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[Form 4] SANUWAVE Health, Inc. Insider Trading Activity

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PrimeEnergy Resources Corp. (PNRG) – Schedule 13D/A (Amendment 10)

Chairman, CEO and President Charles E. Drimal, Jr. discloses beneficial ownership of 1,374,070 common shares, equal to 58.3 % of the 1,660,500 shares outstanding on 14 May 2025. The stake comprises 520,644 directly-held shares, 697,500 fully-exercisable options at $1.00–$1.25, and 155,926 shares covered by six newly executed voting agreements dated 30 Jun 2025. No cash transactions occurred; the filing simply broadens Drimal’s voting power.

Drimal affirms no current intentions to pursue additional share purchases, divestitures, mergers, capital changes, or governance restructurings. The filing’s sole purpose is to record the incremental voting rights gained through the agreements; Drimal holds no dispositive power or economic interest in the 155,926 agreement shares.

The update gives management majority control, potentially streamlining strategic decision-making but also heightening governance-concentration risk for minority investors. Six voting-agreement exhibits are attached for reference.

  • Total beneficial ownership: 1.37 M shares.
  • Percent of class: 58.3 %.
  • Options outstanding: 697,500 (possible dilution).
  • Voting-agreement shares: 155,926 with no pecuniary interest.

PrimeEnergy Resources Corp. (PNRG) – Programma 13D/A (Emendamento 10)

Il Presidente, CEO e Presidente Charles E. Drimal, Jr. dichiara la titolarità effettiva di 1.374.070 azioni ordinarie, pari al 58,3% delle 1.660.500 azioni in circolazione al 14 maggio 2025. La partecipazione comprende 520.644 azioni detenute direttamente, 697.500 opzioni pienamente esercitabili a prezzi compresi tra $1,00 e $1,25, e 155.926 azioni coperte da sei nuovi accordi di voto datati 30 giugno 2025. Non sono state effettuate transazioni in denaro; la comunicazione ha l’unico scopo di ampliare il potere di voto di Drimal.

Drimal conferma di non avere intenzioni attuali di procedere con ulteriori acquisti di azioni, cessioni, fusioni, modifiche di capitale o ristrutturazioni della governance. La comunicazione serve esclusivamente a registrare i diritti di voto incrementali ottenuti tramite gli accordi; Drimal non detiene alcun potere dispositivi o interesse economico sulle 155.926 azioni oggetto degli accordi.

Aggiornamento che conferisce alla direzione il controllo della maggioranza, facilitando potenzialmente le decisioni strategiche ma aumentando anche il rischio di concentrazione del potere di governance per gli investitori di minoranza. Sono allegati sei esempi di accordi di voto per riferimento.

  • Possesso totale effettivo: 1,37 milioni di azioni.
  • Percentuale della classe: 58,3%.
  • Opzioni in circolazione: 697.500 (possibile diluizione).
  • Azioni con accordi di voto: 155.926 senza interesse pecuniario.

PrimeEnergy Resources Corp. (PNRG) – Programa 13D/A (Enmienda 10)

El presidente, CEO y presidente Charles E. Drimal, Jr. revela la propiedad beneficiaria de 1.374.070 acciones comunes, equivalentes al 58,3% de las 1.660.500 acciones en circulación al 14 de mayo de 2025. La participación incluye 520.644 acciones en propiedad directa, 697.500 opciones totalmente ejercitables a precios entre $1.00 y $1.25, y 155.926 acciones cubiertas por seis nuevos acuerdos de voto fechados el 30 de junio de 2025. No se realizaron transacciones en efectivo; la presentación simplemente amplía el poder de voto de Drimal.

Drimal afirma que no tiene intenciones actuales de realizar compras adicionales de acciones, desinversiones, fusiones, cambios de capital o reestructuraciones de gobierno corporativo. El propósito exclusivo de la presentación es registrar los derechos de voto incrementales adquiridos mediante los acuerdos; Drimal no posee ningún poder dispositvo ni interés económico en las 155.926 acciones cubiertas por los acuerdos.

La actualización otorga al equipo directivo el control mayoritario, lo que podría agilizar la toma de decisiones estratégicas pero también aumenta el riesgo de concentración de gobernanza para los inversores minoritarios. Se adjuntan seis ejemplares de los acuerdos de voto como referencia.

