UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
VIASAT, INC.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
92552V100
(CUSIP Number)
Mark Nieuwendijk
PRETZEL LOGIC BV
Wilhelminalaan 30
3701BL, Zeist, NL
Tel: +3-162-504-2516
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
May 30, 2023
(Date
of Event Which Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-l(e),
240.13d-l(f) or 240.13d-l(g), check the following box. ☐
Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form
with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on 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).
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CUSIP No. 92552V100 |
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13D |
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Page
2
of 7 Pages |
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1. |
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Names of Reporting Persons
PRETZEL LOGIC BV |
2. |
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Check The Appropriate Box
if a Member of a Group (See Instructions)
(a) ☒ (b) ☐ |
3. |
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SEC Use Only
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4. |
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Source of Funds
OO |
5. |
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Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) |
6. |
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Citizenship or Place of
Organization
Netherlands |
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Number of
Shares Beneficially
Owned By Each
Reporting Person
With |
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7. |
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Sole Voting Power
0 |
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8. |
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Shared Voting Power
154,645 |
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9. |
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Sole Dispositive Power
0 |
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10. |
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Shared Dispositive Power
154,645 |
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11. |
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Aggregate Amount Beneficially Owned by Each Reporting Person
154,645 |
12. |
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
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13. |
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Percent of Class
Represented by Amount in Row (11) 0.13% (1) |
14. |
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Type of Reporting Person
(See Instructions) OO |
(1) |
Based on 123,276,396 shares of Common Stock outstanding as of May 30, 2023, based on information provided by
the Issuer. |
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CUSIP No. 92552V100 |
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13D |
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Page
3
of 7 Pages |
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1. |
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Names of Reporting Persons
Mark Nieuwendijk |
2. |
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Check The Appropriate Box
if a Member of a Group (See Instructions)
(a) ☒ (b) ☐ |
3. |
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SEC Use Only
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4. |
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Source of Funds
OO |
5. |
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Check if disclosure of
legal proceedings is required pursuant to Items 2(d) or 2(e) |
6. |
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Citizenship or Place of
Organization
Netherlands |
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Number of
Shares Beneficially
Owned By Each
Reporting Person
With |
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7. |
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Sole Voting Power
0 |
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8. |
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Shared Voting Power
154,645 |
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9. |
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Sole Dispositive Power
0 |
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10. |
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Shared Dispositive Power
154,645 |
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11. |
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Aggregate Amount Beneficially Owned by Each Reporting Person
154,645 |
12. |
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ |
13. |
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Percent of Class
Represented by Amount in Row (11) 0.13% (1) |
14. |
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Type of Reporting Person
(See Instructions) IN |
(1) |
Based on 123,276,396 shares of Common Stock outstanding as of May 30, 2023, based on information provided by
the Issuer. |
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CUSIP No. 92552V100 |
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13D |
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Page
4
of 7 Pages |
Item 1. Security and Issuer.
This statement relates to the common stock, par value $0.0001 per share (the Common Stock), of Viasat, Inc., a Delaware corporation
(Viasat or the Issuer). The principal executive offices of the Issuer are located at 6155 El Camino Real, Carlsbad, California 92009.
Item 2. Identity and Background.
(a) Names of Persons Filing
This
statement is filed on behalf of each of the following entities and individuals (collectively, the Reporting Persons):
1. |
PRETZEL LOGIC BV (Pretzel Logic) |
The agreement among the Reporting Persons to file jointly (the Joint Filing Agreement) is attached as Exhibit A hereto and incorporated herein by
reference. The execution and filing of such joint filing agreement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.
(b) Residence or business address
The address of the principal business and principal office of each of the Reporting Persons is Wilhelminalaan 30, 3701BL, Zeist, NL.
(c) The principal business of Pretzel Logic is investing in securities.
(d) None of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the past
five years.
(e) None of the Reporting Persons has been a party to any civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws during the last five years.
(f) See responses to Item 6 on each cover page.
Item 3. Source and Amount of Funds or Other Consideration
The information in Item 4 of this Schedule 13D is incorporated herein by reference.
The description of the Purchase Agreement (as defined herein) contained in this Item 3 is not intended to be complete and is qualified in its entirety by
reference to the full text of the Purchase Agreement, a copy of which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by Viasat with the Securities and Exchange Commission (SEC) on
November 8, 2021 and is incorporated herein by reference, and the letter agreement, dated as of April 11, 2023, by and among Viasat and the shareholders of Inmarsat party thereto, a copy of which was filed as Exhibit 2.1(A) to the Annual
Report on Form 10-K filed by Viasat with the SEC on May 22, 2023 and is incorporated herein by reference.
Item 4. Purpose of Transaction.
