Sec Form 13D Filing - Red Oak Partners LLC filing for EDUCATIONAL DEVELOPMENT CORP (EDUC) - 2020-07-16

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.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 4)1

Educational Development Corporation

(Name of Issuer)

Common Stock, $0.20 par value

(Title of Class of Securities)

281479105

(CUSIP Number)

DAVID SANDBERG

RED OAK PARTNERS, LLC

95 S. Federal Hwy, Suite 201

Boca Raton, FL 33432

(212) 614-8952

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

July 14, 2020

(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 §§ 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 § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              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).

 

 

 1 

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

138,938

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
         

138,938

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

138,938

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.7%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

 2 

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Long Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
  0;     (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

34,833

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
         

34,833

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

34,833

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

 3 

CUSIP No. 281479105

 

< td style="text-align: center; vertical-align: top; border-left-color: black; border-left-width: 2.25pt; border-left-style: double;" colspan="3">OWNED BY
  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Institutional Founders Long Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
  8   SHARED VOTING POWER  
EACH          
REPORTING        

120,678

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
         

120,678

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

120,678

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.4%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

 4 

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        Red Oak Partners, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        FLORIDA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

294,449

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
         

294,449

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

294,449

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        3.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

 5 

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        David Sandberg  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

294,449

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
         

294,449

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

294,449

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        3.5%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

 6 

CUSIP No. 281479105

 

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule 13D, as amended by amendments 1 through 3 as specifically set forth herein.

 

 

Item 5.Interest in Securities of the Issuer.

 

Item 5 is hereby amended as follows:

 

(a)       The aggregate percentage of the Issuer’s outstanding shares of Common Stock reported owned by each Reporting Person is based on 8,354,691 shares of common stock outstanding at July 8, 2020, as reported by the Issuer on its Form 10-Q, filed with the United States Securities and Exchange Commission on July 13, 2020. Each Reporting Person disclaims beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Reporting Person.

 

Red Oak Partners beneficially owns 294,449 shares of Common Stock, representing 3.5% of all the outstanding shares of Common Stock. The Funds are each controlled by Red Oak Partners. Therefore, Red Oak Partners may be deemed to beneficially own (i) the 138,938 shares of Common Stock held by the Red Oak Fund, (ii) the 120,678 shares of Common Stock held by Red Oak Founders Fund, and (iii) the 34,833 shares of Common Stock held by the Red Oak Long Fund.

 

Mr. Sandberg, as the managing member of Red Oak Partners may be deemed to beneficially own the 294,449 shares of Common Stock beneficially owned by Red Oak Partners through the Funds, representing 3.5% of all the outstanding shares of Common Stock.

 

Red Oak Fund may be deemed to beneficially own 138,938 shares of Common Stock, representing 1.7% of all the outstanding shares of Common Stock. Red Oak Founders Fund may be deemed to beneficially own 120,678 shares of Common Stock, representing 1.4% of all the outstanding shares of Common Stock. Red Oak Long Fund may be deemed to beneficially own 34,833 shares of Common Stock, representing less than 1% of all the outstanding shares of Common Stock.

 

(b)       Each of Red Oak Partners and Mr. Sandberg may be deemed to have shared voting and dispositive power with respect to (i) the 138,938 shares of Common Stock held by the Red Oak Fund, (ii) the 120,678 shares of Common Stock held by Red Oak Founders Fund, and (iii) the 34,833 shares of Common Stock held by the Red Oak Long Fund. No Fund shares with any other Fund voting or dispositive power with respect to the shares such Fund beneficially owns.

 

(c)       Transactions by the Reporting Persons effected in Common Stock that have taken place in the last sixty days are as follows:

 

Date Fund Name Action Quantity Average Price
5/21/2020 The Red Oak Institutional Founders Long Fund LP SELL 8,982 6.602
5/21/2020 The Red Oak Fund, LP SELL 10,337 6.602
5/21/2020 The Red Oak Long Fund LP SELL 2,594 6.602
6/29/2020 The Red Oak Institutional Founders Long Fund LP SELL 21 9.524
6/29/2020 The Red Oak Fund, LP SELL 23 9.524
6/29/2020 The Red Oak Long Fund LP SELL 6 9.524
6/30/2020 The Red Oak Institutional Founders Long Fund LP SELL 32,308 9.667
6/30/2020 The Red Oak Fund, LP SELL 37,161 9.667

 

 7 

CUSIP No. 281479105

 

6/30/2020 The Red Oak Long Fund LP SELL 9,330 9.667
7/1/2020 The Red Oak Institutional Founders Long Fund LP SELL 451 9.855
7/1/2020 The Red Oak Fund, LP SELL 519 9.855
7/1/2020 The Red Oak Long Fund LP SELL 130 9.855
7/2/2020 The Red Oak Institutional Founders Long Fund LP SELL 41 9.610
7/2/2020 The Red Oak Fund, LP SELL 47 9.610
7/2/2020 The Red Oak Long Fund LP SELL 12 9.610
7/6/2020 The Red Oak Institutional Founders Long Fund LP SELL 2,509 9.624
7/6/2020 The Red Oak Fund, LP SELL 2,886 9.624
7/6/2020 The Red Oak Long Fund LP SELL 725 9.624
7/7/2020 The Red Oak Institutional Founders Long Fund LP SELL 1,271 9.669
7/7/2020 The Red Oak Fund, LP SELL 1,463 9.669
7/7/2020 The Red Oak Long Fund LP SELL 367 9.669
7/8/2020 The Red Oak Institutional Founders Long Fund LP SELL 1,105 9.575
7/8/2020 The Red Oak Fund, LP SELL 1,271 9.575
7/8/2020 The Red Oak Long Fund LP SELL 319 9.575
7/10/2020 The Red Oak Institutional Founders Long Fund LP SELL 23,085 9.984
7/10/2020 The Red Oak Fund, LP SELL 26,554 9.984
7/10/2020 The Red Oak Long Fund LP SELL 6,667 9.984
7/13/2020 The Red Oak Institutional Founders Long Fund LP SELL 4,346 10.284
7/13/2020 The Red Oak Fund, LP SELL 4,999 10.284
7/13/2020 The Red Oak Long Fund LP SELL 1,255 10.284
7/14/2020 The Red Oak Institutional Founders Long Fund LP SELL 8,474 12.545
7/14/2020 The Red Oak Fund, LP SELL 9,748 12.545
7/14/2020 The Red Oak Long Fund LP SELL 2,447 12.545
7/15/2020 The Red Oak Institutional Founders Long Fund LP SELL 10,034 12.449
7/15/2020 The Red Oak Fund, LP SELL 11,541 12.449
7/15/2020 The Red Oak Long Fund LP SELL 2,897 12.449
7/16/2020 The Red Oak Institutional Founders Long Fund LP SELL  32,094  13.851
7/16/2020 The Red Oak Fund, LP SELL  36,915  13.851
7/16/2020 The Red Oak Long Fund LP SELL 9,268 13.851

 

(d)       No person other than the Reporting Persons is 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 of Common Stock.

 

(e)       The Reporting Persons ceased to be beneficial holders of more than five percent of the Issuer’s outstanding shares of Common Stock on July 14, 2020.

 

 8 

CUSIP No. 281479105

 

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: July 16, 2020

 

  RED OAK PARTNERS, LLC
   
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK INSTITUTIONAL FOUNDERS LOND FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK LONG FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  By:

/s/ David Sandberg

    DAVID SANDBERG

 

 

9