4/A: Steel Partners Holdings Group Amends Form 4 Filing for Steel Connect, Inc. to Correctly Reflect Transactions

Steel Partners Holdings L.P. and related entities filed an amended Form 4 to correct an inadvertent indication regarding Rule 10b5-1(c) and report recent common stock acquisitions.

Summary

• Steel Partners Holdings L.P., along with affiliated entities, filed an amendment to their Form 4 filing regarding beneficial ownership in Steel Connect, Inc.
• The amendment corrects an error in the original filing where the reporting persons inadvertently indicated that the reported transactions were made pursuant to a plan intended to comply with Rule 10b5-1(c).
• The reported transactions were not effected pursuant to such a plan, and the box has been unchecked in this amended Form 4.
• The filing also reports the acquisition of Steel Connect, Inc. common stock by Steel Excel Inc. on June 10, 2024 (7,434 shares at $11.2568) and June 12, 2024 (13,908 shares at $11.663).
• Following these transactions, Steel Excel Inc. directly owns 1,101,088 shares.
• WF Asset Corp. owns 1,311,700 shares, and WHX CS LLC owns 636,447 shares.
• The filing clarifies the relationships between Steel Partners Holdings L.P. and its affiliates, including Steel Excel Inc., WF Asset Corp., and WHX CS LLC, and their indirect beneficial ownership of Steel Connect, Inc. shares.
• The Reporting Persons may be deemed to be members of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing. The correction of the error is a positive sign of diligence. The share acquisitions could be viewed as a mildly positive signal.

Positives

• The amended filing corrects a previous error, providing more accurate information to investors.
• The acquisition of additional shares by Steel Excel Inc. could be interpreted as a sign of confidence in Steel Connect, Inc.

Risks

• The filing indicates that the Reporting Persons may be deemed to be members of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock, which could trigger certain regulatory requirements and potential scrutiny.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the transactions of company insiders and significant shareholders.

Stakeholder Impact

• The filing provides shareholders with updated information on the beneficial ownership of Steel Connect, Inc.

Key Dates