Scopia Capital Management LP Amends Harmonic Inc. Filing

TL;DR

Scopia Capital Management LP just updated their stake in Harmonic Inc. (HLIT) - watch this space.

AI Summary

On July 12, 2024, Scopia Capital Management LP filed an amendment to its Schedule 13D, reporting a change in its beneficial ownership of Harmonic Inc. The filing indicates a shift in Scopia's stake, though specific new percentage or share counts are not detailed in this excerpt. This amendment updates previous filings regarding their investment in Harmonic Inc.

Why It Matters

This filing signals a potential change in a significant investor's position in Harmonic Inc., which could influence market perception and stock price.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate shifts in investor strategy, potentially impacting stock price and requiring further investigation.

Key Players & Entities

• Scopia Capital Management LP (company) — Filing entity
• Harmonic Inc (company) — Subject company
• 4300 NORTH FIRST STREET, SAN JOSE, CA 95134 (address) — Harmonic Inc. business address
• 152 WEST 57TH STREET, 33RD FLOOR, NEW YORK, NY 10019 (address) — Scopia Capital Management LP business address

FAQ

Key Financial Figures

• $0.001 — Inc. (Name of Issuer) Common Stock, $0.001 par value per share (Title of Class o
• $37,490,471 — he Investment Vehicles is approximately $37,490,471, including brokerage commissions. Item
• $11.43 — Shares, which have a reference price of $11.43 and an expiration date of August 6, 202

Filing Documents

• sc13da106777023_07122024.htm (SC 13D/A) — 140KB
• 0000921895-24-001557.txt ( ) — 142KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended

Item 3 is hereby amended and restated to read as follows: The Shares reported herein were purchased with the working capital of the Investment Vehicles (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 3,888,834 Shares held in the aggregate by the Investment Vehicles is approximately $37,490,471, including brokerage commissions.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a), (c) and (e) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by each person named herein is based upon 116,542,186 Shares outstanding as of April 29, 2024, which is the total number of Shares outstanding as reported in the Issuer’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 2, 2024. As of the date hereof, each of Scopia Capital, Scopia Management and Messrs. Sirovich and Mindich may be deemed to beneficially own the 3,888,834 Shares, constituting approximately 3.3% of the Shares outstanding, held in the aggregate by the Investment Vehicles. The Investment Vehicles have delegated to Scopia Capital sole voting and investment power over the securities held by the Investment Vehicles pursuant to their respective Investment Management Agreements with Scopia Capital. As a result, each of Scopia Capital, Scopia Management, as the general partner of Scopia Capital, and Messrs. Sirovich and Mindich, as Managing Directors of Scopia Management, may be deemed to exercise voting and investment power over the Shares directly held by the Investment Vehicles. The Investment Vehicles specifically disclaim beneficial ownership of the securities of the Issuer directly held by them by virtue of their inability to vote or dispose of such securities as a result of their respective Investment Management Agreements with Scopia Capital. (c) Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons (on behalf of the Investment Vehicles) during the past 60 days. All of such transactions were effected in the open market unless otherwise noted therein. (e) As of June 4, 2024, the Reporting Persons ceased to be the beneficial owners of more than 5% of the Shares of the Issuer.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer .

is hereby amended

Item 6 is hereby amended to amend and restate the first paragraph of Item 6 of the initial Schedule 13D with the following: 6 CUSIP No. 413160102 Scopia Capital (on behalf of the Investment Vehicles) has entered into certain cash-settled total return swap agreements with Morgan Stanley Capital Services LLC (“Morgan Stanley”) as the counterparty (the “Swap Agreements”). The swaps with Morgan Stanley constitute economic exposure to an aggregate of 243,533 notional Shares, representing less than 1% of the outstanding Shares, which have a reference price of $11.43 and an expiration date of August 6, 2025. The Swap Agreements provide Scopia Capital with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreements (such shares, the “Subject Shares”). Taking into account the Subject Shares, Scopia Capital has economic exposure to an aggregate of 4,132,367 Shares, representing approximately 3.5% of the outstanding Shares. Scopia Capital and the other Reporting Persons disclaim beneficial ownership of the Subject Shares. 7 CUSIP No. 413160102

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: July 12, 2024 SCOPIA CAPITAL MANAGEMENT LP By: Scopia Management, Inc. General Partner By: /s/ Matthew Sirovich Name: Matthew Sirovich Title: Managing Director SCOPIA MANAGEMENT, INC. By: /s/ Matthew Sirovich Name: Matthew Sirovich Title: Managing Director /s/ Matthew Sirovich MATTHEW SIROVICH /s/ Jeremy Mindich JEREMY MINDICH 8 CUSIP No. 413160102 SCHEDULE A Transactions in the Securities of the Issuer During the Past 60 Days Nature of the Transaction Amount of Securities Purchased/(Sold) Price Per Share ($) Date of Purchase/Sale SCOPIA CAPITAL MANAGEMENT LP (On Behalf of the Investment Vehicles) Sale of Common Stock (24,612) 11.9403 05/29/2024 Sale of Common Stock (15,803) 11.9750 05/29/2024 Sale of Common Stock (107,344) 12.0528 05/30/2024 Sale of Common Stock (50,000) 12.1969 05/31/2024 Sale of Common Stock (95,219) 12.2063 05/31/2024 Sale of Common Stock (66,384) 12.2968 06/03/2024 Sale of Common Stock (10,504) 11.9082 06/04/2024 Sale of Common Stock (25,000) 12.0701 06/04/2024 Sale of Common Stock (48,500) 11.5439 06/26/2024 Sale of Common Stock (43,839) 11.5828 06/26/2024 Sale of Common Stock (42,174) 11.6294 06/27/2024 Sale of Common Stock (32,657) 11.6572 06/27/2024 Sale of Common Stock (35,250) 11.8262 06/28/2024 Purchase of Common Stock 37,701 11.8470 07/01/2024 Sale of Common Stock (9,118) 11.8731 07/01/2024 Purchase of Common Stock 23,085 11.8454 07/02/2024 Purchase of Common Stock 10,000 11.8750 07/02/2024 Purchase of Common Stock 2,188 11.8500 07/03/2024 Purchase of Common Stock 10,000 11.8650 07/03/2024 Sale of Common Stock (3,084) 12.0062 07/03/2024 Sale of Common Stock (8,400) 12.0098 07/08/202

View Full Filing

View this SC 13D/A filing on SEC EDGAR