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 |
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