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CUSIP No.
03890D108
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SCHEDULE 13D
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Page 5 of 7 Pages
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Under the terms of the Merger Agreement, the Issuer issued shares of its common stock to
Private Aravives stockholders, at an exchange ratio of 2.2801 shares of common stock in exchange for each share of common stock of Private Aravive outstanding immediately prior to the Merger. The Reporting Person held 2,262,443 shares of
preferred stock of Private Aravive that automatically converted into shares of Private Aravives common stock prior to the Merger, which resulted in the Reporting Person receiving 5,158,596 shares of common stock of the Issuer at the effective
time of the Merger which was reduced to 859,766 shares of common stock after the reverse stock split of the Issuers common stock.
The working capital of Elite Vantage Global Limited was the source of the funds for the purchase of the securities of Private Aravive
described above. No part of the purchase price of the securities described above was represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the securities described above.
Item 4. Purpose of Transaction
The disclosure provided in Item 3 above is incorporated herein by reference.
The Reporting Persons acquired the securities described above for investment purposes. Depending on market conditions, its continuing
evaluation of the business and prospects of the Issuer, the term of the investment vehicles holding the securities and other factors, the Reporting Persons may dispose of such shares of the Issuer. The Reporting Persons expect to consider and
evaluate on an ongoing basis all their options with respect to dispositions of their investment in the Issuer.
Since the effective time
of the Merger and as of the date hereof, Eric Zhang has served as director of the Issuer. At the effective time of the Merger, each of the directors of the Issuer prior to the Merger resigned and Eric Zhang, Amato Giaccia, Ray Tabibiazar, Srini
Akkaraju, Jay Shepard and Shahzad Malik were appointed as directors of the Issuer whose terms expire as follows: Amato Giaccia and Jay Shepard, 2019; Eric Zhang and Shahzad Malik, 2020; and Raymond Tabibiazar, Robert Hoffman and Srini Akkaraju,
2021.
Item 5. Interest in Securities of the Issuer
(a) The percentage of beneficial ownership reported in this Item 5, and on the Reporting Persons cover page to this Schedule 13D, is
based on a total of 11,182,045 shares of the common stock issued and outstanding as of October 16, 2018 and reflects the
1-for-6
reverse stock split, all according
to information provided by the Issuer to the Reporting Person. All of the share numbers reported herein, and on the Reporting Persons cover page to this Schedule 13D, are as of October 16, 2018, unless otherwise indicated. The cover page
to this Schedule 13D for the Reporting Person is incorporated by reference in its entirety into this Item 5(a).
The Reporting Person
beneficially owns 859,766 shares of common stock, or approximately 7.7% of the outstanding shares of common stock.
(b) The Reporting
Persons share authority to vote (or direct the vote of), and to dispose (or direct the disposal) of, all of the shares of common stock beneficially owned by the Reporting Persons as described in Item 5(a) above.
(c) As of October 12, 2018, the Reporting Persons acquired beneficial ownership of 5,158,596 shares as a result of the effectiveness of
the Merger which was reduced to 859,766 shares of common stock after the reverse stock split of the Issuers common stock. Except as set forth in the preceding sentence, the Reporting Person has not effected any transaction in shares of the
common stock from August 12, 2018 (the date 60 days prior to the filing of this Schedule 13D) to October 12, 2018.