<SEC-DOCUMENT>0001213900-25-097496.txt : 20251008
<SEC-HEADER>0001213900-25-097496.hdr.sgml : 20251008
<ACCEPTANCE-DATETIME>20251008172032
ACCESSION NUMBER:		0001213900-25-097496
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251008
DATE AS OF CHANGE:		20251008

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brainsway Ltd.
		CENTRAL INDEX KEY:			0001505065
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			L3

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90993
		FILM NUMBER:		251383156

	BUSINESS ADDRESS:	
		STREET 1:		16 HARTUM STREET RAD TOWER, 14TH FLOOR
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			9777516
		BUSINESS PHONE:		972 2 581-3140

	MAIL ADDRESS:	
		STREET 1:		16 HARTUM STREET RAD TOWER, 14TH FLOOR
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			9777516

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valor BrainsWay Holdings, LLC
		CENTRAL INDEX KEY:			0002044428
		ORGANIZATION NAME:           	
		EIN:				995148113

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		320 NORTH SANGAMON STREET
		STREET 2:		SUITE 1200
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		312-683-1900

	MAIL ADDRESS:	
		STREET 1:		320 NORTH SANGAMON STREET
		STREET 2:		SUITE 1200
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Ordinary Shares, par value NIS 0.04 per share; American Depository Shares, each representing two Ordinary Shares</securitiesClassTitle>
      <dateOfEvent>10/06/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
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        <issuerCIK>0001505065</issuerCIK>
        <issuerCUSIP>10501L106</issuerCUSIP>
        <issuerName>Brainsway Ltd.</issuerName>
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          <com:street1>16 Hartum Street, RAD Tower</com:street1>
          <com:street2>14th floor, Har HaHotzum</com:street2>
          <com:city>Jerusalem</com:city>
          <com:stateOrCountry>L3</com:stateOrCountry>
          <com:zipCode>9777516</com:zipCode>
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          <personName>Antonio J. Gracias</personName>
          <personPhoneNum>(312) 683-1900</personPhoneNum>
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            <com:street1>c/o Valor Management LLC</com:street1>
            <com:street2>320 North Sangamon Street, Suite 1200,</com:street2>
            <com:city>Chicago</com:city>
            <com:stateOrCountry>IL</com:stateOrCountry>
            <com:zipCode>60607</com:zipCode>
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        <reportingPersonCIK>0002044428</reportingPersonCIK>
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        <reportingPersonName>Valor BrainsWay Holdings, LLC</reportingPersonName>
        <fundType>AF</fundType>
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        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 American Depository Shares ("ADSs").</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001887414</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Valor Siren Ventures II L.P.</reportingPersonName>
        <fundType>WC</fundType>
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        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Valor Siren Partners II-A L.P.</reportingPersonName>
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        <soleVotingPower>0.00</soleVotingPower>
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        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
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        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Valor Siren Partners II-B L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Valor SV Associates II L.P.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Valor SV Capital II LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001822428</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Valor Management L.P.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001846237</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Valor Management LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Valor Funds Group LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5314950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.7</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>(1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Jonathan Shulkin</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>536494.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>536494.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5851444.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>15.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>(1) Aggregate amount reflects Ordinary Shares represented by 2,925,722 ADSs.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Antonio Gracias</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>487000.00</soleVotingPower>
        <sharedVotingPower>5314950.00</sharedVotingPower>
        <soleDispositivePower>487000.00</soleDispositivePower>
        <sharedDispositivePower>5314950.00</sharedDispositivePower>
        <aggregateAmountOwned>5801950.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>14.9</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>(1) Aggregate amount reflects Ordinary Shares represented by 2,900,975 ADSs.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Ordinary Shares, par value NIS 0.04 per share; American Depository Shares, each representing two Ordinary Shares</securityTitle>
        <issuerName>Brainsway Ltd.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>16 Hartum Street, RAD Tower</com:street1>
          <com:street2>14th floor, Har HaHotzum</com:street2>
          <com:city>Jerusalem</com:city>
          <com:stateOrCountry>L3</com:stateOrCountry>
          <com:zipCode>9777516</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 2 to Schedule 13D is being filed by the Reporting Persons named herein and amends and supplements the Schedule 13D of the Reporting Persons initially filed on November 13, 2024, as amended by Amendment No. 1 to Schedule 13D filed on July 1, 2025 (together, the "Original Schedule 13D"). Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Original Schedule 13D. Except as amended hereby, the information set forth in the Original Schedule 13D remains unchanged.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 of the Original Schedule 13D is hereby supplemented as follows:

On October 6, 2025, Valor BrainsWay delivered to the Issuer a notice of exercise in which it exercised in full the Warrant to Purchase American Depositary Shares issued to Valor BrainsWay on November 5, 2024 (as subsequently amended, the "Warrant") that entitled Valor BrainsWay to purchase up to 1,500,000 American Depository Shares ("ADSs"), representing up to 3,000,000 Ordinary Shares, at an exercise price of US$9.50686 per ADS.  Valor BrainsWay was permitted to exercise the Warrant on a cashless exercise basis, which based on the closing price of the ADS on September 30, 2025 will result in Valor BrainsWay being issued a total of 553,730 ADSs upon settlement of the exercise.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.  Beneficial ownership of Shares over which Mr. Shulkin has sole voting and dispositive power are held through an entity of which he is the sole owner.  The percent of class reported as beneficially owned on the cover pages of this Statement is based on 37,798,726 Ordinary Shares outstanding as of June 30, 2025 (as reported by the Issuer in its Condensed Consolidated Unaudited Interim Financial Statements furnished in its Form 6-K filed on September 30, 2025) plus the Shares issued upon exercise of the Warrant and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.</percentageOfClassSecurities>
        <numberOfShares>The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.  Beneficial ownership of Shares over which Mr. Shulkin has sole voting and dispositive power are held through an entity of which he is the sole owner.  The percent of class reported as beneficially owned on the cover pages of this Statement is based on 37,798,726 Ordinary Shares outstanding as of June 30, 2025 (as reported by the Issuer in its Condensed Consolidated Unaudited Interim Financial Statements furnished in its Form 6-K filed on September 30, 2025) plus the Shares issued upon exercise of the Warrant and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.</numberOfShares>
        <transactionDesc>Other than as set forth in Item 4, none of the Reporting Persons has effected any transactions in the ADSs or Ordinary Shares during the past 60 days.</transactionDesc>
        <listOfShareholders>No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>The information included in Item 4 is incorporated by reference herein.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 of the Original Schedule 13D is hereby supplemented to add the following additional exhibits:

Exhibit           Description
99.9         Joint Filing Agreement dated as of July 1, 2025 among the Reporting Persons (incorporated by reference to Exhibit 99.8 to Amendment No. 1 to Schedule 13D filed on July 1, 2025)</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Valor BrainsWay Holdings, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Shulkin</signature>
          <title>Jonathan Shulkin/Authorized Signatory</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Siren Ventures II L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Associates II L.P., its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Capital II LLC, its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor Management L.P., its managing member</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias / CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Siren Partners II-A L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Associates II L.P., its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Capital II LLC, its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor Management L.P., its managing member</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias /CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Siren Partners II-B L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Associates II L.P., its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Capital II LLC, its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor Management L.P., its managing member</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias / CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor SV Associates II L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor SV Capital II LLC, its general partner</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor Management L.P., its managing member</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias / CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor SV Capital II LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>By: Valor Management L.P., its managing member</title>
          <date>10/08/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias /CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Management L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias/CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Management LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias/CEO</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Valor Funds Group LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/Antonio J. Gracias</signature>
          <title>Antonio J. Gracias/Managing Member</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Jonathan Shulkin</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jonathan Shulkin</signature>
          <title>Jonathan Shulkin</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Antonio Gracias</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Antonio J. Gracias</signature>
          <title>Antonio J. Gracias</title>
          <date>10/08/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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