  • Propiedad beneficiaria total: 1,37 millones de acciones.
  • Porcentaje de la clase: 58,3%.
  • Opciones en circulación: 697.500 (posible dilución).
  • Acciones con acuerdos de voto: 155.926 sin interés pecuniario.

PrimeEnergy Resources Corp. (PNRG) – 스케줄 13D/A (수정 10)

회장, CEO 및 사장 Charles E. Drimal, Jr.는 2025년 5월 14일 기준으로 발행 주식 1,660,500주 중 1,374,070 보통주를 실질적으로 보유하고 있음을 공시했습니다. 이 지분은 직접 보유한 520,644주, 행사 가격 $1.00~$1.25의 697,500 완전 행사 가능한 옵션, 그리고 2025년 6월 30일에 체결된 여섯 건의 신규 의결권 계약에 따른 155,926주로 구성되어 있습니다. 현금 거래는 없었으며, 이번 공시는 Drimal의 의결권을 확대하기 위한 것입니다.

Drimal은 추가 주식 매입, 매각, 합병, 자본 변경 또는 지배구조 개편에 대한 현재 의도가 없음을 확인했습니다. 이번 공시의 유일한 목적은 계약을 통해 확보한 추가 의결권을 기록하는 것이며, Drimal은 155,926주에 대해 처분 권한이나 경제적 이익을 보유하지 않습니다.

이번 업데이트로 경영진이 과반수 지분을 확보하여 전략적 의사결정이 원활해질 수 있으나, 소수 투자자에게는 지배구조 집중 위험이 높아질 수 있습니다. 참고용으로 여섯 건의 의결권 계약 사본이 첨부되어 있습니다.

  • 총 실질 보유 주식: 137만 주.
  • 보유 비율: 58.3%.
  • 미행사 옵션: 697,500주 (희석 가능성 있음).
  • 의결권 계약 주식: 155,926주, 금전적 이익 없음.

PrimeEnergy Resources Corp. (PNRG) – Déclaration Schedule 13D/A (Amendement 10)

Le président, CEO et président Charles E. Drimal, Jr. déclare une détention bénéficiaire de 1 374 070 actions ordinaires, représentant 58,3% des 1 660 500 actions en circulation au 14 mai 2025. La participation comprend 520 644 actions détenues directement, 697 500 options pleinement exerçables à des prix de 1,00 $ à 1,25 $, ainsi que 155 926 actions couvertes par six nouveaux accords de vote datés du 30 juin 2025. Aucune transaction en espèces n’a eu lieu; le dépôt vise uniquement à élargir le pouvoir de vote de Drimal.

Drimal affirme ne pas avoir d’intentions actuelles d’acquérir d’autres actions, de céder, de fusionner, de modifier le capital ou de restructurer la gouvernance. Le dépôt a pour seul but d’enregistrer les droits de vote supplémentaires obtenus par ces accords; Drimal ne détient aucun pouvoir de disposition ni intérêt économique sur les 155 926 actions concernées.

Cette mise à jour confère à la direction le contrôle majoritaire, ce qui pourrait faciliter la prise de décisions stratégiques tout en augmentant le risque de concentration de la gouvernance pour les investisseurs minoritaires. Six exemplaires des accords de vote sont joints à titre de référence.

  • Détention bénéficiaire totale : 1,37 million d’actions.
  • Pourcentage de la catégorie : 58,3 %.
  • Options en circulation : 697 500 (dilution possible).
  • Actions avec accords de vote : 155 926 sans intérêt pécuniaire.

PrimeEnergy Resources Corp. (PNRG) – Schedule 13D/A (Nachtrag 10)

Vorsitzender, CEO und Präsident Charles E. Drimal, Jr. gibt den wirtschaftlichen Eigentum an 1.374.070 Stammaktien bekannt, was 58,3% der 1.660.500 ausstehenden Aktien zum 14. Mai 2025 entspricht. Der Anteil umfasst 520.644 direkt gehaltene Aktien, 697.500 voll ausübungsfähige Optionen zu Preisen zwischen 1,00 und 1,25 USD sowie 155.926 Aktien, die durch sechs neu abgeschlossene Stimmrechtsvereinbarungen vom 30. Juni 2025 abgedeckt sind. Es fanden keine Bartransaktionen statt; die Meldung dient lediglich zur Erweiterung von Drimals Stimmrecht.

