13D Filing: Third Point and Enphase Energy Inc. (NASDAQ:ENPH)

This Amendment No. 3 to Schedule 13D (this “Amendment No. 3”) is being filed with respect to the Common Stock, par value $0.00001 per share (the “Common Stock”), of Enphase Energy, Inc., a Delaware corporation (the “Issuer”), to amend the Schedule 13D filed on April 9, 2012 (as amended by Amendment No. 1 thereto filed on August 21, 2014 and Amendment No. 2 thereto filed on September 30, 2016, the “Schedule 13D”).

This Amendment No. 3 is being filed on behalf of Third Point LLC, a Delaware limited liability company (the “Management Company”), Daniel S. Loeb, an individual (“Mr. Loeb”), Third Point Offshore Master Fund, L.P., a Cayman Islands exempted limited partnership (“Offshore Master”), and Third Point Advisors II L.L.C., a Delaware limited liability company (“Third Point Advisors“, and together with the Management Company, Mr. Loeb, and Offshore Master, the “Reporting Persons”).

The Management Company is the investment manager or adviser to a variety of hedge funds and managed accounts (such funds and accounts, collectively, including, but not limited to, Offshore Master, the “Funds”).  Third Point Advisors serves as the general partner of certain of the Funds, including Offshore Master.  The Management Company and Mr. Loeb may be deemed to have beneficial ownership over shares of Common Stock directly beneficially owned by the Funds, by virtue of the authority granted to them by the Funds to vote and to dispose of the securities held by the Funds, including the Common Stock.

This Amendment No. 3 is being filed to report a change in the percentage ownership of the Reporting Persons as a result of the expiration of warrants and the issuance of additional shares of Common Stock by the Issuer.

This Amendment No. 3 is being filed to amend Item 5 of the Schedule 13D as follows:

Item 5.   Interest in Securities of the Issuer.

Items 5(a), (b), (c) and (e) of the Schedule 13D are amended to reflect the following:

(a) As of the date of this Amendment No. 3, the Reporting Persons beneficially own an aggregate of 6,672,671 Shares (representing approximately 8.1% of the Issuer’s outstanding Common Stock based upon the 82,525,301 shares of Common Stock outstanding as of March 6, 2017 (the “Outstanding Shares”) as disclosed in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2017 (the “2016 Annual Report”)), of which 423,684 Shares are owned directly by Mr. Loeb and 6,248,987 Shares are owned by the Third Point Funds. The Shares owned by the Third Point Funds may be deemed to be beneficially owned by the Management Company and Mr. Loeb.

If the Reporting Persons were deemed to be a “group” as defined under Section 13(d) of the Securities Exchange Act of 1934, as amended, such group would be deemed to beneficially own approximately 8.1% of the Outstanding Shares of Common Stock as of the date hereof.

(b) The Management Company as investment manager to the Funds, and Mr. Loeb, as Chief Executive Officer of the Management Company, share with each Fund investment power and voting power with respect to the Shares reported by such Fund. Mr. Loeb also holds Shares over which he has sole investment power and sole voting power.

(c) During the past 60 days there were no transactions in the Common Stock effected by the Reporting Persons, nor, to the best of their knowledge, any of their directors, executive officers, general partners or members.

(e) Based on the information disclosed in the 2016 Annual Report, Offshore Master ceased to be the beneficial owner of more than five percent of the Issuer’s outstanding Common Stock as of March 6, 2017.