(Amendment No. )1
James P. Feeney
Mitchell Raab, Esq.
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).
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1 |
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NAME OF REPORTING PERSON |
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SLATE PATH MASTER FUND LP |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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WC |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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CAYMAN ISLANDS |
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NUMBER OF |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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7,157,601 |
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OWNED BY |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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SOLE DISPOSITIVE POWER |
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7,157,601 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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7,157,601 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.5% |
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TYPE OF REPORTING PERSON |
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PN |
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1 |
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NAME OF REPORTING PERSON |
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SLATE PATH CAPITAL LP |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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7,157,601 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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7,157,601 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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7,157,601 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.5% |
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14 |
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TYPE OF REPORTING PERSON |
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IA |
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1 |
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NAME OF REPORTING PERSON |
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JADES GP, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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7,157,601 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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7,157,601 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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7,157,601 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.5% |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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1 |
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NAME OF REPORTING PERSON |
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DAVID GREENSPAN |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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UNITED STATES |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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7,157,601 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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7,157,601 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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7,157,601 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.5% |
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14 |
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TYPE OF REPORTING PERSON |
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IN |
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The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).
| Item 1. | Security and Issuer. |
This statement relates to
the common stock, no par value (the “Shares”), of Cyclerion Therapeutics, Inc. (the “Issuer”). The address of
the principal executive offices of the Issuer is 245 First Street, 18th Floor, Cambridge, Massachusetts 02142.
| Item 2. | Identity and Background. |
(a) This
statement is filed by:
| (i) | Slate Path Master Fund LP, a Cayman Islands exempted limited partnership (the “Master Fund”),
with respect to the Shares directly and beneficially owned by it; |
| (ii) | Slate Path Capital LP, a Delaware limited partnership (“Slate Path”), as the investment manager
of the Master Fund; |
| (iii) | Jades GP, LLC, a Delaware limited liability company (“Jades”), as the general partner of Slate
Path; and |
| (iv) | David Greenspan, as the managing partner of Jades. |
Each of the foregoing is
referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons
is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing
a joint Schedule 13D.
(b) The
address of the principal office of each of Slate Path, Jades and Mr. Greenspan is 717 Fifth Avenue, 16th Floor, New York, New
York 10022. The address of the principal office of the Master Fund is Ugland House, 121 South Church Street, George Town, Cayman Islands
KY1-1104.
(c) The
principal business of the Master Fund is investing in securities. Slate Path serves as the investment manager of the Master Fund. Jades
serves as the general partner of Slate Path. Mr. Greenspan’s principal occupation is serving as the managing partner of Jades.
(d) No
Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) No
Reporting Person has, during the last five years, been 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.
(f) Mr.
Greenspan is a citizen of the United States of America.
| Item 3. | Source and Amount of Funds or Other Consideration. |
The Shares owned by the Master
Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course
of business) directly from the Company pursuant to a stock purchase agreement dated as of July 29, 2020 and in open market purchases.
The aggregate purchase price of the 7,157,601 Shares beneficially owned by the Master Fund is $27,364,354, including brokerage commissions.
| Item 4. | Purpose of Transaction. |
The Reporting Persons acquired
the securities of the Issuer because they believe that such securities are significantly undervalued and represent an attractive investment
opportunity. The Reporting Persons believe that there are numerous operational and strategic opportunities to maximize shareholder value
and the Reporting Persons will be seeking to engage in a dialogue with the Issuer’s Board of Directors (the “Board”)
and management regarding these matters.
The Reporting Persons intend
to consider, explore and/or develop plans and/or make proposals (whether preliminary or final) with respect to, among other things, the
Issuer’s operations, management, Board structure (including Board composition), capital or corporate structure, capital allocation
policies, strategy and plans, and potential strategic transactions involving the Issuer or certain of the Issuer’s businesses or
assets (including, without limitation, potential equity or equity-linked financing transactions), including transactions in which the
Reporting Persons may seek to participate and potentially engage, alone or with other persons, or may change their intention with respect
to any and all matters referred to in this Item 4. The Reporting Persons intend to communicate with the Issuer’s management and
Board about a broad range of operational and strategic matters, including any such potential strategic transactions, and to communicate
with other shareholders or third parties regarding the Issuer and the Reporting Persons’ current and/or potential future investment
in the Issuer. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar
agreements.
No Reporting Person has any
present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule
13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed
herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and depending upon various factors,
including, without limitation, the Issuer’s financial position and strategic direction, overall market conditions, the outcome of
any discussions referenced above, other investment opportunities available to the Reporting Persons, and the availability of securities
of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor to purchase
additional Shares or sell some or all of their Shares. In addition, the Reporting Persons may, at any time and from time to time, (i)
review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto and (ii) propose
or consider one or more of the actions described in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
| Item 5. | Interest in Securities of the Issuer. |
(a) The
aggregate percentage of Shares reported owned by each Reporting Person is based upon 43,479,835 Shares outstanding as of August 5, 2022,
which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on August 9, 2022.
As of the close of business
on October 21, 2022, the Master Fund beneficially owned 7,157,601 Shares, constituting approximately 16.5% of the outstanding Shares.
Each of (i) Slate Path, as the investment manager of the Master Fund, (ii) Jades, as the general partner of Slate Path, and (iii) Mr.
Greenspan, as the managing partner of Jades, may be deemed to beneficially own the Shares owned by the Master Fund.
(b) The
Master Fund, Slate Path, Jades and Mr. Greenspan have the sole power to vote or direct the vote of and the sole power to dispose or direct
the disposition of the 7,157,601 Shares held by the Master Fund.
Each Reporting Person, as
a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person
disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
(c) None
of the Reporting Persons has entered into any transactions in the Shares during the past sixty days.
(d) No
person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.
(e) Not
applicable.
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
On October 21, 2022, the
Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of
them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing
Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Other than as described herein,
there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and
any other person, with respect to the securities of the Issuer.
| Item 7. | Material to be Filed as Exhibits. |
| 99.1 | Joint Filing Agreement by and among Slate Path Master Fund LP, Slate Path Capital LP, Jades GP, LLC and
David Greenspan, dated October 21, 2022. |
SIGNATURES
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: October 21, 2022
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SLATE PATH MASTER FUND LP |
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By: |
Slate Path Capital LP, its investment manager |
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By: |
Jades GP, LLC, its general partner |
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By: |
/s/ John Metzner |
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Name: |
John Metzner |
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Title: |
Chief Operating Officer |
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SLATE PATH CAPITAL LP |
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By: |
Jades GP, LLC, its general partner |
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By: |
/s/ John Metzner |
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Name: |
John Metzner |
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Title: |
Chief Operating Officer |
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JADES GP, LLC |
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By: |
/s/ John Metzner |
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Name: |
John Metzner |
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Title: |
Chief Operating Officer |
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/s/ James P. Feeney |
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JAMES P. FEENEY
As attorney-in-fact for David Greenspan |