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.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
What is insider trading>>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
RAMACO RESOURCES, INC.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
75134P 303
(CUSIP Number)
Bryan H. Lawrence
Yorktown Partners LLC
410 Park Avenue
20th Floor
New York, New York 10022
(212) 515-2112
Copies to:
Jesse E. Betts
Akin Gump Strauss Hauer & Feld LLP
2300 North Field Street, Suite 1800
Dallas, Texas 75201-4675
(214) 969-2779
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
November 17, 2023
(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
204.13d-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 the 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.
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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. 75134P 303
1
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NAMES OF REPORTING PERSONS
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YORKTOWN ENERGY PARTNERS XI, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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<
/tr>
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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5,111,621
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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5,111,621
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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5,111,621
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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11.64% (1)
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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PN
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(1) |
Based on 43,902,118 shares of Class A common stock, par value $0.01 per share (“Class A Common Stock”) of Ramaco Resources, Inc.
(the “Company”) issued and outstanding as of October 31, 2023, as set forth in Ramaco Resources, Inc.’s (the “Issuer”) quarterly report on Form 10-Q for the
quarter ended September 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2023.
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CUSIP No. 75134P 303
1
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NAMES OF REPORTING PERSONS
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YORKTOWN XI COMPANY LP
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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5,111,621
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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5,111,621
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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5,111,621 (1)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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11.64% (2)
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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PN
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(1) |
These securities are directly held by Yorktown Energy Partners XI, L.P. (“Yorktown XI”). Yorktown XI Company LP is the sole general partner of Yorktown XI. As a result,
Yorktown XI Company LP may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown XI. Yorktown XI Company LP disclaims beneficial ownership of the securities owned by
Yorktown XI in excess of its pecuniary interests therein.
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(2) |
Based on 43,902,118 shares of Class A Common Stock of the Company issued and outstanding as of October 31, 2023, as set forth in the Issuer’s quarterly report on Form 10-Q for the quarter ended September 30,
2023, filed with the SEC on November 9, 2023.
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CUSIP No. 75134P 303
1
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NAMES OF REPORTING PERSONS
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YORKTOWN XI ASSOCIATES LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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OO
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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5,111,621
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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5,111,621
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10
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SHARED DISPOSITIVE POWER
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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5,111,621 (1)
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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11.64% (2)
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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OO
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(1) |
These securities are directly held by Yorktown XI. Yorktown XI Company LP is the sole general partner of Yorktown XI and Yorktown XI Associates LLC is the sole general partner of Yorktown XI Company LP. As a
result, Yorktown XI Associates LLC may be deemed to have the power to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown XI. Yorktown XI Company LP and Yorktown XI Associates LLC disclaim
beneficial ownership of the securities owned by Yorktown XI in excess of their pecuniary interests therein.
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(2) |
Based on 43,902,118 shares of Class A Common Stock of the Company issued and outstanding as of October 31, 2023, as set forth in the Issuer’s quarterly report on Form 10-Q for the quarter ended September 30,
2023, filed with the SEC on November 9, 2023.
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This Amendment No. 1 amends the Schedule 13D with respect to the shares of Class A common stock, par value $0.01 per share (“Class A Common
Stock”), of Ramaco Resources, Inc., a Delaware corporation (the “Issuer”), previously filed by Yorktown Energy Partners XI, L.P., a Delaware limited partnership (“Yorktown
XI”), Yorktown XI Company LP, a Delaware limited partnership (“Yorktown XI Co”), and Yorktown XI Associates LLC, a Delaware limited liability company (“Yorktown XI
Associates” and together with Yorktown XI and Yorktown XI Co, the “Reporting Persons”) with the SEC on February 21, 2017 (the “Schedule 13D”). Capitalized
terms used herein without definition shall have the meanings given to such terms in the Schedule 13D.
Item 1. |
Security and Issuer.
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Item 1 of the Schedule 13D is hereby amended and restated in its entirety by the following:
This Schedule 13D relates to the shares of Class A common stock, par value $0.01 per share (“Class A Common Stock”), of Ramaco Resources, Inc., a Delaware corporation (the “Issuer”), whose principal executive offices are located at 250 West Main Street, Suite 1900, Lexington, Kentucky 40507.
