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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. 1)1

Allot Ltd.

(Name of Issuer)

Common Stock, par value ILS 0.10 per share

(Title of Class of Securities)

M0854Q105

(CUSIP Number)

Outerbridge Capital Management, LLC

767 Third Avenue, 11th Floor

New York, New York 10017

(347) 493-0350

 

Andrew Freedman, 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)

 

August 19, 2021

(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. M0854Q105

  1   NAME OF REPORTING PERSON  
         
        Outerbridge Capital Management, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, 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  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,597,772 *  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          1,980,030 *  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,597,772 *  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.3%  
  14   TYPE OF REPORTING PERSON  
         
        OO, IA  

  

* Includes 980,000 Ordinary Shares underlying certain call options currently exercisable as described in more detail in Item 6.

2

CUSIP No. M0854Q105

  1   NAME OF REPORTING PERSON  
         
        Outerbridge Partners, LP  
  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  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         403,945 *  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          403,945 *  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        403,945 *  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

* Includes 360,000 Ordinary Shares underlying certain call options currently exercisable as described in more detail in Item 6.

3

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        Outerbridge Special Opportunities Fund II, LP  
  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  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         141,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          141,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        141,000  
  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  
         
        PN  

  

4

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        Outerbridge Partners GP, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         403,945 *  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          403,945 *  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        403,945 *  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

* Includes 360,000 Ordinary Shares underlying certain call options currently exercisable as described in more detail in Item 6.

5

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        Outerbridge Special Opportunities GP II, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         141,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          141,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        141,000  
  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  
         
        OO  

  

6

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        Rory Wallace  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        United States of America  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,597,772 *  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          1,980,030 *  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,597,772 *  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.3%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

* Includes 980,000 Ordinary Shares underlying certain call options currently exercisable as described in more detail in Item 6.

7

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        QVT Family Office Fund LP  
  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         617,742  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          617,742  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        617,742  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.7%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

8

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        QVT Associates GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         617,742  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          617,742  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        617,742  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.7%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

9

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        QVT Financial LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         617,742  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          617,742  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        617,742  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.7%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

10

CUSIP No. M0854Q105

 

  1   NAME OF REPORTING PERSON  
         
        QVT Financial GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         617,742  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          617,742  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        617,742  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.7%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

11

CUSIP No. M0854Q105

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Ordinary Shares beneficially owned by each of the Reporting Persons were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted.

The aggregate purchase price of the 43,945 Ordinary Shares owned directly by Outerbridge Partners is approximately $674,108, excluding brokerage commissions. The aggregate purchase price of the call options referencing 360,000 Ordinary Shares held by Outerbridge Partners that are currently exercisable is approximately $259,200, excluding brokerage commissions. The aggregate purchase price of the 141,000 Ordinary Shares owned directly by Outerbridge SOF II is approximately $2,308,962, excluding brokerage commissions. The aggregate purchase price of the 617,742 Ordinary Shares owned directly by QVT Fund is approximately $10,943,101, excluding brokerage commissions. The aggregate purchase price of the 815,085 Ordinary Shares held in the Accounts, which Outerbridge Capital may be deemed to beneficially own, is approximately $11,638,514, excluding brokerage commissions. The aggregate purchase price of the call options referencing 620,000 Ordinary Shares held by the Accounts that are currently exercisable, which Outerbridge Capital may be deemed to beneficially own, is approximately $803,000, excluding brokerage commissions.

Item 4.Purpose of Transaction.

Item 4 is hereby amended to add the following:

The Reporting Persons are pleased with the rate and quality of new customer wins for the Issuer’s Allot Secure and 5G NetProtect cybersecurity offerings, and are encouraged by the Issuer’s increased efforts to highlight its cybersecurity business to investors, including at its inaugural Investor Day held on May 11, 2021. These and other developments, combined with continued strong execution in the Issuer’s core network visibility business, have bolstered the Reporting Persons’ belief in the Issuer’s significant undervaluation and growth prospects.

