Whitefort Capital Amends Arbutus Biopharma Stake

TL;DR

Whitefort Capital updated their Arbutus Biopharma filing on 5/17. Watch for changes.

AI Summary

Whitefort Capital Management, LP has amended its Schedule 13D filing regarding Arbutus Biopharma Corporation, as of May 17, 2024. The filing indicates a change in beneficial ownership, though specific share counts or dollar amounts are not detailed in this excerpt. This amendment updates information previously filed by Whitefort Capital Management, LP concerning their holdings in Arbutus Biopharma.

Why It Matters

This filing signals a potential shift in major shareholder interest or strategy for Arbutus Biopharma, which could influence its stock price and future corporate actions.

Risk Assessment

Risk Level: medium — Amendments to 13D filings can indicate activist investor activity or significant changes in a major shareholder's position, warranting close monitoring.

Key Players & Entities

• Whitefort Capital Management, LP (company) — Filing entity
• Arbutus Biopharma Corporation (company) — Subject company
• David Salanic (person) — Mentioned individual
• Joseph Kapl (person) — Mentioned individual

FAQ

Key Financial Figures

• $138 million — ssuer’s substantial cash balance ($138 million as of March 31, 2024) and sufficient li

Filing Documents

• sc13da114125002_05172024.htm (SC 13D/A) — 181KB
• ex991to13da114125002_051724.pdf (SC 13D/A) — 137KB
• 0001193805-24-000672.txt ( ) — 371KB

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: On May 17, 2024, the Reporting Persons issued a press release, including an open letter to the shareholders of the Issuer (the “Press Release”), to share their perspectives on maximizing value at the Issuer and ensure that the Board and fellow shareholders understand the urgency of these issues. In the Press Release, the Reporting Persons expressed their view that the Issuer should preserve the substantial value of the Company’s lipid nanoparticle (LNP) delivery technology patent infringement claims against Moderna, Inc. and Pfizer Inc./BioNTech SE. The Reporting Persons also noted that they were encouraged by Interim CEO and Board member Michael J. McElhaugh’s statement at a conference on May 14, 2024, that given the Issuer’s substantial cash balance ($138 million as of March 31, 2024) and sufficient liquidity through Q2 2026, the Issuer does not “anticipate the need to further utilize the ATM this year.” 1 However, the Reporting Persons believe that the Issuer should firmly commit to cease any further share issuances for the foreseeable future, including under the Issuer’s at-the-market (ATM) program. Additionally, the Reporting Persons conveyed their view that the Issuer should be prepared to explore strategic options for its Hepatitis B (HBV) portfolio by yearend and judiciously allocate capital until then. In the Press Release, the Reporting Persons also shared that, in light of the high level of dilution that the Issuer’s shareholders have already suffered, they intend to vote Against Proposal #2 – approval of an amendment to the Arbutus Biopharma Corporation 2016 Omnibus Share and Incentive Plan at the Issuer’s Annual General and Special Meeting on May 22, 2024. The full text of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits .

is hereby amended

Item 7 is hereby amended to add the following exhibit: 99.1 Press Release, dated May 17, 2024. 1 See https://wsw.com/webcast/jmp63/register.aspx?conf=jmp63&page=abus&url=https%3A//wsw.com/webcast/jmp63/abus/1673136. 8 CUSIP No. 03879J100

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: May 17, 2024 Whitefort Capital Master Fund, LP By: Whitefort Capital GP, LLC General Partner By: /s/ David Salanic Name: David Salanic Title: Co-Managing Member By: /s/ Joseph Kaplan Name: Joseph Kaplan Title: Co-Managing Member Whitefort Capital GP, LLC By: /s/ David Salanic Name: David Salanic Title: Co-Managing Member By: /s/ Joseph Kaplan Name: Joseph Kaplan Title: Co-Managing Member Whitefort Capital Management, LP By: /s/ David Salanic Name: David Salanic Title: Co-Managing Partner By: /s/ Joseph Kaplan Name: Joseph Kaplan Title: Co-Managing Partner 9 CUSIP No. 03879J100 Whitefort Capital Management GP, LLC By: /s/ David Salanic Name: David Salanic Title: Co-Managing Member By: /s/ Joseph Kaplan Name: Joseph Kaplan Title: Co-Managing Member /s/ David Salanic David Salanic /s/ Joseph Kaplan Joseph Kaplan 10

View Full Filing

View this SC 13D/A filing on SEC EDGAR