Item 5. |
Interest in Securities of the Issuer.
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Subparagraphs a, b and c of Item 5 in the Schedule 13D are hereby amended and restated in their entirety by the following:
(a) As of November 20, 2023, each of the Reporting Persons beneficially owns 5,111,621 shares of Class A Common Stock of the Issuer, representing 11.64% of the issued and outstanding shares of Class A Common Stock of
the Issuer (based on 43,902,118 shares of Class A Common Stock of the Company issued and outstanding as of October 31, 2023, as set forth in the Issuer’s quarterly report on Form 10-Q for the quarter ended September 30, 2023, filed with the SEC on
November 9, 2023). Each Reporting Person disclaims beneficial ownership of the reported Class A Common Stock except to the extent of such Reporting Person’s pecuniary interest therein, and this statement shall not be deemed an admission that such
Reporting Person is the beneficial owner of the reported Class A Common Stock for the purposes of Section 13(d) of the Exchange Act or any other purpose.
(b) As of November 20, 2023, Yorktown XI directly owns 5,111,621 shares of Class A Common Stock of the Issuer. Yorktown XI Co is the sole general partner of Yorktown XI. Yorktown XI Associates is the sole general
partner of Yorktown XI Co. Yorktown XI Associates has the sole power to cause Yorktown XI Co to cause Yorktown XI to vote or direct the vote or to dispose or direct the disposition of the shares owned by Yorktown XI.
(c) From November 13, 2023 through November 20, 2023, Yorktown XI sold 475,507 shares of Class A Common Stock of the Issuer in a series of open market sales. Except as disclosed in the table below, there have been no
transactions in the shares of Class A Common Stock by the Reporting Persons in the last 60 days:
Date of Transaction
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Nature of Transaction
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Quantity of Shares
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Weighted-Average Price
Per Share
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11/13/2023
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Sale
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15,640
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$18.3172 (1)
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11/14/2023
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Sale
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55,854
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$18.2822 (2)
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11/14/2023
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Sale
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44,160
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$19.5814 (3)
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11/15/2023
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Sale
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109,053
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$18.0544 (4)
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11/16/2023
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Sale
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128,486
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$16.5913 (5)
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11/16/2023
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Sale
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16,035
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$17.2009(6)
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11/16/2023
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Sale
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5,575
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$18.1233 (7)
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11/17/2023
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Sale
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81,168
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$16.4678 (8)
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11/17/2023
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Sale
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2,650
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$17.1352 (9)
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11/20/2023
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Sale
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16,886
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$16.4670 (10)
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1. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $18.25 to $18.56, inclusive. The Reporting Persons undertake to provide
to the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2), (3), (4), (5), (6), (7),
(8), (9) and (10) herein.
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2. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $18.15 to $18.89, inclusive.
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3. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $19.15 to $19.93, inclusive.
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4. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $17.75 to $18.41, inclusive.
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5. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $16.01 to $16.99, inclusive.
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6. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $17.00 to $17.98, inclusive.
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7. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $18.00 to $18.31, inclusive.
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8. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $16.05 to $17.04, inclusive.
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9. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $17.05 to $17.21, inclusive.
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10. |
This price is a weighted average price. These shares of Class A Common Stock were sold in multiple transactions at prices ranging from $16.40 to $16.76, inclusive.
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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: November 21, 2023
YORKTOWN ENERGY PARTNERS XI, L.P.
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By:
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Yorktown XI Company LP,
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its general partner
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By:
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Yorktown XI Associates LLC,
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its general partner
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By:
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/s/ Bryan H. Lawrence
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Bryan H. Lawrence, Managing Member
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YORKTOWN XI COMPANY LP
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By:
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Yorktown XI Associates LLC,
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its general partner
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By:
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/s/ Bryan H. Lawrence
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Bryan H. Lawrence, Managing Member
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YORKTOWN XI ASSOCIATES LLC
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By:
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/s/ Bryan H. Lawrence
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Bryan H. Lawrence, Managing Member
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