L1 Capital Reduces Anteris Technologies Holdings Through Substantial Share Sales

L1 Capital's Two-Day Divestiture of Anteris Holdings

L1 Capital Pty Ltd, identified as a director of Anteris Technologies Global Corp., executed a significant reduction in its common stock position over two consecutive trading days in late July 2026. On July 27, 2026, the fund manager sold 232,817 shares at prices ranging from $8.15 to $8.25 per share. The following day, on July 28, 2026, an additional 208,731 shares were sold at prices between $7.90 and $8.42 per share. The combined sale total of 441,548 shares represents a meaningful adjustment to L1 Capital's portfolio stake in the company.

The disclosure indicates that L1 Capital executed these transactions through multiple separate trades on each day, adjusting the sale price based on market conditions. The slight variation in price ranges between the two days—with July 28 showing a wider trading band—may reflect different market dynamics or execution strategies employed during the respective trading sessions. These sales were reported through a Form 4 filing dated July 29, 2026, which documents changes in beneficial ownership by company insiders and significant shareholders.

Beneficial Ownership Structure Through Multiple Investment Funds

L1 Capital's ownership of Anteris Technologies shares operates through a complex structure involving multiple managed investment funds rather than direct ownership. According to the disclosure, the shares are owned by the L1 Long Short Fund Limited, the L1 Capital Long Short Fund, the L1 Capital Long Short (Master) Fund, L1 Capital Global Long Short (Master) Fund, L1 Capital Global Long Short Fund, L1 Capital Global Long Short (AUD Offshore) Fund, and L1 Global Long Short Fund Limited. All of these entities are controlled and managed by L1 Capital Pty Ltd, which serves as the reporting person for this transaction.

Following the sales executed on July 27 and July 28, 2026, L1 Capital's indirect beneficial ownership of Anteris Technologies common stock stood at approximately 7.3 million shares. This figure represents the aggregate shareholding across all controlled investment vehicles after the reported dispositions. The fund manager also maintains an additional position through CHESS Depository Interests, which represent underlying common shares and are exchangeable for actual shares within a 60-day period. L1 Capital's beneficial ownership of approximately 5.3 million CHESS Depository Interests demonstrates continued substantial exposure to Anteris Technologies across multiple security instruments.

Transaction Pricing and Market Conditions During the Sales

The prices at which L1 Capital executed its share sales provide a snapshot of Anteris Technologies' trading valuation during the transaction period. On July 27, 2026, the sales occurred within a relatively narrow price band of $8.15 to $8.25 per share, suggesting consistent demand and pricing throughout that trading day. The following day's transactions took place at a slightly wider range of $7.90 to $8.42 per share, with the lower end representing approximately a 3.4 percent decline from the previous day's upper bound and the higher end showing an approximate 2 percent increase from the July 27 upper boundary.

The pricing dynamics across these two trading days may reflect normal market volatility or broader market conditions affecting the stock. Investors monitoring L1 Capital's trading activity may view these price levels as relevant data points for understanding where significant shareholders are willing to transact. The execution of sales across multiple price points on each day rather than a single block trade suggests that L1 Capital employed a methodical approach to unwinding a portion of its position, potentially to minimize market impact or achieve better average pricing across the transactions.

Regulatory Classification and Exemption Status

The disclosure includes a notable regulatory footnote indicating that L1 Capital Pty Ltd does not admit it is obligated to file ownership reports under the Securities Exchange Act of 1934 because it operates under an exemption provided by Rule 16a-2. This exemption applies to certain non-United States institutional investors and affects the reporting obligations that would otherwise apply to a shareholder of L1 Capital's size. The Form 4 filing was nonetheless submitted and signed by Joel Arber as director on July 29, 2026, providing public transparency regarding the ownership changes despite the exemption claim.

The distinction between the company's beneficial ownership position held directly through common stock and the separate position held through CHESS Depository Interests is relevant to understanding the total exposure. The CHESS Depository Interests, which totaled approximately 5.3 million following the reported transactions, represent a security instrument specific to Australian-listed companies but are convertible into common shares within a 60-day window. This dual holding structure suggests that L1 Capital may maintain exposure to Anteris Technologies through both NASDAQ and potentially through Australian exchange mechanisms.

Comparison of Direct and Indirect Ownership Positions

Following the two-day sale period, L1 Capital's direct ownership of Anteris Technologies common stock declined from an initial position to approximately 7.3 million shares held indirectly through controlled investment vehicles. The distinction between direct and indirect beneficial ownership is important for transparency purposes. All of the shares reported in this transaction are classified as indirectly owned through the various L1 Capital-managed funds, while the direct column for these transactions remains empty, indicating that L1 Capital Pty Ltd itself does not directly hold shares but rather maintains beneficial ownership through its investment fund structures.

