Sec Form 13D Filing - Caligan Partners LP filing for Anika Therapeutics Inc. (ANIK) - 2024-03-06

Insider filing report for Changes in Beneficial Ownership

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SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
 
Under the Securities Exchange Act of 1934
(Amendment No. 2)
 

Anika Therapeutics, Inc.

(Name of Issuer)
 

Common Stock, par value $0.01 per share

(Title of Class of Securities)
 

035255108

(CUSIP Number)
 
David Johnson
Caligan Partners LP
515 Madison Avenue, 8th Floor
New York, NY 10022
(646) 859-8204
 
Eleazer Klein, Esq.
Adriana Schwartz, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022

(212) 756-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

March 4, 2024

(Date of Event Which Requires Filing of This Statement)
 

 

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 Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]

 

(Page 1 of 10 Pages)

______________________________

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 (the “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).

 

CUSIP No. 035255108SCHEDULE 13D/APage 2 of 10 Pages

 

1

NAME OF REPORTING PERSON

Caligan Partners LP

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

1,423,493 shares of Common Stock

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

1,423,493 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

1,423,493 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.7 %

14

TYPE OF REPORTING PERSON

IA, PN

         

 

 

CUSIP No. 035255108SCHEDULE 13D/APage 3 of 10 Pages

 

 

1

NAME OF REPORTING PERSON

David Johnson

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

1,423,493 shares of Common Stock

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

1,423,493 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

1,423,493 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.7%

14

TYPE OF REPORTING PERSON

IN

         

 

 

 

 

CUSIP No. 035255108SCHEDULE 13D/APage 4 of 10 Pages

 

 

1

NAME OF REPORTING PERSON

William Jellison

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
3 SEC USE ONLY
4

SOURCE OF FUNDS

OO

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

2,700 shares of Common Stock

8

SHARED VOTING POWER

-0-

9

SOLE DISPOSITIVE POWER

2,700 shares of Common Stock

10

SHARED DISPOSITIVE POWER

-0-

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

2,700 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

<0.1%

14

TYPE OF REPORTING PERSON

IN

         

 

CUSIP No. 035255108SCHEDULE 13D/APage 5 of 10 Pages

 

 

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in the Schedule 13D.

 

Item 2. IDENTITY AND BACKGROUND

 

Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:

 

(a) This statement is filed by:
   
  (i) Caligan Partners LP, a Delaware limited partnership (“Caligan”), which serves indirectly as the investment manager to Caligan Partners Master Fund LP, a Cayman Islands limited partnership (the “Caligan Fund”), and managed accounts (the “Caligan Accounts”), with respect to the shares of Common Stock held by the Caligan Fund and the Caligan Accounts;
   
  (ii) David Johnson, the Managing Partner of Caligan and Managing Member of Caligan Partners GP LLC, the general partner of Caligan (“Mr. Johnson”, together with Caligan and Caligan Partners GP, LLC, the “Caligan Parties”), with respect to the shares of Common Stock held by the Caligan Fund and the Caligan Accounts; and
   
  (iii) William Jellison (“Mr. Jellison”) with respect to the shares of Common Stock held directly by him.
   
  Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”
   
(b) The principal business address of each of the Reporting Persons is 515 Madison Avenue, 8th Floor, New York, New York 10022.
   
(c) The principal business of each of the Caligan Parties is investment management. The principal occupation of Mr. Jellison is as a corporate director.
   
(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.

 

CUSIP No. 035255108SCHEDULE 13D/APage 6 of 10 Pages

 

 

(f) Caligan is a Delaware limited partnership.  Mr. Johnson is a United States citizen.  Caligan Partners GP LLC is a Delaware limited liability company. Mr. Jellison is a United States citizen.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

 

Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows:

 

  The Caligan Parties used a total of approximately $33,228,745 (excluding brokerage commissions) to acquire the shares of Common Stock held by the Caligan Fund and Caligan Accounts.  The source of the funds used to acquire the shares of Common Stock reported herein as beneficially owned by the Caligan Parties was the working capital of the Caligan Fund and the Caligan Accounts.
   
  Mr. Jellison used a total of approximately $70,351 to acquire the shares of Common Stock reported herein as beneficially owned by him was derived from his personal account.
   
Item 4. PURPOSE OF TRANSACTION

 

Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:

 

  Caligan believes the Issuer’s securities are significantly undervalued and represent a compelling investment opportunity.  On March 6, 2024, the Caligan Fund submitted to the Issuer a notice of its intention to nominate (“Nomination Notice”) two individuals – Messrs. Johnson and Jellison (collectively, the “Nominees”) – for election to the Board in connection with the Issuer’s 2024 annual meeting of stockholders.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
Items 5 (a)-(d) of the Schedule 13D are hereby amended and restated as follows:
   
(a) See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of and percentages of the shares of Common Stock beneficially owned by each Reporting Person.  The percentages set forth in this Schedule 13D are based upon 14,640,886 shares of Common Stock outstanding as of October 26, 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 3, 2023.
     
