UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. )1
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Arcturus Therapeutics Ltd. |
|
(Name of Issuer) |
|
Ordinary Shares, par value of NIS 0.07 |
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(Title of Class of Securities) |
|
M1492T105 |
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(CUSIP Number) |
|
March 13, 2018 |
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(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) |
| ☒ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
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 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Cayman Islands | |||||||||||||||||||
| NUMBER OF | 5 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 0 shares | ||||||||||||||||||
| OWNED BY | 6 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 447,053 | ||||||||||||||||||
| PERSON WITH | 7 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 0 shares | |||||||||||||||||||
| 8 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 447,053 | |||||||||||||||||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 447,053 | |||||||||||||||||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||||||||||||||||
| 4.2% | |||||||||||||||||||
| 12 | 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 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 5 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 0 shares | ||||||||||||||||||
| OWNED BY | 6 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 480,238 | ||||||||||||||||||
| PERSON WITH | 7 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 0 shares | |||||||||||||||||||
| 8 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 480,238 | |||||||||||||||||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 480,238 | |||||||||||||||||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||||||||||||||||
| 4.5% | |||||||||||||||||||
| 12 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 3 |
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 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 5 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 0 shares | ||||||||||||||||||
| OWNED BY | 6 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 562,369 | ||||||||||||||||||
| PERSON WITH | 7 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 0 shares | |||||||||||||||||||
| 8 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 562,369 | |||||||||||||||||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 562,369 | |||||||||||||||||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||||||||||||||||
| 5.3% | |||||||||||||||||||
| 12 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 4 |
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 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 5 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 0 shares | ||||||||||||||||||
| OWNED BY | 6 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 41,071 | ||||||||||||||||||
| PERSON WITH | 7 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 0 shares | |||||||||||||||||||
| 8 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 41,071 | |||||||||||||||||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 41,071 | |||||||||||||||||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 12 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 5 |
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 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Israel | |||||||||||||||||||
| NUMBER OF | 5 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 0 shares | ||||||||||||||||||
| OWNED BY | 6 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 41,060 | ||||||||||||||||||
| PERSON WITH | 7 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 0 shares | |||||||||||||||||||
| 8 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 41,060 | |||||||||||||||||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 41,060 | |||||||||||||||||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||||||||||||||||
| Less than 1% | |||||||||||||||||||
| 12 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 6 |
CUSIP NO. M1492T105
The Reporting Persons (as defined below) initially filed a Schedule 13D with respect to the securities of the Issuer (as defined below) on February 2, 2017. On January 8, 2018, the Reporting Persons ceased to own more than 5% of the securities of the Issuer and on January 10, 2018, the Reporting Persons filed Amendment No. 10 to the Schedule 13D disclosing that they were no longer subject to Rule 13d-1(a). As of March 13, 2018, certain of the Reporting Persons became the beneficial owner of more than 5% of the securities of the Issuer. Additionally, as of March 13, 2018, none of the Reporting Persons hold or have acquired the securities of the Issuer with a purpose or effect of changing or influencing control of the Issuer, or in connection with or as a participant in any transaction having that purpose or effect. Accordingly, the Reporting Persons are filing this statement on Schedule 13G pursuant to Rule 13d-1(c) of the Exchange Act.
| Item 1(a). | Name of Issuer: |
Arcturus Therapeutics Ltd., an Israeli corporation (the “Issuer”).
