[SCHEDULE 13G/A] Helius Medical Technologies, Inc. SEC Filing

Rhea-AI Filing Summary

L1 Capital Global Opportunities Master Fund, Ltd. reports beneficial ownership of 640 shares of Helius Medical Technologies common stock, comprised of 203 direct common shares and 437 shares underlying warrants. The holding represents 1.01% of the company's outstanding common stock on a post-reverse-split basis, and the filer states sole voting and dispositive power over all 640 shares. The filing references an earlier Schedule that covered 214,050 shares and warrants purchased in the same offering and explains the company completed a 1-for-50 reverse stock split that affected the share counts. Two directors of the reporting fund are named and may be deemed to beneficially own the securities but disclaim such ownership for other purposes.

Positive

• Full disclosure of share count and composition (203 common + 437 underlying warrants)
• Sole voting and dispositive power clearly stated for the 640 shares
• Clarifies impact of the company's 1-for-50 reverse stock split on reported ownership

Negative

• Stake is small at 1.01%, below thresholds that typically indicate influence or control
• Report references a much larger pre-split position (214,050 shares) without detail on current economic exposure beyond the 640-share figure

Insights

Financial Analyst

TL;DR A small, disclosed stake of 1.01% with sole voting/dispositive control; not materially impactful to capitalization.

The filing shows transparent reporting of a 640-share position (including warrants) representing 1.01% of the post-split float. For investors, a sub-5% holding by an institutional fund typically signals routine investment activity rather than an activist or control intent. The clarification that the position reflects converted/warranted shares and gives sole voting and dispositive power is useful for ownership analysis and proxy considerations. The reference to a prior, much larger pre-split position provides context about scale changes from the reverse split but does not, by itself, indicate change in strategy.

Corporate Governance Expert

TL;DR Governance disclosure is complete for a non-control investor; directors named but disclaim broader beneficial ownership.

The statement identifies fund directors and discloses potential deemed beneficial ownership while preserving disclaimers, which is standard practice to address attribution rules. Sole voting and dispositive power over the 640 shares is explicitly stated, which clarifies who can exercise shareholder rights for these shares. Because the reported stake is 1.01%, this filing does not trigger heightened governance scrutiny tied to control; it fulfills regulatory transparency obligations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Helius Medical Technologies, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

42328V884

(CUSIP Number)

08/14/2025

(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. 42328V884

1

Names of Reporting Persons

L1 Capital Global Opportunities Master Fund, 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 640.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 640.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

640.00

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)

1.01 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Helius Medical Technologies, Inc.
(b)	Address of issuer's principal executive offices: 642 Newtown Yardley Road, Newtown, PA 18940
Item 2.
(a)	Name of person filing: L1 Capital Global Opportunities Master Fund, Ltd.
(b)	Address or principal business office or, if none, residence: 161A Shedden Road, 1 Artillery Court, PO Box 10085 Grand Cayman, Cayman Islands KY1-1001
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 42328V884
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: 640 This amendment refers to a Schedule 13G filed with the Securities and Exchange Commission on June 13, 2025, covering 214,050 shares of Common Stock and underlying Warrants purchased on June 6, 2025. The amounts in Row (5), (7) and (9) represent 203 Common Stock and 437 shares of Common Stock underlying Warrants. The percentage set forth on Row (11) of the cover page for the reporting person is based on 63,102 post-split (3,155,111 pre-split) Common Stock outstanding after the offering, as disclosed in the Issuer's Prospectus filed under Rule 424(b)(4) with the Securities and Exchange Commission on June 6, 2025 (assuming none of the pre-funded warrants, common warrants or Placement Agent Warrants included in the offering were exercised) as of June 6, 2025, but gives effect to the Company's 1-for-50 reverse stock split, effective June 30, 2025. David Feldman and Joel Arber are the Directors of L1 Capital Global Opportunities Master Fund, Ltd. As such, L1 Capital Global Opportunities Master Fund, Ltd., Mr. Feldman, and Mr. Arber may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) the issuer's securities described herein. To the extent Mr. Feldman and Mr. Arber are deemed to beneficially own such securities, Mr. Feldman and Mr. Arber disclaim beneficial ownership of these securities for all other purposes.
(b)	Percent of class: 1.01%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 640
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 640
	(iv) Shared power to dispose or to direct the disposition of: 0
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:

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.

L1 Capital Global Opportunities Master Fund, Ltd.

Signature:	/s/ David Feldman
Name/Title:	David Feldman, Director
Date:	08/14/2025

FAQ

What percentage of Helius Medical Technologies (HSDT) does L1 Capital own?

The filing states L1 Capital beneficially owns 640 shares, representing 1.01% of the company's post-reverse-split common stock.

How is the 640-share position composed?

The 640 shares consist of 203 common shares and 437 shares of common stock underlying warrants, as disclosed in the filing.

Does L1 Capital have voting control over these shares?

Yes. The filer reports sole voting power and sole dispositive power for all 640 shares.

Did the filing reference prior transactions in Helius stock?

Yes. The amendment refers to a prior Schedule covering 214,050 shares and underlying warrants purchased in the same offering; the current report reflects post-split counts.

Are any individuals named as potentially having beneficial ownership?

Two directors of the reporting fund are named and may be deemed to beneficially own the securities, but they disclaim beneficial ownership for other purposes.