Filing Details

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

 

 

Under the Securities Exchange Act of 1934

(Amendment No.   )*

 

 

PLx Pharma Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)   72942A107

(CUSIP Number)

June 9, 2017

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:

 

[   ] Rule 13d-1(b)

[X] Rule 13d-1(c)

[   ] Rule 13d-1(d)

  

 

* 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 the disclosures provided in a prior cover page.

 

The information required in 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.  72942A107
(1) Names of Reporting Persons
	Park West Asset Management LLC
(2) Check the Appropriate Box if a Member of a Group (See Instructions)				(a) [    ]
				(b) [    ]
(3) SEC Use Only
(4) Citizenship or Place of Organization
	Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
		(5) Sole Voting Power:		1,075,723*
		(6) Shared Voting Power:		0
		(7) Sole Dispositive Power:		1,075,723*
		(8) Shared Dispositive Power:		0
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
	1,075,723*
(10) Check if the Aggregate Amount  in Row (9) Excludes Certain Shares (See Instructions):
	[    ]
(11) Percent of Class Represented by Amount in Row (9)
	12.4%*
(12) Type of Reporting Person (See Instructions):
	IA

 

* Beneficial ownership percentage is based upon 8,683,915 shares of common stock, $0.001 par value per share (“Common Stock”), of PLx Pharma Inc., a Delaware corporation (the “Company”), issued and outstanding immediately after the consummation of the Company’s public offering of Common Stock, as reported by the Company in its prospectus supplement dated June 9, 2017 (File No. 333-204830), filed with the Securities and Exchange Commission on June 12, 2017.  Park West Asset Management LLC (“PWAM”) is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”), and Park West Partners International, Limited, a Cayman Islands exempted company (“PWPI” and, collectively with PWIMF, the “PW Funds”), and Peter S. Park (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”) is the sole member and manager of PWAM.  As of June 9, 2017, PWIMF held 953,465 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock and PWPI held 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock.  The warrants are not exercisable until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (subject to decrease upon prior written notice to the Company). As a result of the foregoing, for purposes of Reg. Section 240.13d-3, the Reporting Persons may be deemed to beneficially own the 1,075,723 shares of Common Stock held in the aggregate by the PW Funds, and no shares of Common Stock underlying the warrants held in the aggregate by the PW Funds, for an aggregate beneficial ownership percentage of approximately 12.4% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017.

 

 

 

CUSIP No.  72942A107
(1) Names of Reporting Persons
	Park West Investors Master Fund, Limited
(2) Check the Appropriate Box if a Member of a Group (See Instructions)				(a) [    ]
				(b) [    ]
(3) SEC Use Only
(4) Citizenship or Place of Organization
	Cayman Islands
Number of Shares Beneficially Owned by Each Reporting Person With:
		(5) Sole Voting Power:		953,465*
		(6) Shared Voting Power:		0
		(7) Sole Dispositive Power:		953,465*
		(8) Shared Dispositive Power:		0
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
	953,465*
(10) Check if the Aggregate Amount  in Row (9) Excludes Certain Shares (See Instructions):
	[    ]
(11) Percent of Class Represented by Amount in Row (9)
	11.0%*
(12) Type of Reporting Person (See Instructions):
	IA

 

* Beneficial ownership percentage is based upon 8,683,915 shares of Common Stock issued and outstanding immediately after the consummation of the Company’s public offering of Common Stock, as reported by the Company in its prospectus supplement dated June 9, 2017 (File No. 333-204830), filed with the Securities and Exchange Commission on June 12, 2017. As of June 9, 2017, PWIMF held 953,465 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock. The warrants are not exercisable until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (subject to decrease upon prior written notice to the Company).  For purposes of Reg. Section 240.13d-3, PWIMF may be deemed to beneficially own 953,465 shares of Common Stock, and no shares of Common Stock underlying the warrants, for an aggregate beneficial ownership percentage of approximately 11.0% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017.

