Glenview Capital Amends Butterfly Network Stake

TL;DR

Glenview Capital just updated their Butterfly Network stake filing - watch this space.

AI Summary

Glenview Capital Management, LLC, through its co-president Mark Horowitz, has filed an amendment (Amendment No. 4) to its Schedule 13D concerning Butterfly Network, Inc. The filing, dated September 3, 2024, indicates a change in beneficial ownership of the company's common stock. Glenview Capital Management, LLC is a significant holder, and this amendment likely reflects adjustments to their holdings or strategic intentions regarding Butterfly Network, Inc.

Why It Matters

This filing signals a potential shift in the ownership structure or strategy of Butterfly Network, Inc., which could impact its stock price and future business decisions.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate shifts in major investor sentiment or strategy, potentially leading to stock price volatility.

Key Numbers

• Amendment No. 4 — Filing Amendment (Indicates this is not the initial filing and reflects updated information.)
• 20240903 — Filing Date (The date the amendment was filed with the SEC.)

Key Players & Entities

• Glenview Capital Management, LLC (company) — Filing entity
• Butterfly Network, Inc. (company) — Subject company
• Mark Horowitz (person) — Co-President of Glenview Capital Management, LLC
• 0001140361-24-039984 (filing_id) — Accession number for the filing

FAQ

Key Financial Figures

• $0.0001 — ame of Issuer) Common Stock, par value $0.0001 (Title of Class of Securities) 124155
• $1,950,797 — lenview Funds. A total of approximately $1,950,797.41, including commissions, was paid to
• $0.9751 — ase Private Transaction 372,038 (1) $0.9751 Glenview Offshore Opportunity Master F
• $0.9937 — 8/2024 Purchase Open Market 115,123 $0.9937 (2) Glenview Offshore Opportunity Mas
• $1.0746 — 9/2024 Purchase Open Market 167,962 $1.0746 (3) Glenview Offshore Opportunity Mas
• $1.0714 — 30/2024 Purchase Open Market 95,629 $1.0714 (4) Glenview Offshore Opportunity Mas
• $1.00 — ommon Stock on August 28, 2024 within a $1.00 range. The actual prices for these tran
• $0.952 — rices for these transactions range from $0.952 to $1.00, inclusive. The Reporting Pers
• $1 — these transactions range from $0.952 to $1.00, inclusive. The Reporting Persons fu
• $1.01 — rices for these transactions range from $1.01 to $1.10, inclusive. The Reporting Pers
• $1.035 — rices for these transactions range from $1.035 to $1.09, inclusive. The Reporting Pers

Filing Documents

• ef20035391_sc13da.htm (SC 13D/A) — 110KB
• 0001140361-24-039984.txt ( ) — 112KB

of the Schedule 13D is hereby amended and supplemented as follows

Item 1 of the Schedule 13D is hereby amended and supplemented as follows. This Amendment No. 4 ("Amendment No. 4") amends and supplements the information set forth in the Schedule 13D filed by the Reporting Persons (as defined herein) and Longview Investors LLC ("Longview") with the U.S. Securities and Exchange Commission (the "SEC") on February 17, 2021, as amended by Amendment No. 1, filed with the SEC on March 30, 2021, Amendment No. 2, filed with the SEC on March 11, 2022, and Amendment No. 3, filed with the SEC on February 14, 2023 (collectively, the "Schedule 13D"), relating to the Class A common stock, par value $0.0001 per share (the "Common Stock"), of Butterfly Network, Inc. (the "Issuer"). The Issuer's principal executive offices are located at 1600 District Avenue, Burlington, MA 01803. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Schedule 13D. Item 2. Identity and Background.

