H.E.S.T. Australia Ltd. filed Amendment No. 3 to a Schedule 13G with the SEC on November 2, 2026, disclosing a 6.5% beneficial ownership position in EBR Systems, Inc. as of September 30, 2026.

Key Highlights

  • Total beneficial ownership: H.E.S.T. Australia Ltd. reported aggregate beneficial ownership of 5,542,312.10 shares of EBR Systems common stock, representing 6.5% of the class.
  • Sole voting and dispositive power: The reporting person holds sole voting and dispositive power over 1,634,387.40 shares, equivalent to 16,343,874 CHESS Depositary Interests (CDIs) held by H.E.S.T. Australia Ltd. as trustee for HESTA.
  • Shared voting and dispositive power: An additional 3,907,924.70 shares are subject to shared voting and dispositive power, covering CDIs and warrants held through MRCF3 Trust and BCP HESTA Co-Investment Trust.
  • Warrant component: The shared position includes 307,226 shares issuable upon exercise of warrants held by MRCF3 Service on trust for the MRCF3 Trust.
  • Triggering event date: The date of the event requiring this filing was September 30, 2026.
  • Percent-of-class basis: The 6.5% figure is based on 75,335,559 shares outstanding as of August 11, 2026, plus 9,210,527 shares issued on August 21, 2026, and 307,226 shares issuable upon exercise of warrants, as disclosed in the filing.

H.E.S.T. Australia's Ownership Structure in EBR Systems

According to the filing, H.E.S.T. Australia Ltd., organized in Australia and acting as trustee for HESTA, submitted Amendment No. 3 to Schedule 13G disclosing its position in EBR Systems, Inc., whose common stock has a par value of $0.0001 per share. EBR Systems is headquartered at 480 Oakmead Parkway, Sunnyvale, CA 94085. The CDIs held by H.E.S.T. Australia Ltd. are deposited with CHESS Depositary Nominees Pty Limited, a subsidiary of ASX Limited, with each 10 CDIs representing one share of common stock.

The filing explains that the shared power component consists of three parts. First, 1,587,540.80 shares underlying 15,875,408 CDIs are held by MRCF3 Service (H) Pty Ltd as trustee for MRCF3 (H) Trust. Second, 307,226 shares are issuable upon exercise of warrants also held by MRCF3 Service for that trust. Third, 2,013,157.90 shares underlying 20,131,579 CDIs are held by BB6 Service (H) Coinvestment Trusco Pty Ltd as trustee for BCP HESTA Co-Investment Trust. The filing states that the reporting person is the sole unitholder in each of MRCF3 Trust and BCP Trust.

The reporting person's authority over the MRCF3 Trust holdings flows from a Part B Management Agreement dated April 22, 2015, among MRCF3 Service, BCP3 Pty Ltd, and the reporting person. Authority over the BCP Trust holdings derives from a Management Deed dated May 17, 2024, among BCP4 Pty Ltd and BB6 Service, according to the filing. The Schedule 13G was signed by Bruce Cooper as Attorney-in-Fact on November 2, 2026.

What Was Disclosed

H.E.S.T. Australia Ltd. disclosed aggregate beneficial ownership of 5,542,312.10 shares, or 6.5%, of EBR Systems, Inc. common stock as of September 30, 2026, through a combination of directly held CDIs and positions held via two managed trusts, including a warrant-backed component.