Company: BWAY
Filing Date: 2025-04-22
Form Type: F-3
Source: 0001171843-25-002378
Chunk: 25

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: F-3
Chunk 25
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 representing Ordinary Shares being registered for resale hereunder are sold. |

| (1) | Number of Ordinary Shares includes Ordinary Shares represented by 3,603,745 ADSs. Each ADS represents two (2) Ordinary Shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (2) | Securities held by Valor BrainsWay Holdings, LLC (“Valor BrainsWay”) consist of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares, and (ii) 1,500,000 ADSs issuable upon exercise of the Warrant, representing 3,000,000 Ordinary Shares. Valor Management LLC serves as the manager of Valor BrainsWay, and Valor Funds Group LLC, is the managing member of Valor Management LLC. By virtue of their positions and relationships with the foregoing Valor entities as well as the Valor investment funds that hold interests in Valor BrainsWay, Jonathan Shulkin, a principal at Valor and an authorized officer of Valor BrainsWay, and Antonio Gracias, the managing member and majority owner of Valor Funds Group LLC and an authorized officer of Valor BrainsWay, may be deemed to share beneficial ownership over the shares held of record by Valor BrainsWay; however, each disclaims beneficial ownership of such shares and inclusion of such persons herein shall not be construed as an admission that such persons are the beneficial owner of the securities held by Valor BrainsWay. The address of Valor BrainsWay and for each of the persons and entities identified in this footnote is c/o Valor Equity Partners, 320 N Sangamon St Suite 1200, Chicago, IL 60607. |

| 14 |

<div align='center'>PLAN OF DISTRIBUTION</div>

We are registering the Offered ADSs, which were previously
acquired or are issuable upon exercise of the Warrant by the selling shareholder, to permit the selling shareholder and its transferees,
pledgees, donees, assignees, transferees or other successors-in-interest that receive any of such Offered ADSs or Ordinary Shares after
the date of this prospectus to resell or otherwise dispose of such Offered ADSs or Ordinary Shares in the manner contemplated in this
section. We will not receive any of the proceeds from the sale of such Offered ADSs or Ordinary Shares in this offering. We will bear
all other fees and expenses incurred in effecting the registration of the Offered ADSs and Ordinary Shares covered by this prospectus
or