The Reporting Persons believe the Issuer is the market leader in network-based, operator-delivered, security-as-a-service (SECaaS) for consumers, and believe that demand for these solutions is at an inflection point. The Reporting Persons note that the Issuer has forecasted 400% revenue growth, to $25 million, for its Allot Secure SECaaS product line in its 2022 Fiscal Year; based on this and on developments in the cybersecurity market broadly, the Reporting Persons believe that $100 million or more of Allot Secure revenue is attainable in the Issuer’s 2024 Fiscal Year.

The Reporting Persons further believe the Issuer is the market leader in distributed denial-of-service (DDoS) and botnet protection for 5G Open RAN networks with its NetProtect offering, and that operator deployments and subscriber density on these networks are set to accelerate sharply. Based on this, the Reporting Persons believe that NetProtect may also generate $100 million or more of annual revenue in the coming years.

The Reporting Persons believe the present value of these opportunities, combined with the Issuer’s healthy core business and cash balances, significantly exceeds $1 billion.

12

CUSIP No. M0854Q105

Item 5.Interest in Securities of the Issuer.

Items 5(a) – (c) are hereby amended and restated to read as follows:

The aggregate percentage of Ordinary Shares reported owned by each person named herein is based upon 35,623,246 Ordinary Shares outstanding as of February 20, 2021, which is the total number of Ordinary Shares outstanding as reported in the Issuer’s Form 20-F filed with the SEC on March 15, 2021.

A.Outerbridge Partners
(a)As of the close of business on August 23, 2021, Outerbridge Partners beneficially owned directly 403,945 Ordinary Shares, including 360,000 Ordinary Shares underlying certain call options that are currently exercisable.

Percentage: Approximately 1.1%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 403,945
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 403,945

 

(c)The transactions in the securities of the Issuer by Outerbridge Partners during the past sixty days are set forth on Schedule B and incorporated herein by reference.
B.Outerbridge SOF II
(a)As of the close of business on August 23, 2021, Outerbridge SOF II beneficially owned directly 141,000 Ordinary Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 141,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 141,000

 

(c)Outerbridge SOF II has not entered into any transactions in the securities of the Issuer during the past sixty days.
C.Outerbridge GP
(a)As the general partner of Outerbridge Partners, Outerbridge GP may be deemed the beneficial owner of the 403,945 Ordinary Shares beneficially owned directly by Outerbridge Partners.

Percentage: Approximately 1.1%

13

CUSIP No. M0854Q105

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 403,945
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 403,945

 

(c)Outerbridge GP has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of Outerbridge Partners during the past sixty days are set forth on Schedule B and incorporated herein by reference.
D.Outerbridge GP II
(a)As the general partner of Outerbridge SOF II, Outerbridge GP II may be deemed the beneficial owner of the 141,000 Ordinary Shares beneficially owned directly by Outerbridge SOF II.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 141,000
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 141,000

 

(c)Outerbridge GP II has not entered into any transactions in the securities of the Issuer during the past sixty days.
E.Outerbridge Capital
(a)As the investment manager of each of Outerbridge Partners, Outerbridge SOF II and the Accounts, Outerbridge Capital may be deemed the beneficial owner of the (i) 403,945 Ordinary Shares beneficially owned directly by Outerbridge Partners, (ii) 141,000 Ordinary Shares beneficially owned directly by Outerbridge SOF II, and (iii) 1,435,085 Ordinary Shares held in the Accounts, including 620,000 Ordinary Shares underlying certain call options that are currently exercisable. In addition, Outerbridge Capital may be deemed to beneficially own the 617,742 Ordinary Shares beneficially owned directly by QVT Fund pursuant to the QVT Voting Agreement (as defined in Item 6).

Percentage: Approximately 7.3%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,597,772
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,980,030

 

(c)Outerbridge Capital has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Outerbridge Partners and the Accounts are set forth in Schedule B and are incorporated herein by reference.
14

CUSIP No. M0854Q105

F.Rory Wallace
(a)As the managing member of each of Outerbridge Capital, Outerbridge GP and Outerbridge GP II, Mr. Wallace may be deemed the beneficial owner of the (i) 403,945 Ordinary Shares beneficially owned directly by Outerbridge Partners, (ii) 141,000 Ordinary Shares beneficially owned directly by Outerbridge SOF II, (iii) 1,435,085 Ordinary Shares held in the Accounts, including 620,000 Ordinary Shares underlying certain call options that are currently exercisable and (iv) 617,742 Ordinary Shares beneficially owned directly by QVT Fund.

