SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13d - 102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO
13d-2(b)
(Amendment No. 1)*
Citi
Trends, Inc.
(Name of Issuer)
Common
Stock, par value $0.01 per share
(Title of Class of Securities)
17306X102
(CUSIP Number)
December
31, 2022
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[
] Rule
13d-1(b)
[x] Rule
13d-1(c)
[
] 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 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 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).
1.
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NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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|
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Soviero
Master Fund, LP
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2.
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
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(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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CITIZENSHIP OR PLACE OF
ORGANIZATION
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Cayman
Islands
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NUMBER OF SHARES BENEFICIALLY
OWNED BY EACH REPORTING PERSON WITH:
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5.
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SOLE VOTING POWER
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0
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6.
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SHARED VOTING POWER
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225,801
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7.
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SOLE DISPOSITIVE POWER
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0
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8.
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SHARED DISPOSITIVE POWER
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|
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225,801
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9.
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AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
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225,801
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10.
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CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
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11.
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (9)
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2.7%
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12.
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TYPE OF REPORTING PERSON
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PN
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1.
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NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
|
|
Soviero
Advisors, LLC
|
|
|
2.
|
CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
|
|
|
|
(a) [
]
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|
(b) [
]
|
|
|
3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF
ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY
OWNED BY EACH REPORTING PERSON WITH:
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5.
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SOLE VOTING POWER
|
|
|
|
0
|
|
|
6.
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SHARED VOTING POWER
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|
|
|
225,801
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|
|
7.
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SOLE DISPOSITIVE POWER
|
|
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0
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|
|
8.
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SHARED DISPOSITIVE POWER
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|
|
|
225,801
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|
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9.
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AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
|
|
|
|
225,801
|
|
|
10.
|
CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
|
|
|
11.
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (9)
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2.7%
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12.
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TYPE OF REPORTING PERSON
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OO
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1.
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NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
|
|
Soviero
Asset Management, LP
|
|
|
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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CITIZENSHIP OR PLACE OF
ORGANIZATION
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|
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Delaware
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|
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NUMBER OF SHARES BENEFICIALLY
OWNED BY EACH REPORTING PERSON WITH:
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5.
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SOLE VOTING POWER
|
|
|
|
0
|
|
|
6.
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SHARED VOTING POWER
|
|
|
|
225,801
|
|
|
7.
|
SOLE DISPOSITIVE POWER
|
|
|
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0
|
|
|
8.
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SHARED DISPOSITIVE POWER
|
|
|
|
225,801
|
|
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9.
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AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
|
|
|
|
225,801
|
|
|
10.
|
CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
|
|
|
11.
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (9)
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|
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2.7%
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|
|
12.
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TYPE OF REPORTING PERSON
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|
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PN
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1.
|
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
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Soviero GP,
LLC
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|
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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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CITIZENSHIP OR PLACE OF
ORGANIZATION
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|
|
Delaware
|
|
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NUMBER OF SHARES BENEFICIALLY
OWNED BY EACH REPORTING PERSON WITH:
|
|
|
5.
|
SOLE VOTING POWER
|
|
|
|
0
|
|
|
6.
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SHARED VOTING POWER
|
|
|
|
225,801
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|
|
7.
|
SOLE DISPOSITIVE POWER
|
|
|
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0
|
|
|
8.
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SHARED DISPOSITIVE POWER
|
|
|
|
225,801
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|
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9.
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AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
|
|
|
|
225,801
|
|
|
10.
|
CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
|
|
|
11.
|
PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (9)
|
|
|
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2.7%
|
|
|
12.
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TYPE OF REPORTING PERSON
|
|
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|
OO
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1.
|
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
|
|
|
|
Thomas
Soviero
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2.
|
CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
|
|
|
|
(a) [
]
|
|
(b) [
]
|
|
|
3.
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SEC USE ONLY
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4.
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CITIZENSHIP OR PLACE OF
ORGANIZATION
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United
States of America
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NUMBER OF SHARES BENEFICIALLY
OWNED BY EACH REPORTING PERSON WITH:
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5.
|
SOLE VOTING POWER
|
|
|
|
0
|
|
|
6.
|
SHARED VOTING POWER
|
|
|
|
225,801
|
|
|
7.
|
SOLE DISPOSITIVE POWER
|
|
|
|
0
|
|
|
8.
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SHARED DISPOSITIVE POWER
|
|
|
|
225,801
|
|
|
9.
|
AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
|
|
|
|
225,801
|
|
|
10.
|
CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
|
|
|
11.
|
PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (9)
|
|
|
|
2.7%
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|
|
12.
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TYPE OF REPORTING PERSON
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IN
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Item 1(a). |
Name of Issuer:
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Citi Trends, Inc. (“Issuer”)
Item 1(b). |
Address of Issuer’s Principal
Executive Offices:
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104
Coleman Boulevard, Savannah, GA 31408
Item 2(a). |
Name of Persons Filing:
|
The names of the persons filing this statement on Schedule 13G/A
(collectively, the “Reporting Persons”) are:
•
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Soviero
Master Fund, LP,
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•
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Soviero
Asset Management, LP,
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•
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Soviero
Advisors, LLC, and
|
Item 2(b). |
Address of Principal Business
Office or, if None, Residence:
|
The principal business address for each of the Reporting Persons is
3 Columbus Circle, Suite 1588, New York, NY 10019.
Soviero Master Fund, LP is a Cayman Islands exempted limited
partnership. Soviero Asset Management, LP is a Delaware limited
partnership. Soviero GP, LLC is a Delaware limited liability
company. Soviero Advisors, LLC is a Delaware limited liability
company. Thomas Soviero is a citizen of the United States.
