SCHEDULE 13G: Vivo Opportunity Funds Disclose Significant Passive Stake in DBV Technologies S.A.

Vivo Opportunity Fund Holdings, L.P. and its affiliates have disclosed a passive beneficial ownership of 9.99% in DBV Technologies S.A., primarily through a combination of ordinary shares and warrants.

Summary

• The filing is a Schedule 13G, indicating a passive investment by the reporting persons in DBV Technologies S.A.
• The reporting persons include Vivo Opportunity Fund Holdings, L.P., its general partner Vivo Opportunity, LLC, Vivo Opportunity Cayman Fund, L.P., and its general partner Vivo Opportunity Cayman, LLC.
• DBV Technologies S.A.'s Ordinary shares, nominal value 0.10 euro per share, are the class of securities involved.
• Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC each report beneficial ownership of 20,358,470 Ordinary Shares, representing 9.99% of the class.
• This aggregate amount for Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC consists of 4,672,520 Ordinary Shares, 8,176,910 Ordinary Shares issuable upon exercise of ABSA Warrants, and 7,509,040 Ordinary Shares issuable upon exercise of Pre-Funded Warrants.
• Vivo Opportunity Cayman Fund, L.P. and Vivo Opportunity Cayman, LLC each report beneficial ownership of 2,614,293 Ordinary Shares, representing 9.99% of the class.
• This aggregate amount for Vivo Opportunity Cayman Fund, L.P. and Vivo Opportunity Cayman, LLC consists of 600,012 Ordinary Shares, 1,050,021 Ordinary Shares issuable upon exercise of ABSA Warrants, and 964,260 Ordinary Shares issuable upon exercise of Pre-Funded Warrants.
• The Pre-Funded Warrants contain provisions preventing their exercise if it would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities.
• The reported share amounts represent the number of Ordinary Shares that would be issuable upon full exercise of the Pre-Funded Warrants, without giving effect to these blocking provisions, while the reported percentage of class is capped at 9.99%.
• The securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The document is a factual disclosure of a passive ownership stake. While it doesn't contain performance data, the presence of a significant institutional investor can be viewed as a neutral to slightly positive signal of confidence in the issuer.

Positives

• The filing indicates a significant passive investment by Vivo Opportunity Funds in DBV Technologies S.A., signaling investor interest.

Negatives

• The document does not disclose any negative information regarding DBV Technologies S.A.

Risks

• The Pre-Funded Warrants held by the reporting persons contain provisions that prevent their exercise if it would result in the holder or its affiliates obtaining greater than 9.99% of DBV Technologies S.A.'s voting securities, which could limit the full conversion of these warrants.

Future Outlook

The document, a Schedule 13G, does not provide any forward-looking statements or guidance regarding DBV Technologies S.A.'s future performance or strategic outlook.

Industry Context

This filing is a standard disclosure of a significant passive ownership stake by an investment fund in a publicly traded company. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by institutional investors may influence market perception and trading activity for DBV Technologies S.A. shares.

Key Dates

Keywords

DBV Technologies S.A., Vivo Opportunity Fund Holdings, Vivo Opportunity LLC, Schedule 13G, beneficial ownership, ordinary shares, warrants, passive investment, SEC filing