Statement of Beneficial Ownership (sc 13d)
March 25 2019 - 5:31PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13D
Under
the Securities Exchange Act of 1934
JONES
SODA CO.
(
Name
of Issuer
)
Common
Stock
(
Title
of Class of Securities
)
48023P106
(
CUSIP
Number
)
SOL
Global Investments Corp.
Attn: Peter Liabotis, Chief Financial Officer
100
King Street West, Suite 5600
Toronto,
ON, Canada M5X 1C9
Canada
Telephone:
(212) 729-9208
With
a copy to:
Richard
Raymer
Jonathan A. Van Horn
Dorsey
& Whitney LLP
TD
Canada Trust Tower
Brookfield
Place
161
Bay Street, Suite 4310
Toronto,
ON, Canada M5J 2S1
Telephone:
(416) 367-7370
(
Name,
Address and Telephone Number of Person Authorized to
Receive
Notices and Communications
)
March
13, 2019
(
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 which is the subject of this Schedule
13D and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 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 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 disclosures provided
in a prior cover page.
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 (“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)
CUSIP
No. 48023P106
|
(1)
|
NAME
OF REPORTING PERSON:
SOL
Global Investments Corp.
|
(2)
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
[ ]
(b)
[X]
|
(3)
|
SEC
USE ONLY
|
(4)
|
SOURCE
OF FUNDS (SEE INSTRUCTIONS)
WC
|
(5)
|
CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(D) OR 2(E)
[ ]
|
(6)
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Ontario,
Canada
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED
BY
EACH
REPORTING
PERSON
WITH
|
(7)
|
SOLE
VOTING POWER
3,396,049
|
(8)
|
SHARED
VOTING POWER
-0-
|
(9)
|
SOLE
DISPOSITIVE POWER
3,396,049
|
(10)
|
SHARED
DISPOSITIVE POWER
-0-
|
(11)
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,396,049
|
(12)
|
CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
|
(13)
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.19%
|
(14)
|
TYPE
OF REPORTING PERSON (See Instructions)
IV,
CO
|
*
|
Calculated
based on 41,464,373 shares of Common Stock issued and outstanding as of November 13, 2018, as reported in the Issuer’s
Quarterly Report on Form 10-Q filed on November 13, 2018 for the quarterly period ended September 30, 2018.
|
Item
1. Security and Issuer
This
Schedule 13D relates to the common shares (the “
Common Shares
”) of Jones Soda Co. (the “
Issuer
”),
a Washington corporation. The address of the Issuer’s principal executive offices is 66 South Hanford Street, Suite 150,
Seattle, WA 98134.
Item
2. Identity and Background
(a)
|
|
This
Statement is being filed by SOL Global Investments Corp, an Ontario (Canada) corporation (the “
Reporting Person
”).
Schedule A hereto sets forth the (i) name, (ii) present principal occupation or employment and (iii) citizenship of each executive
officer and director of the Reporting Person (the “
Scheduled Persons
”, each a “
Scheduled Person
”).
|
|
|
|
(b)
|
|
The
principal business address of the Reporting Person and each of the Scheduled Persons is 100 King Street West, Suite 5600,
Toronto, ON, Canada M5X 1C9.
|
|
|
|
(c)
|
|
The
principal business of the Reporting Person is as an international investment company. Schedule A hereto sets forth the principal
occupation or employment of each Scheduled Person.
|
|
|
|
(d)
|
|
Neither
the Reporting Person, nor, to the best of the Reporting Person’s knowledge, any Scheduled Person, has, during the last
five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
|
|
|
|
(e)
|
|
Neither
the Reporting Person, nor, to the best of the Reporting Person’s knowledge, any Scheduled Person, has, during the last
five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
|
|
|
|
(f)
|
|
Schedule
A hereto sets forth the citizenship of each Scheduled Person.
|
Item
3. Source and Amount of Funds or Other Consideration
The
3,396,049 shares of Common Stock beneficially owned by the Reporting Person were acquired through broker’s transactions
in the open market. The Reporting Person expended an aggregate of approximately $1,362,054.36 (including brokerage commissions)
of its investment capital to acquire the shares of Common Stock reported as beneficially owned by it in this Schedule 13D.
Item
4. Purpose of Transaction
The
Reporting Persons has acquired shares of Common Stock of the Issuer for investment purposes because it believes that the shares
represent an attractive investment opportunity. The Reporting Person believes that there are numerous operational and strategic
opportunities to maximize shareholder value of the Issuer, which opportunities may include the matters set forth in subparagraphs
(a) – (j) of Item 4 of Schedule 13D. The Reporting Person has had initial discussions with certain members of the Board
of Directors of the Issuer (the “
Board
”) and management of the Issuer regarding such opportunities and will
be seeking to engage in further dialogue with the Board and management regarding these matters. On March 26, 2019, the
Reporting Person expects to issue a press release announcing its acquisition of the shares of Common Stock reported as beneficially
owned by it in this Schedule 13D. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated by reference
into this Item 4.
Although
the Reporting Person is considering plans or proposals with respect to its investment in the Issuer that could relate to or result
in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D, except to the extent described herein,
the Reporting Person has no present plans or proposals that relate to or would result in any such matters. In addition to the
initial discussions that the Reporting Person has had with certain members of the Board and management of the Issuer, the Reporting
Person will pursue further dialogue with the Board and management and may also engage in discussions with other stockholders of
the Issuer, knowledgeable industry or market observers, or other persons, regarding the Issuer, including but not limited to its
operations, strategy, management, capital structure and its investment in the Issuer and strategic alternatives that may be available
to the Issuer. Such discussions may concern ideas or proposals that, if effected, may result in one or more of the events described
in Item 4 of Schedule 13D.
