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.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
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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. 2)*
POLISHED.COM INC.
(Name of Issuer)
--------------------------------------------------------------------------------
Common Stock, par value $0.0001 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
28252C109
--------------------------------------------------------------------------------
(CUSIP Number)
Ly Nguyen
Morgan Dempsey Capital Management LLC
111 Heritage Reserve, Suite 200, Menomonee Falls, WI 53051
414-319-1080
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 15, 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 SS.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 S.240.13d-7 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).
CUSIP No. 28252C109 13D Page 2 of 7 Pages
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Morgan Dempsey Capital Management LLC
39-1805798
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS (see instructions)
OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Wisconsin
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
45,032*
-------------------------------------------------------------
8. SHARED VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 45,032*
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
45,032*
--------------------------------------------------------------------------------
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)
0.04%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (see instructions)
IA
--------------------------------------------------------------------------------
*Includes 14,045 shares of Common Stock issuable upon exercise of the
Warrants beneficially owned by Morgan Dempsey Capital Management LLC
CUSIP No. 28252C109 13D Page 3 of 7 Pages
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Joshua J. Peters
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS (see instructions)
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
-------------------------------------------------------------
8. SHARED VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------
OWNED BY EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
-------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
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)
0
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON (see instructions)
IN
--------------------------------------------------------------------------------
CUSIP No. 28252C109 13D Page 4 of 7 Pages
Amendment No. 2 to Schedule 13D (Final Amendment)
This Amendment No. 2 amends and supplements the Schedule 13D filed on January
26, 2023 and amended on February 3, 2023 (the "Schedule 13D") by the Reporting
Persons relating to the common stock, par value $0.0001 per share (the
"Shares"), of Polished.com Inc., a Delaware corporation (the "Issuer"). This
statement also relates to the warrants (the "Warrants") registered by the
Issuer with the Securities and Exchange Commission on May 26, 2021.
The following items of the Schedule D are hereby amended as follows:
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended as follows.
The aggregate percentage of Shares reported owned by the Reporting Persons
is based upon 105,469,878 Shares outstanding as of August 10, 2023, as
reported in the Issuer's Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on August 14, 2023, plus 14,045 Shares
which would be issued upon execution of 14,045 Warrants beneficially owned
by Morgan Dempsey Capital Management LLC.
a) For information on Share ownership of the Reporting Persons, see Items
7-13 on the Cover Pages.
b) For information on voting and dispositive power with respect to the
above listed shares, see Items 7-11 on the Cover Pages.
c) Transactions in the Shares of the Issuer during the Past Sixty Days
The following table details the transactions during the sixty days on or
prior to the Reporting Date in shares.
The Reporting Persons sold their respective holdings of Common Stock and
Warrants as follows:
Price
per Form of
Reporting Person Date Quantity Security Share Transaction
---------------- -------- --------- --------- ----- -----------
Morgan Dempsey
Capital Management LLC 08/07/2023 256,501 Share 0.19 Sell
Morgan Dempsey
Capital Management LLC 08/15/2023 3,468,167 Share 0.14 Sell
Morgan Dempsey
Capital Management LLC 08/15/2023 2,276,450 Warrant 0.01 Sell
Joshua J. Peters 08/16/2023 1,766,546 Share 0.12 Sell
Joshua J. Peters 08/16/2023 683,805 Warrant 0.004 Sell
CUSIP No. 28252C109 13D Page 5 of 7 Pages
Morgan Dempsey Capital Management LLC, in its role as investment manager to
several customer accounts (collectively, the "Accounts") to which it furnishes
investment advice, may be deemed to beneficially own shares of the Issuer's
Shares and Warrants held in the Accounts.
d) No person other than the Reporting Persons 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.
e) The Reporting Persons ceased to beneficially own more than five percent of
the Common Stock on August 15, 2023.
Item 7. Material to Be Filed as Exhibits.
Item 7 is here amended as follows.
Exhibit 1
CUSIP No. 28252C109 13D Page 6 of 7 Pages
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.
MORGAN DEMPSEY CAPITAL MANAGEMENT LLC
/s/ Ly Nguyen
-----------------------------------
Name: Ly Nguyen
Chief Compliance Officer
-----------------------------------
Title
August 17, 2023
-----------------------------------
Date
EXHIBIT INDEX
Exhibit Description
------------- ----------------------------------------------------
1 Joint Filing Agreement
CUSIP No. 28252C109 13D Page 7 of 7 Pages
EXHIBIT 1 - JOINT FILING AGREEMENT
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, each of the undersigned hereby agrees to the joint filing with
the other reporting person of a statement on Schedule 13D (including
amendments thereto) with respect to the Common Stock, par value $0.0001 per
share, of POLISHED.COM INC. and that this Agreement be included as an Exhibit
to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 17th
day of August, 2023.
MORGAN DEMPSEY CAPITAL MANAGEMENT LLC
By: /s/ Ly Nguyen
----------------------------------
Ly Nguyen
Chief Compliance Officer
/s/ Joshua J. Peters
----------------------------------
Joshua J. Peters