SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 13D
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Under the Securities Exchange Act of 1934
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(Amendment No. )*
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Benefitfocus, Inc.
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(Name of Issuer)
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Common Stock, par value $0.001 per share
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(Title of Class of Securities)
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08180D106
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(CUSIP Number)
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Joan Jiang
Chief Compliance Officer
Indaba Capital Management, L.P.
One Letterman Drive, Building D, Suite DM 700
San Francisco, CA 94129
(415) 680-1180
with a copies to:
Douglas A. Rappaport, Esq.
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, New York 10036
(212) 872-1000
Steve Wolosky, Esq.
Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
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(Name, Address and Telephone Number of Person
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Authorized to Receive Notices and Communications)
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December 14, 2020
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(Date of Event Which Requires Filing of This Statement)
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CUSIP No. 08180D106
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SCHEDULE 13D
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1
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NAME OF REPORTING PERSON
Indaba Capital Management, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ] (b) [X]
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
7
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SOLE VOTING POWER
0
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8
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SHARED VOTING POWER
2,427,651
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9
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SOLE DISPOSITIVE POWER
0
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10
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SHARED DISPOSITIVE POWER
2,427,651
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,427,651
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14
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TYPE OF REPORTING PERSON
IA, PN
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(1)
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Based on 32,201,280 shares of common stock of Benefitfocus, Inc. (the “Issuer”) outstanding as of November 6, 2020, as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2020.
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CUSIP No. 08180D106
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SCHEDULE 13D
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1
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NAME OF REPORTING PERSON
IC GP, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ] (b) [X]
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
7
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SOLE VOTING POWER
0
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8
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SHARED VOTING POWER
2,427,651
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9
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SOLE DISPOSITIVE POWER
0
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10
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SHARED DISPOSITIVE POWER
2,427,651
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,427,651
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14
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TYPE OF REPORTING PERSON
OO, HC
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(1)
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Based on 32,201,280 shares of common stock of the Issuer outstanding as of November 6, 2020, as reported in the Issuer's Form 10-Q filed with the SEC on November 9, 2020.
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CUSIP No. 08180D106
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SCHEDULE 13D
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1
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NAME OF REPORTING PERSON
Derek C. Schrier
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ] (b) [X]
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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NUMBER OF
SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
7
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SOLE VOTING POWER
0
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8
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SHARED VOTING POWER
2,427,651
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9
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SOLE DISPOSITIVE POWER
0
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10
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SHARED DISPOSITIVE POWER
2,427,651
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,427,651
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5% (1)
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14
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TYPE OF REPORTING PERSON
IN, HC
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(1)
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Based on 32,201,280 shares of common stock of the Issuer outstanding as of November 6, 2020, as reported in the Issuer's Form 10-Q filed with the SEC on November 9, 2020.
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99.1
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Agreement as to Joint Filing of Schedule 13D, dated December 14, 2020, by and among the Investment Manager, IC GP and Mr. Schrier.
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INDABA CAPITAL MANAGEMENT, L.P.
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By: IC GP, LLC, its general partner
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By:
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/s/ Derek C. Schrier
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Name: Derek C. Schrier
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Title: Managing Member
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IC GP, LLC
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By:
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/s/ Derek C. Schrier
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Name: Derek C. Schrier
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Title: Managing Member
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By:
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/s/ Derek C. Schrier
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DEREK C. SHRIER
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Trade Date
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Shares Purchased (Sold)
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Price Per Share ($)
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10/19/2020
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98,446
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10.5544
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10/19/2020
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22,662
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10.5577
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10/20/2020
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92,275
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10.9981
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10/20/2020
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3,502
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10.8643
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10/21/2020
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100,000
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11.0292
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10/21/2020
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32,638
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10.6773
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10/22/2020
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15,000
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10.8812
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10/23/2020
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2,937
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10.8343
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10/26/2020
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35,000
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10.7069
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10/27/2020
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19,778
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10.6095
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10/28/2020
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65,000
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10.4452
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10/29/2020
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2,642
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10.2856
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10/30/2020
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46,535
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10.3025
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11/06/2020
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110,000
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9.9701
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11/12/2020
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78,567
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10.819
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11/13/2020
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12,981
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11.2763
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11/16/2020
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31,868
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11.5132
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11/17/2020
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5,000
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11.3507
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12/11/2020
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40,735
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13.477
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INDABA CAPITAL MANAGEMENT, L.P.
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By: IC GP, LLC, its general partner
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By:
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/s/ Derek C. Schrier
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Name: Derek C. Schrier
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Title: Managing Member
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IC GP, LLC
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By:
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/s/ Derek C. Schrier
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Name: Derek C. Schrier
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Title: Managing Member
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By:
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/s/ Derek C. Schrier
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DEREK C. SCHRIER
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