SCHEDULE 13D/A: Glenview Capital and Larry Robbins Update Significant Stake in Butterfly Network, Robbins Receives New RSU Grant

Glenview Capital Management and its co-president Larry Robbins have updated their beneficial ownership in Butterfly Network, Inc., with Robbins also receiving a new grant of restricted stock units.

Summary

• Glenview Capital Management, LLC reported beneficial ownership of 11,668,477 shares of Butterfly Network, Inc. Class A common stock, representing 5.24% of the outstanding shares.
• Larry Robbins, co-president of Glenview Capital Management, reported beneficial ownership of 19,634,914 shares, representing 8.7% of the outstanding shares.
• Glenview's ownership includes 9,955,144 directly held shares and 1,713,333 shares issuable upon exercise of Private Placement Warrants.
• Mr. Robbins' ownership includes 387,150 shares with sole voting and dispositive power (including 21,645 stock options and 80,434 unvested restricted stock units) and 19,247,764 shares with shared voting and dispositive power (including shares held by Glenview Funds and Longview Investors LLC, and shares issuable from warrants).
• On June 13, 2025, Mr. Robbins was granted 80,434 unvested restricted stock units, which are set to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on his continued service on the board of directors.
• The percentage of class is calculated based on 220,861,993 shares of Common Stock outstanding as of April 21, 2025, as reported in the Issuer's Form 10-Q filed on May 2, 2025, plus shares the Reporting Person has the right to acquire.

Sentiment

Score: 6

Explanation: The document is largely neutral as it's a routine regulatory update. The grant of RSUs to a key board member is a slightly positive signal for management alignment and retention.

Positives

• The grant of 80,434 restricted stock units to Larry Robbins aligns his interests further with the long-term performance of Butterfly Network, Inc., subject to his continued service on the board.
• Continued significant beneficial ownership by Glenview Capital Management and Larry Robbins indicates ongoing investment and confidence in the company.

Risks

• No new specific risks related to company operations or financial health were disclosed in this beneficial ownership update.

Future Outlook

The document indicates that 80,434 restricted stock units granted to Mr. Robbins are expected to vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, contingent on his continued service on the board of directors.

Management Comments

• Mr. Robbins was granted 80,434 shares of unvested restricted stock units, each representing the right to receive one share of Common Stock upon vesting, which vest in full on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to Mr. Robbins' continued service on the Issuer's board of directors on such date.

Industry Context

This filing is a routine update on beneficial ownership by significant investors in Butterfly Network, Inc., a company operating in the medical technology sector, specifically known for its portable ultrasound technology. It reflects ongoing investment and compensation practices within the industry for key personnel.

Corporate Governance

Related Party Transactions

• The grant of 80,434 unvested restricted stock units to Larry Robbins, who is a board member and co-president of a significant beneficial owner (Glenview Capital Management), constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The grant of RSUs to Mr. Robbins could lead to minor dilution upon vesting but is intended to align management incentives with shareholder interests.
• Employees: No direct impact on general employees mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• The vesting of 80,434 restricted stock units granted to Mr. Robbins is expected on the date of the Issuer's 2026 Annual Stockholders Meeting, subject to his continued board service.

Key Dates

Recommendation

Keywords

Butterfly Network, Glenview Capital Management, Larry Robbins, SEC filing, Schedule 13D, beneficial ownership, restricted stock units, warrants, medical technology, ultrasound