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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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO § 240.13d-2(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)*
Tile Shop Holdings, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
88677Q109
(CUSIP Number)
Bryant R. Riley
B. Riley Financial, Inc.
11100 Santa Monica Blvd., Suite 800
Los Angeles, California 90025
(818) 884-3737
August 24, 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 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.
* | 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).
SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
B. Riley Financial, Inc. | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 | |
3,784,038 | ||
9 | SOLE DISPOSITIVE POWER | |
0 | ||
10 | SHARED DISPOSITIVE POWER | |
3,784,038 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
3,784,038 | |
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) |
7.3%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
HC |
* | Percent of class is calculated based on 51,968,043 shares of common stock, par value $0.0001 (the “Common Stock”), of Tile Shop Holdings, Inc. (the “Issuer”) outstanding as of August 2, 2021, as reported as outstanding by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 31, 2021, filed with the Securities and Exchange Commission on August 5, 2021 (the “10-Q”). |
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SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
B. Riley Capital Management, LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 |
New York |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER |
0 | ||
8 | SHARED VOTING POWER | |
1,597,060 | ||
9 | SOLE DISPOSITIVE POWER | |
0 | ||
10 | SHARED DISPOSITIVE POWER | |
1,597,060 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
1,597,060 | |
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) |
3.1%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
IA |
* | Percent of class is calculated based on 51,968,043 shares of Common Stock outstanding as of August 2, 2021, as reported as outstanding by the Issuer in the 10-Q. |
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SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
BRC Partners Management GP, LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 | |
1,597,060 | ||
9 | SOLE DISPOSITIVE POWER | |
0 | ||
10 | SHARED DISPOSITIVE POWER | |
1,597,060 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
1,597,060 | |
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) |
3.1%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
OO |
* | Percent of class is calculated based on 51,968,043 shares of Common Stock outstanding as of August 2, 2021, as reported as outstanding by the Issuer in the 10-Q. |
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SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
BRC Partners Opportunity Fund, LP | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 | |
1,597,060 | ||
9 | SOLE DISPOSITIVE POWER | |
0 | ||
10 | SHARED DISPOSITIVE POWER | |
1,597,060 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
1,597,060 | |
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) |
3.1%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
PN |
* | Percent of class is calculated based on 51,968,043 shares of Common Stock outstanding as of August 2, 2021, as reported as outstanding by the Issuer in the 10-Q. |
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SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
B. Riley Securities, Inc. | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 |
< font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER |
0 | ||
8 | SHARED VOTING POWER | |
2,186,978 | ||
9 | SOLE DISPOSITIVE POWER | |
0 | ||
10 | SHARED DISPOSITIVE POWER | |
2,186,978 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
2,186,978 | |
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) |
4.2%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
BD |
* | Percent of class is calculated based on 51,968,043 shares of Common Stock outstanding as of August 2, 2021, as reported as outstanding by the Issuer in the 10-Q. |
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SCHEDULE 13D
CUSIP No. | 88677Q109 |
1 | NAMES OF REPORTING PERSONS |
Bryant R. Riley | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* |
(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 of America |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER |
42,600 | ||
8 | SHARED VOTING POWER | |
3,784,038 | ||
9 | SOLE DISPOSITIVE POWER | |
42,600 | ||
10 | SHARED DISPOSITIVE POWER | |
3,784,038 |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
3,826,638 | |
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) |
7.4%* | |
14 | TYPE OF REPORTING PERSON (See Instructions) |
IN |
* | Percent of class is calculated based on 51,968,043 shares of Common Stock outstanding as of August 2, 2021, as reported as outstanding by the Issuer in the 10-Q. |
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Explanatory Note
This Amendment No. 6 (this “Amendment”) amends and supplements the Schedule 13D filed on September 10, 2020, as amended by Amendment No. 1 to the Schedule 13D, filed with the Securities and Exchange Commission (the “SEC”) on September 17, 2020, Amendment No. 2 to the Schedule 13D, filed with the SEC on October 14, 2020, Amendment No. 3 to the Schedule 13D, filed with the SEC on November 18, 2020, Amendment No. 4 to the Schedule 13D, filed with the SEC on February 1, 2021, and Amendment No. 5 to the Schedule 13D, filed with the SEC on March 4, 2021 (collectively and as amended, the “Schedule 13D”) by the Reporting Persons relating to the common stock, $0.0001 par value per share (the “Common Stock”), of Tile Shop Holdings, Inc., a Delaware corporation (the “Issuer”).
