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. )*
ESS Tech, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
26916J106
(CUSIP Number)
Cycle Capital Fund III, L.P.
1000 Sherbrooke West, Suite 1610, Montreal, Québec, Canada H3A 3G4
(514)-495-1022
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
October 8, 2021
(Date of Event Which Requires the 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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7(b) 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. 26916J106 | Page 2 of 10 Pages |
| 1 |
Names of reporting persons
Cycle Capital Fund III, 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 if disclosure of legal proceedings is required pursuant to Item 2(d) or 2(e) ¨ | ||
| 6 |
Citizenship or place of organization
Canada | ||
| Number of shares beneficially owned by each reporting person with |
7 |
Sole Voting Power
0 | |
| 8 |
Shared Voting Power
9,745,399 | ||
| 9 |
Sole Dispositive Power
0 | ||
| 10 |
Shared Dispositive Power
9,745,399 | ||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,745,399 | ||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨ | ||
| 13 |
Percent of Class Represented by Amount in Row (11)
7.2% (1) | ||
| 14 |
Type of Reporting Person
PN | ||
(1) Calculated based upon 135,058,074 shares of Common Stock, par value $0.0001 per share (“Common Stock”) of ESS Tech, Inc. (the “Issuer”) outstanding as of October 8, 2021.
| CUSIP No. 26916J106 | Page 3 of 10 Pages |
| 1 |
Names of reporting persons
Cycle Capital III, 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 if disclosure of legal proceedings is required pursuant to Item 2(d) or 2(e) ☐ | ||
| 6 |
Citizenship or place of organization
Canada | ||
| Number of shares beneficially owned by each reporting person with |
7 |
Sole Voting Power
0 | |
| 8 |
Shared Voting Power
9,745,399 | ||
| 9 |
Sole Dispositive Power
0 | ||
| 10 |
Shared Dispositive Power
9,745,399 | ||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,745,399 | ||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨ | ||
| 13 |
Percent of Class Represented by Amount in Row (11)
7.2% (1) | ||
| 14 |
Type of Reporting Person
PN | ||
(1) Calculated based upon 135,058,074 shares of Common Stock outstanding as of October 8, 2021.
| CUSIP No. 26916J106 | Page 4 of 10 Pages |
| 1 |
Names of reporting persons
Cycle Capital Management III Inc. | ||
| 2 |
Check the appropriate box if a member of a group (a) ¨ (b) ¨ | ||
| 3 | SEC use only | ||
| 4 |
Source of funds
WC | ||
| 5 | Check if disclosure of legal proceedings is required pursuant to Item 2(d) or 2(e) ☐ | ||
| 6 |
Citizenship or place of organization
Canada | ||
| Number of shares beneficially owned by each reporting person with |
7 |
Sole Voting Power
0 | |
| 8 |
Shared Voting Power
9,745,399 | ||
| 9 |
Sole Dispositive Power
0 | ||
|
Shared Dispositive Power
9,745,399 | |||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,745,399 | ||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨ | ||
| 13 |
Percent of Class Represented by Amount in Row (11)
7.2% (1) | ||
| 14 |
Type of Reporting Person
CO | ||
(1) Calculated based upon 135,058,074 shares of Common Stock outstanding as of October 8, 2021.
| CUSIP No. 26916J106 | Page 5 of 10 Pages |
| 1 |
Names of reporting persons
Andrée-Lise Methot | ||
| 2 |
Check the appropriate box if a member of a group (a) ¨ (b) ¨ | ||
| 3 | SEC use only | ||
| 4 |
Source of funds
OO | ||
| 5 | Check if disclosure of legal proceedings is required pursuant to Item 2(d) or 2(e) ☐ | ||
| 6 |
Citizenship or place of organization
Canada | ||
| Number of shares beneficially owned by each reporting person with |
7 |
Sole Voting Power
0 | |
| 8 |
Shared Voting Power
9,745,399 | ||
| 9 |
Sole Dispositive Power
0 | ||
| 10 |
Shared Dispositive Power
9,745,399 | ||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,745,399 | ||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨ | ||
| 13 |
Percent of Class Represented by Amount in Row (11)
7.2% (1) | ||
| 14 |
Type of Reporting Person
IN | ||
(1) Calculated based upon 135,058,074 shares of Common Stock outstanding as of October 8, 2021.
| CUSIP No. 26916J106 | Page 6 of 10 Pages |
| 1 |
Names of reporting persons
Claude Vachet | ||
| 2 |
Check the appropriate box if a member of a group (a) ¨ (b) ¨ | ||
| 3 | SEC use only | ||
| 4 |
Source of funds
OO | ||
| 5 | Check if disclosure of legal proceedings is required pursuant to Item 2(d) or 2(e) ☐ | ||
| 6 |
Citizenship or place of organization
Canada | ||
| Number of shares beneficially owned by each reporting person with |
7 |
Sole Voting Power
0 | |
| 8 |
Shared Voting Power
9,745,399 | ||
| 9 |
Sole Dispositive Power
0 | ||
| 10 |
Shared Dispositive Power
9,745,399 | ||
| 11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,745,399 | ||
| 12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
¨ | ||
| 13 |
Percent of Class Represented by Amount in Row (11)
7.2% (1) | ||
| 14 |
Type of Reporting Person
IN | ||
(1) Calculated based upon
135,058,074 shares of Common Stock outstanding as of October 8, 2021.
| CUSIP No. 26916J106 | Page 7 of 10 Pages |
Item 1. Security and Issuer.
