4/A: Steel Partners Holdings L.P. Amends Form 4 Filing for Steel Connect, Inc. [STCN]

Steel Partners Holdings L.P. files an amended Form 4 detailing a transaction in Steel Connect, Inc. common stock and correcting an error in the original filing.

Summary

• Steel Partners Holdings L.P. and related entities filed an amended Form 4 with the SEC regarding changes in beneficial ownership of Steel Connect, Inc. (STCN) common stock.
• The amendment corrects an error in the original Form 4 filed on June 17, 2024, where the reporting persons inadvertently indicated that the reported transaction was made pursuant to a plan intended to comply with Rule 10b5-1(c).
• The reported transaction was not effected pursuant to such a plan, and the box has been unchecked in this amended Form 4.
• On June 13, 2024, Steel Excel Inc. acquired 4,800 shares of Common Stock at a price of $11.9333 per share.
• Following the transaction, the reporting persons beneficially own 1,105,888 shares through Steel Excel Inc., 1,311,700 shares through WF Asset Corp., and 636,447 shares through WHX CS LLC.
• The filing clarifies the relationships between Steel Partners Holdings L.P., SPH Group LLC, SPH Group Holdings LLC, Steel Partners Holdings GP Inc., Steel Excel, Inc., WF Asset Corp., Handy & Harman Ltd., and WHX CS LLC, and their potential beneficial ownership of Steel Connect's common stock.
• The reporting persons may be deemed a director by deputization due to their relationship with certain of the directors on the board of directors of the Issuer.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing. The sentiment is neutral as it primarily reports a transaction and corrects a previous error.

Positives

• The amended filing corrects an error in the original Form 4, providing more accurate information to investors.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, providing transparency to the market.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership structure and transactions of major shareholders.

Key Dates