Percentage: Approximately 7.3%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,597,772
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,980,030

 

(c)Mr. Wallace has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Outerbridge Partners and the Accounts are set forth in Schedule B and are incorporated herein by reference.

G.       QVT Fund

(a)As of the close of business on August 23, 2021, QVT Fund beneficially owned directly 617,742 Ordinary Shares.

Percentage: Approximately 1.7%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 617,742
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 617,742

 

(c)The transactions in the securities of the Issuer by QVT Fund during the past sixty days are set forth on Schedule B and incorporated herein by reference.
H.QVT Associates GP
(a)As the general partner of QVT Fund, QVT Associates GP may be deemed the beneficial owner of the 617,742 Ordinary Shares beneficially owned directly by QVT Fund.

Percentage: Approximately 1.7%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 617,742
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 617,742

 

(c)QVT Associates GP has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of QVT Fund during the past sixty days are set forth on Schedule B and incorporated herein by reference.
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CUSIP No. M0854Q105

I.QVT Financial
(a)As the investment manager of QVT Fund, QVT Financial may be deemed the beneficial owner of the 617,742 Ordinary Shares beneficially owned directly by QVT Fund.

Percentage: Approximately 1.7%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 617,742
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 617,742

 

(c)QVT Financial has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of QVT Fund during the past sixty days are set forth on Schedule B and incorporated herein by reference.
J.QVT Financial GP
(a)As the general partner of QVT Financial, QVT Financial GP may be deemed the beneficial owner of the 617,742 Ordinary Shares beneficially owned directly by QVT Fund.

Percentage: Approximately 1.7%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 617,742
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 617,742

 

(c)QVT Financial has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of QVT Fund during the past sixty days are set forth on Schedule B and incorporated herein by reference.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

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

Item 6 is hereby amended to add the following:

Outerbridge Partners has purchased certain American-style call options referencing an aggregate of 360,000 Ordinary Shares, which are currently exercisable, have a strike price of $17.50 per Ordinary Share and expire on September 17, 2021, as further described on Schedule B hereto.

Outerbridge Partners purchased certain American-style call options referencing an aggregate of 280,000 Ordinary Shares, which had a strike price of $20.00 per Ordinary Share and had an expiration date of July 16, 2021. Prior to their expiration, these call options were sold, as set forth on Schedule B. Accordingly, Outerbridge Partners no longer has any exposure to such options.

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CUSIP No. M0854Q105

Outerbridge Partners purchased certain American-style call options referencing an aggregate of 360,000 Ordinary Shares, which had a strike price of $22.50, and 360,000 Ordinary Shares, which had a strike price of $20.00, each of which expired on September 17, 2021. Prior to their expiration, these call options were sold, as set forth on Schedule B. Accordingly, Outerbridge Partners no longer has any exposure to such options.

Outerbridge Capital, on behalf of the Accounts, has purchased certain American-style call options referencing an aggregate of 620,000 Ordinary Shares, which are currently exercisable, have a strike price of $22.50 per Ordinary Share and expire on September 17, 2021, as further described on Schedule B hereto.

As previously disclosed, Outerbridge Capital, on behalf of the Accounts, had purchased certain American-style call options referencing an aggregate of 700,000 Ordinary Shares, which had a strike price of $20.00 per Ordinary Share and had an expiration date of June 18, 2021. Prior to their expiration, these call options were sold. Accordingly, the Accounts no longer have any exposure to such options.

Outerbridge Capital, on behalf of the Accounts, had purchased certain American-style call options referencing an aggregate of 120,000 Ordinary Shares, which had a strike price of $20.00 and which expired on July 16, 2021. Prior to their expiration, these call options were sold, as set forth on Schedule B. Accordingly, the Accounts no longer have any exposure to such options.

