Amended Statement of Beneficial Ownership (sc 13d/a)
June 09 2023 - 4:56PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO
RULE 13d-2(a)
(Amendment No. 3)1
Daktronics, Inc.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
234264109
(CUSIP Number)
CONNOR HALEY
ALTA FOX CAPITAL MANAGEMENT, LLC
640 Taylor Street, Ste. 2522
Fort Worth, Texas 76102
(817) 350-4230
ANDREW M. FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 7, 2023
(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ☐.
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 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).
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.
(Continued on following pages)
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1 |
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NAME OF REPORTING PERSON |
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ALTA FOX OPPORTUNITIES FUND, LP |
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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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- 0 - |
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OWNED BY |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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2,292,736
(1) |
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PERSON WITH |
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SOLE DISPOSITIVE POWER |
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- 0 - |
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SHARED DISPOSITIVE POWER |
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2,292,736
(1) |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,292,736
(1) |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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4.99%
(1) |
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TYPE OF REPORTING PERSON |
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PN |
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(1) Includes 246,653 Shares currently issuable upon the conversion of certain Convertible Notes (as defined in Amendment No. 2 to the
Schedule 13D), and excludes additional Shares that are not currently issuable due to the Beneficial Ownership Limitation (as defined in
Amendment No. 2 to the Schedule 13D).
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1 |
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NAME OF REPORTING PERSON |
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ALTA FOX GENPAR, 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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OO |
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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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- 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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2,292,736
(1) |
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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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2,292,736
(1) |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,292,736
(1) |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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4.99%
(1) |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
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(1) Includes 246,653 Shares currently issuable upon the conversion of certain Convertible Notes, and excludes additional Shares that are
not currently issuable due to the Beneficial Ownership Limitation.
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1 |
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NAME OF REPORTING PERSON |
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ALTA FOX EQUITY, 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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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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- 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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2,292,736
(1) |
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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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2,292,736
(1) |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,292,736
(1) |
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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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4.99%
(1) |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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(1) Includes 246,653 Shares currently issuable upon the conversion of certain Convertible Notes, and excludes additional Shares that are
not currently issuable due to the Beneficial Ownership Limitation.
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1 |
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NAME OF REPORTING PERSON |
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ALTA FOX CAPITAL 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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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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TEXAS |
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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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2,292,736
(1) |
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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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2,292,736
(1) |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,292,736
(1) |
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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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4.99%
(1) |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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(1) Includes 246,653 Shares currently issuable upon the conversion of certain Convertible Notes, and excludes additional Shares that are
not currently issuable due to the Beneficial Ownership Limitation.
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1 |
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NAME OF REPORTING PERSON |
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P. CONNOR HALEY |
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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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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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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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2,292,736
(1) |
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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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2,292,736
(1) |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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2,292,736
(1) |
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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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4.99%
(1) |
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14 |
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TYPE OF REPORTING PERSON |
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IN |
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(1) Includes 246,653 Shares currently issuable upon the conversion of certain Convertible Notes, and excludes additional Shares that are
not currently issuable due to the Beneficial Ownership Limitation.
The following constitutes Amendment
No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D as specifically
set forth herein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and
restated to read as follows:
2,046,083 of the Shares beneficially
owned directly by Alta Fox Opportunities 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, the aggregate purchase price
of which is approximately $6,558,425, including brokerage commissions.
246,653 of the Shares beneficially
owned by Alta Fox Opportunities may be acquired upon the conversion of certain Convertible Notes, which were acquired pursuant to the
Securities Purchase Agreement (as defined and described in Amendment No. 2 to the Schedule 13D).
| Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to
add the following:
On June 7, 2023, Alta Fox Opportunities
delivered a notice to the Issuer (the “Notice”) in accordance with terms of the Convertible Notes electing to decrease the
Beneficial Ownership Limitation to 4.99%, effective as of the time of delivery of the Notice.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a) – (c) and (e)
are hereby amended and restated to read as follows:
The aggregate percentage of
Shares reported owned by each person named herein is based upon a denominator that is the sum of (i) 45,699,968 Shares outstanding, as
of May 4, 2023, which is the total number of Shares outstanding as disclosed in the Securities Purchase Agreement, which is attached as
Exhibit 10.3 to the Issuer’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2023, and (ii)
246,653 Shares currently issuable upon the conversion of certain Convertible Notes.
