MATLIN DAVID J 4

What Happened
David J. Matlin, a director of TriSalus Life Sciences (TLSI), converted all 100,000 shares of his Series A Preferred Stock into 330,000 shares of Common Stock on July 31, 2025 pursuant to a company exchange offer. The Form 4 reports the conversion as an acquisition of 330,000 common shares (value shown as $0 on form due to conversion mechanics) and a corresponding disposition of 100,000 preferred shares (derivative security).

Key Details

• Transaction date: July 31, 2025. Form filed April 1, 2026 (late filing).
• Reported amounts: +330,000 Common shares acquired; -100,000 Series A Preferred shares disposed (conversion).
• Form shows $0 per-line price because shares were issued via conversion; the Offer used a $4.00 conversion price per share to determine the exchange (see footnotes).
• Offer background: Company commenced an Offer on June 23, 2025 allowing holders to exchange Preferred for Common based on the liquidation preference plus accrued dividends divided by $4.00 per-share conversion price.
• Shares owned after transaction: the filing documents acquisition of 330,000 common shares resulting from conversion; the filing does not itemize the Reporting Person’s total common holdings outside this conversion.
• Timeliness: This Form 4 was filed months after the transaction date (filed 2026-04-01 for the 2025-07-31 transaction).

Context
This was a conversion of a derivative security (Preferred → Common) under a company offer, not an open‑market purchase or sale. Conversions increase the holder’s common share count but are a structural/capitalization event rather than a simple buy/sell trade and do not by themselves signal insider sentiment about near‑term stock performance. The late filing reduces the immediacy of the disclosure for investors.