful economic exposure and potential voting influence while avoiding certain regulatory hurdles. For existing shareholders, the disclosure can be viewed as a modest positive: a sophisticated fund sees value in ENZ, possibly in connection with the company’s recently announced merger. However, absent an activist agenda, near-term governance or strategic changes should not be expected. Impact on valuation is therefore limited to signaling and added trading liquidity.

M&A Arbitrage Specialist

TL;DR – Position likely merger-arbitrage driven; neutral for deal odds, mildly positive for price support.

The reference to the Agreement and Plan of Merger suggests Beryl’s stake may be part of a risk-arbitrage strategy. Owning only shared voting rights and certifying passivity indicates no intention to block, amend, or renegotiate the deal. Institutional ownership of nearly 10 % can nonetheless enhance market depth and stabilize spreads, benefiting shareholders seeking liquidity ahead of closing. Still, because the filer disclaims any control motive, the disclosure neither raises nor lowers the probability of transaction completion. Overall impact on ENZ is modest and primarily sentiment-based.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gillin Leslie

(Last) (First) (Middle)

C/O MOTIVA USA LLC

16192 COASTAL HIGHWAY

(Street)

LEWES DE 19958

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	06/30/2025		A(1)		395	A	$42.71	15,105	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents common shares elected to be received in lieu of a quarterly cash retainer payment in accordance with the Reporting Person's prior election under the Issuer's Outside Director Compensation Policy. The common shares were issued pursuant to the Issuer's 2018 Equity Incentive Plan and determined based on the closing price of the Issuer's common shares on the last trading day of the quarter.

Remarks:

	/s/ Rajbir S. Denhoy, Chief Financial Officer, by power of attorney	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Enzo Biochem (ENZ) shares does Beryl Capital own?

The group reports 5,069,789 common shares, equating to 9.7 % of ENZ’s outstanding stock.

Why did Beryl Capital file a Schedule 13G instead of a Schedule 13D?

Schedule 13G signifies the shares are held passively in the ordinary course with no intent to influence control.

What percentage of ENZ is held by Beryl Capital Partners II LP specifically?

The limited partnership holds 4,088,352 shares, or 7.8 % of the outstanding common stock.

Does the filing indicate any plan to change Enzo Biochem’s management or strategy?

No. The certification states the securities were not acquired to influence control and are purely passive.

When was the ownership level that triggered this filing reached?

The event date requiring the filing is listed as 24 June 2025.