Page 4 of 5 – SEC Filing
ITEM 1. SECURITY AND ISSUER
This first amendment to Schedule 13D (“Amendment No. 1”) relates to the Common Stock, par value $0.001 per share (the “Shares”), of Cabot Microelectronics Corporation, a Delaware corporation (the “Issuer”), and supplements the information set forth in Schedule 13D filed on January 25, 2017 (the “Original Schedule 13D” and together with this Amendment No. 1, the “Schedule 13D”). The principal executive offices of the Issuer are located at 870 North Commons Drive, Aurora, IL 60504.
This Amendment No. 1 constitutes an exit filing for the Reporting Persons, and is being filed to amend Item 3 and Item 5 of the Schedule 13D as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of this Schedule 13D is amended and restated in its entirety as follows:
The Reporting Persons used the working capital of the HEC Funds to acquire the physically-settled call options referenced in Item 5. The total purchase price to acquire such call options was approximately $4,945,893.
The Reporting Persons may effect purchases of securities through margin accounts maintained for the HEC Funds with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms’ credit policies. Positions in Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of this Schedule 13D is amended and restated in its entirety as follows:
(a) and (b) Hudson Executive may be deemed to be the beneficial owner of 1,234,300 Shares (the “Subject Shares”) underlying the call options referenced below in this Item 5, which collectively represent approximately 4.9% of the Issuer’s outstanding Shares. By virtue of his role with respect to Hudson Executive and the Management GP, Mr. Braunstein may be deemed to be a beneficial owner of such Shares. The Reporting Persons may be deemed to share power to vote and power to dispose of such 1,234,300 Shares.
The percentage calculated in the immediately foregoing paragraph is calculated based on a total of 25,029,129 Shares outstanding as of January 31, 2017, as reported in the Issuer’s report on Form 10-Q for the quarterly period ended December 31, 2016.
The call options referenced above are listed, American-style call options referencing an aggregate of 1,234,300 Shares (the “Options”), which have an exercise price of $75 per Share and expire on July 21, 2017.
(c) All transactions in the Shares effected since the most recent filing of Schedule 13D on behalf of an HEC Fund over which the Reporting Persons have investment discretion are set forth in Exhibit 1 attached hereto and incorporated herein by reference.
(d) The HEC Funds have the right to receive the proceeds from the sale of the Options and, if the Options are exercised, will have the right to receive dividends from, and the proceeds from the sale of, the Subject Shares. No other person is known to the Reporting Persons to have the right to receive dividends from, or the proceeds from the sale of, the Options or the Subject Shares.
(e) The Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities as the result of an increase of the Issuer’s outstanding Shares, which was reported in the Issuer’s report on Form 10-Q for the quarterly period ended December 31, 2016, which was filed on February 7, 2017.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 Schedule of transactions effected since the most recent filing of Schedule 13D.
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