Sec Form 13G Filing - Sessa Capital (Master) L.P. filing for XERIS PHARMACEUTICALS INC (XERS) - 2022-02-14

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

 

(AMENDMENT NO. 2)*

 

XERIS PHARMACEUTICALS INC

(Name of Issuer)

 

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

 

98422E103

(CUSIP Number)

 

December 31, 2021

(Date of Event which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

[x]Rule 13d-1(b)
[  ]Rule 13d-1(c)
[  ]Rule 13d-1(d)

 

*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. 98422E103   13G   Page 1 of 9 Pages
     
1.

NAMES OF REPORTING PERSONS

 

Sessa Capital (Master), L.P.

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    [   ]

(b)    [   ]

 
3.

SEC USE ONLY

 

 
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
5.

SOLE VOTING POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4) 

6.

SHARED VOTING POWER

 

 

7.

SOLE DISPOSITIVE POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4) 

8.

SHARED DISPOSITIVE POWER

 

 

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4) 

 
10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

(see instructions)    [  ]

 

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.4% (see Item 4) 

 
12.

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

 

 

 

CUSIP No. 98422E103   13G   Page 2 of 9 Pages
     
1.

NAMES OF REPORTING PERSONS

 

Sessa Capital GP, LLC

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    [   ]

(b)    [   ]

 
3.

SEC USE ONLY

 

 
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
5.

SOLE VOTING POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

6.

SHARED VOTING POWER

 

 

7.

SOLE DISPOSITIVE POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

8.

SHARED DISPOSITIVE POWER

 

 

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

 
10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

(see instructions)    [  ]

 

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.4% (see Item 4) 

 
12.

TYPE OF REPORTING PERSON (see instructions)

 

OO

 

 

 

 

CUSIP No. 98422E103   13G   Page 3 of 9 Pages
     
1.

NAMES OF REPORTING PERSONS

 

Sessa Capital IM, L.P.

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    [   ]

(b)    [   ]

 
3.

SEC USE ONLY

 

 
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
5.

SOLE VOTING POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

6.

SHARED VOTING POWER

 

 

7.

SOLE DISPOSITIVE POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

8.

SHARED DISPOSITIVE POWER

 

 

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

 
10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

(see instructions)    [  ]

 

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.4% (see Item 4) 

 
12.

TYPE OF REPORTING PERSON (see instructions)

 

PN

 

 

 

 

CUSIP No. 98422E103   13G   Page 4 of 9 Pages
     
1.

NAMES OF REPORTING PERSONS

 

Sessa Capital IM GP, LLC

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    [   ]

(b)    [   ]

 
3.

SEC USE ONLY

 

 
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
5.

SOLE VOTING POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

6.

SHARED VOTING POWER

 

 

7.

SOLE DISPOSITIVE POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

8.

SHARED DISPOSITIVE POWER

 

 

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

 
10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

(see instructions)    [  ]

 

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.4% (see Item 4) 

 
12.

TYPE OF REPORTING PERSON (see instructions)

 

OO

 

 

 

 

CUSIP No. 98422E103   13G   Page 5 of 9 Pages
     
1.

NAMES OF REPORTING PERSONS

 

John Petry

 
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(see instructions)

(a)    [   ]

(b)    [   ]

 
3.

SEC USE ONLY

 

 
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
5.

SOLE VOTING POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

6.

SHARED VOTING POWER

 

 

7.

SOLE DISPOSITIVE POWER

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

8.

SHARED DISPOSITIVE POWER

 

 

9.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

3,259,804 Shares (as defined in Item 2)(issuable upon conversion of convertible notes) (see Item 4)

 
10.

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

(see instructions)    [  ]

 

 
11.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.4% (see Item 4) 

 
12.

TYPE OF REPORTING PERSON (see instructions)

 

IN

 

 

 

 

CUSIP No. 98422E103   13G   Page 6 of 9 Pages

  

Item 1. (a)

Name of Issuer

Xeris Pharmaceuticals, Inc. (or the “Company”)

     
  (b)

Address of Issuer’s Principal Executive Office

180 North Lasalle Street, Suite 1600

Chicago, IL 60601

     
Item 2. (a)

Name of Person Filing

1. Sessa Capital (Master), L.P.

2. Sessa Capital GP, LLC

3. Sessa Capital IM, L.P.

4. Sessa Capital IM GP, LLC

5. John Petry

 

This statement is filed by the persons listed in this Item 2(a), who are collectively referred to herein as "Reporting Persons."

