[SCHEDULE 13D/A] TriSalus Life Sciences, Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13D updates insider holdings in TriSalus Life Sciences (TLSI) after the preferred-for-common share exchange completed 31 Jul 2025.

• Mats Wahlstrom now beneficially owns 2,987,881 common shares (6.0% of the class) through Leonard Capital, personal holdings and 157,679 option shares exercisable within 60 days.
• Kerry R. Hicks controls 2,349,795 shares (4.7%) via multiple personal and trust accounts plus 60,596 option shares.
• HW Investment Partners, LLC holds 1,370,028 shares (2.8%). These shares are counted as shared voting/dispositive power for both individuals.

Ownership percentages assume a total of 49,788,874 common shares outstanding, calculated as 37,975,815 shares reported in TLSI’s 13 Jun 2025 Form S-4/A plus 11,813,059 shares issued in the exchange offer.

Leonard Capital converted 50,000 Series A preferred shares for 165,000 common shares at the 3.3-for-1 ratio. Apart from this exchange, no transactions were reported in the past 60 days. The filing is for disclosure only; it does not announce any operational or financial guidance.

Positive

• None.

Negative

• Approximately 11.8 million new common shares issued through the exchange offer raise the outstanding share count by about one-third, creating potential dilution for existing common holders.

Insights

Financial Analyst

TL;DR: Filing shows insiders own ~6%/4.7% after preferred conversion; share count up ~31%, implying dilution but removes preferred overhang.

The amendment documents post-conversion stakes for Wahlstrom and Hicks. Wahlstrom remains the largest filer with 2.99 M shares (6%). Hicks owns 2.35 M (4.7%). HW Investment Partners’ 1.37 M shares are jointly controlled. Leonard Capital’s swap of 50 K preferred to 165 K common is modest, yet the overall exchange offer created 11.8 M new shares, expanding the float by roughly one-third. While elimination of preferred stock may simplify capital structure, immediate effect for common shareholders is dilution of voting and economic interest. No cash changed hands, and no new purchase commitments were revealed, so market impact should be limited to perception of dilution and governance transparency.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

TriSalus Life Sciences, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

89680M101

(CUSIP Number)

Mats Wahlstrom
TriSalus Life Sciences, Inc., 6272 W. 91st Avenue
Westminster, CO, 80031
720-937-6282

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/31/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 89680M101

1

Name of reporting person

Mats Wahlstrom

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,617,853.00
8	Shared Voting Power 1,370,028.00
9	Sole Dispositive Power 1,617,853.00
10	Shared Dispositive Power 1,370,028.00

11

Aggregate amount beneficially owned by each reporting person

2,987,881.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 89680M101

1

Name of reporting person

Kerry R. Hicks

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 979,767.00
8	Shared Voting Power 1,370,028.00
9	Sole Dispositive Power 979,767.00
10	Shared Dispositive Power 1,370,028.00

11

Aggregate amount beneficially owned by each reporting person

2,349,795.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 89680M101

1

Name of reporting person

HW Investment Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,370,028.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,370,028.00

11

Aggregate amount beneficially owned by each reporting person

1,370,028.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 89680M101

1

Name of reporting person

HW Investment Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

COLORADO

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,370,028.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,370,028.00

