Sec Form 13D Filing - L-5 Healthcare Partners LLC filing for ALPHATEC HOLDINGS INC (ATEC) - 2024-03-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

Alphatec Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

02081G102

(CUSIP Number)

Jeffrey Wade

c/o LS Power Development, LLC

1700 Broadway, 35^th Floor

New York, New York 10019

212-547-2914

With a copy to:

Adam M. Turteltaub

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

212-728-8129

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

March 20, 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 which is the subject of this statement on Schedule 13D (this “Schedule 13D”), and is filing this Schedule 13D because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

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).

SCHEDULE 13D

SCHEDULE 13D

The Schedule 13D filed with the Securities and Exchange Commission on March 16, 2018 (as previously amended, the “Schedule 13D”) by (i) L-5 Healthcare Partners, LLC, a Delaware limited liability company (“L-5”), and (ii) Paul Segal, an individual with United States citizenship (collectively, the “Reporting Persons”), with respect to the common stock, par value $0.0001 per share (the “Common Stock”), of Alphatec Holdings, Inc., a Delaware corporation (the “Issuer”), is hereby amended to furnish the additional information set forth herein. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.

Item 5. Interest in Securities of the Issuer.

Item 5 of the Schedule 13D is hereby amended and restated as follows:

(a) and (b) The information contained on the cover pages to this Schedule 13D and Item 3 is incorporated herein by reference

The aggregate percentage of Common Stock reported owned by each person named herein is based upon 137,979,126 shares of Common Stock outstanding as of February 19, 2024, which is the total number of shares of Common Stock outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024.

L-5 directly holds 11,081,538 shares of Common Stock reported in this Schedule 13D. As a result of his relationship with L-5, Paul Segal may be deemed the beneficial owner of all such shares of Common Stock. Mr. Segal, however, disclaims beneficial ownership of such shares, except to the extent of his indirect pecuniary interest therein.

(c) The equity collar transactions consist of a purchased put option and a sold call option (each, a “Collar Transaction”), pursuant to Share Collar Transactions Confirmations (each, a “Collar Confirmations”) substantially in the form of Exhibit 7(q) with JPMorgan Chase Bank, National Association and JPMorgan Chase Bank, National Association, as collateral agent (together, “JPM”). The Collar Transactions cover an aggregate of 1,500,000 shares of Class A Common Stock and expire May 20, 2025. The Collar Transactions have a put strike price of $12.7875 and a call strike price of $15.0972. The Collar Transactions will be settled in cash unless L-5 elects physical settlement, in which case it expects to exchange Pledged Units to JPM (as defined below) sufficient to satisfy its obligations under the Collar Transactions.

In connection with the Collar Transactions, L-5 received an advance of $17,725,000 and pledged, in aggregate, 1,500,000 shares of Common Stock (the “Pledged Units”).

The foregoing description of the Collar Transactions does not purport to be complete and is qualified in its entirety by reference to the full text of the Collar Confirmations, the form of which is filed as Exhibit 7(q) hereto, and incorporated herein by reference.

(d) Not applicable.

(e) Not applicable.

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

See the descriptions of the Collar Transactions in Item 5(c), which are incorporated by reference into this Item 6.

Item 7. Material to Be Filed as Exhibits

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this Schedule 13D is true, complete and correct.

Dated: March 22, 2024