Recent Insider Transactions Derivative • Jul 02
Independent Non-Executive Director exercised options to buy AU$12k worth of stock. On the 29th of June, Bronwyn Evans exercised options to buy 28k shares at a strike price of around AU$5.52, costing a total of AU$152k. This transaction amounted to 32% of their direct individual holding at the time of the trade. Bronwyn currently holds less than 1% of total shares outstanding. Company insiders have collectively bought AU$626k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jun 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 42% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$47m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Revenue is less than US$5m (US$4.0m revenue). Announcement • Jun 24
EBR Systems, Inc. has completed a Follow-on Equity Offering in the amount of AUD 149.994102 million. EBR Systems, Inc. has completed a Follow-on Equity Offering in the amount of AUD 149.994102 million.
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 77,352,899
Price\Range: AUD 0.38
Discount Per Security: AUD 0.019
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 92,105,263
Price\Range: AUD 0.38
Discount Per Security: AUD 0.019
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 114,736,842
Price\Range: AUD 0.38
Discount Per Security: AUD 0.019
Security Name: CHESS Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 110,526,316
Price\Range: AUD 0.38
Discount Per Security: AUD 0.019
Transaction Features: Regulation S; Rights Offering; Subsequent Direct Listing 