Item 2(d). |
Title of Class of Securities:
|
Common Stock, $0.01 par value per share (the “Common
Stock”)
17306X102
Item 3. |
If This Statement is Filed Pursuant
to Rule 13d 1(b), or 13d-2(b) or (c), Check Whether the Person
Filing is a:
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(a)
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[ ]
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Broker or
dealer registered under Section 15 of the Exchange Act.
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(b)
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[ ]
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Bank as
defined in Section 3(a)(6) of the Exchange Act.
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(c)
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[ ]
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Insurance
company defined in Section 3(a)(19) of the Exchange Act.
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(d)
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[ ]
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Investment
company registered under Section 8 of the Investment Company
Act.
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(e)
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[ ]
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Investment
adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
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(f)
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[ ]
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Employee
benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F).
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(g)
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[ ]
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Parent
holding company or control person in accordance with Rule
13d-1(b)(1)(ii)(G).
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(h)
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[ ]
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Savings
association as defined in Section 3(b) of the Federal Deposit
Insurance Act.
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(i)
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[ ]
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Church plan
that is excluded from the definition of an investment company under
Section 3(c)(14) of the Investment Company Act;
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(j)
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[ ]
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Non-U.S.
institution in accordance with Section
240.13d-1(b)(1)(ii)(J).
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(k)
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[ ]
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Group, in
accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a
non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: ____
|
(a) |
Amount beneficially owned:
|
As of December 31, 2022, Soviero Master Fund, LP beneficially owned
225,801 shares of
Common Stock.
Soviero Advisors, LLC, as the general partner of Soviero Master
Fund, LP, may be deemed to have beneficially owned the
225,801 shares of
Common Stock beneficially owned by Soviero Master Fund, LP.
Soviero Asset Management, LP, as the investment manager of Soviero
Master Fund, LP, may be deemed to have beneficially owned the
225,801 shares of
Common Stock beneficially owned by Soviero Master Fund, LP.
Soviero GP, LLC, as the general partner of Soviero Asset
Management, LP, may be deemed to have beneficially owned the
225,801 shares of
Common Stock beneficially owned by Soviero Asset Management,
LP.
Thomas Soviero, as the Managing Member of Soviero Advisors, LLC and
as the Managing Member of Soviero GP, LLC, may be deemed to have
beneficially owned the 225,801 shares of Common Stock
beneficially owned by Soviero Advisors, LLC and Soviero GP, LLC,
respectively.
The following percentage is based on 8,356,254 shares of Common
Stock outstanding as of November 30, 2022, as disclosed in the
Issuer’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on December 8, 2022.
As of December 31, 2022, the Reporting Persons may be deemed to
have beneficially owned approximately 2.7% of the outstanding
Common Stock.
(c) |
Number of shares as to which such person has:
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(i) |
Sole power to vote or to direct the vote of Common
Stock:
|
See
Cover Pages Items 5-9.
|
(ii) |
Shared power to vote or to direct the vote of Common
Stock:
|
See
Cover Pages Items 5-9.
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(iii) |
Sole power to dispose or to direct the disposition of Common
Stock:
|
See
Cover Pages Items 5-9.
|
(iv) |
Shared power to dispose or to direct the disposition of Common
Stock:
|
See
Cover Pages Items 5-9.
Item 5. |
Ownership of Five Percent or Less
of a Class.
|
If this statement is being filed to report the fact that as of the
date hereof the Reporting Persons have ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following [X].
Item 6. |
Ownership of More than Five Percent
on Behalf of Another Person.
|
Not applicable.
Item 7. |
Identification and Classification
of the Subsidiary Which Acquired the Security Being Reported on by
the Parent Holding Company.
|
Not applicable.
Item 8. |
Identification and Classification
of Members of the Group.
|
See Exhibit A to the Schedule 13G filed by the Reporting Persons
with the Securities and Exchange Commission on April 8, 2022.
Item 9. |
Notice of Dissolution of
Group.
|
Not applicable.
By signing below the undersigned certifies that, to the best of its
or his knowledge and belief, the securities referred to above were
not acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or
effect.
SIGNATURES
After reasonable inquiry and to the best of its knowledge and
belief, each of the undersigned certifies that the information with
respect to it set forth in this statement is true, complete, and
correct.
Dated: February 14, 2023
SOVIERO MASTER FUND, LP*
By: Soviero Advisors, LLC, its
General Partner
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|
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By:
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/s/ Thomas Soviero
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Thomas Soviero,
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Managing
Member
|
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SOVIERO ASSET MANAGEMENT,
LP*
By: Soviero GP, LLC, its General
Partner
|
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By:
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/s/ Thomas Soviero
|
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Thomas Soviero,
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Managing Member
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SOVIERO GP, LLC*
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By:
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/s/ Thomas Soviero
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Thomas Soviero,
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Managing Member
|
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SOVIERO ADVISORS, LLC*
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By:
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/s/ Thomas Soviero
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Thomas Soviero,
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Managing Member
|
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/s/ Thomas Soviero
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THOMAS SOVIERO*
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*The Reporting Persons disclaim beneficial ownership in the shares
of Common Stock reported herein except to the extent of their
pecuniary interest therein. The original statement shall be signed
by each person on whose behalf the statement is filed or his
authorized representative. If the statement is signed on
behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence
of the representative's authority to sign on behalf of such person
shall be filed with the statement, provided, however, that a power
of attorney for this purpose which is already on file with the
Commission may be incorporated by reference. The name and any
title of each person who signs the statement shall be typed or
printed beneath his signature.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See s.240.13d-7 for other parties for whom copies are to be
sent.
Attention. Intentional misstatements or omissions of fact
constitute Federal criminal violations (see 18 U.S.C. 100