The Reporting Person intends
to review its investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the
Issuer’s financial position and strategic direction, actions taken by the Board, price levels of shares of the Common Stock,
other investment opportunities available to the Reporting Person, and industry conditions, the Reporting Person may take such actions
with respect to its investment in the Issuer as it deems appropriate, including, without limitation, purchasing additional shares
of Common Stock, selling some or all of the shares of Common Stock beneficially owned by it, engaging in short selling of or any
hedging or similar transaction with respect to the shares of Common Stock beneficially owned by it, including swaps and other derivative
instruments or otherwise changing its intention with respect to any and all matters referred to in this Item 4.
Item 5. Interest in Securities of the Issuer
The information contained
on the cover pages of this Schedule 13D is incorporated by reference. All percentages of Common Stock outstanding contained herein
are based on 41,464,373 shares of Common Stock issued and outstanding as of November 13, 2018, as reported in the Issuer’s
Quarterly Report on Form 10-Q filed on November 13, 2018 for the quarterly period ended September 30, 2018.
(a), (b)
|
As of the date hereof, the Reporting Person beneficially owns 3,396,049 shares of
Common Stock, representing 8.19% of the outstanding shares of Common Stock. The Reporting Person has sole voting and
dispositive power over all shares of Common Stock beneficially owned by it.
|
|
|
(c)
|
Schedule B hereto sets forth all transactions with respect to the Common Stock effected by the Reporting Person in the past 60 days. All such transactions were effected by broker’s transactions in the open market, and per share prices do not include any commissions paid in connection with such transactions.
|
|
|
(d)
|
Not applicable.
|
|
|
(e)
|
Not applicable.
|
Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer
Except
for the matters described herein, the Reporting Person does not have any contract, arrangement, understanding or relationship (legal
or otherwise) with any person with respect to the securities of the Issuer.
Item 7. Material to be filed as Exhibits
99.1
Press Release, dated March 26, 2019
Signature
After reasonable inquiry
and to the best of the undersigned’s knowledge and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: March 25, 2019
|
SOL GLOBAL INVESTMENT CORP.
|
|
|
|
|
|
|
By:
|
/s/ Peter Liabotis
|
|
Name:
|
Peter Liabotis
|
|
Title:
|
Chief Financial Officer
|
SCHEDULE A
Directors of SOL Global Investments Corp.
Name of Director:
|
|
Principal Occupation or
Employment:
|
|
Citizenship:
|
Andrew DeFrancesco
|
|
Chairman of the Board of
Directors and Chief Investment
Officer of the Reporting Person
|
|
Canada
|
Brady Cobb
|
|
Director and Chief Executive Officer of the Reporting Person
|
|
United States
|
Roger Rai
|
|
Managing Director, E.S. Rogers Enterprises
President, R3 Concepts, Inc.
|
|
Canada
|
Robert Reid
|
|
Co-Founder, Prohibition Partners
Partner, European Cannabis Holdings
|
|
Ireland
|
Executive Officers of SOL Global Investments
Corp.
Name of Executive Officer:
|
|
Executive Officer / Principal
Occupation or Employment:
|
|
Citizenship:
|
Brady Cobb
|
|
Chief Executive Officer
|
|
United States
|
Peter Liabotis
|
|
Chief Financial Officer
|
|
Canada
|
Andrew DeFrancesco
|
|
Chief Investment Officer
|
|
Canada
|
Michael Barnes
|
|
Chief Medical Officer
|
|
United Kingdom
|
Maghsoud Dariani
|
|
Chief Science Officer
|
|
United States
|
SCHEDULE B
Trading Data
Trade Date:
|
|
Shares of Common Stock
Purchased:
|
|
|
Price Per Share
(1):
|
|
2/12/2019
|
|
|
1,056,047
|
|
|
$
|
0.3344
|
|
2/13/2019
|
|
|
222,279
|
|
|
$
|
0.3518
|
|
2/14/2019
|
|
|
21,674
|
|
|
$
|
0.3509
|
|
2/21/2019
|
|
|
45,892
|
|
|
$
|
0.3576
|
|
2/25/2019
|
|
|
122,000
|
|
|
$
|
0.3592
|
|
2/26/2019
|
|
|
32,108
|
|
|
$
|
0.3568
|
|
2/28/2019
|
|
|
37,000
|
|
|
$
|
0.3800
|
|
3/1/2019
|
|
|
60,200
|
|
|
$
|
0.3890
|
|
3/4/2019
|
|
|
167,799
|
|
|
$
|
0.4390
|
|
3/5/2019
|
|
|
179,800
|
|
|
$
|
0.4533
|
|
3/6/2019
|
|
|
67,201
|
|
|
$
|
0.4613
|
|
3/13/2019
|
|
|
70,000
|
|
|
$
|
0.3542
|
|
3/14/2019
|
|
|
150,260
|
|
|
$
|
0.3729
|
|
3/18/2019
|
|
|
41,430
|
|
|
$
|
0.3646
|
|
3/19/2019
|
|
|
129,479
|
|
|
$
|
0.4023
|
|
3/20/2019
|
|
|
499,338
|
|
|
$
|
0.4584
|
|
3/21/2019
|
|
|
383,422
|
|
|
$
|
0.4833
|
|
3/22/2019
|
|
|
33,120
|
|
|
$
|
0.4694
|
|
3/25/2019
|
|
|
77,000
|
|
|
|
0.4860
|
|
(1) The reported price per share is a
weighted average price of all shares of Common Stock traded on the date indicated. These shares were traded in multiple
transactions. The Reporting Person undertakes to provide the Staff, upon request, full information regarding the number of
shares traded on the dates set forth in this Schedule A.
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