Rubric Capital Divests Entire LendingClub Stake

TL;DR

**Rubric Capital dumped all its LendingClub shares.**

AI Summary

Rubric Capital Management LP, a Delaware-based investment firm, has filed an amended SC 13G/A for LendingClub Corp, indicating they no longer beneficially own any shares as of December 31, 2023. This update shows a complete divestment from LendingClub, as their sole and shared voting and dispositive powers are now zero. This matters to investors because a significant institutional holder has exited their position, which could signal a lack of confidence in LendingClub's future performance or a reallocation of capital elsewhere.

Why It Matters

This filing shows a major institutional investor has completely sold off their shares in LendingClub, which could be interpreted as a bearish signal by other investors.

Risk Assessment

Risk Level: medium — The complete divestment by an institutional investor could indicate underlying concerns about the company's prospects, increasing investment risk.

Analyst Insight

A smart investor would investigate the reasons behind Rubric Capital's complete divestment from LendingClub Corp, potentially reviewing LendingClub's recent financial performance and outlook before making any investment decisions.

Key Numbers

• 0 — Sole Voting Power (Rubric Capital Management LP now holds zero shares with sole voting power in LendingClub Corp.)
• 0 — Shared Voting Power (Rubric Capital Management LP now holds zero shares with shared voting power in LendingClub Corp.)
• 0 — Sole Dispositive Power (Rubric Capital Management LP now holds zero shares with sole dispositive power in LendingClub Corp.)
• 0 — Shared Dispositive Power (Rubric Capital Management LP now holds zero shares with shared dispositive power in LendingClub Corp.)
• 0 — Aggregate Amount Beneficially Owned (Rubric Capital Management LP's total beneficial ownership in LendingClub Corp. is now zero.)

Key Players & Entities

• Rubric Capital Management LP (company) — the reporting person that has divested shares
• LendingClub Corp (company) — the subject company whose shares were divested
• December 31, 2023 (date) — the date of the event requiring the filing
• Delaware (company) — state of organization for Rubric Capital Management LP

Forward-Looking Statements

• LendingClub's stock price may experience downward pressure due to the institutional divestment. (LendingClub Corp) — medium confidence, target: Q1 2024
• Other institutional investors might re-evaluate their positions in LendingClub following Rubric Capital's exit. (LendingClub Corp) — low confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — OF CLASS OF SECURITIES: Common stock, $0.01 par value per share (the " Common

Filing Documents

• tm245464d12_sc13ga.htm (SC 13G/A) — 76KB
• 0001104659-24-013557.txt ( ) — 78KB

(a)

Item 1(a). NAME OF ISSUER: The name of the issuer is LendingClub Corporation (the " Issuer ").

(b)

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Issuer's principal executive offices are located at 595 Market Street, Suite 200, San Francisco, CA 94105.

(a)

Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Rubric Capital Management LP (" Rubric Capital "), the investment adviser to certain investment funds and/or accounts (collectively, the " Rubric Funds ") that held the shares of Common Stock (as defined in Item 2(d) below) reported herein; and (ii) David Rosen (" Mr. Rosen "), Managing Member of Rubric Capital Management GP LLC, the general partner of Rubric Capital. The foregoing persons are hereinafter sometimes collectively referred to as the " Reporting Persons ." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares reported herein.

(b)

Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the principal business office of each of the Reporting Persons is 155 East 44th St, Suite 1630, New York, NY 10017.

(c)

Item 2(c). CITIZENSHIP: Rubric Capital is a Delaware limited partnership. Mr. Rosen is a citizen of the United States of America.

(d)

Item 2(d). TITLE OF CLASS OF SECURITIES: Common stock, $0.01 par value per share (the " Common Stock ").

(e)

Item 2(e). CUSIP NUMBER: 52603A208 CUSIP No. 52603A208 13G/A Page 5 of 7 Pages Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) Broker or dealer registered under Section 15 of the Act, (b) Bank as defined in Section 3(a)(6) of the Act, (c) Insurance Company as defined in Section 3(a)(19) of the Act, (d) Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F), (g) Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), (h) Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: ______________________ Item 4. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. Item 5. If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following: Item 6. Not applicable. Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not applicable. CUSIP No. 52603A208

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATED: February 12, 2024 RUBRIC CAPITAL MANAGEMENT LP By: /s/ Michael Nachmani Name: Michael Nachmani Title: Chief Operating Officer /s/ David Rosen DAVID ROSEN

View Full Filing

View this SC 13G/A filing on SEC EDGAR