13G Filing: Park West Asset Management and Sientra, Inc. (SIEN)

Peter S. Park‘s Park West Asset Management has recently disclosed its position in Sientra Inc (NASDAQ:SIEN) via a 13G filing with the Securities and Exchange Commission. According to the filing, Park West Asset Management owns a 5% stake in Sientra Inc (NASDAQ:SIEN). The position is passive by nature and amasses 904,600 shares of the company’s common stock. Park West did not report holding shares of Sientra in its last 13F filing for the end of September, 2015.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Park West Asset Management LLC 904,600 0 904,600 0 904,600 5.0%
Peter S. Park 904,600 0 904,600 0 904,600 5.0%

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Page 1 of 5 SEC Filing



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.  )*
SIENTRA, INC.
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE PER SHARE
(Title of Class of Securities)
82621J105
(CUSIP Number)
January 12, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:
o   Rule 13d-1(b)
x  Rule 13d-1(c)
o   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 the disclosures provided in a prior cover page.
The information required in 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).


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Page 2 of 5 SEC Filing

CUSIP No. 82621J105
(1)
Names of Reporting Persons
Park West Asset Management 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                                                               
 
904,600*
 
(6) Shared Voting Power                        
 0
 
(7) Sole Dispositive Power               
904,600*
 
(8) Shared Dispositive Power                        
 0
(9)
Aggregate Amount Beneficially Owned by Each Reporting Person
904,600*
(10)
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions):             ¨
(11)
Percent of Class Represented by Amount in Row (9)
5.0%*
(12)
Type of Reporting Person (See Instructions)
IA
 
 
* Beneficial ownership percentage is based upon 17,993,416 shares of common stock, $0.01 par value per share (“Common Stock”), of Sientra, Inc., a Delaware corporation (the “Company”), issued and outstanding as of November 9, 2015, based on information reported by the Company in its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2015, filed with the Securities and Exchange Commission on November 16, 2015.  Park West Asset Management LLC (“PWAM”) is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”), and Park West Partners International, Limited, a Cayman Islands exempted company (“PWPI” and, collectively with PWIMF, the “PW Funds”), and Peter S. Park (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”) is the sole member and manager of PWAM. As of January 12, 2016, PWIMF held 794,819 shares of Common Stock and PWPI held 109,781 shares of Common Stock of the Company. As a result of the foregoing, for purposes of Reg. Section 240.13d-3, the Reporting Persons may be deemed to beneficially own the 904,600 shares of Common Stock held in the aggregate by the PW Funds, or 5.0% of the shares of Common Stock deemed to be issued and outstanding as of January 12, 2016.

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Page 3 of 5 SEC Filing

CUSIP No. 82621J105
(1)
Names of Reporting Persons
Peter S. Park
(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 of America
Number of Shares Beneficially Owned by
Each Reporting Person With:
(5) Sole Voting Power                                                               
 
904,600*
 
(6) Shared Voting Power                        
 0
 
(7) Sole Dispositive Power               
904,600*
 
(8) Shared Dispositive Power                        
 0
(9)
Aggregate Amount Beneficially Owned by Each Reporting Person
904,600*
(10)
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions):             ¨
(11)
Percent of Class Represented by Amount in Row (9)
5.0%*
(12)
Type of Reporting Person (See Instructions)
IN
* Beneficial ownership percentage is based upon 17,993,416 shares of common stock, $0.01 par value per share (“Common Stock”), of Sientra, Inc., a Delaware corporation (the “Company”), issued and outstanding as of November  9, 2015, based on information reported by the Company in its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2015, filed with the Securities and Exchange Commission on November 16, 2015.  Park West Asset Management LLC (“PWAM”) is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company (“PWIMF”), and Park West Partners International, Limited, a Cayman Islands exempted company (“PWPI” and, collectively with PWIMF, the “PW Funds”), and Peter S. Park (“Mr. Park” and, collectively with PWAM, the “Reporting Persons”) is the sole member and manager of PWAM.  As of January 12, 2016, PWIMF held 794,819 shares of Common Stock and PWPI held 109,781 shares of Common Stock of the Company.  As a result of the foregoing, for purposes of Reg. Section 240.13d-3, the Reporting Persons may be deemed to beneficially own the 904,600 shares of Common Stock held in the aggregate by the PW Funds, or 5.0% of the shares of Common Stock deemed to be issued and outstanding as of January 12, 2016.

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Page 4 of 5 SEC Filing

Exhibit Index
Exhibit
Page
A.  Joint Filing Agreement, dated as of January 22, 2016, by and between Park West Asset Management LLC and Peter S. Park.
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Page 5 of 5 SEC Filing

Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of them of a statement on Schedule 13G (including amendments thereto) with respect to the shares of common stock, $0.01 par value per share, of Sientra, Inc., a Delaware corporation, and further agree that this Joint Filing Agreement be included as Exhibit A to such Schedule 13G.  In evidence thereof, the undersigned hereby execute this agreement this Twenty-Second day of January, 2016.
  /s/
Peter S. Park
 
   
Peter S. Park
 
 
PARK WEST ASSET MANAGEMENT LLC
 
       
By:
/s/    Grace Jimenez  
   
Name: Grace Jimenez
Title: Chief Financial Officer
 

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