[SCHEDULE 13G] TriSalus Life Sciences, Inc. SEC Filing

Rhea-AI Filing Summary

Utmost Group PLC reports beneficial ownership of 2,000,588 shares of TriSalus Life Sciences Inc. common stock, representing 0.0529% of the outstanding class. The filing states Utmost has sole voting and dispositive power over all reported shares and identifies Lombard International Assurance SA as a subsidiary acquired by Utmost on 30/12/2024. The disclosure explains the percentage ownership fell because TriSalus’ total outstanding shares increased to 37,838,962. The filing is a Schedule 13G indicating passive reporting under the Exchange Act rules and includes Utmost’s UK address and an authorized signature by the Group CFO dated 08/11/2025.

Positive

• Clear disclosure of beneficial ownership: 2,000,588 shares with sole voting and dispositive power
• Compliance with reporting rules via Schedule 13G and identification of subsidiary (Lombard International Assurance SA)

Negative

• De minimis economic/ownership impact: stake represents only 0.0529% of the class
• Dilution noted: percentage ownership fell because outstanding shares increased to 37,838,962

Insights

Securities Analyst

TL;DR: Small passive stake disclosed; ownership is non-controlling and diluted by a larger share count.

The filing shows Utmost Group PLC holds 2,000,588 shares (0.0529%), with sole voting and dispositive power, which confirms clear internal control over these holdings despite the stake being immaterial to corporate control. The note that ownership percentage decreased because outstanding shares rose to 37,838,962 is important for context: absolute share count is unchanged while relative influence fell. For investors, this is a routine disclosure under Schedule 13G rather than an activist or control filing.

Corporate Governance Expert

TL;DR: Governance implication minimal: Utmost reports sole authority on a very small, likely passive position.

The report classifies the filer as a foreign institution and documents subsidiary involvement (Lombard International Assurance SA), indicating proper identification of the legal chain of ownership after Utmost’s acquisition of that subsidiary. Because the stake is below material thresholds and the Schedule 13G framework signals a passive intent, there are no immediate governance or control concerns for TriSalus arising from this disclosure.

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

(Title of Class of Securities)

89680M101

(CUSIP Number)

05/19/2025

(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

Utmost Group PLC

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,000,588.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,000,588.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,588.00

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)

0.0529 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: The ownership of Lombard International Assurance SA (part of Utmost Group) in TriSalus Life Sciences Inc. has decreased due to fact that the number of outstanding shares of TriSalus Life Sciences Inc. has increased to 37,838,962.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TriSalus Life Sciences Inc.
(b)	Address of issuer's principal executive offices: 6272 W. 91st Ave. Westminster, CO, 80031
Item 2.
(a)	Name of person filing: Utmost Group PLC
(b)	Address or principal business office or, if none, residence: Saddlers' House 5th Floor , 44 Gutter Lane, London, United Kingdom, EC2V 6BR
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock
(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: 2,000,588 shares
(b)	Percent of class: 0.0529 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,000,588
	(ii) Shared power to vote or to direct the vote: None
	(iii) Sole power to dispose or to direct the disposition of: 2,000,588
	(iv) Shared power to dispose or to direct the disposition of: None
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. Lombard International Assurance SA (acquired by Utmost Group on 30/12/2024) 4, rue Lou Hemmer L1748 Luxembourg
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 foreign regulatory scheme applicable to (J) A non-U.S. institution that is the functional equivalent of any of the institutions listed in SS240.13d-1 (b)(1)(ii)(A) through (I), so long as the non-U.S. institution is subject to a regulatory scheme that is substantially comparable to the regulatory scheme applicable to the equivalent U.S. institution is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Utmost Group PLC

Signature:	/s/ lan Maidens
Name/Title:	lan Maidens - Group CFO
Date:	08/11/2025

FAQ

How many TriSalus (TLSI) shares does Utmost Group PLC report owning?

Utmost Group PLC reports beneficial ownership of 2,000,588 shares.

What percentage of TLSI does Utmost Group PLC own?

The filing states Utmost owns 0.0529% of TriSalus Life Sciences Inc. common stock.

Does Utmost Group PLC have voting control over its TLSI shares?

Yes. The filing shows Utmost has sole voting power and sole dispositive power over the 2,000,588 shares.

Why did Utmost’s percentage ownership change?

The filing explains the percentage declined because TriSalus’ total outstanding shares increased to 37,838,962.

Is this a Schedule 13G or 13D filing and what does that imply?

This is a Schedule 13G, which typically indicates a passive or non-activist reporting position under the Exchange Act rules.

Which subsidiary is identified in the filing related to Utmost’s ownership?

The filing identifies Lombard International Assurance SA, acquired by Utmost on 30/12/2024, as the relevant subsidiary.