SANUWAVE Health, Inc. has a significant shareholder reported on a Schedule 13G/A. Solas Capital Management, LLC, a Delaware-based registered investment adviser, and its portfolio manager Frederick Tucker Golden report beneficial ownership of 610,968 shares of common stock. This represents 7.1% of the 8,598,976 common shares outstanding as of May 8, 2026, as represented by the company. Solas and Golden report no sole voting or dispositive power, but shared voting and shared dispositive power over 610,968 shares, which are held by two private funds and another sub-advised fund for the benefit of their investors. The funds themselves expressly disclaim beneficial ownership of the reported securities pursuant to Rule 13d-4.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:610,968 sharesOwnership percentage:7.1%Shares outstanding:8,598,976 shares+4 more
7 metrics
Shares beneficially owned610,968 sharesCommon stock of SANUWAVE Health, Inc. reported by Solas Capital Management, LLC and Frederick Tucker Golden
Ownership percentage7.1%Portion of SANUWAVE common stock based on 8,598,976 shares outstanding as of May 8, 2026
Shares outstanding8,598,976 sharesSANUWAVE common stock outstanding as of May 8, 2026, as represented in Form 10-Q
Shared voting power610,968 sharesShares over which Solas Capital Management, LLC and Frederick Tucker Golden have shared voting power
Sole voting power0 sharesShares over which Solas Capital Management, LLC and Frederick Tucker Golden have sole voting power
Shared dispositive power610,968 sharesShares over which Solas Capital Management, LLC and Frederick Tucker Golden have shared dispositive power
Signature date08/14/2026Date of signatures by Frederick Tucker Golden on behalf of reporting persons
Key Terms
beneficial owner, shared voting power, shared dispositive power, Investment Advisers Act of 1940, +1 more
5 terms
beneficial ownerfinancial
"may be deemed to be the beneficial owner of all shares of Common Stock"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"Shared Voting Power 610,968.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 610,968.00"
Investment Advisers Act of 1940regulatory
"an investment adviser that is registered under the Investment Advisers Act of 1940"
A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 , as amended, each of the Funds expressly disclaims"
FAQ
Who is the significant shareholder reported in SNWV's Schedule 13G/A?
Solas Capital Management, LLC and Frederick Tucker Golden report significant ownership in SANUWAVE Health, Inc. They file as an investment adviser and control person with shared voting and dispositive power over the reported shares.
How many SNWV shares does Solas Capital Management report owning?
Solas Capital Management and Frederick Tucker Golden report beneficial ownership of 610,968 shares of SANUWAVE Health, Inc. common stock, held through two private funds and one sub-advised fund.
What percentage of SANUWAVE Health (SNWV) does 610,968 shares represent?
The reported 610,968 shares represent 7.1% of SNWV’s common stock, based on 8,598,976 shares outstanding as of May 8, 2026, as represented by the issuer in its Form 10-Q.
Does Solas Capital Management have sole voting power over its SNWV shares?
No. Solas Capital Management and Frederick Tucker Golden report 0 shares with sole voting power and 610,968 shares with shared voting power, reflecting their role managing fund-held securities for investors.
Who actually holds the SNWV shares managed by Solas Capital Management?
The 610,968 SNWV shares are held by two private funds and another private fund for which Solas acts as sub-adviser. These funds disclaim beneficial ownership of the securities under Rule 13d-4.
What is Frederick Tucker Golden’s role in relation to SNWV shares?
Frederick Tucker Golden is Portfolio Manager of Solas Capital Management, LLC and may be deemed a beneficial owner of 610,968 SNWV shares through shared voting and dispositive power over fund-held securities.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
SANUWAVE Health, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
80303D305
(CUSIP Number)
06/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
80303D305
1
Names of Reporting Persons
Solas Capital Management, LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
610,968.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
610,968.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
610,968.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
IA, HC, OO
SCHEDULE 13G
CUSIP Number(s):
80303D305
1
Names of Reporting Persons
FREDERICK TUCKER GOLDEN
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
610,968.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
610,968.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
610,968.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SANUWAVE Health, Inc.
(b)
Address of issuer's principal executive offices:
9600 W. 76th Street, Suite 118, Eden Prairie, MINNESOTA, 55344.
Item 2.
(a)
Name of person filing:
Solas Capital Management, LLC
Frederick Tucker Golden
(b)
Address or principal business office or, if none, residence:
Solas Capital Management, LLC
1063 Post Road, 2nd Floor
Darien, CT 06820
Frederick Tucker Golden
c/o Solas Capital Management, LLC
1063 Post Road, 2nd Floor
Darien, CT 06820
(c)
Citizenship:
Solas Capital Management, LLC - Delaware
Frederick Tucker Golden - United States
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
80303D305
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:
Solas Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Solas Capital Management, LLC, which serves as the investment manager to two private funds ("Funds") and as sub-adviser to another private fund ("Other Fund"), which hold securities for the benefit of their investors, and Mr. Frederick Tucker Golden, as Portfolio Manager of Solas Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds and by the Other Fund. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that any of the Funds are the beneficial owner of any of the securities reported herein.
Solas Capital Management, LLC - 610,968
Frederick Tucker Golden - 610,968
(b)
Percent of class:
Ownership percentage is based on 8,598,976 of the registrant's common stock outstanding as of May 8, 2026, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 12, 2026.
Solas Capital Management, LLC - 7.1%
Frederick Tucker Golden - 7.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Solas Capital Management, LLC - 0
Frederick Tucker Golden - 0
(ii) Shared power to vote or to direct the vote:
Solas Capital Management, LLC - 610,968
Frederick Tucker Golden - 610,968
(iii) Sole power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 0
Frederick Tucker Golden - 0
(iv) Shared power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 610,968
Frederick Tucker Golden - 610,968
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Notes above.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Notes above.
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 acquired and are held in the ordinary course of business and 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.
Solas Capital Management, LLC
Signature:
/s/ Frederick Tucker Golden
Name/Title:
Frederick Tucker Golden, General Partner, Solas Capital Holdings, LP, its Member
