# EDGAR Filing Document

**Accession Number:** 0002093908
**File Stem:** 0001104659-25-111325
**Filing Date:** 2025-11
**Character Count:** 17031
**Document Hash:** 8b504ae7be0116e8f4c9488e940effad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111325.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111325

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250811

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Segall Gregory L
- **CENTRAL INDEX KEY:** 0001560010

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478686

**MAIL ADDRESS:**
- **STREET 1:** 130 N. 18TH STREET
- **STREET 2:** SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** VERSA CAPITAL FUND III, L.P.
- **CENTRAL INDEX KEY:** 0001563325

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478690

**BUSINESS ADDRESS:**
- **STREET 1:** 130 N. 18TH STREET
- **STREET 2:** SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-609-3406

**MAIL ADDRESS:**
- **STREET 1:** 130 N. 18TH STREET
- **STREET 2:** SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Versa Capital Group, LLC
- **CENTRAL INDEX KEY:** 0001613119

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478687

**BUSINESS ADDRESS:**
- **STREET 1:** 130 N. 18TH STREET
- **STREET 2:** SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215.609.3400

**MAIL ADDRESS:**
- **STREET 1:** 130 N. 18TH STREET
- **STREET 2:** SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Versa FGP-III, L.P.
- **CENTRAL INDEX KEY:** 0002096232

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478689

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215 609 3400

**MAIL ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Versa UGP-III, LLC
- **CENTRAL INDEX KEY:** 0002093908

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478688

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215 609 3425

**MAIL ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Sindex SSI Lending, LLC
- **CENTRAL INDEX KEY:** 0002095507

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42801
- **FILM NUMBER:** 251478691

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 2156093425

**MAIL ADDRESS:**
- **STREET 1:** ONE LOGAN SQUARE
- **STREET 2:** 130 N. 18TH STREET, SUITE 315
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Picard Medical, Inc.
- **CENTRAL INDEX KEY:** 0002030617
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1992 E. SILVERLAKE RD.
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85713
- **BUSINESS PHONE:** 520-308-0796

**MAIL ADDRESS:**
- **STREET 1:** 1992 E. SILVERLAKE RD.
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85713

## Exhibit 24.1

**Exhibit 24.1**

LIMITED POWER OF ATTORNEY FOR<br> SECTION 16 REPORTING OBLIGATIONS

Know all by these presents, that the undersigned hereby makes, constitutes and appoints Randall Schultz, signing individually, the undersigned's true and lawful attorney-in-fact and agent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prepare, execute on behalf of the undersigned, and submit to the U.S. Securities and Exchange Commission (the "SEC") any documents necessary or advisable to obtain EDGAR access codes or make any updates to the undersigned's EDGAR access codes once obtained, enabling the undersigned to make electronic filings of reports with the SEC;

(2) execute for and on behalf of the undersigned, an officer, director or holder of 10% of more of a registered class of securities of the Picard Medical, Inc. (the "Company"), Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the rules thereunder;

(3) do and perform any and all acts for and on behalf of the undersigned that may be necessary or desirable to complete and execute such Form 3, 4 or 5, complete and execute any amendment or amendments thereto, and timely file such forms or amendments with the SEC and any stock exchange or similar authority; and

(4) take any other action of any nature whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned's responsibilities to comply with Section 16 of the Exchange Act.

This Power of Attorney shall remain in full force and effect until the earliest to occur of (a) the undersigned is no longer required to file Forms 3, 4 and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company or (b) revocation by the undersigned in a signed writing delivered to the foregoing attorney-in-fact, as applicable.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of November 13, 2025.

---

| |
|:---|
| /s/ Gregory L. Segall |
| Gregory L. Segall, an individual |

---

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

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Sindex SSI Lending, LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>VERSA CAPITAL FUND III, L.P.<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Versa FGP-III, L.P.<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Versa UGP-III, LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Versa Capital Group, LLC<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Segall Gregory L<br><sub>(Last) (First) (Middle)</sub><br>C/O VERSA CAPITAL MANAGEMENT, LLC<br>130 N. 18TH STREET, SUITE 315<br><sub>(Street)</sub><br>PHILADELPHIA, PA 19103<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Picard Medical, Inc. [ PMI ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-08-11 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.0001 per share | 7943585 | D<sup>(1)</sup> |  |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) These shares are held by Sindex SSI Lending, LLC, a Delaware limited liability company ("Sindex"). Versa Capital Fund III, L.P. ("CF III") is the sole member of Sindex. Versa FGP-III, L.P. ("FGP-III") is the general partner of CF III. Versa UGP-III, LLC ("UGP-III") is the general partner of FGP-III. Versa Capital Group, LLC ("Versa") is the sole member of UGP-III. Gregory L. Segall ("Mr. Segall," and together with Sindex, CF III, FGP-III, UGP-III, and Versa, the "Reporting Persons") has voting and dispositive power over shares held by Versa.

**Remarks:**
The filing of this Statement shall not be construed as an admission by any Reporting Person (a) that such person is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this Statement, or (b) that this Statement is legally required to be filed by such person. Each of the Reporting Persons disclaims beneficial ownership of any securities covered by this Statement except to the extent of such person's pecuniary interest in such securities.

Exhibit List:
Exhibit 24.1 - Power of Attorney

**Signature:** /s/ Randall Schultz, Authorized Agent for Sindex SSI Lending, LLC  
**Date:** 2025-11-13

**Signature:** /s/ Randall Schultz, Authorized Agent for Versa Capital Fund III, L.P.  
**Date:** 2025-11-13

**Signature:** /s/ Randall Schultz, Authorized Agent for Versa FGP-III, L.P.  
**Date:** 2025-11-13

**Signature:** /s/ Randall Schultz, Authorized Agent for Versa UGP-III, LLC  
**Date:** 2025-11-13

**Signature:** /s/ Randall Schultz, Authorized Agent for Versa Capital Group, LLC  
**Date:** 2025-11-13

**Signature:** /s/ Randall Schultz, Authorized Agent for Gregory L. Segall, an individual  
**Date:** 2025-11-13

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**