This Amendment No. 4 to Schedule 13D (this “Amendment No. 2”) amends and supplements the Original Schedule 13D filed with the SEC on November 16, 2017 (the “Original Schedule 13D”), as amended by Amendment No. 1 filed with the SEC on November 22, 2017 (“Amendment No. 1”), Amendment No. 2 filed with the SEC on December 29, 2017 (“Amendment No. 2”) and Amendment No. 3 filed with the SEC on September 12, 2019 (“Amendment No. 3” and, together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2 and this Amendment No. 4, the “Schedule 13D”). The Schedule 13D relates to the ordinary shares, nominal value NIS 0.15 per share (the “Ordinary Shares”), of Cyren Ltd., a company organized under the laws of the State of Israel (the “Company”). All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
This Amendment No. 4 amends Item 3 of the Original Schedule 13D to add the following:
The Warburg Pincus Reporting Persons will fund the consummation of the Subscription Rights Exercise (as defined below) from capital committed to the WP XII Funds.
Item 4. Purpose of Transaction
This Amendment No. 4 amends Item 4 of the Original Schedule 13D to add the following:
On November 6, 2019, the Company consummated the previously announced rights offering and WP XII Investments acquired 4,624,277 Ordinary Shares in the rights offering in accordance with WP XII Investments’ commitment letter to the Company to subscribe for an aggregate amount of at least $8,000,000 of Ordinary Shares pursuant to its basic subscription rights and over-subscription rights in a rights offering if such rights offering is consummated by the Company pursuant to the terms set forth in such commitment letter.
Item 5. Interest in Securities of the Issuer
Item 5(a)-(b) is hereby amended and restated to read as follows:
(a) The percentages used herein are calculated based upon the 59,319,391 ordinary shares outstanding as of September 25, 2019, based on the Company’s Prospectus Supplement, filed on October 4, 2019, and after giving effect to the issuance of 4,635,584 additional ordinary shares in the rights offering.
WP XII Investments is the direct owner of 32,211,010 Ordinary Shares, representing approximately 54.3% of the outstanding Ordinary Shares. Due to their respective relationships with WP XII Investments and each other, each of the Warburg Pincus Reporting Persons may be deemed to beneficially own, in the aggregate, 32,211,010 Ordinary Shares. Each of the Warburg Pincus Reporting Persons (with the exception of WP XII Investments) disclaim beneficial ownership (within the meaning of Rule13d-3 under the Exchange Act) of all of the Ordinary Shares, except for any pecuniary interest therein.
(b) Each of the Warburg Pincus Reporting Persons is deemed to share with WP XII Investments the power to vote or to direct the vote and to dispose or to direct the disposition of the number of Ordinary Shares (and percentage of the number of outstanding Ordinary Shares) set forth opposite its name below:
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WP XII Investments B.V. | | 32,211,010 (54.3%) |
WP XII Investments Coöperatief U.A. | | 32,211,010 (54.3%) |
Warburg Pincus (Callisto) Private Equity XII (Cayman), L.P. | | 5,875,726 (9.9%) |
Warburg Pincus (Europa) Private Equity XII (Cayman), L.P. | | 6,410,875 (10.8%) |
Warburg Pincus (Ganymede) Private Equity XII (Cayman), L.P. | | 8,588,100 (14.5%) |
Warburg Pincus Private EquityXII-B (Cayman), L.P. | | 4,001,239 (6.7%) |
Warburg Pincus Private EquityXII-D (Cayman), L.P. | | 602,764 (1.0%) |
Warburg Pincus Private EquityXII-E (Cayman), L.P. | | 3,440,290 (5.8%) |