| (a) | As of the close of business on the date hereof, Alta Fox Opportunities beneficially owned directly 2,292,736
Shares, including 246,653 Shares currently issuable upon the conversion of certain Convertible Notes. |
Percentage: Approximately 4.99%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,292,736
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,292,736 |
| (c) | The transactions in the Shares by Alta Fox Opportunities since the filing of Amendment No. 2 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference. |
CUSIP No. 234264109
| (a) | Alta Fox GP, as the general partner of Alta Fox Opportunities, may be deemed the beneficial owner of the
2,292,736 Shares owned by Alta Fox Opportunities. |
Percentage: Approximately 4.99%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,292,736
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,292,736 |
| (c) | Alta Fox GP has not entered into any transactions in the Shares since the filing of Amendment No. 2 to
the Schedule 13D. The transactions in the Shares on behalf of Alta Fox Opportunities since the filing of Amendment No. 2 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Alta Fox LLC, as the general partner of Alta Fox GP, may be deemed the beneficial owner of the 2,292,736
Shares owned by Alta Fox Opportunities. |
Percentage: Approximately 4.99%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,292,736
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,292,736 |
| (c) | Alta Fox LLC has not entered into any transactions in the Shares since the filing of Amendment No. 2 to
the Schedule 13D. The transactions in the Shares on behalf of Alta Fox Opportunities since the filing of Amendment No. 2 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference. |
| (a) | Alta Fox Capital, as the investment manager of Alta Fox Opportunities, may be deemed the beneficial owner
of the 2,292,736 Shares owned by Alta Fox Opportunities. |
Percentage: Approximately 4.99%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,292,736
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,292,736 |
| (c) | Alta Fox Capital has not entered into any transactions in the Shares since the filing of Amendment No.
2 to the Schedule 13D. The transactions in the Shares on behalf of Alta Fox Opportunities since the filing of Amendment No. 2 to the Schedule
13D are set forth in Schedule A and are incorporated herein by reference. |
CUSIP No. 234264109
| (a) | Mr. Haley, as the sole owner, member and manager of each of Alta Fox Capital and Alta Fox LLC, may be
deemed the beneficial owner of the 2,292,736 Shares owned by Alta Fox Opportunities. |
Percentage: Approximately 4.99%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,292,736
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,292,736 |
| (c) | Mr. Haley has not entered into any transactions in the Shares since the filing of Amendment No. 2 to the
Schedule 13D. The transactions in the Shares on behalf of Alta Fox Opportunities since the filing of Amendment No. 2 to the Schedule 13D
are set forth in Schedule A and are incorporated herein by reference. |
The filing of this Schedule
13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically
disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
| (e) | As of the close of business on June 7, 2023, the Reporting Persons ceased to be the beneficial owner of
more than 5% of the outstanding Shares. |
CUSIP No. 234264109
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 9, 2023
ALTA FOX OPPORTUNITIES FUND, LP
By: Alta Fox GenPar, LP,
its general partner
ALTA FOX GENPAR, LP
By: Alta Fox Equity, LLC,
its general partner
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ALTA FOX EQUITY, LLC
By: P. Connor Haley,
its manager
ALTA FOX CAPITAL MANAGEMENT, LLC
By: P. Connor Haley,
its manager
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By: |
/s/ P. Connor Haley |
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Name: |
P. Connor Haley |
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Title: |
Authorized Signatory |
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|
/s/ P. Connor Haley |
P. CONNOR HALEY |
CUSIP No. 234264109
SCHEDULE A
Transactions in the Shares Since the Filing
of Amendment No. 2 to the Schedule 13D
Nature of the Transaction |
Amount of Securities (Sold) |
Price ($) |
Date of Sale |
ALTA FOX OPPORTUNITIES FUND, LP
Sale of Common Stock |
(3,416) |
6.4928 |
06/01/2023 |
Sale of Common Stock |
(5,386) |
6.4900 |
06/02/2023 |
Sale of Common Stock |
(174,909) |
6.5069 |
06/05/2023 |
Sale of Common Stock |
(215,889) |
6.7880 |
06/06/2023 |
Sale of Common Stock |
(282,800) |
6.8611 |
06/07/2023 |
Sale of Common Stock |
(15,800) |
6.9610 |
06/09/2023 |
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