SCHEDULE 13G/A: Askeladden Capital Management and Samir Patel Disclose 8.3% Stake in Duluth Holdings Inc.

Askeladden Capital Management LLC and Samir Patel have jointly reported a beneficial ownership of 8.3% of Duluth Holdings Inc.'s Class B Common Stock, totaling 2,634,945 shares.

Summary

• Askeladden Capital Management LLC and Samir Patel jointly filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Duluth Holdings Inc.
• The reporting persons, Askeladden Capital Management LLC (a Texas limited liability company) and Samir Patel (a U.S. citizen and Member of Askeladden), collectively beneficially own 2,634,945 shares of Duluth Holdings Inc.'s Class B Common Stock.
• This ownership represents 8.3% of the total Class B Common Stock outstanding.
• The percentage is calculated based on 31,812,954 shares of Class B Common Stock outstanding as of December 4, 2024, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on December 6, 2024.
• Askeladden Capital Management LLC, as the investment adviser, and Samir Patel, as its Member, hold shared voting and shared dispositive power over these shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the company's performance or outlook. It simply reports a significant stake by an institutional investor.

Positives

• Significant institutional investment by Askeladden Capital Management LLC and Samir Patel, indicating a notable stake in Duluth Holdings Inc.
• The acquisition of shares was stated to be in the ordinary course of business, not for control, suggesting a passive investment strategy.

Negatives

• No specific negative information was disclosed in this beneficial ownership filing.

Risks

• The reporting persons explicitly state that the filing should not be construed as an admission of acting as a group for the purpose of acquiring, holding, or disposing of securities to change or influence control of the issuer, mitigating potential concerns about activist intentions.

Future Outlook

NA

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can influence market perception and liquidity.
• Management: Notifies company management of a substantial passive investor holding a significant stake in the Class B Common Stock.

Key Dates

Keywords

Duluth Holdings Inc., Class B Common Stock, Askeladden Capital Management, Samir Patel, SEC filing, Schedule 13G, beneficial ownership, institutional investment, stock ownership