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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| CUSIP No. 913837100 | Page 1 of 7 Pages |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Universal Stainless & Alloy Products, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
913837100
(CUSIP Number)
Privet Fund LP
Attn: Ryan Levenson
79 West Paces Ferry Road
Suite 200B
Atlanta, GA 30305
With a copy to:
|
Amy Taylor Wilson Bryan Cave Leighton Paisner LLP 1201 W. Peachtree St., 14th Floor Atlanta, GA 30309 Tel: (404) 572-6600 |
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
January 13, 2021
(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 which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), (f) or (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.
* 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. 913837100 | Page 2 of 7 Pages |
| 1 |
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Privet Fund LP | |||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ (b) ¨ | ||
| 3 |
SEC USE ONLY
| |||
| 4 |
SOURCE OF FUNDS WC | |||
| 5 |
CHECK BOX 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 PERSON WITH: |
7 |
SOLE VOTING POWER 0 | ||
| 8 |
SHARED VOTING POWER 436,257 | |||
| 9 |
SOLE DISPOSITIVE POWER 0 | |||
| 10 |
SHARED DISPOSITIVE POWER 436,257 | |||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 436,257 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
| |||
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.94% | |||
| 14 |
TYPE OF REPORTING PERSON PN | |||
| CUSIP No. 913837100 | Page 3 of 7 Pages |
| 1 |
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Privet Fund Management LLC | |||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ (b) ¨ | ||
| 3 |
SEC USE ONLY
| |||
| 4 |
SOURCE OF FUNDS WC, AF | |||
| 5 |
CHECK BOX 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 PERSON WITH: |
7 |
SOLE VOTING POWER 0 | ||
| 8 |
SHARED VOTING POWER 436,257 | |||
| 9 |
SOLE DISPOSITIVE POWER 0 | |||
| 10 |
SHARED DISPOSITIVE POWER 436,257 | |||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 436,257 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
| |||
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.94% | |||
| 14 |
TYPE OF REPORTING PERSON OO | |||
| CUSIP No. 913837100 | Page 4 of 7 Pages |
| 1 |
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ryan Levenson | |||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ (b) ¨ | ||
| 3 |
SEC USE ONLY
| |||
| 4 |
SOURCE OF FUNDS AF | |||
| 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
| |||
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH PERSON WITH: |
7 |
SOLE VOTING POWER 0 | ||
| 8 |
SHARED VOTING POWER 436,257 | |||
| 9 |
SOLE DISPOSITIVE POWER 0 | |||
| 10 |
SHARED DISPOSITIVE POWER 436,257 | |||
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 436,257 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
| |||
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.94% | |||
| 14 |
TYPE OF REPORTING PERSON IN | |||
| CUSIP No. 913837100 | Page 5 of 7 Pages |
Reference is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission on July 2, 2019, as amended July 22, 2019, November 13, 2020 and December 16, 2020 (the “Schedule 13D”), with respect to the Common Stock, par value $0.001 per share (the “Common Stock”), of Universal Stainless & Alloy Products, Inc., a Delaware corporation (the “Issuer”). Capitalized terms not otherwise defined herein are used as defined in the Schedule 13D. The Reporting Persons hereby amend and supplement the Schedule 13D as follows.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated in its entirety to read as follows:
The aggregate purchase price of the 436,257 shares of Common Stock beneficially owned by the Reporting Persons is approximately $6,939,689.41 not including brokerage commissions, which was funded with partnership funds of Privet. Privet effects purchases of securities primarily through margin accounts maintained for it with prime brokers, which may extend margin credit to it as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules, and the prime brokers’ credit policies.
Item 5. Interest in Securities of the Issuer.
Items 5(a), 5(c) and 5(e) are hereby amended and restated in their entirety to read as follows:
(a) As of the date of this filing, the Reporting Persons beneficially own 436,257 shares (the “Shares”), or approximately 4.94%, of the outstanding Common Stock of the Issuer (calculated based on information included in the Form 10-Q filed by the Issuer on October 21, 2020 for the quarterly period ended September 30, 2020, which reported that 8,829,732 shares of Common Stock were outstanding as of October 14, 2020).
(c) Except as set forth on Schedule I, no transactions in the Common Stock were effected by the Reporting Persons during the past 60 days or since the most recent filing on Schedule 13D, whichever is less.
(e) On January 14, 2021, the Reporting Persons ceased to be the beneficial owner of more than five percent (5%) of the Common Stock of the Issuer.
| CUSIP No. 913837100 | Page 6 of 7 Pages |
Signature
After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
| Date: January 15, 2021 | PRIVET FUND LP | |
| By: Privet Fund Management LLC, | ||
| Its General Partner | ||
| By: | /s/ Ryan Levenson | |
| Name: Ryan Levenson | ||
| Its: Managing Member | ||
| PRIVET FUND MANAGEMENT LLC | ||
| By: | /s/Ryan Levenson | |
| Name: Ryan Levenson | ||
| Its: Managing Member | ||
| /s/ Ryan Levenson | ||
| Ryan Levenson | ||
| CUSIP No. 913837100 | Page 7 of 7 Pages |
SCHEDULE 1
Shares Acquired or Sold by the Reporting Persons during the past sixty days or since the most recent filing on Schedule 13D:
| 1. | Privet Fund LP(1) |
| Trade Date | Nature of Transaction (Purchase/Sale) |
Number of Shares | Price Per Share(2) |
| 12/17/2020 | Sale | 23,726 | $6.74(3) |
| 1/5/2021 | Sale | 17,414 | $7.52(4) |
| 1/6/2021 | Sale | 20,622 | $7.52(5) |
| 1/8/2021 | Sale | 10,400 | $8.33(6) |
| 1/11/2021 | Sale | 9,400 | $8.33(7) |
| 1/12/2021 | Sale | 6,700 | $8.35(8) |
| 1/13/2021 | Sale | 9,868 | $8.35(9) |
| 1/14/2021 | Sale | 47,000 | $8.15(10) |
| 1/15/2021 | Sale | 5,000 | $8.12(11) |
| (1) | Not including any brokerage fees. |
| (2) | The price per share reported is a weighted average price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, further information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (3)-(11) to this Schedule 13D. |
| (3) | These shares were sold at prices ranging from $6.56-$6.93, inclusive. |
| (4) | These shares were sold at prices ranging from $7.48-$7.61, inclusive. |
| (5) | These shares were sold at prices ranging from $7.49-$7.63, inclusive. |
| (6) | These shares were sold at prices ranging from $8.30-$8.51, inclusive. |
| (7) | These shares were sold at prices ranging from $8.20-$8.48, inclusive. |
| (8) | These shares were sold at prices ranging from $8.30-$8.39, inclusive. |
| (9) | These shares were sold at prices ranging from $8.20-$8.75, inclusive. |
| (10) | These shares were sold at prices ranging from $8.10-$8.37, inclusive. |
| (11) | These shares were sold at prices ranging from $8.01-$8.32, inclusive. |