Drimal bestätigt, keine aktuellen Absichten zu haben, weitere Aktienkäufe, Veräußerungen, Fusionen, Kapitaländerungen oder Governance-Restrukturierungen vorzunehmen. Zweck der Meldung ist ausschließlich die Erfassung der durch die Vereinbarungen gewonnenen zusätzlichen Stimmrechte; Drimal hält keine Verfügungsmacht oder wirtschaftlichen Interessen an den 155.926 Aktien der Vereinbarungen.

Das Update verschafft dem Management die Mehrheitskontrolle, was strategische Entscheidungen potenziell erleichtert, jedoch auch das Risiko einer Governance-Konzentration für Minderheitsaktionäre erhöht. Sechs Exemplare der Stimmrechtsvereinbarungen sind als Referenz beigefügt.

  • Gesamtes wirtschaftliches Eigentum: 1,37 Mio. Aktien.
  • Anteil an der Klasse: 58,3 %.
  • Ausstehende Optionen: 697.500 (mögliche Verwässerung).
  • Aktien mit Stimmrechtsvereinbarungen: 155.926 ohne finanzielles Interesse.
Positive
  • Management alignment: CEO’s 58.3 % stake tightly links leadership incentives to shareholder value.
  • Non-dilutive control gain: Additional voting power achieved without cash expenditure or secondary-market purchases, preserving corporate liquidity.
Negative
  • Minority dilution of influence: Concentrated majority control may limit checks on management and reduce takeover premium potential.
  • Future share dilution risk: 697,500 low-priced options could expand share count materially when exercised.

Insights

TL;DR: Drimal lifts voting control to 58.3 % via agreements; no cash spent; value impact neutral with dilution and governance trade-offs.

The CEO’s majority position tightens the alignment between management and shareholder value creation, as his personal outcome is now firmly linked to equity performance. However, the path chosen—voting agreements plus 697 k in-the-money options—introduces potential dilution of roughly 42 % of the current float on exercise. The absence of new capital outlay or secondary market buying limits immediate price pressure, keeping near-term valuation effects muted. Overall, the filing is informational rather than transformational, earning a neutral impact rating.

TL;DR: Voting pacts entrench CEO control, curbing minority influence; governance risk modestly elevated.

By adding 155,926 shares under irrevocable voting agreements, Drimal now commands a decisive majority. While legal, such arrangements can dissuade external activism and reduce market-based discipline. Shareholders must rely heavily on board independence to safeguard their interests, yet the same CEO also chairs the board, intensifying potential conflicts. No immediate red flags surface, but the structural shift skews power balance, warranting closer oversight by institutional investors.

PrimeEnergy Resources Corp. (PNRG) – Programma 13D/A (Emendamento 10)

Il Presidente, CEO e Presidente Charles E. Drimal, Jr. dichiara la titolarità effettiva di 1.374.070 azioni ordinarie, pari al 58,3% delle 1.660.500 azioni in circolazione al 14 maggio 2025. La partecipazione comprende 520.644 azioni detenute direttamente, 697.500 opzioni pienamente esercitabili a prezzi compresi tra $1,00 e $1,25, e 155.926 azioni coperte da sei nuovi accordi di voto datati 30 giugno 2025. Non sono state effettuate transazioni in denaro; la comunicazione ha l’unico scopo di ampliare il potere di voto di Drimal.

Drimal conferma di non avere intenzioni attuali di procedere con ulteriori acquisti di azioni, cessioni, fusioni, modifiche di capitale o ristrutturazioni della governance. La comunicazione serve esclusivamente a registrare i diritti di voto incrementali ottenuti tramite gli accordi; Drimal non detiene alcun potere dispositivi o interesse economico sulle 155.926 azioni oggetto degli accordi.

Aggiornamento che conferisce alla direzione il controllo della maggioranza, facilitando potenzialmente le decisioni strategiche ma aumentando anche il rischio di concentrazione del potere di governance per gli investitori di minoranza. Sono allegati sei esempi di accordi di voto per riferimento.

