Schedule 13G: Nantahala, Harkey & Mack Hold 5.29% of TLSI

Rhea-AI Filing Summary

TriSalus Life Sciences received a Schedule 13G reporting that Nantahala Capital Management, LLC and its managing members, Wilmot B. Harkey and Daniel Mack, each may be deemed the beneficial owner of 2,000,000 shares of TriSalus common stock, representing 5.29% of the class as of June 30, 2025. The filing states the shares are held by funds and separately managed accounts under Nantahala's control, and the reported position reflects shared voting and dispositive power only, with no sole voting or sole dispositive authority. The Reporting Persons certify the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Positive

• Material disclosure: Reporting of a >5% position (5.29%) increases transparency for investors
• Passive intent stated: Certification that shares were acquired in the ordinary course and not to influence control

Negative

• No sole voting or dispositive power: Reporting Persons do not have unilateral control over the shares

Insights

Securities Analyst

TL;DR: A single adviser and its principals report a >5% stake (5.29%), signalling a material passive stake with shared control only.

The Schedule 13G shows Nantahala and two principals collectively control 2,000,000 shares, meeting the disclosure threshold for a passive investor under Rule 13d-1. The position is reported with shared voting and dispositive power and no sole authority, which suggests coordinated reporting across affiliated accounts rather than concentrated ownership by one individual. The certification that the stake is held in the ordinary course and not to influence control reduces the likelihood of imminent activism, but the >5% ownership is material and may attract market attention depending on trading volume and float.

Corporate Governance Expert

TL;DR: Ownership crosses the 5% disclosure threshold but shows no sole control, implying limited governance influence at this stage.

The filing attributes shared voting and dispositive powers to Nantahala and its managing members, indicating the stake is held across funds/accounts managed by the adviser. Because there is no sole voting power, the Reporting Persons lack unilateral ability to direct corporate actions. The explicit certification that the holdings are not intended to change control is consistent with a passive investment profile, though ongoing monitoring of future filings would be warranted to detect any shift toward active engagement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TRISALUS LIFE SCIENCES, INC.

(Name of Issuer)

Common stock, $0.0001 par value

(Title of Class of Securities)

89680M101

(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. 89680M101

1

Names of Reporting Persons

Nantahala 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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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)

5.29 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 89680M101

1

Names of Reporting Persons

Wilmot B. Harkey

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 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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)

5.29 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 89680M101

1

Names of Reporting Persons

Daniel Mack

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 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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)

5.29 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TRISALUS LIFE SCIENCES, INC.
(b)	Address of issuer's principal executive offices: 6272 WEST 91ST AVENUE WESTMINSTER, COLORADO, 80031
Item 2.
(a)	Name of person filing: (1) Nantahala Capital Management, LLC ("Nantahala") (2) Wilmot B. Harkey (3) Daniel Mack (together the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, Connecticut 06840
(c)	Citizenship: (1) Nantahala is a Massachusetts limited liability company. (2) Each of Messrs. Harkey and Mack is a citizen of the United States of America.
(d)	Title of class of securities: Common stock, $0.0001 par value
(e)	CUSIP No.: 89680M101
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: As of June 30, 2025, Nantahala may be deemed to be the beneficial owner of 2,000,000 Shares held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Harkey and Mack may be deemed to be a beneficial owner of those Shares.
(b)	Percent of class: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the following percentage of the total number of Shares outstanding: (1) Nantahala Capital Management, LLC ("Nantahala") : 5.29% (2) Wilmot B. Harkey: 5.29% (3) Daniel Mack: 5.29%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(ii) Shared power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 2,000,000 Shares. (2) Wilmot B. Harkey: 2,000,000 Shares. (3) Daniel Mack: 2,000,000 Shares.
	(iii) Sole power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 2,000,000 Shares. (2) Wilmot B. Harkey: 2,000,000 Shares. (3) Daniel Mack: 2,000,000 Shares.
Item 5.	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. Each of Messrs. Harkey and Mack is filing this Schedule 13G as a control person in respect of shares beneficially owned by Nantahala, an investment adviser as described in ss. 240.13d-1(b)(1)(ii)(E). See Item 4(a).
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.

Nantahala Capital Management, LLC

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer
Date:	08/14/2025

Wilmot B. Harkey

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey
Date:	08/14/2025

Daniel Mack

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack
Date:	08/14/2025

FAQ

What stake did Nantahala Capital report in TriSalus Life Sciences (TLSI)?

The filing reports Nantahala and its managing members beneficially own 2,000,000 shares, equal to 5.29% of the class as of June 30, 2025.

Do the reporting persons have voting control over the TLSI shares?

No; the Schedule 13G shows 0 sole voting power and 2,000,000 shares of shared voting power, indicating no unilateral voting control.

Was the TLSI stake acquired to influence control of the company?

According to Item 10 certification, the Reporting Persons state the shares were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

Who filed the Schedule 13G for TLSI and where is the filer located?

The filing was made by Nantahala Capital Management, LLC and individuals Wilmot B. Harkey and Daniel Mack; the business address is 130 Main St. 2nd Floor, New Canaan, Connecticut 06840.

When does the reported ownership snapshot apply?

The ownership percentages and share counts are reported as of June 30, 2025.