UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 10)1
Arcturus Therapeutics Ltd.
(Name of Issuer)
Ordinary Shares, par value of NIS 0.01
(Title of Class of Securities)
M1492T105
(CUSIP Number)
Amir Efrati
Brosh Capital Partners, L.P.
11 Menachem Begin Rd.
Ramat-Gan, Israel 5268104
+972-77-3206050
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 8, 2018
(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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 § 240.13d-7 for other parties to whom copies are to be sent.
1 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 disclosures provided in a prior cover page.
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).
CUSIP NO. M1492T105
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Brosh Capital Partners, L.P. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Cayman Islands | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 420,303 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 420,303 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 420,303 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 4.0% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 2 |
CUSIP NO. M1492T105
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Exodus Management Israel Ltd. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 439,157 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 439,157 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 439,157 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 4.2% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 3 |
CUSIP NO. M1492T105
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Aharon Biram | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| PF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 24,729 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 24,729 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 24,729 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 4 |
CUSIP NO. M1492T105
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Ester Deutsch | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| PF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 24,729 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 24,729 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 24,729 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 5 |
CUSIP NO. M1492T105
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Amir Efrati | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 488,615 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 488,615 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 488,615 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 4.6% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 6 |
CUSIP NO. M1492T105
The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned (“Amendment No. 10”). This Amendment No. 10 amends the Schedule 13D as specifically set forth herein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
Not applicable in that the transaction involved the sale of, and not the acquisition of, securities.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a) – (c) and (e) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 10,568,901 Shares outstanding, which is the total number of Shares outstanding as reported in the Issuer’s Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on November 16, 2017.
| A. | Brosh |
| (a) | As of the close of business on January 10, 2018, Brosh directly beneficially owned 420,303 Shares. |
Percentage: Approximately 4.0%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 420,303 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 420,303 |
| (c) | The transactions in the Shares by Brosh since the filing of Amendment No. 9 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| B. | Exodus GP |
| (a) | As the general partner of Brosh, Exodus GP may be deemed to beneficially own the (i) 420,303 Shares beneficially owned by Brosh and (ii) 18,854 Shares held in the Exodus Managed Account. |
Percentage: Approximately 4.2%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 439,157 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 439,157 |
| (c) | The transactions in the Shares by Exodus GP through the Exodus Managed Account since the filing of Amendment No. 9 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| 7 |
CUSIP NO. M1492T105
C. Mr. Biram
| (a) | As of the close of business on January 10, 2018, Mr. Biram beneficially owned 24,729 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 24,729 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 24,729 |
| (c) | The transactions in the Shares by Mr. Biram since the filing of Amendment No. 9 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
D. Ms. Deutsch
| (a) | As of the close of business on January 10, 2018, Ms. Deutsch beneficially owned 24,729 Shares. |
Percentage: Less than 1%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 24,729 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 24,729 |
| (c) | The transactions in the Shares by Ms. Deutsch since the filing of Amendment No. 9 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| E. | Mr. Efrati |
| (a) | Mr. Efrati as the portfolio manager of each of Brosh and Exodus GP and because of that certain Power of Attorney Agreement between him and each of Mr. Biram and Ms. Deutsch, may be deemed the beneficial owner of the: (i) 420,303 Shares owned by Brosh; (ii) 18,854 Shares held in the Exodus Managed Account; (iii) 24,729 Shares owned by Mr. Biram and (iv) 24,729 Shares owned by Ms. Deutsch. |
Percentage: Approximately 4.6%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 488,615 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 488,615 |
| (c) | Mr. Efrati has not entered into any transactions in the Shares since the filing of Amendment No. 9 to the Schedule 13D. The transactions in the Shares by each of Brosh, Exodus GP through the Exodus Managed Account, Mr. Biram and Ms. Deutsch since the filing of Amendment No. 9 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the securities reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that are not directly owned by such Reporting Person, except to the extent of their pecuniary interest therein.
(e) As of January 8, 2018, the Reporting Persons ceased to be the beneficial owners of more than 5% of the Shares of the Issuer.
| 8 |
CUSIP NO. M1492T105
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: January 10, 2018
| BROSH CAPITAL PARTNERS, L.P. | |||
| By: | Exodus Management Israel Ltd. | ||
| Its General Partner | |||
| By: | /s/ Amir Efrati | ||
| Name: | Amir Efrati | ||
| Title: | Authorized Signatory | ||
| EXODUS MANAGEMENT ISRAEL LTD. | |||
| By: | /s/ Amir Efrati | ||
| Name: | Amir Efrati | ||
| Title: | Authorized Signatory | ||
|
/s/ Amir Efrati | |
|
Amir Efrati Individually, and as attorney-in-fact for Aharon Biram and Ester Deutsch |
| 9 |
CUSIP NO. M1492T105
SCHEDULE A
Transaction in the Shares Since the Filing of Amendment No. 9 to the Schedule 13D
| Nature of Transaction | Date of Purchase/Sale [dd/mm/yyyy] |
Securities Purchased/(Sold) | Price [U.S. $] |
BROSH CAPITAL PARTNERS L.P.
| Sale of Ordinary Shares | 16/11/2017 | (2,700) | 10.3322 |
| Sale of Ordinary Shares | 17/11/2017 | (4,227) | 10.3014 |
| Sale of Ordinary Shares | 29/11/2017 | (24,393) | 9.3497 |
| Sale of Ordinary Shares | 04/01/2018 | (40,400) | 8.3958 |
| Sale of Ordinary Shares | 08/01/2018 | (25,000) | 9.5000 |
Exodus Management Israel Ltd
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3000 |
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3000 |
Aharon Biram
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3000 |
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3000 |
Ester Deutsch
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3011 |
| Sale of Ordinary Shares | 08/01/2018 | (10,000) | 9.3000 |