On May 30,
2023, Viasat purchased all of the issued and outstanding shares of Connect Topco Limited, a private company limited by shares and incorporated in Guernsey (Inmarsat), pursuant to the previously announced Share Purchase Agreement, dated
as of November 8, 2021 (as amended, the Purchase Agreement), by and among Viasat, the shareholders of Inmarsat and the other parties thereto (collectively, including certain parties entering into any subsequent joinder or deed of
adherence thereto, the Sellers) in exchange for (i) cash consideration equal to $550.7 million, subject to adjustments, and (ii) approximately 46.36 million unregistered shares of Common Stock, upon the terms and
subject to the conditions set forth therein (the Acquisition).
At the closing of the Acquisition, Viasat issued an aggregate of 46,363,636
shares of Common Stock to the Sellers as the share consideration payable under the Purchase Agreement. Additionally, Viasat entered into a registration rights agreement with certain Inmarsat shareholders, pursuant to which Viasat has agreed to file
a registration statement to register the resale of the shares issued to such Sellers in the Acquisition.
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CUSIP No. 92552V100 |
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Additionally, on May 30, 2023, effective as of the closing of the Acquisition and in accordance with the
terms of the Purchase Agreement and the Stockholders Agreement, dated as of November 8, 2021 (the Stockholders Agreement), among Viasat and certain sellers (Triton LuxTopHolding SARL, CPP Investment Board Private Holdings
(4) Inc., 2684343 Ontario Limited, and WP Triton Co-Invest, L.P. and certain parties entering into any subsequent joinder thereto, collectively referred to herein as the Investor Sellers), the
size of the Viasat board of directors (the Viasat Board) was increased from eight to ten directors and Andrew Sukawaty and Rajeev Suri were appointed (as the Investor Sellers designees) to fill the vacancies created by the new
directorships. Messrs. Sukawaty and Suri serve as Class I and III directors of the Viasat Board, respectively. In addition, effective as of the closing of the Acquisition, Mr. Sukawaty was appointed to the Compensation and Human Resource
Committee of the Viasat Board.
Under the Stockholders Agreement, the Investor Sellers have the right to designate two individuals for nomination to the
Viasat Board for so long as the Investor Sellers collectively beneficially own at least 25% of the total outstanding shares of Common Stock, and one individual for nomination to the Viasat Board for so long as the Investor Sellers collectively
beneficially own at least 15% of the total outstanding shares of Common Stock. In addition, the Stockholders Agreement imposes certain transfer restrictions with respect to the consideration shares issued to the Investor Sellers, including a
prohibition on transfer during an initial 180-day lock-up period and on transfers to Viasat competitors and certain other parties for so long as the Investor Sellers
collectively beneficially own at least 10% of the total outstanding shares of Common Stock, as well as customary standstill limitations.
The foregoing
descriptions of the Purchase Agreement and the Stockholders Agreement do not purport to be complete and are qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which was filed as Exhibit 2.1 to the Current
Report on Form 8-K filed by Viasat with the Securities and Exchange Commission (SEC) on November 8, 2021 (as amended by the letter agreement, dated as of April 11, 2023, by and among
Viasat and the shareholders of Inmarsat party thereto, a copy of which was filed as Exhibit 2.1(A) to the Annual Report on Form 10-K filed by Viasat with the SEC on May 22, 2023 and is incorporated herein
by reference) and is incorporated herein by reference, and the full text of the Stockholders Agreement, a copy of which was filed as Exhibit 10.3 to the Current Report on Form 8-K filed by Viasat with the SEC
on November 8, 2021 and is incorporated herein by reference.
Item 5. Interest in Securities of the Issuer.
(a) The responses to Item 7-13 on each of the cover pages of this statement on Schedule 13D are
incorporated herein by reference.
(b) After giving effect to closing of the Acquisition, as of May 30, 2023, Pretzel Logic directly
holds 154,645 shares of Common Stock. Pretzel Logic is wholly owned by Mark Nieuwendijk, and Mr. Nieuwendijk is the managing director of Pretzel Logic. Accordingly, Mr. Nieuwendijk makes decisions on behalf of Pretzel Logic and therefore
may be deemed to be the beneficial owner of the shares of Common Stock directly held by Pretzel Logic. Each of the Reporting Persons disclaim their beneficial ownership of such shares of Common Stock except to the extent of its pecuniary interest
therein.
As a result of the Stockholders Agreement and the Coordination Agreement described in Item 6, the Investor Sellers may be deemed to be members
of a group within the meaning of Section 13(d)(3) of the Exchange Act. Such group would beneficially own an aggregate of 45,427,103 shares of Common Stock, representing 36.85% shares of Common Stock outstanding as of
May 30, 2023, based on information provided by the Issuer. The securities reported herein by the Reporting Persons do not include any Common Stock beneficially owned by the other parties to the Stockholders Agreement or the Coordination
Agreement not included as Reporting Persons on this Schedule 13D (the Other Shares and Other Parties, respectively). The Other Parties have been notified that they may need to file separate beneficial ownership reports with
the SEC related to their beneficial ownership of the Other Shares and membership in the group described herein. Neither the filing of this Schedule 13D nor any of its contents, however, shall be deemed to constitute an admission by the
Reporting Persons that any of them is the beneficial owner of any of Other Shares for purposes of Section 13(d) of the Act or for any other purpose, and such beneficial ownership is expressly disclaimed.
