Sec Form 13D Filing - Coliseum Capital Management LLC filing for ModivCare Inc (MODV) - 2023-09-18

Insider filing report for Changes in Beneficial Ownership

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 22)*

 

 

ModivCare Inc.

(Name of Issuer)

Common Stock, Par Value $0.001 Per Share

(Title of Class of Securities)

743815102

(CUSIP Number)

Christopher Shackelton/Adam Gray

105 Rowayton Ave.

Rowayton, CT 06853

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 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 sections 240.13d-1(e), 240.13d-1(f) or 140.13d-1(g), check the following box.  ☐

The information required in 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. 743815102    13D/A    Page 2 of 10

 

  1.    

  Names of Reporting Persons

 

  Coliseum Capital Management, LLC

  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)

 

  AF

  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

 

  2,982,751

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  2,982,751

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

 &#x A0;2,982,751

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  21.0%

14.  

  Type of Reporting Person (See Instructions)

 

  IA


CUSIP No. 743815102    13D/A    Page 3 of 10

 

  1.    

  Names of Reporting Persons

 

  Coliseum Capital, LLC

  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)

 

  AF

  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

 

  2,344,778

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  2,344,778

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,344,778

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  16.5%

14.  

  Type of Reporting Person (See Instructions)

 

  OO


CUSIP No. 743815102    13D/A    Page 4 of 10

 

  1.    

  Names of Reporting Persons

 

  Coliseum Capital Partners, L.P.

  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)

 

  WC

  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

 

  2,231,441

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  2,231,441

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,231,441

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  15.7%

14.  

  Type of Reporting Person (See Instructions)

 

  PN


CUSIP No. 743815102    13D/A    Page 5 of 10

 

  1.    

  Names of Reporting Persons

 

  Coliseum Capital Partners II, L.P.

  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)

 

  WC

  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

 

  113,337

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  113,337

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  113,337

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  0.8%

14.  

  Type of Reporting Person (See Instructions)

 

  PN


CUSIP No. 743815102    13D/A    Page 6 of 10

 

  1.    

  Names of Reporting Persons

 

  Adam Gray

  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)

 

  AF

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  United States

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  2,982,751

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  2,982,751

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,982,751

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  21.0%

14.  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 743815102    13D/A    Page 7 of 10

 

  1.    

  Names of Reporting Persons

 

  Christopher Shackelton

  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)

 

  AF

  5.  

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6.  

  Citizenship or Place of Organization

 

  United States

< td valign="middle" colspan="3" rowspan="4" style="BORDER-LEFT:1px solid #000000; padding-left:8pt">

Number of

Shares

 Beneficially 

Owned by

Each

Reporting

Person

With

 

     7.    

  Sole Voting Power

 

  0

     8.  

  Shared Voting Power

 

  2,982,751

     9.  

  Sole Dispositive Power

 

  0

   10.  

  Shared Dispositive Power

 

  2,982,751

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  2,982,751

12.  

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.  

  Percent of Class Represented by Amount in Row (11)

 

  21.0%

14.  

  Type of Reporting Person (See Instructions)

 

  IN


CUSIP No. 743815102    13D/A    Page 8 of 10

 

Explanatory Note: This Amendment No. 22 (this “Amendment”) to the Schedule 13D (the “Initial 13D”) relating to the common stock, par value $0.001 per share (“Common Stock”) of ModivCare Inc. (the “Issuer”), filed by the Reporting Persons with the Securities and Exchange Commission (the “SEC”) on July 30, 2012 and as amended and supplemented by Amendment No. 1 to the Initial 13D filed on August 20, 2012, Amendment No. 2 to the Initial 13D filed on September 13, 2012, Amendment No. 3 to the Initial 13D filed on November 28, 2012, Amendment No. 4 to the Initial 13D filed on August 15, 2013, Amendment No. 5 to the Initial 13D filed on October 28, 2014, Amendment No. 6 to the Initial 13D filed on February 23, 2015, Amendment No. 7 to the Initial 13D filed on March 16, 2015, Amendment No. 8 to the Initial 13D filed on March 17, 2017, Amendment No. 9 to the Initial 13D filed on December 13, 2017, Amendment No. 10 to the Initial 13D filed on May 10, 2018, Amendment No. 11 to the Initial 13D filed on June 1, 2018, Amendment No. 12 to the Initial 13D filed on June 7, 2018, Amendment No. 13 to the Initial 13D filed on November 14, 2019, Amendment No. 14 to the Initial 13D filed on June 12, 2020, and Amendment No. 15 to the Initial 13D filed on November 12, 2020, Amendment No. 16 to the Initial 13D filed on September 9, 2021, Amendment No. 17 to the Initial 13D filed on May 10, 2023, Amendment No. 18 to the Initial 13D filed on August 10, 2023, Amendment No. 19 to the Initial 13D filed on August 11, 2023, Amendment No. 20 to the Initial 13D filed on September 11, 2023, and Amendment No. 21 to the Initial 13D filed on September 13, 2023, amends and supplements certain of the items set forth therein.

