13D Filing: Point72 Asset Management and Build A Bear Workshop Inc (BBW)

Depending on various factors, including, the Issuer’s financial position and strategic direction, the outcome of the matters referenced above, actions taken by the board of directors, price levels of the Common Stock, other available investment opportunities, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to the Portfolio Funds and/or other investment funds managed by one or more of the Reporting Persons with respect to the Issuer as they deem appropriate, including changing their current intentions, with respect to any or all matters referred to in this Item 4 of Schedule 13D and may, from time to time, cause the Portfolio Funds and/or other investment funds managed by one or more of the Reporting Persons to acquire additional Common Stock, dispose of some or all of their Common Stock, engage in short-selling, hedging or similar transactions with respect to the Common Stock, and/or continue to hold Common Stock. Except as set forth herein, or as would occur upon completion of any of the matters discussed herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

Item 5.          Interest in Securities of the Issuer.

(a) As of the close of business on March 19, 2018, the Reporting Persons beneficially owned an aggregate of 2,983,825 shares of Common Stock, representing approximately 20.0% of the shares of Common Stock outstanding.  This increase in the percentage of shares of Common Stock owned by the Reporting Persons resulted not from acquisitions of Common Stock by the Reporting Persons (or the Portfolio Funds) but a decrease in the number of shares of Common Stock outstanding as a result of the Issuer’s repurchase program, as more fully described in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2018 (the “Issuer 10-K”).  The percentages used herein are based upon 14,900,452 shares of Common Stock reported to be outstanding, as of March 9, 2018, by the Issuer in the Issuer 10-K.

Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen own directly no shares of Common Stock.    Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by certain investment funds it manages.  Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management.  Mr. Cohen controls Point72 Capital Advisors Inc.  By reason of the provisions of Rule 13d-3 of the Act, as amended, each of Point72 Asset Management, Point72 Capital Advisors Inc. and Mr. Cohen may be deemed to beneficially own 2,983,825 shares of Common Stock (constituting approximately 20.0% of the shares of Common Stock outstanding).

(b) None of the Reporting Persons has sole power to vote or direct the vote or sole power to dispose or direct the disposition of shares of Common Stock.