  • Possesso totale effettivo: 1,37 milioni di azioni.
  • Percentuale della classe: 58,3%.
  • Opzioni in circolazione: 697.500 (possibile diluizione).
  • Azioni con accordi di voto: 155.926 senza interesse pecuniario.

PrimeEnergy Resources Corp. (PNRG) – Programa 13D/A (Enmienda 10)

El presidente, CEO y presidente Charles E. Drimal, Jr. revela la propiedad beneficiaria de 1.374.070 acciones comunes, equivalentes al 58,3% de las 1.660.500 acciones en circulación al 14 de mayo de 2025. La participación incluye 520.644 acciones en propiedad directa, 697.500 opciones totalmente ejercitables a precios entre $1.00 y $1.25, y 155.926 acciones cubiertas por seis nuevos acuerdos de voto fechados el 30 de junio de 2025. No se realizaron transacciones en efectivo; la presentación simplemente amplía el poder de voto de Drimal.

Drimal afirma que no tiene intenciones actuales de realizar compras adicionales de acciones, desinversiones, fusiones, cambios de capital o reestructuraciones de gobierno corporativo. El propósito exclusivo de la presentación es registrar los derechos de voto incrementales adquiridos mediante los acuerdos; Drimal no posee ningún poder dispositvo ni interés económico en las 155.926 acciones cubiertas por los acuerdos.

La actualización otorga al equipo directivo el control mayoritario, lo que podría agilizar la toma de decisiones estratégicas pero también aumenta el riesgo de concentración de gobernanza para los inversores minoritarios. Se adjuntan seis ejemplares de los acuerdos de voto como referencia.

  • Propiedad beneficiaria total: 1,37 millones de acciones.
  • Porcentaje de la clase: 58,3%.
  • Opciones en circulación: 697.500 (posible dilución).
  • Acciones con acuerdos de voto: 155.926 sin interés pecuniario.

PrimeEnergy Resources Corp. (PNRG) – 스케줄 13D/A (수정 10)

회장, CEO 및 사장 Charles E. Drimal, Jr.는 2025년 5월 14일 기준으로 발행 주식 1,660,500주 중 1,374,070 보통주를 실질적으로 보유하고 있음을 공시했습니다. 이 지분은 직접 보유한 520,644주, 행사 가격 $1.00~$1.25의 697,500 완전 행사 가능한 옵션, 그리고 2025년 6월 30일에 체결된 여섯 건의 신규 의결권 계약에 따른 155,926주로 구성되어 있습니다. 현금 거래는 없었으며, 이번 공시는 Drimal의 의결권을 확대하기 위한 것입니다.

Drimal은 추가 주식 매입, 매각, 합병, 자본 변경 또는 지배구조 개편에 대한 현재 의도가 없음을 확인했습니다. 이번 공시의 유일한 목적은 계약을 통해 확보한 추가 의결권을 기록하는 것이며, Drimal은 155,926주에 대해 처분 권한이나 경제적 이익을 보유하지 않습니다.

이번 업데이트로 경영진이 과반수 지분을 확보하여 전략적 의사결정이 원활해질 수 있으나, 소수 투자자에게는 지배구조 집중 위험이 높아질 수 있습니다. 참고용으로 여섯 건의 의결권 계약 사본이 첨부되어 있습니다.

  • 총 실질 보유 주식: 137만 주.
  • 보유 비율: 58.3%.
  • 미행사 옵션: 697,500주 (희석 가능성 있음).
  • 의결권 계약 주식: 155,926주, 금전적 이익 없음.

PrimeEnergy Resources Corp. (PNRG) – Déclaration Schedule 13D/A (Amendement 10)

Le président, CEO et président Charles E. Drimal, Jr. déclare une détention bénéficiaire de 1 374 070 actions ordinaires, représentant 58,3% des 1 660 500 actions en circulation au 14 mai 2025. La participation comprend 520 644 actions détenues directement, 697 500 options pleinement exerçables à des prix de 1,00 $ à 1,25 $, ainsi que 155 926 actions couvertes par six nouveaux accords de vote datés du 30 juin 2025. Aucune transaction en espèces n’a eu lieu; le dépôt vise uniquement à élargir le pouvoir de vote de Drimal.

