13D Filing: Krensavage Asset Management Nominates 4 Directors for RTI Surgical, Inc. (RTIX)’s Board

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At Insider Monkey, we closely monitor the moves made by activist investors. Their targets are often undervalued stocks with firm foundations that for one reason or another have failed to execute. At times, all it takes is a fresh outlook and a slight tweak to completely alter the makeup and efficiency of a company, and activists can provide this. They also shine a spotlight on shareholder value creation, which can be neglected by entrenched management who often have their priorities elsewhere. Below and on the following pages we have embedded the latest 13D activist filing related to RTI Surgical Inc (NASDAQ:RTIX), which was recently submitted by Krensavage Asset Management, which shows that the investment firm is attempting to do just that, nominating four directors for the company’s board in a letter sent to the company on February 19. The filing also reveals that the firm has purchased about 350,000 shares of the company this year, pushing its ownership up to 3.45 million shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
KRENSAVAGE PARTNERS 2,925,170 0 2,925,170 0 2,925,170 5.1%
KRENSAVAGE ADVISORS 2,925,170 0 2,925,170 0 2,925,170 5.1%
KRENSAVAGE PARTNERS TOO 521,920 0 521,920 0 521,920 Less than 1%
KRENSAVAGE ADVISORS TOO 521,920 0 521,920 0 521,920 Less than 1%
KRENSAVAGE ASSET MANAGEMENT 3,447,090 0 3,447,090 0 3,447,090 6.0%
MICHAEL P. KRENSAVAGE 3,447,090 3,447,090 3,447,090 6.0%
JEFFREY D. GOLDBERG 0 0 0 0%
MARK D. STO 0 0 0 0%
JOHN S. WATTS JR 0 0 0 0%
FRANK R. WILLIAMS JR 0 0 0 0%

Page 1 of 21 SEC Filing

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
RTI Surgical, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
74975N105
(CUSIP Number)
MICHAEL P. KRENSAVAGE
KRENSAVAGE ASSET MANAGEMENT, LLC
130 E. 59th St.
11th Floor
New York, NY 10022
(212) 518-1970
 
STEVE WOLOSKY
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
February 19, 2016
(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).

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