# EDGAR Filing Document

**Accession Number:** 0002044428
**File Stem:** 0001213900-25-060446
**Filing Date:** 2025-7
**Character Count:** 42937
**Document Hash:** 0e05bf01192d717fad86222af54e473b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-060446.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001213900-25-060446

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**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:** 251097223

**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

## Exhibit 99.7

**Exhibit 99.7**

**AMENDMENT NO. 1**

**TO**

**WARRANT TO PURCHASE AMERICAN DEPOSITARY SHARES**

**BRAINSWAY LTD**

This Amendment No. 1 to Warrant to Purchase American Depositary Shares (the "<u>Amendment</u>") originally issued by BrainsWay Ltd., a company organized under the laws of the State of Israel (the "<u>Company</u>") to Valor BrainsWay Holdings, LLC or its assigns (the "<u>Holder</u>") on November 5, 2024 (the "<u>Warrant</u>") for the purchase of up to 1,500,000 American Depositary Shares (the "<u>Warrant ADSs</u>") representing 3,000,000 Ordinary Shares, par value NIS 0.04 per share, of the Company (the "<u>Warrant Shares</u>") is made and entered into by and between the Company and the Holder effective as of April 1, 2025 (the "<u>Effective Date</u>").

**WHEREAS**, on November 5, 2024 the Company issued the Warrant to the Holder;

**WHEREAS**, pursuant to the provisions of Section 5(l) of the Warrant, the parties desire to amend the terms of the Warrant to remove the cashless exercise mechanism included in Section 2(c) of the Warrant.

**NOW, THEREFORE**, in consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

Section 1. <u>Definitions</u>. Capitalized terms used and not defined in this Amendment have the respective meanings ascribed to them in the Warrant.

Section 2. <u>Representations and Warranties</u>.

(a) Each party hereby represents and warrants to the other party that: (i) it has the full power and authority
to enter into this Amendment and to perform its obligations hereunder; (ii) the execution, delivery and performance of this Amendment
have been duly authorized by all necessary corporate or organizational action on its part; and (iii) upon execution and delivery, this
Amendment will be a valid and binding obligation of such party, enforceable against such party in accordance with its terms.

(b) The Holder hereby represents and warrants that it is the sole and unconditional record owner of the Warrant
and neither the Warrant nor any interests therein have been sold, assigned, endorsed, transferred, deposited under any agreement, hypothecated,
pledged, or disposed of in any manner by or on behalf of the Holder; and that no person, firm or corporation has any right, title, claim,
equity or interest in, to or respecting the Warrant, except the Holder as the sole owner.

Section 3. <u>Amendments to the Warrant</u>. As of the Effective Date:

(a) In Section 2(a) the words "*unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise*" are hereby deleted.

(b) The text of Section 2(c) is hereby deleted and replaced in its entirety with the word: "Deleted".

(c) In Section 2(e)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the words "*either (A)*" are hereby deleted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the words *"or (B) the Warrant ADSs are eligible for resale by the Holder pursuant to Rule 144 (assuming cashless exercise of the Warrants*)" are hereby deleted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) both references to *"(other than in the case of a cashless exercise)*" are hereby deleted.

(d) The following words shall be added to the end of Section 3(d):

"*It is hereby clarified that notwithstanding anything to the contrary contained herein, in no event will the Company be required, in connection with a Fundamental Transaction, to pay the Holder cash upon exercise of the Warrant or in exchange for the Warrant or to issue a different number of Warrant Shares upon exercise of the Warrant*."

(e) In Section 5(a) the words "*to receive Warrant Shares on a "cashless exercise*,"
are hereby deleted.

(f) In Section 5(f), the words "*and the Holder does not utilize cashless exercise,"* are
hereby deleted

(g) The second option of Section (2) of the Notice of Exercise is hereby deleted.

Section 4. <u>Miscellaneous</u>.

(a) <u>Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which shall
be enforceable against the parties that execute such counterparts (including by facsimile or other electronic means), and all of which
together shall constitute one instrument.

(b) <u>Jurisdiction</u>. All questions concerning the construction, validity, enforcement and interpretation
of this Amendment shall be determined in accordance with the provisions of the Purchase Agreement.

