Sec Form 13D Filing - Fund 1 Investments LLC filing for Citi Trends Inc (CTRN) - 2024-05-24

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
What is insider trading>>

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

 

(Amendment No. 9)1

 

Citi Trends, Inc.

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

17306X102

(CUSIP Number)

 

Kenneth Mantel, Esq.

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 22, 2024

(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.

 

_______________

1       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. 17306X102

 

  1   NAME OF REPORTING PERSON  
         
       

Fund 1 Investments, LLC 

 
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,119,019  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,119,019  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,119,019  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

24.8% 

 
  14   TYPE OF REPORTING PERSON  
         
       

OO, HC 

 

   

2

CUSIP No. 17306X102

 

The following constitutes Amendment No. 9 to the Schedule 13D filed by the undersigned (“Amendment No. 9”). This Amendment No. 9 amends the Schedule 13D as specifically set forth herein.

 

Item 3.Source and Amount of Funds or Other Consideration.

 

Item 3 is hereby amended and restated as follows:

 

The Shares purchased by the Reporting Person were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 2,119,019 Shares beneficially owned by the Reporting Person is approximately $48,175,544, including brokerage commissions.

 

Item 5.Interest in Securities of the Issuer.

 

Items 5(a)-(c) are hereby amended and restated to read as follows:

 

(a) The aggregate percentage of Shares reported owned by the Reporting Person is based on 8,536,716 Shares outstanding as of April 22, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on May 8, 2024.

 

As of date hereof, the Reporting Person beneficially owned 2,119,019 Shares, constituting approximately 24.8% of the outstanding Shares.

 

(b) The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 2,119,019 Shares held by the Funds.

 

(c) The transactions in the Shares by the Reporting Person since the filing of Amendment No. 8 to the Schedule 13D are set forth on Schedule A attached hereto and are incorporated herein by reference.

  

3

CUSIP No. 17306X102

 

SIGNATURES

 

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.

 

Dated: May 24, 2024

 

  FUND 1 INVESTENTS, LLC
     
  By: /s/ Benjamin C. Cable
    Name: Benjamin C. Cable
    Title: Chief Operating Officer

  

4

CUSIP No. 17306X102

 

SCHEDULE A

 

Transactions in the Securities of the Issuer Since the Filing of Amendment No. 8 to the Schedule 13D

 

Nature of Transaction Amount of Securities
Purchased/(Sold)
Price per Share ($) Date of Purchase/Sale

 

FUND 1 INVESTMENTS, LLC

 

Purchase of Common Stock 6,330 22.7621 05/06/2024
Purchase of Common Stock 9,500 23.1756 05/07/2024
Purchase of Common Stock 5,481 23.4819 05/13/2024
Purchase of Common Stock 4,000 24.1937 05/14/2024
Purchase of Common Stock 8,000 23.9301 05/15/2024
Purchase of Common Stock 7,785 24.2149 05/15/2024
Purchase of Common Stock 10,500 22.4271 05/16/2024
Purchase of Common Stock 8,850 22.4859 05/16/2024
Purchase of Common Stock 6,000 23.0749 05/17/2024
Purchase of Common Stock 16,100 23.2302 05/20/2024
Purchase of Common Stock 2,000 22.9509 05/21/2024
Purchase of Common Stock 10,000 22.0705 05/22/2024
Purchase of Common Stock 5,000 22.4776 05/22/2024
Purchase of Common Stock 17,192 22.2103 05/22/2024
Purchase of Common Stock 5,000 22.3853 05/23/2024
Purchase of Common Stock 11,214 22.2924 05/23/2024