Amended Statement of Beneficial Ownership (sc 13d/a)
June 14 2022 - 6:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 2)1
Superior Drilling Products, Inc.
(Name
of Issuer)
Common Stock, par value
$0.001 per share
(Title of Class of Securities)
868153107
(CUSIP Number)
jeffrey E.
eberwein
Star Equity
fund, lp
53 Forest Avenue, Suite 101
Old Greenwich, Connecticut 06870
(203) 489-9504
(Name, Address and Telephone Number of Person
Authorized to Receive Notices
and Communications)
June 9, 2022
(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 that is the subject of this Schedule
13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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
§ 240.13d-7 for other parties to whom copies are to be sent.
1
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).
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1 |
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NAME OF REPORTING PERSON |
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STAR EQUITY FUND, LP |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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WC |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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700,000 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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SOLE DISPOSITIVE POWER |
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700,000 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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700,000 |
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12 |
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CHECK BOX 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) |
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2.48% |
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TYPE OF REPORTING PERSON |
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PN |
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1 |
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NAME OF REPORTING PERSON |
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STAR EQUITY FUND GP, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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SOURCE OF FUNDS |
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AF |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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700,000 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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700,000 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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700,000 |
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12 |
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CHECK BOX 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) |
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2.48% |
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TYPE OF REPORTING PERSON |
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OO |
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1 |
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NAME OF REPORTING PERSON |
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STAR INVESTMENT MANAGEMENT, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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CONNECTICUT |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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700,000 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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700,000 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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700,000 |
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12 |
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CHECK BOX 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) |
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2.48% |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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1 |
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NAME OF REPORTING PERSON |
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STAR EQUITY HOLDINGS, INC. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF, OO |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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700,000 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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700,000 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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700,000 |
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12 |
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CHECK BOX 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) |
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2.48% |
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14 |
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TYPE OF REPORTING PERSON |
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CO |
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1 |
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NAME OF REPORTING PERSON |
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JEFFREY E. EBERWEIN |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF, PF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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USA |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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2,250,000 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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-0- |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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2,250,000 |
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10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,250,000 |
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12 |
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CHECK BOX 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) |
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7.97% |
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14 |
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TYPE OF REPORTING PERSON |
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IN |
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1 |
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NAME OF REPORTING PERSON |
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STAR VALUE, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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|
BENEFICIALLY |
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700,000 |
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OWNED BY |
|
8 |
|
SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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700,000 |
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10 |
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SHARED DISPOSITIVE POWER |
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- 0 - |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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700,000 |
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12 |
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CHECK BOX 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) |
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2.48% |
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14 |
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TYPE OF REPORTING PERSON |
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CO |
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1 |
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NAME OF REPORTING PERSON |
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ROBERT G. PEARSE |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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|
USA |
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NUMBER OF |
|
7 |
|
SOLE VOTING POWER |
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SHARES |
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|
|
|
BENEFICIALLY |
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-0- |
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OWNED BY |
|
8 |
|
SHARED VOTING POWER |
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EACH |
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|
REPORTING |
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-0- |
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PERSON WITH |
|
9 |
|
SOLE DISPOSITIVE POWER |
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-0- |
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10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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-0- |
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|
12 |
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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0% |
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14 |
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TYPE OF REPORTING PERSON |
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IN |
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1 |
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NAME OF REPORTING PERSON |
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BASHARA BOYD |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☒ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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USA |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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-0- |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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-0- |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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-0- |
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|
10 |
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SHARED DISPOSITIVE POWER |
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|
|
|
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|
-0- |
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|
11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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-0- |
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12 |
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CHECK BOX 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) |
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0% |
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14 |
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TYPE OF REPORTING PERSON |
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IN |
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The following constitutes
Amendment No. 2 (the “Amendment No. 2”) to the Schedule 13D filed by the undersigned on May 9, 2022 (as previously
amended, the “Schedule 13D”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
Capitalized terms not defined
herein shall have the meanings set forth in the Schedule 13D.
| Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended
and restated to read as follows:
The Shares purchased by Star
Equity Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary
course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference
herein. The aggregate purchase price of the 700,000 Shares beneficially owned by Star Equity Fund is approximately $721,276, excluding
brokerage commissions. The aggregate purchase price of the 1,550,000 Shares directly owned by Mr. Eberwein is approximately $1,530,866,
excluding brokerage commissions.
