Rubric Capital Discloses 5.68M Shares in Trevi Therapeutics
Ticker: TRVI · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 1563880
Complexity: simple
Sentiment: bullish
Topics: institutional-ownership, amendment, equity-stake
TL;DR
**Rubric Capital owns 5.68M shares of Trevi Therapeutics, a big institutional bet.**
AI Summary
Rubric Capital Management LP, an investment firm based in New York, filed an amended SC 13G/A on February 12, 2024, disclosing its ownership in Trevi Therapeutics, Inc. As of December 31, 2023, Rubric Capital beneficially owned 5,684,420 shares of Trevi Therapeutics' Common Stock, representing a significant stake with shared voting and dispositive power. This filing indicates a notable position by an institutional investor, which could signal confidence in Trevi Therapeutics' future prospects.
Why It Matters
This filing shows a major institutional investor, Rubric Capital Management LP, holds a substantial stake in Trevi Therapeutics, which can be seen as a vote of confidence in the company's value and future performance.
Risk Assessment
Risk Level: low — This filing indicates an institutional investor's position, which generally adds stability and confidence rather than risk.
Analyst Insight
An investor might view Rubric Capital's substantial stake as a positive signal, suggesting confidence in Trevi Therapeutics' long-term value, and could consider further research into the company's fundamentals.
Key Numbers
- 5,684,420 shares — Common Stock owned (represents the total number of shares of Trevi Therapeutics, Inc. beneficially owned by Rubric Capital Management LP with shared voting and dispositive power as of December 31, 2023)
- December 31, 2023 — Date of event (the date as of which the ownership stake was determined for this filing)
- February 12, 2024 — Filing Date (the date this amended SC 13G/A was filed with the SEC)
- $0.001 — par value per share (the stated par value of Trevi Therapeutics, Inc. Common Stock)
Key Players & Entities
- Rubric Capital Management LP (company) — the reporting person and investment firm
- Trevi Therapeutics, Inc. (company) — the subject company whose shares are being reported
- David Rosen (person) — listed as a group member
- State of Delaware (company) — place of organization for Rubric Capital Management LP
- New York (company) — city where Rubric Capital Management LP is located
Forward-Looking Statements
- Rubric Capital Management LP will maintain a significant stake in Trevi Therapeutics, Inc. for the foreseeable future. (Rubric Capital Management LP) — medium confidence, target: December 31, 2024
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is Rubric Capital Management LP, an investment firm based in New York, as stated on page 2 of the filing.
What is the subject company whose shares are being reported?
The subject company is Trevi Therapeutics, Inc., with a CUSIP Number of 89532M101, as identified on page 1 of the filing.
How many shares of Trevi Therapeutics, Inc. Common Stock does Rubric Capital Management LP beneficially own?
Rubric Capital Management LP beneficially owns 5,684,420 shares of Common Stock, with shared voting and dispositive power, as detailed on page 2 of the filing.
What was the date of the event that required the filing of this statement?
The date of the event which required the filing of this statement was December 31, 2023, as specified on page 1 of the filing.
Under which rule was this Schedule 13G filed?
This Schedule 13G was filed under Rule 13d-1(b), as indicated by the checked box on page 1 of the filing.
Filing Stats: 1,274 words · 5 min read · ~4 pages · Grade level 10.7 · Accepted 2024-02-12 06:06:37
Key Financial Figures
- $0.001 — OF CLASS OF SECURITIES: Common stock, $0.001 par value per share (the " Common
Filing Documents
- tm245464d20_sc13ga.htm (SC 13G/A) — 68KB
- 0001104659-24-013565.txt ( ) — 69KB
(a)
Item 1(a). NAME OF ISSUER: The name of the issuer is Trevi Therapeutics, Inc. (the " Issuer ").
(b)
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Issuer's principal executive offices are located at 195 Church Street, 14 th Floor, New Haven, CT, 06510.
(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 hold 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, $0.001 par value per share (the " Common Stock ").
(e)
Item 2(e). CUSIP NUMBER: 89532M101 CUSIP No. 89532M101 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. The percentage set forth in Row (11) of the cover page for each of the Reporting Persons is based on the 63,857,622 shares of Common Stock outstanding as of November 9, 2023, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed with the Securities and Exchange Commission on November 9, 2023. Item 5. Not applicable. Item 6.
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