As used in this Amendment, the term “Reporting Persons” collectively refers to:

 

   

Coliseum Capital Management, LLC, a Delaware limited liability company (“CCM”);

 

   

Coliseum Capital, LLC, a Delaware limited liability company (“CC”);

 

   

Coliseum Capital Partners, L.P., a Delaware limited partnership (“CCP”);

 

   

Coliseum Capital Partners II, L.P., a Delaware limited partnership (“CCP2”);

 

   

Adam Gray (“Gray”); and

 

   

Christopher Shackelton, a director of the Issuer (“Shackelton”).

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and supplemented as follows:

Since the filing of Amendment No. 21 to the Initial 13D, the source and amount of funds used in purchasing the shares of Common Stock by CCP and a separate account investment advisory client of CCM (the “Separate Account”) were as follows:

 

Purchaser

  

Source of Funds

  

Amount

 

CCP

   Working Capital    $   8,636,315.70  

Separate Account

   Working Capital    $ 2,181,157.32  

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended and supplemented as follows:

 

(a)-(b) 

The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated herein by reference. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 14,181,255 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Quarterly Report on Form 10-Q, as filed with the SEC on August 4, 2023.


CUSIP No. 743815102    13D/A    Page 9 of 10

 

(c)

CCP and the Separate Account effected the following transactions in the Common Stock during the past sixty days, or since the filing of the last amendment to the Initial 13D, whichever is less:

 


Name

  

Purchase or Sale

   Date    Number of
Shares
     Weighted
Average
Price/Price Per
Share
    

Range of

Prices

CCP

   Open Market Purchase    09/13/2023      23,478      $ 28.66      $28.07 - $28.95

Separate Account

   Open Market Purchase    09/13/2023      5,918      $ 28.66      $28.07 - $28.95

CCP

   Open Market Purchase    09/13/2023      77,024      $ 29.25      N/A

Separate Account

   Open Market Purchase    09/13/2023      19,417      $ 29.25      N/A

CCP

   Open Market Purchase    09/15/2023      37,688      $ 34.13      $33.65 - $34.63

Separate Account

   Open Market Purchase    09/15/2023      9,528      $ 34.13      $33.65 - $34.63

CCP

   Open Market Purchase    09/15/2023      121,968      $ 35.25      $34.65 - $35.64

Separate Account

   Open Market Purchase    09/15/2023      30,833      $ 35.25      $34.65 - $35.64

CCP

   Open Market Purchase    09/15/2023      3,482      $ 35.70      $35.65 - $35.79

Separate Account

   Open Market Purchase    09/15/2023      880      $ 35.70      $35.65 - $35.79

 

(d)

Except as set forth in Item 6 hereof, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock reported herein.

The information in Item 6 hereof is incorporated by reference herein.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended and supplemented as follows:

CCM is an investment adviser whose clients, including CCP, CCP2 and the Separate Account, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. CC is the general partner of CCP. Gray and Shackelton are the managers of CC and CCM.


CUSIP No. 743815102    13D/A    Page 10 of 10

 

SIGNATURES

After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.

Dated: September 18, 2023

 

COLISEUM CAPITAL MANAGEMENT, LLC     COLISEUM CAPITAL, LLC
By:   /s/ Thomas Sparta     By:   /s/ Thomas Sparta
  Thomas Sparta, Attorney-in-fact       Thomas Sparta, Attorney-in-fact
COLISEUM CAPITAL PARTNERS, L.P.     COLISEUM CAPITAL PARTNERS II, L.P.
By:   Coliseum Capital, LLC, General Partner     By:   Coliseum Capital, LLC, General Partner
By:   /s/ Thomas Sparta     By:   /s/ Thomas Sparta
  Thomas Sparta, Attorney-in-fact       Thomas Sparta, Attorney-in-fact
CHRISTOPHER SHACKELTON     ADAM GRAY
By:   /s/ Thomas Sparta     By:   /s/ Thomas Sparta
  Thomas Sparta, Attorney-in-fact       Thomas Sparta, Attorney-in-fact