UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Amendment No. 4)*

Under the Securities Exchange Act of 1934

 

 

MP Materials Corp.

(Name of Issuer)

Class A common stock, par value of $0.0001 per share

(Title of Class of Securities)

553368101

(CUSIP Number)

Eleazer Klein, Esq.

Schulte Roth & Zabel LLP

919 Third Avenue, New York, NY 10022

(212) 756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 9, 2022

(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-1(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 §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting 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 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).

 

 

 


CUSIP No. 553368101

 

  1.    

  Names of Reporting Persons.

 

  QVT Financial LP

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  AF

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  17,873,834

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  17,873,834

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  17,873,834

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

  Percent of Class Represented by Amount in Row (11)

 

  10.07%

14.  

  Type of Reporting Person (See Instructions)

 

  PN

 

Page 2 of 9 pages


CUSIP No. 553368101

 

  1.    

  Names of Reporting Persons.

 

  QVT Financial GP LLC

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  AF

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  17,873,834

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  17,873,834

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  17,873,834

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

  Percent of Class Represented by Amount in Row (11)

 

  10.07%

14.  

  Type of Reporting Person (See Instructions)

 

  OO

 

Page 3 of 9 pages


CUSIP No. 553368101

 

 

  1.    

  Names of Reporting Persons.

 

  Fourth Avenue FF Opportunities LP – Series E

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  WC

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  9,054,443

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  9,054,443

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,054,443

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

  Percent of Class Represented by Amount in Row (11)

 

  5.10%

14.  

  Type of Reporting Person (See Instructions)

 

  PN

 

 

Page 4 of 9 pages


CUSIP No. 553368101

 

  1.    

  Names of Reporting Persons.

 

  Fourth Avenue Capital Partners GP LLC

  2.  

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)  ☐        (b)  ☒

 

  3.  

  SEC Use Only

 

  4.  

  Source of Funds (See Instructions)

 

  AF

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.  

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  9,054,443

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  9,054,443

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  9,054,443

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

  Percent of Class Represented by Amount in Row (11)

 

  5.10%

14.  

  Type of Reporting Person (See Instructions)

 

  OO

 

Page 5 of 9 pages


 

Item 1. Security and Issuer

This Amendment No. 4 to Schedule 13D amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) by the Reporting Persons on November 27, 2020, Amendment No. 1 thereto filed with the SEC by the Reporting Persons on December 23, 2020, Amendment No. 2 thereto filed with the SEC by the Reporting Persons on March 31, 2021 and Amendment No. 3 thereto filed with the SEC by the Reporting Persons on September 20, 2021 (together, the “Schedule 13D”). Capitalized terms used but not defined herein have the meanings ascribed to them in the Schedule 13D. Except as expressly set forth herein, there have been no changes to the information set forth in the Schedule 13D.

Item 5. Interest in Securities of the Issuer

(a) and (b) The information contained on the cover pages to this Schedule 13D is incorporated herein by reference.

The percentage of Common Shares outstanding reported herein is based on 177,524,993 shares outstanding as of February 17, 2022, as set forth in the Issuer’s Annual Report on Form 10-K, for the year ended December 31, 2021, filed with the SEC on February 28, 2022.

QVT Financial is the investment manager of Saratoga and QVT Family Office Onshore LP and it provides certain investment advisory services for FF Fund. QVT Financial has the power to direct the vote and disposition of the Common Shares held by Saratoga and QVT Family Office Onshore LP and may be deemed to beneficially own the Common Shares held by FF Fund, though it disclaims the power to direct the vote and disposition of FF Fund’s Common Shares. Aggregately, QVT Financial may be deemed to be the beneficial owner of 17,873,834 Common Shares, consisting of the Common Shares owned by Saratoga, QVT Family Office Onshore LP and FF Fund.

QVT Financial GP LLC, as general partner of QVT Financial, may be deemed to beneficially own the same number of Common Shares reported by QVT Financial. Fourth GP, as general partner of FF Fund, may be deemed to beneficially own the aggregate number of Common Shares owned by FF Fund, and accordingly, Fourth GP may be deemed to be the beneficial owner of an aggregate amount of 9,054,443 Common Shares.

Each of the Covered Persons disclaims beneficial ownership of the Common Shares owned by the Reporting Persons.

(c) The reported share amounts for the Reporting Persons reflect amounts as of the date hereof.

Appendix B to this Amendment No. 4 sets forth the transactions in the Common Shares by the Reporting Persons within the past 60 days.

(d) Not applicable.

(e) Not applicable.

 

Page 6 of 9 pages


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: March 10, 2022

 

QVT FINANCIAL LP   FOURTH AVENUE FF OPPORTUNITIES LP – SERIES E
By: QVT Financial GP LLC, its General Partner   By: Fourth Avenue Capital Partners GP LLC, its General Partner
By:  

/s/ Daniel Gold

    By:  

/s/ Daniel Gold

  Name: Daniel Gold       Name: Daniel Gold
  Title: Managing Member                        Title: Managing Member
       
By:  

/s/ Meg Eisner

     
  Name: Meg Eisner      
  Title: Authorized Signatory      
QVT FINANCIAL GP LLC     FOURTH AVENUE CAPITAL PARTNERS GP LLC
By:  

/s/ Daniel Gold

    By:  

/s/ Daniel Gold

  Name: Daniel Gold       Name: Daniel Gold
  Title: Managing Member       Title: Managing Member
By:  

/s/ Meg Eisner

     
  Name: Meg Eisner      
  Title: Authorized Signatory      

 

Page 7 of 9 pages


Appendix A

Covered Persons

 

Name of Covered Person

  

Principal Business Address

  

Principal Occupation

Daniel Gold   

QVT Financial LP

888 Seventh Avenue, 27th Floor
New York, New York 10106

   Investment Management
Nicholas Brumm   

QVT Financial LP

888 Seventh Avenue, 27th Floor
New York, New York 10106

   Investment Management
Arthur Chu   

QVT Financial LP

888 Seventh Avenue, 27th Floor
New York, New York 10106

   Investment Management
Tracy Fu   

QVT Financial LP

888 Seventh Avenue, 27th Floor
New York, New York 10106

   Investment Management

 

Page 8 of 9 pages


Appendix B

Transactions in Common Shares within the Past 60 Days

by the Reporting Persons

The following table sets forth transactions in the Common Shares by the Reporting Persons. Each of the transactions was a sale effected for cash in the open market.

 


Date

   Shares Sold by FF
Fund
     Shares Sold by
QVT Family Office
Onshore LP
     Shares Sold by
Saratoga
    
Price
 

February 28, 2022

     130,590        21,385        105,815      $ 46.16  

March 1, 2022

     20,240        3,314        16,400      $ 43.55  

March 8, 2022

     253,290        41,475        205,235      $ 44.02  

March 8, 2022

     50,658        8,295        41,047      $ 43.71  

March 9, 2022

     216,860        35,510        175,716      $ 45.28  

March 10, 2022

     51,939        8,505        42,085      $ 45.25  

 

Page 9 of 9 pages

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