0000905718-20-000531.txt : 20200529
0000905718-20-000531.hdr.sgml : 20200529
20200529181001
ACCESSION NUMBER: 0000905718-20-000531
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20190603
FILED AS OF DATE: 20200529
DATE AS OF CHANGE: 20200529
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Park West Asset Management LLC
CENTRAL INDEX KEY: 0001386928
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-36225
FILM NUMBER: 20930081
BUSINESS ADDRESS:
STREET 1: 900 LARKSPUR LANDING CIRCLE, SUITE 165
CITY: LARKSPUR
STATE: CA
ZIP: 94939
BUSINESS PHONE: (415) 524-2902
MAIL ADDRESS:
STREET 1: 900 LARKSPUR LANDING CIRCLE, SUITE 165
CITY: LARKSPUR
STATE: CA
ZIP: 94939
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Kindred Biosciences, Inc.
CENTRAL INDEX KEY: 0001561743
STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834]
IRS NUMBER: 461160142
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 1555 BAYSHORE HIGHWAY, SUITE 200
CITY: BURLINGAME
STATE: CA
ZIP: 94010
BUSINESS PHONE: 650-701-7901
MAIL ADDRESS:
STREET 1: 1555 BAYSHORE HIGHWAY, SUITE 200
CITY: BURLINGAME
STATE: CA
ZIP: 94010
4
1
kindredbiosc_fm4jun32019.xml
X0306
4
2019-06-03
0
0001561743
Kindred Biosciences, Inc.
KIN
0001386928
Park West Asset Management LLC
900 LARKSPUR LANDING CIRCLE, SUITE 165
LARKSPUR
CA
94939
0
0
1
0
Equity Swap
2019-06-03
4
J
1
340000
D
2016-10-04
2019-06-04
Common Stock
340000
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
340000
A
2016-10-04
2020-06-04
Common Stock
340000
340000
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
410000
D
2016-10-05
2019-06-04
Common Stock
410000
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
410000
A
2016-10-05
2020-06-04
Common Stock
410000
410000
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
800000
D
2016-10-06
2019-06-04
Common Stock
800000
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
800000
A
2016-10-06
2020-06-04
Common Stock
800000
800000
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
300000
D
2016-10-12
2019-06-04
Common Stock
300000
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
300000
A
2016-10-12
2020-06-04
Common Stock
300000
300000
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
30000
D
2017-02-01
2019-06-04
Common Stock
30000
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
30000
A
2017-02-01
2020-06-04
Common Stock
30000
30000
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
168213
D
2017-03-24
2019-06-04
Common Stock
168213
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
168213
A
2017-03-24
2020-06-04
Common Stock
168213
168213
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
31787
D
2017-03-27
2019-06-04
Common Stock
31787
0
I
See Footnotes
Equity Swap
2019-06-03
4
J
1
31787
A
2017-03-27
2020-06-04
Common Stock
31787
31787
I
See Footnotes
Park West Asset Management LLC (the "Reporting Person") is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company("PWIMF"), and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI"). Peter S. Park ("Mr. Park") is the sole member and manager of the Reporting Person.
On June 3, 2019, the Reporting Person amended its equity swap agreement with a securities broker (the "Counterparty") to extend the settlement date for its equity swaps under that agreement from June 4, 2019 to June 4, 2020 (the "Settlement Date"), for no additional consideration. The extension of the settlement date resulted in a deemed cancellation of the Reporting Person's existing equity swaps thereunder, and a deemed reentry into new equity swaps with a later settlement date. The deemed cancellation is exempt from liability under Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 16b-6(d) promulgated thereunder.
Commencing October 4, 2016, the Reporting Person entered into an equity swap with a securities broker (the "Counterparty") for 340,000 shares of Common Stock, par value $0.0001 per share, of the Company (the "Common Stock"), under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty $1,727,166, representing $5.0799 per share (including a $0.03 per share commission (the "Commission")), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing October 5, 2016, the Reporting Person entered into an equity swap with the Counterparty for 410,000 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty $2,123,800, representing $5.18 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing October 6, 2016, the Reporting Person entered into an equity swap with the Counterparty for 800,000 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty $4,144,000, representing $5.18 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing October 12, 2016, the Reporting Person entered into an equity swap with the Counterparty for 300,000 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty $1,539,000, representing $5.13 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing February 1, 2017, the Reporting Person entered into an equity swap with the Counterparty for 30,000 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty $197,376, representing $6.5792 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing March 24, 2017, the Reporting Person entered into an equity swap with the Counterparty for 168,213 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty approximately $1,203,244, representing $7.1531 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
Commencing March 27, 2017, the Reporting Person entered into an equity swap with the Counterparty for 31,787 shares of Common Stock, under which, on the Settlement Date, (i) the Reporting Person will be obligated to pay to the Counterparty approximately $226,441, representing $7.1237 per share (including the Commission), and (ii) the Counterparty will be obligated to pay to the Reporting Person the aggregate market value as of the Settlement Date for such shares.
During the term of the equity swap agreement, any dividends earned on the shares of Common Stock underlying the equity swaps will be paid to the Reporting Person, and the Reporting Person will pay to the Counterparty "interest" on the aggregate swap amount of approximately $11,161,027, at the Federal Funds rate plus 30 basis points. Of the aggregate of 2,080,000 shares of Common Stock currently underlying the equity swaps, PWIMF holds the economic equivalent of 1,839,846 shares, and PWPI holds the economic equivalent of 240,154 shares. Pursuant to Reg. Section 240.16a-1(a)(2), the Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in such securities.
/s/ Grace Jimenez, Chief Financial Officer of Park West Asset Management LLC
2020-05-29