Amendment No. 2 to Schedule 13D for Brainsway Ltd.

This Amendment No. 2 to Schedule 13D, filed by Valor BrainsWay Holdings, LLC and other reporting persons, updates the ownership details of Brainsway Ltd. The amendment highlights the exercise of a warrant by Valor BrainsWay, resulting in the issuance of 553,730 American Depository Shares (ADSs) representing 1,107,460 Ordinary Shares. The warrant was exercised on a cashless basis based on the closing price of the ADSs on September 30, 2025. The reporting persons collectively own 13.7% of the Ordinary Shares, with Jonathan Shulkin and Antonio Gracias holding additional shares individually. The filing also includes updates to the joint filing agreement and other exhibits.