Information reported in the Schedule 13D remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D. All references in the Schedule 13D and this Amendment to the “Statement” will be deemed to refer to the Schedule 13D as amended and supplemented by this Amendment.
Item 3. Source and Amount of Funds of Other Consideration
Item 3 is amended to add the following:
(5) | An additional 174,270 shares of Common Stock were purchased on behalf of BRPLP using the investment capital of BRPLP. The aggregate purchase price of these shares of Common Stock was approximately $1,086,785 (excluding commissions). | |
(6) | An additional 59,478 shares of Common Stock were purchased on behalf of BRS using the investment capital of BRS. The aggregate purchase price of these shares of Common Stock was approximately $456,361 (excluding commissions). |
Item 5. Interest in Securities of the Issuer
Item 5, Section (a)-(b) is amended and restated in its entirety as follows:
(a) – (b)
1. |
As of the date hereof, BRPLP beneficially owned directly 1,597,060 shares of Common Stock, representing 3.1% of the Issuer’s Common Stock, and BRS beneficially owned directly 2,186,978 shares of Common Stock, representing 4.2% of the Issuer’s Common Stock. | |
2. | BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP. |
3. | BRF is the parent company of BRS. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRS. |
4. | Bryant R. Riley may beneficially own 42,600 shares of Common Stock representing 0.1% of the Issuer’s Common Stock held as sole trustee of the Robert Antin Children Irrevocable Trust. Bryant R. Riley disclaims beneficial ownership of the shares held by the Robert Antin Children Irrevocable Trust except to the extent of his pecuniary interest therein. BRF and Bryant R. Riley may be deemed to indirectly beneficially own the 3,784,038 shares of Common Stock held directly by BRPLP or BRS in the manner specified in paragraph (1) above, representing 7.4% of the Issuer’s Common Stock. BRF and Bryant R. Riley disclaims beneficial ownership of the shares held by BRPLP and BRS except to the extent of its/his pecuniary interest therein. |
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Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Exchange Act, may be deemed to beneficially own the securities of the Issuer owned by the other Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer it does not directly own or control. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein except to the extent of such Reporting Person’s pecuniary interest therein.
As of the date hereof, each of BRPLP, BRPGP, BRCM, BRF and Bryant R. Riley may be deemed to have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by BRPLP.
As of the date hereof, each of BRS, BRF and Bryant R. Riley may be deemed to have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares beneficially owned directly by BRS.
Item 7. Material To Be Filed As Exhibits
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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.
August 30, 2021
B. RILEY FINANCIAL, INC. | ||
By: | /s/ Bryant R. Riley | |
Name: | Bryant R. Riley | |
Title: | Co-Chief Executive Officer | |
BRC PARTNERS OPPORTUNITY FUND, L.P. | ||
By: | /s/ Bryant R. Riley | |
Name: | Bryant R. Riley | |
Title: | Chief Investment Officer | |
BRC PARTNERS MANAGEMENT GP, LLC | ||
By: | B. Riley Capital Management, LLC, its sole member | |
By: | /s/ Bryant R. Riley | |
Name: | Bryant R. Riley | |
Title: | Chief Executive Officer | |
B. RILEY CAPITAL MANAGEMENT, LLC | ||
By: | /s/ Bryant R. Riley | |
Name: | Bryant R. Riley | |
Title: | Chief Executive Officer | |
B. RILEY SECURITIES, INC. | ||
By: | /s/ Andrew Moore | |
Name: | Andrew Moore | |
Title: | Chief Executive Officer | |
/s/ Bryant R. Riley | ||
Bryant R. Riley |
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative’s authority to sign on behalf of such person shall be filed with the statement; provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).
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SCHEDULE A
Executive Officers and Directors of B. Riley Financial, Inc.