(c) The information set forth in Item 3 above is incorporated by reference into this Item 5(c).
(d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the
shares of the Issuers Common Stock covered by this statement on Schedule 13D.
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(e) Not applicable.
Item 6. Contacts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
Coordination Agreement
On November 8, 2021, the Investor Sellers, entered into a Coordination Agreement (the Coordination Agreement). Pursuant to the Coordination
Agreement, the Investor Sellers agreed that, among other things, before an Investor Seller may exercise its rights under the Registration Rights Agreement (as defined herein), to sell shares of Common Stock pursuant to an Organized Offering (as
defined in the Coordination Agreement), such Investor Seller shall notify the other Investor Sellers at least three (3) business days prior to taking any action under or pursuant to the Registration Rights Agreement. Each Investor Seller, upon
a two (2) business days notice, shall have the opportunity to participate in such Organized Offering on a pro rata basis. The Investor Sellers shall discuss and agree on the information to be included in such Organized Offering.
Pursuant to the Coordination Agreement, in advance of any annual or special meeting of the stockholders of the Company at which any Investor Seller director
is to be elected, re-elected or replaced, the Investor Sellers will meet and decide the names of the individual(s) they shall designate to serve on the board of directors pursuant to the Stockholder Agreement.
Other holders of Common Stock may become parties to the Coordination Agreement by executing a joinder to the Coordination Agreement in the form attached
as Exhibit A to the Coordination Agreement and providing written notice to the other Investor Sellers.
The Coordination Agreement shall no longer
apply to any Investor Seller when such Investor Seller ceases to hold at least three percent (3%) of the outstanding shares of Common Stock of the Company. It shall also be terminated when the sellers own less than ten percent (10%) of the
outstanding shares of Common Stock of the Company.
The foregoing description of the Coordination Agreement does not purport to be complete and is
qualified in its entirety by reference to the Coordination Agreement, a copy of which is filed as Exhibit B to this Schedule 13D and is incorporated by reference herein.
The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are members of a group for purposes of
Section 13(d) of the Act, and the Reporting Persons expressly disclaim beneficial ownership of all securities held or otherwise beneficially owned by the other parties to the Coordination Agreement. Upon information and belief, the Sellers
acquired Common Stock pursuant to the Purchase Agreement and, as of May 30, 2023, beneficially own an aggregate of 45,427,103 shares of Common Stock.
Registration Rights Agreement
On May 30, 2023, the
Sellers, entered into a Registration Rights Agreement (the Registration Rights Agreement) with Viasat. Pursuant to the Registration Rights Agreement, among other things and subject to certain restrictions, Viasat is required to file with
the SEC a registration statement registering for resale the shares of Viasat common stock issuable to the Sellers upon the completion of the transactions contemplated by the Purchase Agreement and to conduct certain underwritten offerings or
facilitate certain block trade transactions upon the request of holders of Registrable Securities (as defined in the Registration Rights Agreement). The Registration Rights Agreement also provides holders of Registrable Securities (as defined in the
Registration Rights Agreement) with certain customary piggyback registration rights.
The description of the Registration Rights Agreement contained in
this Item 6 is not intended to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, a form of which was filed as Annex D to the definitive proxy statement filed by Viasat with the SEC on
May 20, 2022 and is incorporated herein by reference.
Item 7. Material to Be Filed as Exhibits
Exhibit A: Joint Filing Agreement, dated as of June 9, 2023, by and among the Reporting Persons.
Exhibit B: Coordination Agreement, dated as of November 8, 2021, by and among the Reporting Persons and the Issuer.
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of 7 Pages |
Exhibit C: Share Purchase Agreement, dated as of November 8, 2021, by and among Issuer and the
shareholders of Connect Topco Limited party thereto (incorporated by reference to the Issuers Exhibit 2.1 to the Issuers Current Report on Form 8-K filed on November 8, 2021).
Exhibit D: Stockholders Agreement, dated as of November 8, 2021, by and among Issuer and the shareholders of Connect Topco Limited party thereto
(incorporated by reference to the Issuers Exhibit 10.3 to the Issuers Current Report on Form 8-K filed on November 8, 2021).
Exhibit E: Registration Rights Agreement, dated as of May 30, 2023, by and among Triton LuxTopHolding SARL, CPP Investment Board Private Holdings
(4) Inc., Ontario Teachers Pension Plan Board, WP Triton Co-Invest, L.P., Pretzel Logic BV and the Issuer (incorporated by reference to the Issuers Annex D to the Issuers Definitive
Proxy Statement filed on May 20, 2022).
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.
Dated: June 9, 2023
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PRETZEL LOGIC BV |
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By: |
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/s/ Mark Nieuwendijk |
Name: Mark Nieuwendijk Title:
Managing Director |
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Mark Nieuwendijk |
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/s/ Mark Nieuwendijk |
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