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

Rhea-AI Filing Summary

Amendment No. 3 to Schedule 13D updates the equity position of Swedish investor Frankenius Equity AB and its founder Paul Frankenius in TriSalus Life Sciences (TLSI).

• The reporting persons converted 230,000 Series A preferred shares into 759,000 common shares under the issuer’s 3.3-for-1 exchange offer that closed 31 Jul 2025.
• Total beneficial ownership now stands at 6,989,748 common shares, equal to 14.0 % of the 49.79 million shares outstanding post-exchange.
• Control structure: Frankenius Equity lists shared voting/dispositive power; Paul Frankenius reports sole power over the same shares, reflecting his ultimate ownership of the entity.

No additional transactions occurred in the last 60 days, and the filing notes no criminal or civil proceedings against the reporting persons. The Schedule 13D/A is purely a disclosure of ownership; it does not outline plans for mergers, asset sales or other corporate actions.

Positive

• Frankenius Equity now owns 6.99 million common shares, representing 14 % of TLSI, signalling sustained shareholder commitment.
• Preferred-for-common exchange completed, simplifying capital structure by reducing preferred stock.

Negative

• None.

Insights

Securities Analyst

TL;DR: 14 % stake confirmed after preferred-for-common swap; disclosure neutral for valuation.

The amendment shows Frankenius Equity’s continued commitment, converting preferred into common to maintain a sizeable 6.99 m-share position. Although a double-digit holding can influence governance, the transaction is an even exchange that neither injects new capital nor alters cash flows. Free float increases slightly, but overall dilution was already signalled in the S-4. Given the absence of new buying or selling, and no stated activist intent, the filing is informational rather than market-moving.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

TriSalus Life Sciences, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

89680M101

(CUSIP Number)

Paul Frankenius
Frankenius Equity AB, Box 984,
Boras, V7, 501 10
46-705-27-13-50

(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

Frankenius Equity AB

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

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,989,748.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,989,748.00

11

Aggregate amount beneficially owned by each reporting person

6,989,748.00

12

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

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 89680M101

1

Name of reporting person

Paul Frankenius

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)

AF

5

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

6

Citizenship or place of organization

SWEDEN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,989,748.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 6,989,748.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

6,989,748.00

12

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

13

Percent of class represented by amount in Row (11)

14.0 %

14

Type of Reporting Person (See Instructions)

IN

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. 3 (this "Amendment No. 3" 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 19, 2024 and April 30, 2025 (as amended, the "Statement") by the Reporting Person. Unless otherwise defined herein, capitalized terms used in this Amendment No. 3 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/A is being filed on behalf of Frankenius Equity AB ("Frankenius Equity") and Paul Frankenius (collectively, the "Reporting Persons"). Frankenius Equity directly holds 6,6989,748 shares of common stock. Mr. Frankenius is the founder, a board member and the ultimate owner of Frankenius Equity. Mr. Frankenius has sole voting and sole dispositive power with respect to the securities held by Frankenius Equity and may be deemed to have beneficial ownership of the securities held by Frankenius Equity
(b)	The business address of the Reporting Persons is Box 984, 501 10 Boras, Sweden.
(c)	Frankenius Equity is a limited company organized in Sweden focusing on domestic and international ventures. Paul Frankenius is a board member and ultimate owner of Frankenius Equity.
(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)	Frankenius Equity was organized in Sweden and Paul Frankenius is a citizen of Sweden.
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. Frankenius Equity AB accepted the Exchange and was issued 759,000 shares of Common Stock in exchange for their 230,000 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

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.

Frankenius Equity AB

Signature:	/s/ Paul Frankenius
Name/Title:	Paul Frankenius
Date:	08/04/2025

Paul Frankenius

Signature:	/s/ Paul Frankenius
Name/Title:	Paul Frankenius
Date:	08/04/2025

FAQ

How many TriSalus (TLSI) shares does Frankenius Equity now own?

The filing reports 6,989,748 common shares beneficially owned.

What percentage of TriSalus common stock does 6.99 million shares represent?

It equals 14.0 % of the outstanding common shares post-exchange.

Why did Frankenius Equity receive additional common shares?

They exchanged 230,000 preferred shares for 759,000 common shares under a 3.3-for-1 offer that closed 31 Jul 2025.

Does the Schedule 13D/A indicate plans for control of TriSalus?

No. The amendment is purely an ownership disclosure; it states no plans for mergers, asset sales or other actions.

Who holds voting power over the reported TLSI shares?

Paul Frankenius has sole voting and dispositive power despite the shares being registered to Frankenius Equity AB.