Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
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UNDER THE SECURITIES EXCHANGE ACT OF 1934
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SANUWAVE Health, Inc. (Name of Issuer) |
Common Stock, par value $0.001 per share (Title of Class of Securities) |
80303D305 (CUSIP Number) |
09/30/2024 (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)
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 Rule 13d-1(c)
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| Rule 13d-1(d)
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SCHEDULE 13G
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| 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)
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| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
DELAWARE
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
121,142,237.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IA, HC, OO |
SCHEDULE 13G
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| 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)
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| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
UNITED STATES
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
121,1
42,237.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
HC, IN |
SCHEDULE 13G
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| 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, LLCFrederick Tucker Golden | |
| (b) | Address or principal business office or, if none, residence:
Solas Capital Management, LLC1063 Post Road, 2nd FloorDarien, CT 06820Frederick Tucker Goldenc/o Solas Capital Management, LLC1063 Post Road, 2nd FloorDarien, CT 06820 | |
| (c) | Citizenship:
Solas Capital Management, LLC - DelawareFrederick 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (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).
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| 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.The amount comprises beneficial ownership of 121,142,273 shares of Common Stock which consists of (1) 89,779,870 shares of Common Stock and (ii) 31,362,403 shares issuable upon exercise of warrants held by Solas Capital Management, LLC (the "Warrants").Solas Capital Management, LLC - 121,142,273Frederick Tucker Golden - 121,142,273 | |
| (b) | Percent of class:
All such shares of Common Stock in the aggregate represent beneficial ownership of approximately 9.9% of the Common Stock based on (1) 1,181,272,961 shares of Common Stock outstanding as of August 8, 2024, as represented by the Issuer in the Form 10-Q filed with the SEC on August 12, 2024, plus (ii) 31,362,403 shares of Common Stock issuable upon the exercise of the Warrants. The foregoing excludes 162,900,093 shares of Common Stock issuable upon exercise of the Warrants because the Warrants contain a blocker provision under which the holder does not have the right to exercise the Warrants to the extent that together with the holder's affiliates and any other person acting as a group together with the holder or any of the holder's affiliates, the holder would own more than 9.99% of the Common Stock. The foregoing also excludes 14,061,800 shares of Common Stock issuable upon the conversion of Series January 2024 Convertible Notes and 5,000,000 shares of Common Stock issuable upon the conversion of Series June 2024 Convertible notes because the securities contain a blocker provision. Without such blocker provisions, Solas Capital Management, LLC may have been deemed to have beneficial ownership of 303,104,166 shares of Common Stock.Solas Capital Management, LLC - 9.9%Frederick Tucker Golden - 9.9 %
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| (c) | Number of shares as to which the person has:
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| (i) Sole power to vote or to direct the vote:
Solas Capital Management, LLC - 0Frederick Tucker Golden - 0 | ||
| (ii) Shared power to vote or to direct the vote:
Solas Capital Management, LLC - 121,142,273Frederick Tucker Golden - 121,142,273 | ||
| (iii) Sole power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 0Frederick Tucker Golden - 0 | ||
| (iv) Shared power to dispose or to direct the disposition of:
Solas Capital Management, LLC - 121,142,273Frederick Tucker Golden - 121,142,273 | ||
| Item 5. | Ownership of 5 Percent or Less of a Class. | |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. | |
If any other person 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, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Notes above. | ||
| 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
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| Item 9. | Notice of Dissolution of Group. | |
Not Applicable
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| 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.
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