Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934 (Amendment No. 1)
ServiceSource International, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per
share
(Title of Class of Securities)
81763U100
(CUSIP Number)
Jonathan Brolin
Edenbrook Capital, LLC
2 Depot
Plaza
Bedford Hills, NY 10507
(914) 239-3117
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
August 8, 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 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(b) 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).
SCHEDULE 13D
| CUSIP No. 81763U100 |
| 1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Edenbrook Capital, LLC | ||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP* (a) [ ] (b) [ ] | ||
| 3 |
SEC USE ONLY | ||
| 4 |
SOURCE OF FUNDS (See Instructions)
AF | ||
| 5 |
CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] | ||
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
New York | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER -0- | |
| 8 |
SHARED VOTING POWER 8,524,634 |
||
| 9 |
SOLE DISPOSITIVE POWER -0- | ||
| 10 |
SHARED DISPOSITIVE POWER 8,524,634 |
||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 8,524,634 |
||
| 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) 9.06% |
||
| 14 |
TYPE OF REPORTING PERSON (See
Instructions) IA, OO | ||
Page 2
SCHEDULE 13D
| CUSIP No. 81763U100 |
| 1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Edenbrook Long Only Value Fund, LP | ||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP* (a) [ ] (b) [ ] | ||
| 3 |
SEC USE ONLY | ||
| 4 |
SOURCE OF FUNDS (See Instructions)
| ||
| 5 |
CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] | ||
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER -0- | |
| 8 |
SHARED VOTING POWER 7,178,817 |
||
| 9 |
SOLE DISPOSITIVE POWER -0- | ||
| 10 |
SHARED DISPOSITIVE POWER 7,178,817 |
||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 7,178,817 |
||
| 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) 7.63% |
||
| 14 |
TYPE OF REPORTING PERSON (See
Instructions) PN | ||
Page 3
SCHEDULE 13D
| CUSIP No. 81763U100 |
| 1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Jonathan Brolin | ||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP* (a) [ ] (b) [ ] | ||
| 3 |
SEC USE ONLY | ||
| 4 |
SOURCE OF FUNDS (See Instructions)
AF | ||
| 5 |
CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] | ||
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
New York | ||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER -0- | |
| 8 |
SHARED VOTING POWER 8,524,634 |
||
| 9 |
SOLE DISPOSITIVE POWER -0- | ||
| 10 |
SHARED DISPOSITIVE POWER 8,524,634 |
||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 8,524,634 |
||
| 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) 9.06% |
||
| 14 |
TYPE OF REPORTING PERSON (See
Instructions) IN | ||
Page 4
This Amendment No. 1 (“Amendment No. 1”) amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on April 23, 2019 (the “Original Schedule 13D”), with respect to the Common Stock, par value $0.0001 (the “Common Stock”) of ServiceSource International, Inc. (the “Issuer”). Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D. This Amendment No. 1 amends Items 3, 5 and 6 as set forth below.
| Item 3. | Source and Amount of Funds or Other Considerations |
Shares reported represent 8,524,634 shares of the Common Stock of the Issuer.
The net investment costs (including commissions, if any) of the Common Stock directly owned by the private investment funds advised by Edenbrook is approximately $8,433,188. The Common Stock was purchased with the investment capital of the private investment funds advised by Edenbrook.
| Item 5. | Interest in Securities of the Issuer |
| (a) |
As of the date hereof, (i) Edenbrook and Mr. Brolin may be deemed to be the beneficial owners of 8,524,634 shares of Common Stock, constituting 9.06% of the shares of Common Stock, based upon 94,082,381 shares of Common Stock outstanding as of July 31, 2019, based on the information set forth in the Quarterly Report on form 10-Q filed by the Issuer on August 7, 2019. |
| (b) |
Edenbrook has the sole power to vote or direct the vote of 0 shares of Common Stock; has the shared power to vote or direct the vote of 8,524,634 shares of Common Stock; has the sole power to dispose or direct the disposition of 0 shares of Common Stock; and has the shared power to dispose or direct the disposition of 8,524,634 shares of Common Stock. |
|
Mr. Brolin has the sole power to vote or direct the vote of 0 shares of Common Stock; has the shared power to vote or direct the vote of 8,524,634 shares of Common Stock; has the sole power to dispose or direct the disposition of 0 shares of Common Stock; and has the shared power to dispose or direct the disposition of 8,524,634 shares of Common Stock. |
Page 5
| (c) |
The transactions by the Reporting Persons in the securities of the Issuer during the past sixty days are set forth in Schedule A. All such transactions were carried out in open market transactions. |
| (d) |
No person other than the Reporting Persons and the private investment funds advised by Edenbrook are 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 of Common Stock held by the Fund and the other private investment funds advised by Edenbrook. |
| (e) |
Not applicable |
| Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer |
The reporting persons are short 2,500 put option contracts expiring in 2020, which provide that the Reporting Persons will be required to purchase additional shares of Common Stock if the counterparty thereto exercises such put options.
Except as described in this Item 6, none of the Reporting Persons has any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
|
August 9, 2019
|
||
| Dated | ||
| EDENBROOK CAPITAL, LLC | ||
| /s/ Jonathan Brolin | ||
| Name: | Jonathan Brolin | |
| Title: | Managing Member | |
| EDENBROOK LONG ONLY VALUE FUND, LP | ||
| By: | Edenbrook Capital Partners, LLC | |
| Its General Partner | ||
| /s/ Jonathan Brolin | ||
| Name: | Jonathan Brolin | |
| Title: | Managing Member | |
| /s/ Jonathan Brolin | ||
| JONATHAN BROLIN | ||
| Transaction Date | Transaction Code | Shares/Face Value | Price |
| 2019-06-17 | BY | 7,500 | 0.9695 |
| 2019-06-26 | BY | 7,500 | 0.9300 |
| 2019-06-27 | BY | 12,133 | 0.9200 |
| 2019-06-28 | BY | 10,000 | 0.8872 |
| 2019-07-09 | BY | 15,000 | 0.9192 |
| 2019-07-22 | BY | 7,500 | 0.9130 |
| 2019-07-23 | BY | 2,500 | 0.9150 |
| 2019-07-24 | BY | 12,000 | 0.9179 |
| 2019-07-25 | BY | 10,000 | 0.9100 |
| 2019-07-29 | BY | 100 | 0.9000 |
| 2019-08-02 | BY | 2,295 | 0.9000 |
| 2019-08-02 | BY | 1,250 | 0.9053 |
| 2019-08-05 | BY | 2,000 | 0.8700 |
| 2019-08-05 | BY | 11,250 | 0.8959 |
| 2019-08-05 | BY | 25,518 | 0.8862 |
| 2019-08-06 | BY | 50,000 | 0.8700 |
| 2019-08-06 | BY | 6,170 | 0.8700 |
| 2019-08-06 | BY | 22,613 | 0.8703 |
| 2019-08-06 | BY | 23,000 | 0.8700 |
| 2019-08-07 | BY | 4,600 | 0.8600 |
| 2019-08-07 | BY | 13,830 | 0.8700 |
| 2019-08-08 | BY | 35,000 | 0.7729 |
| 2019-08-08 | BY | 600,000 | 0.7400 |
| 2019-08-08 | BY | 40,000 | 0.7672 |