The total beneficial ownership picture for L1 Capital encompasses both the common stock position and the separate CHESS Depository Interests position. The approximate 7.3 million common shares combined with the 5.3 million CHESS Depository Interests (which are exchangeable for common shares) represents a substantial aggregate exposure to the company. Investors analyzing insider ownership and potential shareholder sentiment may use such data to gauge confidence levels among major stakeholders, though the classified nature of L1 Capital as a fund manager rather than a corporate insider may warrant different interpretation than traditional officer or director trading.

Nature of L1 Capital's Director Role and Fund Management Activities

L1 Capital Pty Ltd is identified in the disclosure as holding a director position at Anteris Technologies Global Corp. The company is based in Melbourne, Victoria, Australia at Level 45, 101 Collins Street, positioning it as an international shareholder with significant influence over company governance. The director classification indicates formal board representation or a similar governance role, which carries specific reporting obligations regarding ownership changes. The fund management nature of L1 Capital's business, operating multiple long-short investment vehicles, suggests that its shareholding in Anteris Technologies reflects a deliberate portfolio allocation decision rather than operational involvement in the company.

The timing of these sales in late July 2026 and the subsequent public disclosure provide investors with transparency regarding how major shareholders are managing their positions. Fund managers typically adjust holdings based on their investment thesis, risk management policies, and market outlook. The execution of these sales over two trading days rather than as a single large block transaction may indicate a strategy to maintain liquidity or avoid undue market impact, which is a consideration many large institutional shareholders employ when adjusting significant holdings.

Ownership Position Remaining After the Reported Transactions

Despite the substantial sales executed on July 27 and July 28, 2026, L1 Capital retained meaningful beneficial ownership in Anteris Technologies. The filing documents that following these transactions, L1 Capital maintained approximately 7.3 million shares of common stock through its controlled investment vehicles. This remaining position, combined with the 5.3 million CHESS Depository Interests, demonstrates that the fund manager continues to hold a considerable stake in the company despite the recent reduction. The precise calculation of total outstanding shares held versus the percentage ownership is not disclosed in this filing.

The maintenance of this substantial post-transaction position suggests that L1 Capital did not intend to fully exit its Anteris Technologies position through these sales. Rather, the transactions appear to represent a partial portfolio rebalancing or profit-taking activity. Investors seeking to understand the fund manager's overall conviction regarding the company's prospects may consider the retained position as significant, indicating continued confidence even as L1 Capital reduced exposure. The decision to hold over 7 million common shares and 5 million CHESS Depository Interests following the sales suggests that L1 Capital expects value creation or maintains a positive long-term outlook for the company.

Documentation and Compliance with Beneficial Ownership Reporting Requirements

The Form 4 filing submitted on July 29, 2026, serves as the official disclosure mechanism for reporting changes in beneficial ownership at publicly traded companies. The document includes detailed information about transaction dates, quantities, pricing, and the resulting ownership positions following the transactions. The filing was executed with a signature from Joel Arber, identified as a director, on July 29, 2026, providing authentication of the reported information. The Form 4 requirement ensures that investors and regulators have prompt access to information about trading activity by company insiders and significant shareholders.

The filing's explanatory notes provide additional context for understanding the transaction structure and ownership mechanics. The documentation specifically clarifies that the beneficial ownership is held through multiple controlled investment vehicles managed by L1 Capital Pty Ltd rather than through direct personal holdings. This structural transparency allows investors to understand the true ownership dynamics and the relationship between the reporting entity and the ultimate beneficial ownership. The filing also notes that full details regarding the specific number of shares sold at each separate price point are available upon request, providing a mechanism for investors to obtain more granular transaction information if needed.

Implications for Anteris Technologies Shareholder Base and Voting Power

The ownership changes disclosed in this Form 4 filing have implications for the composition of Anteris Technologies' shareholder base and the distribution of voting power among stakeholders. L1 Capital's reduction of approximately 441,000 shares, while maintaining a position of over 7 million shares, preserves its status as a major shareholder while incrementally shifting the ownership percentage. The precise impact on voting power and board-level influence would depend on the total outstanding shares and the distribution among other shareholders, neither of which is disclosed in this filing.

Investors evaluating Anteris Technologies' governance structure and potential shareholder activism may monitor the holdings of major shareholders like L1 Capital for signals regarding management performance and strategic direction. The fact that L1 Capital retains a substantial position while selectively reducing exposure through these sales may be interpreted in different ways depending on investor perspective. Some may view it as a confidence vote despite taking some profits, while others may interpret it as a sign that the fund manager is becoming more cautious regarding future prospects. The actual significance of these transactions would require broader context about L1 Capital's overall investment strategy and market conditions.