(c) <u>Continuation of the Warrant</u>. Except as expressly modified by this Amendment, the Warrant shall
continue to be and remain in full force and effect in accordance with its original terms. Any future reference to the Warrant shall be
deemed to be a reference to the Warrant as modified by this Amendment.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)*

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **BRAINSWAY LTD.** | **BRAINSWAY LTD.** |
| By: | /s/ Ami Boehm<u> </u> |
| Name: | Ami Boehm |
| Title: | Chairman of the Board |

---

---

| | |
|:---|:---|
| **VALOR BRAINSWAY HOLDINGS, LLC** | **VALOR BRAINSWAY HOLDINGS, LLC** |
| By: | /s/ Jonathan K. Shulkin<u> </u> |
| Name: | Jonathan K. Shulkin |
| Title: | Authorized Officer |

---

**3**

## Exhibit 99.8

**Exhibit 99.8**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, each of the undersigned does hereby consent and agree to the joint filing on behalf of each of them of a Statement on Schedule 13D and all amendments thereto with respect to the American Depositary Shares and Ordinary Shares of BrainsWay Ltd. beneficially owned by each of them, and to the inclusion of this Joint Filing Agreement as an exhibit thereto.

---

| | | | |
|:---|:---|:---|:---|
|  | **Valor BrainsWay Holdings, LLC** | **Valor BrainsWay Holdings, LLC** | **Valor BrainsWay Holdings, LLC** |
| July 1, 2025 | By: | /s/ Jonathan Shulkin | /s/ Jonathan Shulkin |
|  |  | Name: | Jonathan Shulkin |
|  |  | Title: | Authorized Signatory |
|  | **Valor Siren Ventures II L.P.** | **Valor Siren Ventures II L.P.** | **Valor Siren Ventures II L.P.** |
|  | By: | Valor SV Associates II L.P., its general partner | Valor SV Associates II L.P., its general partner |
|  | By: | Valor SV Capital II LLC, its general partner | Valor SV Capital II LLC, its general partner |
|  | By: | Valor Management L.P., its managing member | Valor Management L.P., its managing member |
|  | By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  |  | Name: | Antonio J. Gracias |
|  |  | Title: | CEO |
|  | **Valor Siren Ventures II-A L.P.** | **Valor Siren Ventures II-A L.P.** | **Valor Siren Ventures II-A L.P.** |
|  | By: | Valor SV Associates II L.P., its general partner | Valor SV Associates II L.P., its general partner |
|  | By: | Valor SV Capital II LLC, its general partner | Valor SV Capital II LLC, its general partner |
|  | By: | Valor Management L.P., its managing member | Valor Management L.P., its managing member |
|  | By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  |  | Name: | Antonio J. Gracias |
|  |  | Title: | CEO |
|  | **Valor Siren Ventures II-B L.P.** | **Valor Siren Ventures II-B L.P.** | **Valor Siren Ventures II-B L.P.** |
|  | By: | Valor SV Associates II L.P., its general partner | Valor SV Associates II L.P., its general partner |
|  | By: | Valor SV Capital II LLC, its general partner | Valor SV Capital II LLC, its general partner |
|  | By: | Valor Management L.P., its managing member | Valor Management L.P., its managing member |
|  | By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  |  | Name: | Antonio J. Gracias |
|  |  | Title: | CEO |
|  | **Valor SV Associates II L.P.** | **Valor SV Associates II L.P.** | **Valor SV Associates II L.P.** |
|  | By: | Valor SV Capital II LLC, its general partner | Valor SV Capital II LLC, its general partner |
|  | By: | Valor Management L.P., its managing member | Valor Management L.P., its managing member |
|  | By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  |  | Name: | Antonio J. Gracias |
|  |  | Title: | CEO |
|  | **Valor SV Capital II LLC** | **Valor SV Capital II LLC** | **Valor SV Capital II LLC** |
|  | By: | Valor Management L.P., its managing member | Valor Management L.P., its managing member |
|  | By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  |  | Name: | Antonio J. Gracias |
|  |  | Title: | CEO |

---

---

| | | |
|:---|:---|:---|
| **Valor Management L.P.** | **Valor Management L.P.** | **Valor Management L.P.** |
| By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  | Name: | Antonio J. Gracias |
|  | Title: | CEO |
| **Valor Management LLC** | **Valor Management LLC** | **Valor Management LLC** |
| By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  | Name: | Antonio J. Gracias |
|  | Title: | CEO |
| **Valor Funds Group LLC** | **Valor Funds Group LLC** | **Valor Funds Group LLC** |
| By: | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
|  | Name: | Antonio J. Gracias |
|  | Title: | Managing Member |
| /s/ Jonathan Shulkin | /s/ Jonathan Shulkin | /s/ Jonathan Shulkin |
| Name: Jonathan Shulkin | Name: Jonathan Shulkin | Name: Jonathan Shulkin |
| /s/ Antonio J. Gracias | /s/ Antonio J. Gracias | /s/ Antonio J. Gracias |
| Name: Antonio J. Gracias | Name: Antonio J. Gracias | Name: Antonio J. Gracias |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**BrainsWay Ltd.**

