Solas Capital and F. Golden Report 3.5% Holding in SNWV

Rhea-AI Filing Summary

Solas Capital Management, LLC and Frederick Tucker Golden report beneficial ownership of 296,691 shares of SANUWAVE Health, Inc. common stock, representing 3.5% of the outstanding shares based on 8,555,616 shares outstanding as of May 5, 2025. The filing clarifies that Solas acts as an investment adviser to private funds and Mr. Golden, as portfolio manager, shares voting and dispositive power over these shares.

The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. Both Solas and Mr. Golden report no sole voting or dispositive power and shared voting and dispositive power over all 296,691 shares.

Positive

• Transparent disclosure of beneficial ownership and voting/dispositive powers
• Position classified as passive with statement that holdings are not intended to influence control
• Clear quantification of shares (296,691) and percentage (3.5%) based on issuer-provided share count

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine 13G/A disclosure showing a passive 3.5% position with shared control, indicating no apparent control intent.

The filing is a standard passive investor disclosure under Schedule 13G/A. Holding 296,691 shares or 3.5% of the class is below common control thresholds and the statement that shares are held in the ordinary course and not to influence control supports a non-activist stance. Shared voting and dispositive power indicate the position is managed through funds, not personally controlled sole holdings. For investors this is informational on ownership concentration but not a change in corporate control dynamics.

Corporate Governance Expert

TL;DR: Disclosure confirms compliance and passive ownership, reducing governance concern but signals a meaningful minority stake.

The schedule identifies Solas Capital Management and Frederick Tucker Golden as reporting persons with shared authority over 3.5% of SNWV. The explicit disclaimer by the Funds and the certification that the holdings are not intended to influence control align with Schedule 13G criteria for passive investors. While 3.5% is not a controlling stake, it is material enough to be noted by governance stakeholders; however, the filing contains no indication of proposed board nominations or coordination with other shareholders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

SANUWAVE Health, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

80303D305

(CUSIP Number)

06/30/2025

(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. 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 296,691.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 296,691.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

296,691.00

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)

3.5 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

SCHEDULE 13G

CUSIP No. 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 296,691.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 296,691.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

296,691.00

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)

3.5 %

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: 11495 Valley View Road, 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 - 296,691 Frederick Tucker Golden - 296,691
(b)	Percent of class: Ownership percentage is based on 8,555,616 of the registrant's common stock outstanding as of May 5, 2025, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025. Solas Capital Management, LLC - 3.5% Frederick Tucker Golden - 3.5%
(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 - 296,691 Frederick Tucker Golden - 296,691
	(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 - 296,691 Frederick Tucker Golden - 296,691
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.
	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
Date:	08/14/2025

FREDERICK TUCKER GOLDEN

Signature:	/s/ Frederick Tucker Golden
Name/Title:	Frederick Tucker Golden
Date:	08/14/2025

FAQ

How many SNWV shares does Solas Capital Management own?

Solas Capital Management reports beneficial ownership of 296,691 shares of SANUWAVE Health, Inc. common stock.

What percentage of SNWV does 296,691 shares represent?

3.5% of the outstanding common stock, based on 8,555,616 shares outstanding as of May 5, 2025.

Does Solas or Frederick Tucker Golden have sole voting control over these shares?

No. The filing states 0 shares with sole voting power and 296,691 shares with shared voting power for each reporting person.

Is this filing indicating an attempt to influence control of SANUWAVE Health (SNWV)?

The filing certifies the shares are held in the ordinary course of business and not acquired to change or influence control of the issuer.

When was this Schedule 13G/A signed?

Signed on 08/14/2025 by Frederick Tucker Golden on behalf of Solas Capital Management, LLC and individually.