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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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )*
Clene, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
185634102
(CUSIP Number)
June 21, 2023
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| ☐ | Rule 13d-1(b) |
| þ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required in 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).
| 1. | NAMES OF REPORTING PERSONS
Vivo Opportunity Fund Holdings, L.P. |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐ (b) þ |
| 3. | SEC USE ONLY
|
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5. | SOLE VOTING POWER
17,737,800 (1)(2) |
| 6. | SHARED VOTING POWER
0 | |
| 7. | SOLE DISPOSITIVE POWER
17,737,800 (1)(2) | |
| 8. | SHARED DISPOSITIVE POWER
0 |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,737,800 (1)(2) |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
|
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99% (2) |
| 12. | TYPE OF REPORTING PERSON
PN |
| (1) | The number represents (i) 5,237,800 shares of common stock, par value $0.0001 per share (the “Common Stock”) of Clene, Inc. (the “Issuer”) as of June 27, 2023, (ii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche A Warrants that are exercisable within 60 days of this Statement, and (iii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche B Warrants that are exercisable within 60 days of this Statement, based on 128,397,489 shares of the Issuer’s Common Stock issued and outstanding, on an as-adjusted basis to give effect to the issuance of 50,000,000 shares of Common Stock in the Issuer’s public offering through the prospectus supplement filed pursuant to Rule 424(b)(5), filed with the Securities and Exchange Commission on June 16, 2023, and the accompanying prospectus dated April 26, 2022. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. |
| (2) | The Tranche A Warrants and Tranche B Warrants contain provisions preventing the Warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer’s voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon exercise of the Tranche A Warrant and Tranche B Warrant in full, and do not give effect to the blocking provisions. |
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| 1. | NAMES OF REPORTING PERSONS
Vivo Opportunity, LLC |
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐ (b) þ |
| 3. | SEC USE ONLY
|
| 4. | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5. | SOLE VOTING POWER
17,737,800 (1)(2) |
| 6. | SHARED VOTING POWER
0 | |
| 7. | SOLE DISPOSITIVE POWER
17,737,800 (1)(2) | |
| 8. | SHARED DISPOSITIVE POWER
0 |
| 9. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,737,800 (1)(2) |
| 10. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
|
| 11. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99% (2) |
| 12. | TYPE OF REPORTING PERSON
OO |
| (1) | The number represents (i) 5,237,800 shares of Common Stock of the Issuer, (ii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche A Warrants that are exercisable within 60 days of this Statement, and (iii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche B Warrants that are exercisable within 60 days of this Statement, based on 128,397,489 shares of the Issuer’s Common Stock issued and outstanding, on an as-adjusted basis to give effect to the issuance of 50,000,000 shares of Common Stock in the Issuer’s public offering through the prospectus supplement filed pursuant to Rule 424(b)(5), filed with the Securities and Exchange Commission on June 16, 2023, and the accompanying prospectus dated April 26, 2022. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. |
| (2) | The Tranche A Warrants and Tranche B Warrants contain provisions preventing the Warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer’s voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon exercise of the Tranche A Warrant and Tranche B Warrant in full, and do not give effect to the blocking provisions. |
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| Item 1. | Issuer |
| (a) | Name of Issuer: | |
| Clene, Inc. (the “Issuer”) | ||
| (b) | Address of Issuer’s Principal Executive Offices: | |
| 6550 South Millrock Drive, Suite G50 Salt Lake City, Utah |
| Item 2. | Filing Person |
| (a) – (c) | Name of Persons Filing; Address; Citizenship: | ||
| (i) | Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and | ||
(ii) |
Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. |
||
| The address of the principal business office of the Reporting Persons is 192 Lytton Avenue, Palo Alto, CA 94301. | |||
| (d) | Title of Class of Securities: | ||
| Common Stock, par value $0.0001 per share (“Common Stock”). | |||
| (e) | CUSIP Number: | ||
| 185634102 | |||
| 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) | ☐ | An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); | |
| (g) | ☐ | A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); | |
| (h) | ☐ | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | ☐ | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940; | |
| (j) | ☐ | A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J); | |
| (k) | ☐ | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: | |
| If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: | |||
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| Item 4. | Ownership. |
| (a) and (b) | Amount beneficially owned: | |
| The information set forth in rows 5 through 11 of the cover pages is incorporated by reference into this Item 4. | ||
| The shares reported in this Schedule 13G include (i) 5,237,800 shares of Common Stock of the Issuer, (ii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche A Warrants that are exercisable within 60 days of this Statement, and (iii) 6,250,000 shares of Common Stock issuable upon exercise of Tranche B Warrants that are exercisable within 60 days of this Statement. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. | ||
| The Tranche A Warrants and Tranche B Warrants contain provisions preventing the Warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer’s voting securities. However, the amounts reported in this Item 4 represent the number of shares of Common Stock that would be exer cisable upon exercise of the Tranche A Warrants and Tranche B Warrants in full, and do not give effect to the blocking provisions. | ||
| (c) | Number of shares as to which such person has: |
| Reporting Person | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Percentage of Common Stock Outstanding | |||||||||||||||
| Vivo Opportunity Fund Holdings, L.P. | 17,737,800 | 0 | 17,737,800 | 0 | 9.99 | %* | ||||||||||||||
| Vivo Opportunity, LLC | 17,737,800 | 0 | 17,737,800 | 0 | 9.99 | %* | ||||||||||||||
| * | The percent of class was based on 128,397,489 shares of the Issuer’s Common Stock issued and outstanding on an as-adjusted basis to give effect to the issuance of 50,000,000 shares of Common Stock in the Issuer’s public offering through the prospectus supplement filed pursuant to Rule 424(b)(5), filed with the Securities and Exchange Commission on June 16, 2023, and the accompanying prospectus dated April 26, 2022, plus the shares of Common Stock exercisable upon exercise of Tranche A Warrants and Tranche B warrants, after giving effect to the blocking provisions described above, which prevent the Reporting Persons from exercising the Tranche A Warrants and the Trance B Warrants in excess of 9.99% of the Issuer’s voting securities. |
| Item 5. | Ownership of Five Percent or Less of a Class. |
Not applicable.
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. |
Not applicable.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
Not applicable.
| Item 8. | Identification and Classification of Members of the Group. |
Not applicable.
| Item 9. | Notice of Dissolution of Group. |
Not applicable.
| Item 10. | Certification. |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: June 28, 2023
| VIVO OPPORTUNITY FUND HOLDINGS, L.P, | ||
By: |
Vivo Opportunity, LLC |
|
| Its: | General Partner | |
| /s/ Gaurav Aggarwal | ||
| Name: | Gaurav Aggarwal | |
| Title: | Managing Member | |
|
|
||
| VIVO OPPORTUNITY, LLC | ||
| /s/ Gaurav Aggarwal | ||
| Name: | Gaurav Aggarwal | |
| Title: | Managing Member | |
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EXHIBIT INDEX
Exhibit
| 99.1 | Joint Filing Statement |
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