SCHEDULE 13G 0001288478 XXXXXXXX LIVE Common Stock, par value $0.0001 per share 06/09/2025 0001506492 Nuwellis, Inc. 67113Y603 12988 VALLEY VIEW ROAD EDEN PRAIRIE MN 55344 Rule 13d-1(c) BIGGER CAPITAL FUND L P a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 PN Bigger Capital Fund GP, LLC a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 OO District 2 Capital Fund LP a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 PN District 2 Capital LP a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 PN District 2 GP LLC a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 OO District 2 Holdings LLC a DE 0.00 239000.00 0.00 239000.00 239000.00 N 4.99 OO Bigger Michael a X1 0.00 478000.00 0.00 478000.00 478000.00 N 9.99 IN Nuwellis, Inc. 12988 Valley View Road, Eden Prairie, MN 55344 Bigger Capital Fund, LP ("Bigger Capital") Bigger Capital Fund GP, LLC ("Bigger GP") District 2 Capital Fund LP ("District 2 CF") District 2 Capital LP ("District 2") District 2 GP LLC ("District 2 GP") District 2 Holdings LLC ("District 2 Holdings") Michael Bigger Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Bigger Capital Fund, LP 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Bigger Capital Fund GP, LLC 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 District 2 Capital Fund LP 175 W. Carver Street Huntington, NY 11743 District 2 Capital LP 175 W. Carver Street Huntington, NY 11743 District 2 GP LLC 175 W. Carver Street Huntington, NY 11743 District 2 Holdings LLC 175 W. Carver Street Huntington, NY 11743 Michael Bigger 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Bigger Capital Fund, LP Delaware Bigger Capital Fund GP, LLC Delaware District 2 Capital Fund LP Delaware District 2 Capital LP Delaware District 2 GP LLC Delaware District 2 Holdings LLC Delaware Michael Bigger USA Y As of June 9, 2025, Bigger Capital beneficially owned 239,000 shares of Common Stock. In addition, Bigger Capital beneficially owned 1,983,221 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation. The amount does not include shares issuable upon the exercise of Series A Warrants and Series B Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation. Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the Issuer's securities described herein. Mr. Bigger, as the managing member of Bigger GP may be deemed to beneficially own the Issuer's securities described herein. As of June 9, 2025, District 2 CF beneficially owned 239,000 shares of Common Stock. In addition, District 2 CF beneficially owned 872,111 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation. The amount does not include shares issuable upon the exercise of Series A Warrants and Series B Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation. District 2, as the investment manager of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 GP, as the general partner of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 Holdings, as the managing member of District 2 GP, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. Mr. Bigger, as the managing member of Bigger GP and the managing member of District 2 Holdings, may be deemed to beneficially own the: (i) 239,000 shares of Common Stock beneficially owned by Bigger Capital, (ii) 1,983,221 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation owned by Bigger Capital, (iii) shares issuable upon exercise of Series A Warrants and Series B Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation owned by Bigger Capital, (iv) 239,000 shares of Common Stock, beneficially owned by District 2 CF, (v) 872,111 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation owned by District 2 CF, and (vi) shares issuable upon exercise of Series A Warrants and Series B Warrants, the exercise of which are subject to shareholder approval and a 4.99% beneficial ownership limitation owned by District 2 CF. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person. Each of Bigger GP and Mr. Bigger disclaims beneficial ownership of the shares of Common Stock beneficially owned by Bigger Capital. Each of District 2, District 2 GP, District 2 Holdings and Mr. Bigger disclaims beneficial ownership of the shares of Common Stock beneficially owned by District 2 CF. The filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. Prior to market open on June 11, 2025, the Reporting Persons sold the Common Stock, including the shares of Common Stock issuable upon exercise of Pre-Funded Warrants. The Series A Warrants and Series B Warrants are not exercisable as of the date hereof and are subject to a 4.99% beneficial ownership limitation. The following percentages are based on 4,780,723 shares of Common Stock outstanding immediately after the offering based upon the Issuer's Prospectus filed under Rule 424(b)(4) with the Securities and Exchange Commission on June 10, 2025. As of June 9, 2025, each of Bigger Capital and Bigger GP may be deemed to beneficially own approximately 4.99% of the outstanding shares of Common Stock. Prior to market open on June 11, 2025, each of Bigger Capital and Bigger GP had no beneficial ownership due to: (i) the sale of 239,000 shares of Common Stock, (ii) the sale of 1,983,221 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (iii) the requirement in the Series A Warrants and Series B Warrants that the exercise of such securities is subject to shareholder approval and a 4.99% beneficial ownership limitation. As of June 9, 2025, each of District 2 CF, District 2, District 2 GP and District Holdings may be deemed to beneficially own approximately 4.99% of the outstanding shares of Common Stock. Prior to market open on June 11, 2025, each of District 2 CF, District 2, District 2 GP and District Holdings had no beneficial ownership due to: (i) the sale of 239,000 shares of Common Stock, (ii) the sale of 872,111 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (iii) the requirement in the Series A Warrants and Series B Warrants that the exercise of such securities is subject to shareholder approval and a 4.99% beneficial ownership limitation. As of June 9, 2025, Mr. Bigger may be deemed to beneficially own approximately 9.99% of the outstanding shares of Common Stock. Prior to market open on June 11, 2025, Mr. Bigger had no beneficial ownership due to: (i) the sale of 478,000 shares of Common Stock, (ii) the sale of 2,855,332 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (iii) the requirement in the Series A Warrants and Series B Warrants that the exercise of such securities is subject to shareholder approval and a 4.99% beneficial ownership limitation. Regarding Item 5 below, prior to market open on June 11, 2025, the Reporting Persons sold all of their Common Stock and accordingly, the Reporting Persons as of June 11, 2025, are not the beneficial owners of at least 5.00% of the Issuer's Common Stock as the exercise of the Series A Warrants and Series B Warrants are subject to shareholder approval and a 4.99% beneficial ownership limitation. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit 99.1. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. 99.1 - Joint Filing Agreement BIGGER CAPITAL FUND L P /s/ Michael Bigger 06/12/2025 Bigger Capital Fund GP, LLC /s/ Michael Bigger 06/12/2025 District 2 Capital Fund LP /s/ Michael Bigger 06/12/2025 District 2 Capital LP /s/ Michael Bigger 06/12/2025 District 2 GP LLC /s/ Michael Bigger 06/12/2025 District 2 Holdings LLC /s/ Michael Bigger 06/12/2025 Bigger Michael /s/ Michael Bigger 06/12/2025