| Item 1(b). | Address of Issuer's Principal Executive Offices: |
10628 Science Center Drive, Suite 200
San Diego, California 92121
| Item 2(a). | Name of Person Filing |
| Item 2(b). | Address of Principal Business Office or, if None, Residence |
| Item 2(c). | Citizenship |
Brosh Capital Partners, L.P. (“Brosh”)
4 Ariel Sharon Street
Givataim, Israel
Citizenship: Cayman Islands
Exodus Management Israel Ltd. (“Exodus GP”)
4 Ariel Sharon Street
Givataim, Israel
Citizenship: Israel
Amir Efrati (“Mr. Efrati’)
4 Ariel Sharon Street
Givataim, Israel
Citizenship: Israel
Aharon Biram (“Mr. Biram”)
4 Ariel Sharon Street
Givataim, Israel
Citizenship: Israel
Ester Deutsch (“Ms. Deutsch”)
4 Ariel Sharon Street
Givataim, Israel
Citizenship: Israel
Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”
| 7 |
CUSIP NO. M1492T105
| Item 2(d). | Title of Class of Securities: |
Ordinary Shares, par value of NIS 0.07 (the “Shares”)
| Item 2(e). | CUSIP Number: |
M1492T105
| Item 3. | If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: |
| /x/ | Not applicable. | |
| (a) | / / | Broker or dealer registered under Section 15 of the Exchange Act. |
| (b) | / / | Bank as defined in Section 3(a)(6) of the Exchange Act. |
| (c) | / / | Insurance company as defined in Section 3(a)(19) of the Exchange Act. |
| (d) | / / | Investment company registered under Section 8 of the Investment Company Act. |
| (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 association as defined in Section 3(b) of the Federal Deposit Insurance Act. |
| (i) | / / | A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act. |
| (j) | / / | Group, in accordance with Rule 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: ____ |
| Item 4. | Ownership |
| (a) | Amount beneficially owned: |
As of the close of business on April 9, 2018 (i) Brosh beneficially owned 447,053 Shares, (ii) Mr. Biram beneficially owned 41,071 Shares, and (iii) Ms. Deutsch beneficially owned 41,060 Shares.
Exodus GP, as the general partner of Brosh, may be deemed to beneficially own the 447,053 Shares owned by Brosh and as portfolio manager for a certain managed account (the “Exodus Managed Account”), may be deemed to beneficially own the 33,185 shares held in the Exodus Managed Account.
| 8 |
CUSIP NO. M1492T105
Mr. Efrati as the portfolio manager of each of Brosh and Exodus GP and because of certain Power of Attorney Agreements between him and each of Mr. Biram and Ms. Deutsch, may be deemed to beneficially own: (i) 447,053 Shares owned by Brosh; (ii) 33,185 Shares held in the Exodus Managed Account; (iii) 41,071 Shares owned by Mr. Biram and (iv) 41,060 Shares owned by Ms. Deutsch.
The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. Exodus GP disclaims beneficial ownership of the Shares beneficially owned by Brosh and the Exodus Managed Account. Mr. Efrati disclaims beneficial ownership of the Shares beneficially owned by Brosh, the Exodus Managed Account, Mr. Biram, and Ms. Deutsch, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
| (b) | Percent of class: |
The following percentages are based on 10,691,945 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 February 5, 2018.
As of the close of business on April 9, 2018 (i) Brosh beneficially owned approximately 4.2% of the outstanding Shares, (ii) Exodus GP may be deemed to beneficially own approximately 4.5% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Exodus Managed Account), (iii) Mr. Biram beneficially owned less than 1% of the outstanding Shares (iv) Ms. Deutsch beneficially owned less than 1% of the outstanding Shares, and (v) Mr. Efrati may be deemed to beneficially own approximately 5.3% of the outstanding Shares.
| (c) | Number of shares as to which such person has: |
| (i) | Sole power to vote or to direct the vote |
See Cover Pages Items 5-9.
| (ii) | Shared power to vote or to direct the vote |
See Cover Pages Items 5-9.
| (iii) | Sole power to dispose or to direct the disposition of |
See Cover Pages Items 5-9.
| (iv) | Shared power to dispose or to direct the disposition of |
See Cover Pages Items 5-9.
| 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. |
Mr. Efrati has voting and dispositive power over the Shares beneficially owned by Brosh, the Exodus Managed Account, Mr. Biram, and Ms. Deutsch.
| 9 |
CUSIP NO. M1492T105
| Item 7. | Identification and Classification of the Subsidiary That 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. |
See Exhibit 99.1.
| Item 9. | Notice of Dissolution of Group. |
Not Applicable.
| Item 10. | Certifications. |
By signing below each of the undersigned certifies that, to the best of its 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.
| 10 |
CUSIP NO. M1492T105
SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: April 9, 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 |
| 11 |
Exhibit 99.1
Joint Filing Agreement
The undersigned hereby agree that the Statement on Schedule 13G dated April 9, 2018 with respect to the Ordinary Shares, par value of NIS 0.07, of Arcturus Therapeutics Ltd., and any further amendments thereto executed by each and any of the undersigned shall be filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
Dated: April 9, 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 |