*(Name of Issuer)*

**Ordinary Shares, par value NIS 0.04 per share; American Depository Shares ("ADSs"), each representing two Ordinary Shares**

*(Title of Class of Securities)*

**10501L106**

*(CUSIP Number)*

**Antonio J. Gracias**<br>c/o Valor Management LLC<br>320 North Sangamon Street, Suite 1200,<br>Chicago IL 60607<br>(312) 683-1900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/29/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor BrainsWay Holdings, LLC** | Name of reporting person<br>**Valor BrainsWay Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Ventures II L.P.** | Name of reporting person<br>**Valor Siren Ventures II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Partners II-A L.P.** | Name of reporting person<br>**Valor Siren Partners II-A L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Partners II-B L.P.** | Name of reporting person<br>**Valor Siren Partners II-B L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor SV Associates II L.P.** | Name of reporting person<br>**Valor SV Associates II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor SV Capital II LLC** | Name of reporting person<br>**Valor SV Capital II LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Management L.P.** | Name of reporting person<br>**Valor Management L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Management LLC** | Name of reporting person<br>**Valor Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Funds Group LLC** | Name of reporting person<br>**Valor Funds Group LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | Aggregate amount beneficially owned by each reporting person<br>**7207490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**17.7%** | Percent of class represented by amount in Row (11)<br>**17.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,103,745 ADSs, representing 4,207,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Jonathan Shulkin** | Name of reporting person<br>**Jonathan Shulkin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**536494.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**536494.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7743984.00** | Aggregate amount beneficially owned by each reporting person<br>**7743984.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**19.0%** | Percent of class represented by amount in Row (11)<br>**19.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Aggregate amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,371,992 ADSs, representing 4,743,984 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Antonio Gracias** | Name of reporting person<br>**Antonio Gracias** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**487000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7207490.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**487000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7207490.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7694490.00** | Aggregate amount beneficially owned by each reporting person<br>**7694490.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.9%** | Percent of class represented by amount in Row (11)<br>**18.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Aggregate amount reflects Ordinary Shares represented by ADSs, consisting of (i) 2,347,245 ADSs, representing 4,694,490 Ordinary Shares and (ii) warrants to purchase 1,500,000 ADSs, representing 3,000,000 Ordinary Shares.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, par value NIS 0.04 per share; American Depository Shares ("ADSs"), each representing two Ordinary Shares

**(b) Name of Issuer:**
BrainsWay Ltd.

**(c) Address of Issuer's Principal Executive Offices:**
16 Hartum Street, RAD Tower, 14th floor, Har HaHotzum, Jerusalem, L3, 9777516

This Amendment No. 1 to Schedule 13D is being filed by the Reporting Persons named herein and amends and supplements the original Schedule 13D of the Reporting Persons filed on November 13, 2024 (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.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby supplemented as follows:

On June 29, 2025, Valor BrainsWay and the Issuer entered into an Amendment No. 1 to Warrant to Purchase American Depositary Shares, which, among other things, amended certain provisions of the Warrant to Purchase American Depositary Shares issued to Valor BrainsWay on November 5, 2024 to remove certain cashless exercise provisions.

**Item 5. Interest in Securities of the Issuer**

**(a)**
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 37,738,456 Ordinary Shares outstanding as of March 31, 2025 (as reported by the Issuer in its Registration Statement on Form F 3 filed on April 22, 2025) and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

**(b)**
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 37,738,456 Ordinary Shares outstanding as of March 31, 2025 (as reported by the Issuer in its Registration Statement on Form F 3 filed on April 22, 2025) and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

**(c)**
None of the Reporting Persons has effected any transactions in the ADSs or Ordinary Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information included in Item 4 is incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor BrainsWay Holdings, LLC

**Signature:** /s/ Jonathan Shulkin

**Name/Title:** Jonathan Shulkin, Authorized Signatory

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Ventures II L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Partners II-A L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Partners II-B L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor SV Associates II L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor SV Capital II LLC

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Management L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Management LLC

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, CEO

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Funds Group LLC

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias, Managing Member

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Jonathan Shulkin

**Signature:** /s/Jonathan Shulkin

**Name/Title:** Jonathan Shulkin

**Date:** 07/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Antonio Gracias

**Signature:** /s/Antonio J. Gracias

**Name/Title:** Antonio J. Gracias

**Date:** 07/01/2025