of the Schedule 13D is hereby amended and restated in its entirety as follows

Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows. (a) This Schedule 13D is filed on behalf of the following persons (collectively, the "Reporting Persons"): i) Glenview Capital Management, LLC ("Glenview"); and ii) Larry Robbins ("Mr. Robbins"). (b) The principal business address of each of the Reporting Persons is 767 Fifth Avenue, 44th Floor, New York, NY 10153. (c) This Schedule 13D relates to shares of Common Stock held by Longview and for the accounts of Glenview Capital Master Fund, Ltd., a Cayman Islands exempted company ("Glenview Capital Master Fund"), Glenview Offshore Opportunity Master Fund, Ltd., a Cayman Islands exempted company ("Glenview Offshore Opportunity Master Fund"), and Glenview Healthcare Master Fund, L.P., a Cayman Islands limited partnership ("Glenview Healthcare Master Fund" and collectively, the "Glenview Funds"). Glenview serves as investment manager to each of the Glenview Funds. Mr. Robbins is the Founder, Portfolio Manager and CEO of Glenview and the managing member of Longview. The present principal occupation of Mr. Robbins is Founder, Portfolio Manager and CEO of Glenview. (d) During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Glenview is a Delaware limited liability company. Mr. Robbins is a citizen of the United States of America. CUSIP No. 124155102 Page 5 of 7 Pages Item 3. Source and Amount of Funds or Other Consideration.

of the Schedule 13D is hereby amended and supplemented as follows

Item 3 of the Schedule 13D is hereby amended and supplemented as follows. Item 5(c) of this Amendment No. 4 is incorporated by reference herein. The funds used for the purchases of the shares of Common Stock reported in Item 5(c) of this Amendment No. 4 were derived from general working capital of the Glenview Funds. A total of approximately $1,950,797.41, including commissions, was paid to acquire the Shares purchased and reported in Item 5(c) of this Amendment No. 4. Item 5. Interest in Securities of the Issuer.

of the Schedule 13D is hereby amended and supplemented as follows

Item 5 of the Schedule 13D is hereby amended and supplemented as follows: (a, b) Items 7-11 of the cover pages of the Schedule 13D are incorporated herein by reference. (c) Except for the transactions listed in Exhibit E of this Amendment No. 4, the Reporting Persons have not effected any transactions with respect to the Common Stock during the past 60 days. (d) The Glenview Funds are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported in this Schedule 13D as beneficially owned by Glenview (and indirectly beneficially owned by Mr. Robbins). (e) Not applicable. Item 7. Material to be Filed as Exhibits.

of the Schedule 13D is hereby amended and supplemented as follows

Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit E: Schedule of Transactions for Item 5(c) of Amendment No. 4 CUSIP No. 124155102 Page 6 of 7 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: September 3, 2024 GLENVIEW CAPITAL MANAGEMENT, LLC By: /s/ Mark J. Horowitz Mark J. Horowitz Co-President of Glenview Capital Management, LLC LARRY ROBBINS By: /s/ Mark J. Horowitz Mark J. Horowitz, attorney-in-fact for Larry Robbins CUSIP No. 124155102 Page 7 of 7 Pages EXHIBIT E SCHEDULE OF TRANSACTIONS Name of Account Title of Security Date of Transaction Nature of Transaction Type of Transaction Quantity Price Glenview Capital Master Fund Common Stock 08/28/2024 Purchase Private Transaction 372,038 (1) $0.9751 Glenview Offshore Opportunity Master Fund Common Stock 08/28/2024 Purchase Private Transaction 533,526 (1) $0.9751 Glenview Healthcare Master Fund Common Stock 08/28/2024 Purchase Private Transaction 46,713 (1) $0.9751 Glenview Capital Master Fund Common Stock 08/28/2024 Purchase Open Market 115,123 $0.9937 (2) Glenview Offshore Opportunity Master Fund Common Stock 08/28/2024 Purchase Open Market 165,095 $0.9937 (2) Glenview Healthcare Master Fund Common Stock 08/28/2024 Purchase Open Market 14,455 $0.9937 (2) Glenview Capital Master Fund Common Stock 08/29/2024 Purchase Open Market 167,962 $1.0746 (3) Glenview Offshore Opportunity Master Fund Common Stock 08/29/2024 Purchase Open Market 240,868 $1.0746 (3) Glenview Healthcare Master Fund Common Stock 08/29/2024 Purchase Open Market 21,089 $1.0746 (3) Glenview Capital Master Fund Common Stock 08/30/2024 Purchase Open Market 95,629 $1.0714 (4) Glenview Offshore Opportunity Master Fund Common Stock 08/30/2024 Purchase Open Market 137,137 $1.0714

View Full Filing

View this SC 13D/A filing on SEC EDGAR