     
  (b)

Address of the Principal Office or, if none, residence

888 Seventh Avenue, 30th Floor

New York, New York, 10019

     
  (c)

Citizenship

Sessa Capital (Master), L.P. is a Cayman Islands exempted limited partnership. Sessa Capital GP, LLC and Sessa Capital IM GP, LLC are Delaware limited liability companies. Sessa Capital IM, L.P. is a Delaware limited partnership. Mr. Petry is a citizen of the United States.

     
  (d)

Title of Class of Securities

Common Stock, par value $0.0001 per share (“Shares”)

     
  (e)

CUSIP Number

98422E103

 

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

 

  (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
       
  (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
       
  (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
       
  (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
       
  (e) [x] An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
       
  (f) [ ] An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
       
  (g) [ ] A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);
       
  (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
       
  (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
       
  (j) [ ] Group, in accordance with §240.13d-1(b)(1)(ii)(J).

 

 

 

CUSIP No. 98422E103   13G   Page 7 of 9 Pages

 

Item 4. Ownership.

 

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 

(a)

Amount beneficially owned:

Sessa Capital (Master), L.P. (the “Fund”) directly beneficially owns 3,259,804 Shares (issuable upon conversion of convertible notes).

 

Sessa Capital GP, LLC is the general partner of the Fund and, as a result, may be deemed to beneficially own Shares owned by the Fund.

 

Sessa Capital IM, L.P. is the investment manager of the Fund and, as a result, may be deemed to beneficially own Shares owned by the Fund.

 

Sessa Capital IM GP, LLC is the general partner of Sessa Capital IM, L.P. and, as a result, may be deemed to beneficially own Shares beneficially owned by Sessa Capital IM, L.P.

 

Mr. Petry is the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC and, as a result, may be deemed to beneficially own Shares owned by the Fund.

 

The number of Shares set forth above and on rows (5), (7) and (9) of the cover page for each Reporting Person are based on the Company's total number of outstanding Shares and assume the conversion of convertible notes directly beneficially owned by the Fund (the "Securities").

   
(b)

Percent of class:

2.4% (see Item 4(a)), based on 138,372,028 shares of Common Stock outstanding as of January 25, 2022, consisting of 135,112,224 shares of Common Stock outstanding according to the Issuer’s Form S-3, which was filed with the Securities and Exchange Commission on January 28, 2022, and 3,259,804 shares of Common Stock issuable on conversion of convertible notes.

   
(c) Number of shares as to which the person has:
  (i)

Sole power to vote or to direct the vote:

 

Each of the reporting persons may be deemed to have the sole power to vote or direct the vote of 3,259,804 Shares (issuable upon conversion of convertible notes).

     
  (ii)

Shared power to vote or to direct the vote:

 

Not applicable.

     
  (iii)

Sole power to dispose or to direct the disposition of:

 

Each of the reporting persons may be deemed to have the sole power to dispose or direct the disposition of 3,259,804 Shares (issuable upon conversion of convertible notes).

     
  (iv)

Shared power to dispose or to direct the disposition of:

 

Not applicable.

 

Item 5. Ownership of Five Percent or Less of a Class.

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ x ] .

 

 

 

CUSIP No. 98422E103   13G   Page 8 of 9 Pages

 

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

 

Not applicable

 

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

 

Not applicable

 

Item 8. Identification and Classification of Members of the Group.

 

Not applicable

 

Item 9. Notice of Dissolution of Group.

 

Not applicable

 

 

 

CUSIP No. 98422E103   13G   Page 9 of 9 Pages

 

Item 10. Certification.

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

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.

 

  Name of Registrant  
       
  By: /s/ John Petry  
    John Petry, individually, as manager of Sessa Capital GP, LLC, the general partner of Sessa Capital (Master), L.P., and as manager of Sessa Capital IM GP, LLC, the general partner of Sessa Capital IM, L.P.  
       
  Date: February 14, 2022  

 

 

 

SCHEDULE 13G

 

CUSIP No. 98422E103

 

EXHIBIT INDEX TO SCHEDULE 13G

 

EXHIBIT 1

 

Joint Filing Agreement, dated as of February 16, 2021, by and between Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, and John Petry.