11

Aggregate amount beneficially owned by each reporting person

1,370,028.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value
(b)	Name of Issuer: TriSalus Life Sciences, Inc.
(c)	Address of Issuer's Principal Executive Offices: 6272 W. 91st Avenue, Westminter, COLORADO , 80031.
Item 1 Comment: This Amendment No. 2 (this "Amendment No. 2" or this Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on August 21, 2023 and amended on December 17, 2024 (as amended, the "Statement") by the Reporting Person. Unless otherwise defined herein, capitalized terms used in this Amendment No. 2 shall have the meanings ascribed to them in the Original Schedule 13D. Unless amended or supplemented herein, the information in the Original Schedule 13D remains unchanged.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed on behalf of Mats Wahlstrom, Kerry R. Hicks and HW Investment Partners, LLC. Wahlstrom, Hicks and HW Investment are collectively referred to herein as the Reporting Persons. The agreement among the Reporting Persons to file this Schedule 13D/A jointly in accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit 99.1. Each Reporting Person's beneficial ownership of the Issuer's Common Stock includes 1,370,028 shares of Common Stock held by HW Investments. In the case of Wahlstrom, beneficial ownership also includes: (i) 1,279,447 shares of Common Stock held directly by Leonard Capital, LLC, (ii) 15,727 shares of Common Stock held directly by Wahlstom; and (iii) 157,679 shares of Common Stock issuable pursuant to options held directly by Wahlstrom that are exercisable within 60 days of this filing. In the case of Hicks, beneficial ownership also includes: (i) 81,845 shares of Common Stock held directly by the Millennium Trust Company, LLC; (ii) 322,737 shares of Common Stock held directly by The Kerry Raymond Hicks Dynasty Trust; (iii) 514,589 shares of Common Stock held directly by Hicks; and (iv) 60,596 shares of Common Stock issuable pursuant to options held directly by Hicks that are exercisable within 60 days of this filing.
(b)	The business address of the Reporting Persons is 1726 Cole Boulevard, Suite 320, Lakewood, CO 80401.
(c)	Mats Wahlstrom is a member of the board of directors of the Issuer. Mr. Wahlstrom serves as the Co-Chairman of HW Investment Partners, LLC, which focuses on investments in the healthcare industry. He is also the sole managing member of Leonard Capital. Kerry Hicks is a member of the board of directors of the Issuer. Mr. Hicks serves as Executive Chairman of Circuit Clinical, an integrated research organization, and Co-Chairman and Partner of Breakout Investment Partners, LLC, a venture capital firm that focuses on investing in healthcare companies. He is the sole trustee of the Dynasty Trust and sole owner of his self-directed IRA account, for which Millennium acts as custodian. He also serves as the Co-Chairman of HW Investment.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Person has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Wahlstrom and Hicks are citizens of the United States and HW Investment was organized in Colorado.
Item 4.	Purpose of Transaction
	Item 4 of the Statement is hereby amended and supplemented as follows: On June 23, 2025, the Issuer filed a Form S-4 announcing the Exchange Offer (the "Offer") of Common Stock in exchange for the shares of the Issuer's Preferred Stock, which equated to an exchange ratio of 3.3 shares of Common Stock for each share of Preferred Stock exchanged pursuant to the Offer. The Offer expired at one minute after 11:59 P.M. Eastern Daylight Time on July 23, 2025 and the conversions were completed on July 31, 2025. Leonard Capital, LLC. accepted the Exchange and was issued 165,000 shares of Common Stock in exchange for their 50,000 shares of Preferred Stock.
Item 5.	Interest in Securities of the Issuer
(a)	The information set forth in rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D/A is incorporated by reference. The percentage set forth in each row 13 is based upon the sum of (i) 37,975,815 shares of the Common Stock issued and outstanding as June 13, 2025 as reported in the Issuer's Form S-4/A filed with the SEC on July 11, 2025; and (ii) 11, 813,059 shares of Common Stock issued upon the conversion of the Series A Preferred Stock through the Exchange Offer completed on July 31, 2025.
(b)	The information set forth in rows 7 through 10 of each Reporting Person's cover page to this Schedule 13D/A and Item 2 above is incorporated by reference.
(c)	Except as set forth herein, none of the Reporting Persons has effected any transactions in shares of the Issuer's Common Stock during the last 60 days.
(d)	No person (other than the Reporting Persons) 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, the shares of Common Stock subject to this Schedule 13D/A.
(e)	Not applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Joint Filing Agreement, dated August 21, 2023 (incorporated by reference to Exhibit 1 to the Reporting Persons' Schedule 13D filed on August 21, 2023).

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.

Mats Wahlstrom

Signature:	/s/ Mats Wahlstrom
Name/Title:	Mats Wahlstrom
Date:	08/01/2025

Kerry R. Hicks

Signature:	/s/ Kerry R. Hicks
Name/Title:	Kerry R. Hicks
Date:	08/01/2025

HW Investment Partners, LLC

Signature:	/s/ Mats Wahlstrom
Name/Title:	Mats Wahlstrom
Date:	08/01/2025

HW Investment Partners, LLC

Signature:	/s/ Kerry R. Hicks
Name/Title:	Kerry R. Hicks
Date:	08/01/2025

FAQ

How many TriSalus (TLSI) shares does Mats Wahlstrom now own?

Wahlstrom beneficially owns 2,987,881 common shares, representing 6.0% of the outstanding class.

What percentage of TLSI does Kerry R. Hicks control after the exchange offer?

Hicks controls 2,349,795 shares, or 4.7% of TriSalus’ common stock.

How many shares were issued in TriSalus’ preferred-for-common exchange offer?

The company issued 11,813,059 new common shares upon conversion of Series A preferred stock.

What was the exchange ratio for TriSalus’ offer?

Holders received 3.3 common shares for each share of preferred stock tendered.

When did the conversion of preferred shares to common shares close?

Conversions were completed on 31 July 2025 after the offer expired on 23 July 2025.

Did the reporting persons buy or sell additional TLSI shares in the last 60 days?

No. Apart from the exchange conversion, no other transactions were reported during that period.