Drimal affirme ne pas avoir d’intentions actuelles d’acquérir d’autres actions, de céder, de fusionner, de modifier le capital ou de restructurer la gouvernance. Le dépôt a pour seul but d’enregistrer les droits de vote supplémentaires obtenus par ces accords; Drimal ne détient aucun pouvoir de disposition ni intérêt économique sur les 155 926 actions concernées.

Cette mise à jour confère à la direction le contrôle majoritaire, ce qui pourrait faciliter la prise de décisions stratégiques tout en augmentant le risque de concentration de la gouvernance pour les investisseurs minoritaires. Six exemplaires des accords de vote sont joints à titre de référence.

  • Détention bénéficiaire totale : 1,37 million d’actions.
  • Pourcentage de la catégorie : 58,3 %.
  • Options en circulation : 697 500 (dilution possible).
  • Actions avec accords de vote : 155 926 sans intérêt pécuniaire.

PrimeEnergy Resources Corp. (PNRG) – Schedule 13D/A (Nachtrag 10)

Vorsitzender, CEO und Präsident Charles E. Drimal, Jr. gibt den wirtschaftlichen Eigentum an 1.374.070 Stammaktien bekannt, was 58,3% der 1.660.500 ausstehenden Aktien zum 14. Mai 2025 entspricht. Der Anteil umfasst 520.644 direkt gehaltene Aktien, 697.500 voll ausübungsfähige Optionen zu Preisen zwischen 1,00 und 1,25 USD sowie 155.926 Aktien, die durch sechs neu abgeschlossene Stimmrechtsvereinbarungen vom 30. Juni 2025 abgedeckt sind. Es fanden keine Bartransaktionen statt; die Meldung dient lediglich zur Erweiterung von Drimals Stimmrecht.

Drimal bestätigt, keine aktuellen Absichten zu haben, weitere Aktienkäufe, Veräußerungen, Fusionen, Kapitaländerungen oder Governance-Restrukturierungen vorzunehmen. Zweck der Meldung ist ausschließlich die Erfassung der durch die Vereinbarungen gewonnenen zusätzlichen Stimmrechte; Drimal hält keine Verfügungsmacht oder wirtschaftlichen Interessen an den 155.926 Aktien der Vereinbarungen.

Das Update verschafft dem Management die Mehrheitskontrolle, was strategische Entscheidungen potenziell erleichtert, jedoch auch das Risiko einer Governance-Konzentration für Minderheitsaktionäre erhöht. Sechs Exemplare der Stimmrechtsvereinbarungen sind als Referenz beigefügt.

  • Gesamtes wirtschaftliches Eigentum: 1,37 Mio. Aktien.
  • Anteil an der Klasse: 58,3 %.
  • Ausstehende Optionen: 697.500 (mögliche Verwässerung).
  • Aktien mit Stimmrechtsvereinbarungen: 155.926 ohne finanzielles Interesse.
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*
Tyler James

(Last) (First) (Middle)
11495 VALLEY VIEW ROAD

(Street)
EDEN PRAIRIE MN 55344

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SANUWAVE Health, Inc. [ SNWV ]
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
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
Stock Option (right to buy) $32.86 06/30/2025 A 1,574 (1) 06/30/2030 Common Stock 1,574 $0 1,574 D
Explanation of Responses:
1. Options were fully vested at the grant date.
/s/ Griffin D. Foster, Attorney-in-Fact for James Tyler 07/02/2025
** 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

What percentage of PrimeEnergy (PNRG) does Charles E. Drimal now control?

He reports beneficial ownership of 58.3 % of the company’s outstanding common shares.

How many shares are subject to the new voting agreements?

A total of 155,926 shares are governed by six voting agreements executed on 30 June 2025.

Did Drimal purchase any additional shares in this Schedule 13D/A filing?

No. The increase in beneficial ownership arises solely from the voting agreements; no shares were bought or sold.

What is the strike price of Drimal’s stock options?

The 697,500 options are exercisable at prices ranging from $1.00 to $1.25 per share.

Does Drimal have plans for further acquisitions or corporate actions?

The filing states no current plans for additional share acquisitions, divestitures, mergers, or capitalization changes.

How many PrimeEnergy shares are outstanding according to the filing?

The company had 1,660,500 shares outstanding as of 14 May 2025.
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