Sec Form 13D Filing - Avenue Venture Opportunities Fund, L.P. filing for - 2025-06-03

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Aggregate amount owned includes 12,247 shares of common stock held directly by Reporting Person and 2,380,952 shares of common stock issuable upon conversion of a loan to Issuer in the principal amount of $4.0 million. Such loan is convertible at any time at lender's option at a per share conversion price of $1.68. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Aggregate amount owned includes 18,371 shares of common stock held directly by Reporting Person and 3,571,428 shares of common stock issuable upon conversion of a loan to Issuer in the principal amount of $6.0 million. Such loan is convertible at any time at lender's option at a per share conversion price of $1.68. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Avenue Capital Management II, L.P. is a registered investment adviser and is the manager ("Manager") of each of Avenue Venture Opportunities Fund, L.P. ("Fund") and Avenue Venture Opportunities Fund II, L.P. ("Fund II", and with Fund, the "Funds"). The general partner of each of Fund and Fund II has delegated all management authority to Manager and therefore, Manager has sole voting and dispositive power over all securities of Issuer held by the Funds but disclaims beneficial ownership thereof except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Common Stock of Issuer outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Avenue Venture Opportunities Partners, LLC ("AVOP") is the general partner of Fund. AVOP has delegated voting and dispositive power over securities held by Fund to Manager and disclaims beneficial ownership of securities held by Fund, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Avenue Venture Opportunities Partners II, LLC ("AVOPII") is the general partner of Fund II. AVOPII has delegated voting and dispositive power over securities held by Fund II to Manager and disclaims beneficial ownership of securities held by Fund II, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) GL Venture Opportunities Partners, LLC ("GLVOP") is the managing member of AVOP, the general partner of Fund. GLVOP has no voting or dispositive power over securities held by Fund and disclaims beneficial ownership of securities held by Fund, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) GL Venture Opportunities Partners II, LLC ("GLVOPII") is the managing member of AVOPII, the general partner of Fund II. GLVOPII has no voting or dispositive power over securities held by Fund II and disclaims beneficial ownership of securities held by Fund II, except to the extent of its pecuniary interest, if any, therein. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D



Comment for Type of Reporting Person:
(1) Marc Lasry is the beneficial owner of GLVOP and GLVOPII and therefore, is the ultimate beneficial owner of the Funds. Mr. Lasry does not have voting or dispositive power over securities held by the Funds. As more fully described in Item 5, ownership is limited to the 9.99% blocker, and the percentage set forth in row (13) gives effect to such blocker. The securities reported in rows (8), (10) and (11) show the number of shares of common stock that would be issuable upon full conversion of the loan and do not give effect to such blocker. Therefore, the actual number of shares of common stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (8), (10) and (11). (2) Percent of class is based on 8,813,546 shares of Issuer's common stock outstanding as of April 11, 2025.


SCHEDULE 13D

 
Avenue Venture Opportunities Fund, L.P.
 Date:
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member, GL Venture Opportunities Partners LLC, Man. Member Avenue Venture Opportunities Partners LLC, Gen. Ptnr.
06/03/2025
 
Avenue Venture Opportunities Fund II, L.P.
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member GL Venture Opportunities Partners II LLC, Man. Mbr Avenue Venture Opportunities Partners II LLC, Gen. Ptnr.
Date:06/03/2025
 
Avenue Capital Management II, L.P.
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member of Avenue Capital Management II GenPar, LLC, General Partner
Date:06/03/2025
 
Avenue Venture Opportunities Partners, LLC
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member of GL Venture Opportunities Partners, LLC, Managing Member
Date:06/03/2025
 
Avenue Venture Opportunities Partners II, LLC
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member of GL Venture Opportunities Partners II, LLC, Managing Member
Date:06/03/2025
 
GL Venture Opportunities Partners, LLC
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member
Date:06/03/2025
 
GL Venture Opportunities Partners II, LLC
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry, Member
Date:06/03/2025
 
Marc Lasry
 
Signature:/s/ Andrew Schinder
Name/Title:Andrew Schinder POA for Marc Lasry
Date:06/03/2025
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