    By virtue of the Nominee Agreement (as defined in Item 6 of this Amendment No. 2), the Reporting Persons may be deemed to have formed a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the “group” may be deemed to beneficially own an aggregate of 1,426,193 shares of Common Stock, representing approximately 9.7% of the outstanding shares of Common Stock. Each of the Reporting Persons expressly disclaims beneficial ownership of the shares of Common Stock beneficially owned by the other Reporting Persons.

 

 

CUSIP No. 035255108SCHEDULE 13D/APage 7 of 10 Pages

 

 

(b) See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
   
(c) Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty (60) days is set forth in Annex A hereto and is incorporated herein by reference. All of the transactions in the shares of Common Stock listed therein were effected in the open market through various brokerage entities.
   
(d) No person (other than the Reporting Persons, the Caligan Fund and the Caligan Accounts) is 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 herein.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

 

Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following:

 

  The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule 13D and any amendments thereto.  A copy of such agreement is attached as Exhibit 99.2 to this Schedule 13D and is incorporated by reference herein.
   
  Caligan entered into an agreement with Mr. Jellison (the “Nominee Agreement”) pursuant to which Caligan has agreed to defend and indemnify Mr. Jellison against, and with respect to, any losses that may be incurred by him in the event he becomes a party to litigation based on his nomination as a candidate for election to the Board and the solicitation of proxies in support of his election.  Mr. Jellison received compensation under the Nominee Agreement in the amount of $50,000 and will receive an additional $50,000 within five business days of the submission of the Nomination Notice, the after-tax proceeds of both of such payments of which he agreed to reinvest in the purchase of shares of Common Stock following the submission of the Nomination Notice but was satisfied by the purchases of Common Stock represented in Annex A of this Amendment No. 2.
   
  This description of the Nominee Agreement is qualified in its entirety by reference to the full text of the Nominee Agreement, the form of which is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

 

 

CUSIP No. 035255108SCHEDULE 13D/APage 8 of 10 Pages

  

   
Item 7. MATERIAL TO BE FILED AS EXHIBITS  
     
Item 7 is hereby amended and supplemented by the addition of the following:  
     
Exhibit 99.2:

Joint Filing Agreement.

 

 
Exhibit 99.3: Form of Nominee Agreement.  
       

 

 

CUSIP No. 035255108SCHEDULE 13D/APage 9 of 10 Pages

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: March 6, 2024

   
  CALIGAN PARTNERS LP
     
     
  By: /s/ David Johnson
  Name:   David Johnson
  Title: Managing Partner
   
   
  /s/ David Johnson
  DAVID JOHNSON
   
  /s/ William Jellison
  WILLIAM JELLISON

 

CUSIP No. 035255108SCHEDULE 13D/APage 10 of 10 Pages

ANNEX A

 

Transactions in the Shares of the Issuer During the Past Sixty (60) Days

 

The following table sets forth all transactions in the shares of Common Stock reported herein effected during the past sixty (60) days. Except as noted below, all such transactions were effected by the Reporting Persons in the open market through brokers and the price per share excludes commissions. Where a price range is provided in the column titled “Price Range ($)”, the price reported in the column titled “Price Per Share ($)” is a weighted average price. These shares of Common Stock were sold or purchased in multiple transactions at prices between the price ranges indicated in the column titled “Price Range ($)”. The Reporting Persons will undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares of Common Stock sold or purchased at each separate price.

 

Caligan Fund and Caligan Accounts

 

< td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/01/2024
Trade Date Shares Purchased (Sold) Price Per Share ($) Price Range ($)
       
600 23.175 22.95-23.58
02/02/2024 6,777 23.188 22.95-23.77
02/05/2024 3,334 23.0713 22.82-23.62
02/13/2024 2,227 23.1819 23.09-23.99
02/16/2024 2,062 24.4922 24.05-24.87
02/21/2024 14,000 24.3873 23.75-24.71
02/22/2024 20,451 24.9053 24.16-25.16
02/22/2024 4,549 25.1957 25.165-25.26
02/22/2024 (130,000) 25.00  
02/23/2024 5,692 25.1628 24.61-25.5978
02/23/2024 19,308 25.9525 25.615-26.24
02/26/2024 85,726 25.8096 25.225-26.00
02/27/2024 10,200* 25.26  
02/27/2024 93,274 25.3501 24.74-25.66
02/27/2024 (10,200)* 25.26  
02/28/2024 17,500 25.0622 24.78-25.125
03/04/2024 23,266 25.5873 25.15-26.00
03/05/2024 103,467 26.4453 25.89-26.60
03/06/2024 69,900 27.1275 26.54-27.34
       

* Represents a rebalancing transaction between the Caligan Fund and the Caligan Accounts.

 

Mr. Jellison

 

Trade Date Shares Purchased (Sold) Price Per Share ($) Price Range ($)
       
03/05/2024 2,700 26.0560 26.00-26.15