 

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CUSIP No. M0854Q105

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: August 23, 2021

  OUTERBRIDGE CAPITAL MANAGEMENT, LLC
   
  By:

/s/ Rory Wallace

    Name: Rory Wallace
    Title: Managing Member

 

  OUTERBRIDGE PARTNERS, LP
     
  By: Outerbridge Partners GP, LLC, its general partner
     
  By:

/s/ Rory Wallace

    Name: Rory Wallace
    Title: Managing Member

 

  OUTERBRIDGE SPECIAL OPPORTUNITIES FUND II, LP
   
  By: Outerbridge Special Opportunities GP II, LLC, its general partner
     
  By:

/s/ Rory Wallace

    Name: Rory Wallace
    Title: Managing Member

 

  OUTERBRIDGE PARTNERS GP, LLC
   
  By:

/s/ Rory Wallace

    Name: Rory Wallace
    Title: Managing Member

 

  OUTERBRIDGE SPECIAL OPPORTUNITIES GP II, LLC
   
  By:

/s/ Rory Wallace

    Name: Rory Wallace
    Title: Managing Member

 

 

/s/ Rory Wallace

  RORY WALLACE

 

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CUSIP No. M0854Q105

  QVT FAMILY OFFICE FUND LP
   
  By: QVT Associates GP LLC, its general partner
     
  By:

/s/ Dan Gold

    Name: Dan Gold
    Title: Managing Member

 

  By:

/s/ Tracy Fu

    Name: Tracy Fu
    Title: Managing Member

 

  QVT ASSOCIATES GP LLC
   
  By:

/s/ Dan Gold

    Name: Dan Gold
    Title: Managing Member

 

  By:

/s/ Tracy Fu

    Name: Tracy Fu
    Title: Managing Member

 

  QVT FINANCIAL LP
   
  By: QVT Financial GP LLC, its general partner
     
  By:

/s/ Dan Gold

    Name: Dan Gold
    Title: Managing Member

 

  By:

/s/ Tracy Fu

    Name: Tracy Fu
    Title: Managing Member

 

  QVT FINANCIAL GP LLC
   
  By:

/s/ Dan Gold

    Name: Dan Gold
    Title: Managing Member

 

  By:

/s/ Tracy Fu

    Name: Tracy Fu
    Title: Managing Member

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CUSIP No. M0854Q105

SCHEDULE B

Transactions in the Securities of the Issuer During the Past Sixty Days

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

 Price ($)

Date of

Purchase/Sale

 

OUTERBRIDGE PARTNERS, LP

 

Sale of July 16, 2021 Call Options ($20.00 Strike Price) (280,000) $0.0300 07/14/2021
Purchase of September 17, 2021 Call Options ($22.50 Strike Price) 360,000 $0.6500 07/14/2021
Sale of Ordinary Shares (80,000) $18.6500 07/14/2021
Sale of September 17, 2021 Call Options ($22.50 Strike Price) (360,000) $0.3525 07/21/2021
Purchase of September 17, 2021 Call Options ($20.00 Strike Price) 360,000 $0.9900 07/21/2021
Sale of September 17, 2021 Call Options ($20.00 Strike Price) (360,000) $0.0800 08/12/2021
Purchase of September 17, 2021 Call Options ($17.50 Strike Price) 360,000 $0.7200 08/12/2021
Purchase of Ordinary Shares 43,600 $15.3870 08/19/2021

 

OUTERBRIDGE CAPITAL MANAGEMENT LLC

(Through the Accounts)

 

Sale of July 16, 2021 Call Options ($20.00 Strike Price) (63,800) $0.0300 07/14/2021
Sale of July 16, 2021 Call Options ($20.00 Strike Price) (56,200) $0.0300 07/14/2021
Purchase of September 17, 2021 Call Options ($22.50 Strike Price) 63,800 $0.6500 07/14/2021
Purchase of September 17, 2021 Call Options ($22.50 Strike Price) 56,200 $0.6500 07/14/2021

 

QVT FAMILY OFFICE FUND LP

 

Purchase of Ordinary Shares 63,100 $16.0238 08/20/2021