[Form 3] Picard Medical, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Affiliates of Versa Capital, including Sindex SSI Lending, LLC, filed an initial Form 3 reporting beneficial ownership in Picard Medical, Inc. (PMI) as of 08/11/2025. The filing lists 7,943,585 shares of common stock beneficially owned and indicates the reporting person is a Director and 10% Owner. The form was filed by more than one reporting person and notes that the shares are held by Sindex, with a control chain through Versa entities and Gregory L. Segall.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Sindex SSI Lending, LLC

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/11/2025

3. Issuer Name and Ticker or Trading Symbol
Picard Medical, Inc. [ PMI ]

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.0001 per share	7,943,585	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Sindex SSI Lending, LLC

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

VERSA CAPITAL FUND III, L.P.

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Versa FGP-III, L.P.

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Versa UGP-III, LLC

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Versa Capital Group, LLC

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Segall Gregory L

(Last) (First) (Middle)

C/O VERSA CAPITAL MANAGEMENT, LLC

130 N. 18TH STREET, SUITE 315

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. These shares are held by Sindex SSI Lending, LLC, a Delaware limited liability company ("Sindex"). Versa Capital Fund III, L.P. ("CF III") is the sole member of Sindex. Versa FGP-III, L.P. ("FGP-III") is the general partner of CF III. Versa UGP-III, LLC ("UGP-III") is the general partner of FGP-III. Versa Capital Group, LLC ("Versa") is the sole member of UGP-III. Gregory L. Segall ("Mr. Segall," and together with Sindex, CF III, FGP-III, UGP-III, and Versa, the "Reporting Persons") has voting and dispositive power over shares held by Versa.

Remarks:

The filing of this Statement shall not be construed as an admission by any Reporting Person (a) that such person is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this Statement, or (b) that this Statement is legally required to be filed by such person. Each of the Reporting Persons disclaims beneficial ownership of any securities covered by this Statement except to the extent of such person's pecuniary interest in such securities. Exhibit List: Exhibit 24.1 - Power of Attorney

	/s/ Randall Schultz, Authorized Agent for Sindex SSI Lending, LLC	11/13/2025
	/s/ Randall Schultz, Authorized Agent for Versa Capital Fund III, L.P.	11/13/2025
	/s/ Randall Schultz, Authorized Agent for Versa FGP-III, L.P.	11/13/2025
	/s/ Randall Schultz, Authorized Agent for Versa UGP-III, LLC	11/13/2025
	/s/ Randall Schultz, Authorized Agent for Versa Capital Group, LLC	11/13/2025
	/s/ Randall Schultz, Authorized Agent for Gregory L. Segall, an individual	11/13/2025
	** 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 5 (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.
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FAQ

What did Picard Medical (PMI) insiders file?

An initial Form 3 disclosing beneficial ownership by affiliates of Versa Capital, including Sindex SSI Lending, LLC.

How many PMI shares are reported as beneficially owned?

The filing reports 7,943,585 shares of common stock beneficially owned.

What is the relationship of the reporting persons to PMI?

The reporting person is identified as a Director and a 10% Owner.

When is the event date for the PMI Form 3?

The event requiring the statement is dated 08/11/2025.

Who holds the reported PMI shares?

The shares are held by Sindex SSI Lending, LLC, with a control chain through Versa Capital entities and Gregory L. Segall.

Was the PMI Form 3 filed by a single or multiple reporting persons?

It was filed by more than one reporting person.