This statement on Schedule 13D relates to the Common Stock of ESS Tech, Inc., a Delaware corporation. The address of the principal executive offices of the Issuer is 26440 SW Parkway Ave., Bldg. 83 Wilsonville, Oregon 97070.
Item 2. Identity and Background.
(a) (b)(c)(f) This statement is being filed by Cycle Capital Fund III, L.P., a partnership formed under the Civil Code of Québec, Cycle Capital III, L.P., a partnership formed under the Civil Code of Québec, Cycle Capital Management III Inc., a company incorporated under the Canada Business Corporations Act, Andrée-Lise Methot and Claude Vachet (the “Reporting Persons”). The principal business address of each of the Reporting Persons is 1000 Sherbrooke West, Suite 1610, Montreal, Québec, Canada H3A 3G4.
(d)(e) In the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) nor has he been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The source of funds is working capital of the Reporting Persons.
Item 4. Purpose of Transaction.
The shares of Common Stock covered by this Schedule 13D were acquired in the ordinary course of business solely for investment purposes. However, Shirley Speakman an affiliate of Cycle Capital Management III Inc., is now a member of the Board of Directors of the Issuer and, as such, the Reporting Persons may be deemed to have the intent to influence the control of the Issuer. The Reporting Persons disclaim any such intent to influence control of the Issuer.
Item 5. Interest in Securities of the Issuer.
(a) and (b) The responses of the Reporting Persons to rows (7) through (13) of the cover pages are incorporated herein by reference.
As of the date hereof, the shares of Common Stock are held directly by Cycle Capital Fund III, L.P. The general partner of Cycle Capital Fund III, L.P. is Cycle Capital III, L.P. The general partner of Cycle Capital III, L.P. is Cycle Capital Management III Inc. Andrée-Lise Methot and Claude Vachet, as the sole officers and directors of Cycle Capital Management III Inc., can be deemed to share beneficial ownership over the shares held by Cycle Capital Fund III, L.P. Cycle Capital III, L.P., and Cycle Capital Management III Inc. Andrée-Lise Methot and Claude Vachet disclaim beneficial ownership of all such shares, except to the extent of their respective pecuniary interest.
(c) Other than as discussed in this statement, during the past sixty days prior to the date of this statement, the Reporting Persons have not acquired any shares of Common Stock.
(d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of shares of Common Stock of the Issuer owned by the Reporting Persons.
(e) Not applicable.
| CUSIP No. 26916J106 | Page 8 of 10 Pages |
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
On October 8, 2021, Cycle Capital Fund III, L.P. entered into a registration rights agreement (the “Registration Rights Agreement”) with the Issuer providing, among other things, certain customary registration rights, demand rights and piggyback rights with respect to the Common Stock of the Issuer held by Cycle Capital Fund III, L.P.. The foregoing description of the Registration R ights Agreement does not purport to be complete and is qualified in its entirety by the full text of the Registration Rights Agreement, a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference.
| CUSIP No. 26916J106 | Page 9 of 10 Pages |
Item 7. Materials to be Filed as Exhibits.
| Exhibit 1 Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.3 of the Current Report on Form 8-K filed by ESS Tech, Inc. on May 7. 2021). | |
| Exhibit 2 | Joint Filing Agreement |
| CUSIP No. 26916J106 | Page 10 of 10 Pages |
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: October 18, 2021
CYCLE CAPITAL FUND III, L.P.,
a partnership formed under the Civil Code of Québec
By: Cycle Capital III, L.P.,
Its General Partner
By: Cycle Capital Management III, Inc.
Its General Partner
| By: | /s/ Andrée-Lise Methot |
President
CYCLE CAPITAL III, L.P.,
a partnership formed under the Civil Code of Québec
By: Cycle Capital Management III, Inc.,
Its General Partner
| By: | /s/ Andrée-Lise Methot |
President
CYCLE CAPITAL MANAGEMENT III, INC.,
a company incorporated under the Canada Business Corporations Act
| By: | /s/ Andrée-Lise Methot |
President
Andrée-Lise Methot
| By: | /s/ Andrée-Lise Methot |
Claude Vachet
| By: | /s/ Claude Vachet |