Name and Position | Present Principal Occupation | Business Address | Citizenship | |||
Bryant R. Riley Chairman of the Board of Directors and Co-Chief Executive Officer |
Chief Investment Officer of BRC Partners Opportunity Fund, LP; Chief Executive Officer of B. Riley Capital Management, LLC; Chairman of B. Riley Principal Merger Corp II, LLC; and Chairman of the Board of Directors and Co-Chief Executive Officer of B. Riley Financial, Inc. | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Thomas J. Kelleher Co-Chief Executive Officer and Director |
Co-Chief Executive Officer and Director of B. Riley Financial, Inc. and President of B. Riley Capital Management, LLC. | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Phillip J. Ahn Chief Financial Officer and Chief Operating Officer |
Chief Financial Officer and Chief Operating Officer of B. Riley Financial, Inc. | 30870 Russell Ranch Rd Suite 250 Westlake Village, CA 91362 |
United States | |||
Kenneth Young President |
President of B. Riley Financial, Inc.; Chief Executive Officer of B. Riley Principal Investments, LLC; and Director of B. Riley Principal Merger Corp II, LLC | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Alan N. Forman Executive Vice President, General Counsel and Secretary |
Executive Vice President, General Counsel and Secretary of B. Riley Financial, Inc. | 299 Park Avenue, 21st Floor New York, NY 10171 |
United States | |||
Howard E. Weitzman Senior Vice President & Chief Accounting Officer |
Senior Vice President & Chief Accounting Officer of B. Riley Financial, Inc. | 30870 Russell Ranch Rd Suite 250 Westlake Village, CA 91362 |
United States | |||
Daniel Shribman1 Chief Investment Officer |
Chief Investment Officer of B. Riley Financial, Inc.; President of B. Riley Principal Investments, LLC; and Chief Executive Officer and Chief Financial Officer of B. Riley Principal Merger Corp II, LLC | 299 Park Avenue, 21st Floor New York, NY 10171 |
United States |
1 | As of the date hereof, Daniel Shribman directly owned 49,565 shares of Common Stock. The aggregate purchase price of the 49,565 shares of Common Stock that were purchased by Daniel Shribman with personal funds is approximately $129,529. Daniel Shribman has the sole power to vote and dispose of such Common Stock and the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Common Stock. |
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Robert L. Antin2 Director |
Co-Founder of VCA, Inc., an owner and operator of Veterinary care centers & hospitals | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Robert D’Agostino3 Director |
President of Q-mation, Inc., a supplier of software solutions | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Renée E. LaBran Director |
Founding partner of Rustic Canyon Partners (RCP), a technology focused VC fund |
11100 Santa Monica Blvd.
|
United States | |||
Randall E. Paulson Director |
Special Advisor to Odyssey Investment Partners, LLC, a private equity investment firm. | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Michael J. Sheldon4 Director |
Chairman and Chief Executive Officer of Deutsch North America, a creative agency – Retired | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Mimi K. Walters Director |
U.S. Representative from California’s 45th Congressional District – Retired | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States | |||
Mikel Williams Director |
Chief Executive Officer and Director of privately held Targus International, LLC, supplier of carrying cases and accessories | 11100 Santa Monica Blvd. Suite 800 Los Angeles, CA 90025 |
United States |
2 | As of the date hereof, Robert L. Antin directly owned 64,600 shares of Common Stock. The aggregate purchase price of the 64,600 shares of Common Stock that were purchased by Robert L. Antin with personal funds is approximately $192,008. Robert L. Antin has the sole power to vote and dispose of such Common Stock and the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Common Stock. | |
3 | As of the date hereof, Robert D’Agostino directly owned 27,624 shares of Common Stock. The aggregate purchase price of the 27,624 shares of Common Stock that were purchased by Robert D’Agostino with personal funds is approximately $123,581. Robert D’Agostino has the sole power to vote and dispose of such Common Stock and the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Common Stock. | |
4 | As of the date hereof, Michael J. Sheldon directly owned 52,331 shares of Common Stock. The aggregate purchase price of the 52,331 shares of Common Stock that were purchased by Michael J. Sheldon with personal funds is approximately $173,681. Michael J. Sheldon has the sole power to vote and dispose of such Common Stock and the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Common Stock. |
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SCHEDULE B
Date | Transaction | Amount of Securities | Price per Share of Common Stock | Reporting Person | ||||||||
7/1/2021 | Sale | 50,000 | $ | 8.35 | BRC Partners Opportunity Fund, L.P. | |||||||
7/7/2021 | Purchase | 48,188 | $ | 7.70 | B. Riley Securities, Inc. | |||||||
7/8/2021 | Purchase | 8,058 | $ | 7.56 | B. Riley Securities, Inc. | |||||||
7/9/2021 | Purchase | 1,300 | $ | 7.60 | B. Riley Securities, Inc. | |||||||
7/12/2021 | Purchase | 1,932 | $ | 7.50 | B. Riley Securities, Inc. | |||||||
8/24/2021 | Sale | 112,775 | $ | 7.8391 | BRC Partners Opportunity Fund, L.P. | |||||||
8/25/2021 | Sale | 1,094 | $ | 7.8054 | BRC Partners Opportunity Fund, L.P. | |||||||
8/26/2021 | Sale | 3,536 | $ | 7.8066 | BRC Partners Opportunity Fund, L.P. | |||||||
8/27/2021 | Sale | 42,954 | $ | 7.8136 | BRC Partners Opportunity Fund, L.P. |
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