| Item 5. | Interest in Securities of the Issuer. |
Item 5 is hereby amended
and restated to read as follows:
The aggregate percentage
of the Shares reported owned by each person named herein is based upon 28,235,001 Shares outstanding as of May 13, 2022, which is the
total number of Shares reported outstanding in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange
Commission on May 13, 2022.
| (a) | Star Equity Holdings, as the parent of Star Value, sole member of Star Management, and limited partner
of Star Equity Fund may be deemed the beneficial owner of the 700,000 Shares beneficially owned by Star Equity Fund. |
Percentage: Approximately
2.48%
| (b) | 1. Sole power to vote or direct vote: 700,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 700,000
4. Shared power to dispose or direct the disposition: 0 |
| (c) | All transactions in the Shares on behalf of Star Equity Fund since
60 days prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on June 13, 2022, Star Equity Fund beneficially owned 700,000 Shares. |
Percentage: Approximately
2.48%
| (b) | 1. Sole power to vote or direct vote: 700,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 700,000
4. Shared power to dispose or direct the disposition: 0 |
| (c) | All transactions in the Shares by Star Equity Fund since 60 days
prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Star Equity GP, as the general partner of Star Equity Fund, may be deemed the beneficial owner of the
700,000 Shares owned by Star Equity Fund. |
Percentage: Approximately
2.48%
| (b) | 1. Sole power to vote or direct vote: 700,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 700,000
4. Shared power to dispose or direct the disposition: 0 |
| (c) | All transactions in the Shares on behalf of Star Equity Fund since
60 days prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| D. | Star Investment Management |
| (a) | Star Investment Management, as the investment manager of Star Equity Fund, may be deemed the beneficial
owner of the 700,000 Shares owned by Star Equity Fund. |
Percentage: Approximately
2.48%
| (b) | 1. Sole power to vote or direct vote: 700,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 700,000 |
4. Shared power to dispose or direct the disposition:
0
| (c) | All transactions in the Shares on behalf of Star Equity Fund since
60 days prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference |
| (a) | As of the close of business on June 13, 2022, Mr. Eberwein directly owned 1,550,000 Shares of common stock.
Additionally, Mr. Eberwein, as the manager of Star Equity GP and Star Equity Management, may be deemed the beneficial owner of the 700,000
Shares owned by Star Equity Fund. In total Mr. Eberwein may be deemed the beneficial owner of 2,250,000 Shares of common stock. |
Percentage: Approximately
7.97%
| (b) | 1. Sole power to vote or direct vote: 2,250,000 |
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,250,000
4. Shared power to dispose or direct the disposition: 0
| (c) | All transactions in the Shares by Mr. Eberwein and Star Equity Fund
since 60 days prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Star Value, as the sole member of Star Equity GP and wholly owned subsidiary of Star Equity Holdings may
be deemed the beneficial owner of the Shares of common stock owned by Star Equity Fund. |
Percentage: Approximately
2.48%
| (b) | 1. Sole power to vote or direct vote: 700,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 700,000
4. Shared power to dispose or direct the disposition: 0 |
| (c) | All transactions in the Shares on behalf of Star Equity Fund since
60 days prior to the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | As of the close of business on June 13, 2022, Mr. Pearse did not beneficially own any Shares. |
Percentage: 0%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Pearse has not entered into any transactions in the Shares since
60 days prior to the filing of the Schedule 13D. |
| (a) | As of the close of business on June 13, 2022, Ms. Boyd did not beneficially own any Shares. |
Percentage: 0%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 0 |
| (c) | Ms. Boyd has not entered into any transactions in the Shares since 60
days prior to the filing of the Schedule 13D. |
Each Reporting Person, as
a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting
Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
(d) No
person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or
proceeds from the sale of, the Shares.
(e) Not
applicable.