 

 

 

CUSIP No.  72942A107
(1) Names of Reporting Persons
	Peter S. Park
(2) Check the Appropriate Box if a Member of a Group (See Instructions)				(a) [    ]
				(b) [    ]
(3) SEC Use Only
(4) Citizenship or Place of Organization
	United States of America
Number of Shares Beneficially Owned by Each Reporting Person With:
		(5) Sole Voting Power:		1,075,723*
		(6) Shared Voting Power:		0
		(7) Sole Dispositive Power:		1,075,723*
		(8) Shared Dispositive Power:		0
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
	1,075,723*
(10) Check if the Aggregate Amount  in Row (9) Excludes Certain Shares (See Instructions):
	[    ]
(11) Percent of Class Represented by Amount in Row (9)
	12.4%*
(12) Type of Reporting Person (See Instructions):
	CO

 

* Beneficial ownership percentage is based upon 8,683,915 shares of Common Stock issued and outstanding immediately after the consummation of the Company’s public offering of Common Stock, as reported by the Company in its prospectus supplement dated June 9, 2017 (File No. 333-204830), filed with the Securities and Exchange Commission on June 12, 2017.   PWAM is the investment manager to the PW Funds, and Mr. Park is the sole member and manager of PWAM.  As of June 9, 2017, PWIMF held 953,465 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock and PWPI held 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock.  The warrants are not exercisable until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (subject to decrease upon prior written notice to the Company). As a result of the foregoing, for purposes of Reg. Section 240.13d-3, the Reporting Persons may be deemed to beneficially own the 1,075,723 shares of Common Stock held in the aggregate by the PW Funds, and no shares of Common Stock underlying the warrants held in the aggregate by the PW Funds, for an aggregate beneficial ownership percentage of approximately 12.4% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017.

 

Item 1(a).  Name of Issuer:  PLx Pharma Inc. (the “Company”)
Item 1(b).  Address of Issuer’s Principal Executive Offices:
	8285 El Rio Street, Suite 130 Houston, Texas, 77054
Item 2(a).  Name of Person Filing:
	This report on Schedule 13G (this “Schedule 13G”), is being jointly filed by (i) Park West Asset Management LLC (“PWAM”), a Delaware limited liability company and the investment manager to (a) Park West Investors Master Fund, Limited (“PWIMF”), a Cayman Islands exempted company that is the holder of 953,465 shares of common stock, $0.001 par value per share ( “Common Stock”), of the Company and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock, reported on this Schedule 13G, and (b) Park West Partners International, Limited (“PWPI” and, collectively with PWIMF, the “PW Funds”), a Cayman Islands exempted company that is the holder of 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock reported on this Schedule 13G; (ii) PWIMF; and (iii) Peter S. Park, as the sole member and manager of PWAM (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”).   The warrants held by PWIMF to purchase 902,528 shares of Common Stock and by PWPI to purchase 115,653 shares of Common Stock are not exercisable until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (subject to decrease upon prior written notice to the Company). As a result, for purposes of Reg. Section 240.13d-3, PWAM, PWIMF, PWPI and Mr. Park may currently be deemed not to own any shares of Common Stock underlying the warrants.   The 1,075,723 shares of Common Stock held in the aggregate by the PW Funds, which constitutes approximately 12.4% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017, may be deemed to be beneficially owned (x) indirectly by PWAM, as the investment adviser to PWIMF and PWPI, and (y) indirectly by Mr. Park, as the sole member and manager of PWAM.   As of June 9, 2017, PWIMF held 953,465 shares of Common Stock constituting approximately 11.0% of the Common Stock deemed issued and outstanding as of June 9, 2017.

 

  

 

 

 

Item 2(b).  Address of Principal Business Office or, if None, Residence:
	The address for the Reporting Persons is: 900 Larkspur Landing Circle, Suite 165, Larkspur, California 94939.
Item 2(c).  Citizenship:
	PWAM is organized under the laws of the State of Delaware. Mr. Park is a citizen of the United States.
Item 2(d).  Title of Class of Securities:
	Common Stock, $0.001 par value per share.
Item 2(e).  CUSIP No.:
	72942A107

 

Item 3.  If This Statement Is Filed Pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the Person Filing is a:
	Not Applicable.
Item 4.  Ownership:
	(a)     Amount Beneficially Owned:		1,075,723*
	(b)    Percent of Class:		12.4%*
	(c)     Number of Shares as to which such person has:
		(i)     Sole power to vote or to direct the vote:	1,075,723*
		(ii)     Shared power to vote or to direct the vote:	0
		(iii)     Sole power to dispose or to direct the disposition of:	1,075,723*
		(iv)     Shared power to dispose or to direct the disposition of:	0

 

