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 |
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| Washington, D.C. 20549 |
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO § 240.13d-2.
(Amendment No. 1)*
Petros Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value
(Title of Class of Securities)
71678J100
(CUSIP Number)
December 31, 2021
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| o | Rule 13d-1(b) |
| x | Rule 13d-1(c) |
| o | Rule 13d-1(d) |
*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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for purposes 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: 71678J100 | |||
| (1) | Names of Reporting Persons Iroquois Capital Management L.L.C. | ||
| (2) | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | o | ||
| (b) | o | ||
| (3) | SEC Use Only | ||
| (4) | Citizenship or Place of Organization Delaware | ||
| Number of Shares Beneficially Owned by Each Reporting Person With |
(5) | Sole Voting Power 0 |
| (6) |
Shared Voting Power
| |
| (7) | Sole Dispositive Power 0 | |
| (8) |
Shared Dispositive Power
| |
| (9) |
Aggregate Amount Beneficially Owned by Each Reporting Person
| |
| (10) | Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) o | |
| (11) | Percent of Class Represented by Amount in Row (9) 4.18% | |
| (12) | Type of Reporting Person (See Instructions) OO |
* As more fully described in Item 4, certain Warrants are subject to a 4.99% blocker (other than certain Warrants which are subject to a 9.99% blocker), and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
| CUSIP No: 71678J100 | |||
| (1) | Names of Reporting Persons Richard Abbe | ||
| (2) | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | o | ||
| (b) | o | ||
| (3) | SEC Use Only | ||
| (4) | Citizenship or Place of Organization United States of America | ||
| Number of Shares Beneficially Owned by Each Reporting Person With |
(5) |
Sole Voting Power 64,346 shares of Common Stock
|
| (6) | Shared Voting Power 103,474 shares of Common Stock 794,632 shares of Common Stock issuable upon exercise of Warrants (See Item 4)* | |
| (7) |
Sole Dispositive Power 399,570 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*
| |
| (8) | Shared Dispositive Power 103,474 shares of Common Stock 794,632 shares of Common Stock issuable upon exercise of Warrants (See Item 4)* | |
| (9) |
Aggregate Amount Beneficially Owned by Each Reporting Person
| |
| (10) | Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) o | |
| (11) | Percent of Class Represented by Amount in Row (9) 4.99% | |
| (12) | Type of Reporting Person (See Instructions) IN; HC |
* As more fully described in Item 4, certain Warrants are subject to a 4.99% blocker (other than certain Warrants which are subject to a 9.99% blocker), and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
| CUSIP No: 71678J100 | |||
| (1) | Names of Reporting Persons Kimberly Page | ||
| (2) | Check the Appropriate Box if a Member of a Group (See Instructions) | ||
| (a) | o | ||
| (b) | o | ||
| (3) | SEC Use Only | ||
| (4) | Citizenship or Place of Organization United States of America | ||
| Number of Shares Beneficially Owned by Each Reporting Person With |
(5) | Sole Voting Power 0 |
| (6) | Shared Voting Power 103,474 shares of Common Stock 794,632 shares of Common Stock issuable upon exercise of Warrants (See Item 4)* | |
| (7) | Sole Dispositive Power 0 | |
| (8) | Shared Dispositive Power 103,474 shares of Common Stock 794,632 shares of Common Stock issuable upon exercise of Warrants (See Item 4)* | |
| (9) | Aggregate Amount Beneficially Owned by Each Reporting Person 103,474 shares of Common Stock 794,632 shares of Common Stock issuable upon exercise of Warrants (See Item 4)* | |
| (10) | Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) o | |
| (11) | Percent of Class Represented by Amount in Row (9) 4.18% | |
| (12) | Type of Reporting Person (See Instructions) IN |
* As more fully described in Item 4, certain Warrants are subject to a 4.99% blocker (other than certain Warrants which are subject to a 9.99% blocker), and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of shares of Com mon Stock beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9).
| CUSIP No: 71678J100 |
This Amendment No. 1 (this “Amendment”) amends the statement on Schedule 13G filed on October 22, 2021 (the “Original Schedule 13G”) with respect to the Common Stock, $0.0001 par value (the “Common Stock”) of Petros Pharmaceuticals, Inc., a Nevada corporation (the “Company”). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Original Schedule 13G. This Amendment amends and restates each of Item 4 and Item 5 in its entirety as set forth below.
| Item 4. | Ownership |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
The information as of the date of the event which requires filing of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based on 20,684,723 shares of Common Stock issued and outstanding as of January 5, 2022 as represented in the Company’s Final Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on January 14, 2022 and assumes the exercise of the Company’s reported warrants (the “Reported Warrants”), each subject to the Blockers (as defined below)
Pursuant to the terms of certain of the Reported Warrants, the Reporting Persons cannot exercise certain of the Reported Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 4.99% of the outstanding shares of Common Stock (other than certain Reported Warrants which are subject to a 9.99% blocker) (collectively, the “Blockers”), and the percentage set forth in Row 11 of the cover page for each Reporting Person gives effect to the Blockers. Consequently, as of the date of the event which requires the filing of this statement, the Reporting Persons were not able to exercise all of the Reported Warrants which are subject to the 4.99% Blocker.
As of the date of the event which requires filing of this statement, Iroquois Master Fund Ltd. (“Iroquois Master Fund”) held 103,474 shares of Common Stock and Reported Warrants to purchase 794,632 shares of Common Stock (subject to the Blockers), Iroquois Capital Investment Group LLC (“ICIG”) held 44,346 shares of Common Stock and Reported Warrants to purchase 399,570 shares of Common Stock (subject to the Blockers), and Kensington Investment Partners LLC (“Kensington”) held 20,000 shares of Common Stock.
Mr. Abbe shares authority and responsibility for the investments made on behalf of Iroquois Master Fund with Ms. Kimberly Page, each of whom is a director of the Iroquois Master Fund. As such, Mr. Abbe and Ms. Page may each be deemed to be the beneficial owner of all shares of Common Stock held by and underlying the Reported Warrants (each subject to the Blockers) held by, Iroquois Master Fund. Iroquois Capital is the investment advisor for Iroquois Master Fund and Mr. Abbe is the President of Iroquois Capital. In addition, Mr. Abbe is the managing member of Kensington. Mr. Abbe has the sole authority and responsibility for the investments made on behalf of ICIG and Kensington. As such, Mr. Abbe may be deemed to be the beneficial owner of all shares of Common Stock held by and underlying the Reported Warrants (each subject to the Blockers) held by, Iroquois Master Fund, ICIG and Kensington. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such shares of Common Stock except to the extent of their pecuniary interest therein.
| Item 5. | Ownership of Five Percent or Less of a Class |
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: x
| Item 10. | Certification |
By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURES
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.
Date: February 22, 2022
| IROQUOIS CAPITAL MANAGEMENT L.L.C. | ||
| By: /s/ Richard Abbe |
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| Richard Abbe, President | ||
| /s/ Richard Abbe |
||
| Richard Abbe | ||
| /s/ Kimberly Page |
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| Kimberly Page |