Amendment: SEC Form SC 13D/A filed by ProKidney Corp.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________

SCHEDULE 13D

(Rule 13d-101)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)*

__________________________________________

ProKidney Corp.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G7S53R104

(CUSIP Number)

Tolerantia, LLC

110 East 59th Street

Suite 2800

New York, New York 10022

(212) 883-0200

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

With copies to:

Jason Daniel

Akin Gump Strauss Hauer & Feld LLP

2300 N. Field Street

Suite 1800

Dallas, TX 75201

(214) 969-4209

June 13, 2024

(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-1(e), 240.13d-1(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 Rule 13d-7 for other parties to whom copies are to be sent.

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, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to all other provisions of the Exchange Act (however, see the Notes).

CUSIP No. G7S53R104

CUSIP No. G7S53R104

AMENDMENT NO. 3 TO SCHEDULE 13D

This Amendment No. 3 to Schedule 13D amends and supplements the Schedule 13D filed by the undersigned with the Securities and Exchange Commission (the “SEC”) on July 22, 2022, as amended and supplemented on November 2, 2023 and February 6, 2024 (collectively, the “Schedule 13D”). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.

Item 3. Source or Amount of Funds or Other Consideration.

Item 3 of Schedule 13D is supplemented and superseded, as the case may be, as follows:

An affiliate of Mr. Legorreta borrowed $50,000,000 from an investment-related credit facility with Morgan Stanley Private Bank, National Association to fund a portion of the acquisition made by the Reporting Persons described below.  The loan was not secured by the securities described herein. The remaining portion of the acquisition cost was paid with personal funds.

The information set forth in Item 4 of this Schedule 13D is incorporated herein by reference.

Item 4. Purpose of Transaction.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows:

On June 11, 2024, the Issuer entered into an underwriting agreement with Jefferies LLC, J.P. Morgan Securities LLC, and Guggenheim Securities, LLC as the representatives of the underwriters named therein relating to an underwritten public offering (the “Offering”) of Class A ordinary shares at a public offering price of $2.42 per share.  The Offering closed on June 13, 2024, and the Reporting Persons purchased 22,617,909 Class A ordinary shares in the Offering at a price of $2.42 per share.

Item 5. Interest in Securities of the Issuer.

(a) – (b)

Tolerantia:

 

 

 

Pablo Legorreta:

 

Mr. Legorreta controls the voting and disposition of the shares held by Tolerantia. Mr. Legorreta disclaims beneficial ownership of the shares held by Tolerantia except to the extent of his indirect pecuniary interest therein.

The aggregate percentage of Class A ordinary shares reported as beneficially owned by each Reporting Person is determined in accordance with SEC rules and is based upon a total of 287,261,909 shares, comprising 119,538,356 Class A ordinary shares and 167,723,553 Class B ordinary shares outstanding as of June 13, 2024, which is the total number of shares outstanding as reported in ProKidney’s final prospectus on Form 424 filed with the SEC on June 13, 2024 plus the number of shares issued due to the partial exercise of the overallotment option. The Reporting Persons have the right to exchange their Common Units and an equal number of Class B ordinary shares on a one-for-one basis for Class A ordinary shares. The applicable SEC rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities and include Class A ordinary shares issuable upon the conversion or exercise of other securities that are immediately convertible or exercisable, or are convertible or exercisable within 60 days of the filing of this Schedule 13D.

(c) Except as set forth in this Schedule 13D, no Reporting Person has effected any transaction in Issuer Class A ordinary shares in the past 60 days.

(d) To the best knowledge of each Reporting Person, no one other than the Reporting Persons identified herein has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A ordinary shares reported herein as beneficially owned by any Reporting Person.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 of Schedule 13D is supplemented and superseded, as the case may be, as follows:

In connection with ProKidney’s launch of the underwritten offering described in Item 4, Pablo Legorreta entered into a lock-up agreement with the underwriters to prohibit the sale of Class A ordinary shares or Class B ordinary shares for 90 days after the date of the final prospectus.

Item 7. Material to be Filed as Exhibits.

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 14, 2024