Form 4: Caligan Partners LP Reports Transactions in Liquidia Corp (LQDA) Common Stock

Caligan Partners LP reports a series of transactions involving Liquidia Corp common stock, including an in-kind distribution to limited partners and transactions between Caligan Funds.

Summary

• On August 30, 2024, Caligan Partners LP engaged in several transactions involving Liquidia Corp's common stock.
• A pro-rata in-kind distribution of 3,440,948 shares was made to limited partners of a Caligan Fund.
• A consulting arrangement with a managed account was terminated, resulting in 845,000 shares no longer being reported.
• Caligan received 75,000 shares due under the terms of the terminated consulting arrangement.
• Transactions between Caligan Funds involved 150,000 shares bought and 150,000 shares sold at $9.51 per share.
• David Johnson, Managing Partner of Caligan, is deemed to hold 20,359 shares for the benefit of the Caligan Funds and Accounts.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about ownership changes.

Management Comments

• Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
• Caligan may be deemed to be a director by deputization of the Issuer by virtue of the fact that Mr. Johnson currently serves on the Issuer's board of directors.

Industry Context

This filing reflects the ongoing investment activity of Caligan Partners LP, a significant shareholder in Liquidia Corp. Such filings are common for entities holding more than 10% ownership in a publicly traded company and provide transparency into their trading activities.

Stakeholder Impact

• Shareholders may be interested in the trading activity of significant holders like Caligan Partners LP.
• The in-kind distribution could potentially impact the trading volume and price of Liquidia Corp shares.

Key Dates