SIGNATURES
After reasonable inquiry
and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: June 13, 2022
|
Star Equity Holdings, Inc. |
|
|
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By: |
/s/ Jeffrey E. Eberwein |
|
|
Name: |
Jeffrey E. Eberwein |
|
|
Title: |
Executive Chairman |
|
Star Equity Fund, LP |
|
|
|
|
By: |
Star Equity Fund GP, LLC
General Partner |
|
|
|
By: |
/s/ Jeffrey E. Eberwein |
|
|
Name: |
Jeffrey E. Eberwein |
|
|
Title: |
Manager |
|
|
|
|
|
|
Star Equity Fund GP, LLC |
|
|
|
By: |
/s/ Jeffrey E. Eberwein |
|
|
Name: |
Jeffrey E. Eberwein |
|
|
Title: |
Manager |
|
Star Investment Management, LLC |
|
|
|
By: |
/s/ Jeffrey E. Eberwein |
|
|
Name: |
Jeffrey E. Eberwein |
|
|
Title: |
Manager |
|
/s/ Jeffrey E. Eberwein |
|
JEFFREY E. EBERWEIN
Individually and as attorney-in-fact for Robert G. Pearse and BaShara Boyd |
|
Star Value, LLC |
|
|
|
|
By: |
Star Equity Holdings, Inc. |
|
|
|
|
By: |
/s/ Jeffrey E. Eberwein |
|
|
Name: |
Jeffrey E. Eberwein |
|
|
Title: |
Executive Chairman |
SCHEDULE A
Transactions in the Securities of the
Issuer During the Past Sixty Days
Shares of Common Stock
Purchased/(Sold) |
Price Per
Share ($)1 |
Date of
Purchase / Sale |
STAR EQUITY FUND, LP
1,000 |
$1.05 |
4/22/2022 |
25,000 |
$0.98 |
5/2/2022 |
25,000 |
$1.05 |
5/3/2022 |
92,864 |
$1.05 |
5/4/2022 |
46,689 |
$1.05 |
5/5/2022 |
34,214 |
$1.06 |
5/6/2022 |
125,233 |
$1.02 |
5/9/2022 |
11,266 |
$1.01 |
5/11/2022 |
69,873 |
$0.98 |
5/12/2022 |
42,561 |
$0.97 |
5/13/2022 |
26,300 |
$1.00 |
5/16/2022 |
22,941 |
$0.98 |
5/19/2022 |
21,734 |
$0.98 |
5/20/2022 |
15,016 |
$0.99 |
5/23/2022 |
17,470 |
$0.99 |
5/24/2022 |
49,333 |
$0.99 |
5/25/2022 |
1 |
$1.00 |
5/26/2022 |
365 |
$1.03 |
6/1/2022 |
7,014 |
$1.25 |
6/9/2022 |
16,126 |
$1.26 |
6/10/2022 |
50,000 |
$1.14 |
6/13/2022 |
JEFFREY E. EBERWEIN
200,000 |
$0.98 |
3/14/2022 |
336,014 |
$0.91 |
3/15/2022 |
120,011 |
$0.92 |
3/16/2022 |
5,680 |
$0.93 |
3/17/2022 |
23,431 |
$1.06 |
3/21/2022 |
477 |
$1.06 |
3/29/2022 |
195,535 |
$1.06 |
3/30/2022 |
44,399 |
$1.06 |
3/31/2022 |
61,401 |
$1.05 |
4/1/2022 |
24,750 |
$1.01 |
4/4/2022 |
88,302 |
$1.03 |
4/5/2022 |
54,630 |
$1.01 |
4/6/2022 |
35,858 |
$0.98 |
4/7/2022 |
23,082 |
$0.98 |
4/8/2022 |
48,494 |
$0.97 |
4/11/2022 |
90,682 |
$0.97 |
4/12/2022 |
13,143 |
$0.97 |
4/13/2022 |
5,821 |
$0.97 |
4/14/2022 |
(17,050) |
$1.09 |
4/18/2022 |
23,348 |
$1.03 |
4/20/2022 |
100 |
$1.01 |
4/22/2022 |
100 |
$0.96 |
4/25/2022 |
19,679 |
$0.97 |
4/26/2022 |
53,551 |
$0.99 |
4/27/2022 |
48,562 |
$0.98 |
4/28/2022 |
25,800 |
$0.98 |
4/29/2022 |
24,200 |
$0.98 |
5/2/2022 |
1. The prices reported in this column are
weighted average prices. Star Equity Fund, LP and Mr. Eberwein undertakes to provide the Issuer and any security holder of the Issuer,
or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased (or sold)
at each separate price such shares were purchased.
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