As reported in the cover pages to this report, the ownership information with respect to PWIMF is as follows:
	(a)     Amount Beneficially Owned:		953,465*
	(b)    Percent of Class:		11.0%*
	(c)     Number of Shares as to which such person has:
		(i)     Sole power to vote or to direct the vote:	953,465*
		(ii)     Shared power to vote or to direct the vote:	0
		(iii)     Sole power to dispose or to direct the disposition of:	953,465*
		(iv)     Shared power to dispose or to direct the disposition of:	0

 

  

* This Schedule 13G is being jointly filed by (i) PWAM, a Delaware limited liability company and the investment manager to (a) PWIMF, a Cayman Islands exempted company that is the holder of 953,465 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 902,528 shares of Common Stock, as reported on this Schedule 13G, and (b) PWPI, a Cayman Islands exempted company that is the holder of 122,258 shares of Common Stock and, subject to the limitation described below, warrants to purchase up to 115,653 shares of Common Stock, as reported on this Schedule 13G; (ii) PWIMF; and and (iii) Mr. Park, as the sole member and manager of PWAM.

 

 

 

 

The warrants held by PWIMF to purchase 902,528 shares of Common Stock and by PWPI to purchase 115,653 shares of Common Stock are not exercisable until December 15, 2017, expire on June 14, 2027, and contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (subject to decrease upon prior written notice to the Company). As a result, for purposes of Reg. Section 240.13d-3, PWAM, PWIMF, PWPI and Mr. Park may currently be deemed not to own any shares of Common Stock underlying the warrants.

 

The 1,075,723 shares of Common Stock held in the aggregate by the PW Funds, which constitutes approximately 12.4% of the shares of Common Stock deemed issued and outstanding as of June 9, 2017, may be deemed to be beneficially owned (x) indirectly by PWAM, as the investment adviser to PWIMF and PWPI, and (y) indirectly by Mr. Park, as the sole member and manager of PWAM.  The foregoing beneficial ownership percentage is based upon 8,683,915 shares of Common Stock, issued and outstanding immediately after the consummation of the Company’s public offering of Common Stock, as reported by the Company in its prospectus supplement dated June 9, 2017 (File No. 333-204830), filed with the Securities and Exchange Commission on June 12, 2017.

 

 

 

  

Item 5.  Ownership of Five Percent or Less of a Class:
	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  [    ]
Item 6.  Ownership of More Than Five Percent on Behalf of Another Person:
	Not Applicable.
Item 7.  Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person:
	Not Applicable.
Item 8.  Identification and Classification of Members of the Group:
	Not Applicable.
Item 9.  Notice of Dissolution of Group:
	Not Applicable.
Item 10.  Certification:
	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

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.

 

 

	June 19, 2017
	PARK WEST ASSET MANAGEMENT LLC
	By:	/s/ Grace Jimenez
		Name:  Grace Jimenez
		Title:    Chief Financial Officer
	PARK WEST INVESTORS MASTER FUND, LIMITED
	By:	Park West Asset Management LLC, its Investment Manager
	By:	/s/  Grace Jimenez
		Name:  Grace Jimenez
		Title:    Chief Financial Officer
	/s/  Peter S. Park
	Peter S. Park

 

 

 

Attention: Intentional misstatements or omissions of fact constitute

Federal criminal violations (See 18 U.S.C. 1001)

 

 

 

 

 

Exhibit Index

 

 

Exhibit

A. Joint Filing Agreement, dated as of June 19, 2017, by and between Park West Asset Management LLC, Park West Investors Master Fund, Limited and Peter S. Park.

 

 

 

Exhibit A

 

 

JOINT FILING AGREEMENT

 

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of them of a statement on Schedule 13G (including amendments thereto) with respect to the shares of common stock, $0.001 par value per share, of PLx Pharma Inc., a Delaware corporation, and further agree that this Joint Filing Agreement be included as Exhibit A to such Schedule 13G.  In evidence thereof, the undersigned hereby execute this agreement this 19th day of June, 2017. 

  

 

	PARK WEST ASSET MANAGEMENT LLC
	By:	/s/ Grace Jimenez
		Name:  Grace Jimenez
		Title:    Chief Financial Officer
	PARK WEST INVESTORS MASTER FUND, LIMITED
	By:	Park West Asset Management LLC, its Investment Manager
	By:	/s/  Grace Jimenez
		Name:  Grace Jimenez
		Title:    Chief Financial Officer
	/s/  Peter S. Park
	Peter S. Park