PFSweb, Inc. (NASDAQ:PFSW): Arnaud Ajdler’s Engine Capital, L.P. filed an amended 13D.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| ENGINE CAPITAL | 1,041,605 | 1,041,605 | 1,041,605 | 5.5% | ||
| ENGINE JET CAPITAL | 215,215 | 215,215 | 215,215 | 1.1% | ||
| ENGINE CAPITAL MANAGEMENT | 1,256,820 | 1,256,820 | 1,256,820 | 6.6% | ||
| ENGINE INVESTMENTS | 1,256,820 | 1,256,820 | 1,256,820 | 6.6% | ||
| ARNAUD AJDLER | 1,256,820 | 1,256,820 | 1,256,820 | 6.6% |
Page 1 of 10 – SEC Filing
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. 1)1
PFSweb, Inc.
(Name
of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
717098206
(CUSIP Number)
ANDREW FREEDMAN, 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)
November 9, 2017
(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).
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Page 2 of 10 – SEC Filing
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| ENGINE CAPITAL, 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 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 | 1,041,605 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | – 0 – | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 1,041,605 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| – 0 – | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 1,041,605 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 5.5% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 2 |
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Page 3 of 10 – SEC Filing
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| ENGINE JET CAPITAL, 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 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 | 215,215 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | – 0 – | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 215,215 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| – 0 – | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 215,215 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.1% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 3 |
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Page 4 of 10 – SEC Filing
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| ENGINE CAPITAL MANAGEMENT, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | 1,256,820 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | – 0 – | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| – 0 – | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.6% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 4 |
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Page 5 of 10 – SEC Filing
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| ENGINE INVESTMENTS, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | 1,256,820 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | – 0 – | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| – 0 – | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.6% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 |
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Page 6 of 10 – SEC Filing
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| ARNAUD AJDLER | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| BELGIUM | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 1,256,820 | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | – 0 – | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| – 0 – | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 1,256,820 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 6.6% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 6 |
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Page 7 of 10 – SEC Filing
The following constitutes Amendment No. 1 to the
Schedule 13D filed by the undersigned (the “Amendment No. 1”). This Amendment No. 1 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 to read as follows:
The Shares purchased
by each of Engine Capital and Engine Jet were purchased with working capital (which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 1,041,605
Shares beneficially owned by Engine Capital is approximately $6,259,120, including brokerage commissions. The aggregate purchase
price of the 215,215 Shares beneficially owned by Engine Jet is approximately $1,382,781, including brokerage commissions.
| Item 5. | Interest in Securities of the Issuer. |
Item 5 is hereby amended
and restated to read as follows:
The aggregate
percentage of Shares reported owned by each person named herein is based upon 19,020,005 Shares outstanding, as of November 6,
2017, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on November 9, 2017.
| A. | Engine Capital |
| (a) | As of the close of business on November 13, 2017, Engine Capital directly owned 1,041,605 Shares. |
Percentage: 5.5%
| (b) | 1. Sole power to vote or direct vote: 1,041,605 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,041,605 4. Shared power to dispose or direct the disposition: 0 |
| (c) | The transactions in the Shares by Engine Capital during the past sixty (60) days are set forth in Schedule A and are incorporated herein by reference. |
| B. | Engine Jet |
| (a) | As of the close of business on November 13, 2017, Engine Jet directly owned 215,215 Shares. |
Percentage: 1.1%
| (b) | 1. Sole power to vote or direct vote: 215,215 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 215,215 4. Shared power to dispose or direct the disposition: 0 |
| 7 |
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Page 8 of 10 – SEC Filing
| (c) | The transactions in the Shares by Engine Jet during the past sixty (60) days are set forth in Schedule A and are incorporated herein by reference. |
| C. | Engine Management |
| (a) | Engine Management, as the investment manager of each of Engine Capital and Engine Jet, may be deemed to beneficially own the Shares owned directly by Engine Capital and Engine Jet. As of the date hereof, Engine Management may be deemed to beneficially own 1,256,820 Shares. |
Percentage: 6.6%
| (b) | 1. Sole power to vote or direct vote: 1,256,820 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,256,820 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Engine Management has not entered into any transactions in the Shares during the past (60) sixty days. |
| D. | Engine Investments |
| (a) | Engine Investments, as the general partner of each of Engine Capital and Engine Jet, may be deemed to beneficially own the Shares owned directly by Engine Capital and Engine Jet. As of the date hereof, Engine Investments may be deemed to beneficially own 1,256,820 Shares. |
Percentage: Approximately 6.6%
| (b) | 1. Sole power to vote or direct vote: 1,256,820 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,256,820 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Engine Investments has not entered into any transactions in the Shares during the past (60) sixty days. |
| E. | Arnaud Ajdler |
| (a) | Mr. Ajdler, as the managing member of Engine Management and Engine Investments, may be deemed to beneficially own the 1,256,820 Shares owned beneficially by Engine Management and Engine Investments. |
Percentage: Approximately 6.6%
| (b) | 1. Sole power to vote or direct vote: 1,256,820 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,256,820 4. Shared power to dispose or direct the disposition: 0 |
| (c) | Mr. Ajdler has not entered into any transactions in the Shares during the past sixty (60) days. |
| 8 |
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Page 9 of 10 – SEC Filing
SIGNATURES
After reasonable inquiry and to the best
of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.
November 13, 2017
| Engine Capital, L.P. | |||
| By: | Engine Investments, LLC, | ||
| General Partner | |||
| By: | /s/ Arnaud Ajdler | ||
| Name: | Arnaud Ajdler | ||
| Title: | Managing Member | ||
| Engine Jet Capital, L.P. | |||
| By: | Engine Investments, LLC, | ||
| General Partner | |||
| By: | /s/ Arnaud Ajdler | ||
| Name: | Arnaud Ajdler | ||
| Title: | Managing Member | ||
| Engine Capital Management, LLC | |||
| By: | /s/ Arnaud Ajdler | ||
| Name: | Arnaud Ajdler | ||
| Title: | Managing Member | ||
| Engine Investments, LLC | |||
| By: | /s/ Arnaud Ajdler | ||
| Name: | Arnaud Ajdler | ||
| Title: | Managing Member | ||
| /s/ Arnaud Ajdler | |
| ARNAUD AJDLER |
| 9 |
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Page 10 of 10 – SEC Filing
SCHEDULE A
Transactions in the Shares During
the Past Sixty (60) Days
| Nature of the Transaction | Amount of Securities Purchased / (Sold) | Price Per Share ($) | Date of Purchase / Sale |
Engine
Capital, L.P.
| Purchase of Common Stock | 7,203 | 8.0449 | 09/21/2017 |
| Purchase of Common Stock | 166 | 8.1700 | 09/26/2017 |
| Purchase of Common Stock | 16,573 | 8.2478 | 10/09/2017 |
| Purchase of Common Stock | 9,343 | 8.1454 | 10/23/2017 |
| Purchase of Common Stock | 8,261 | 8.1628 | 10/24/2017 |
| Purchase of Common Stock | 10,857 | 8.1988 | 10/25/2017 |
| Purchase of Common Stock | 746 | 8.0931 | 10/26/2017 |
| Purchase of Common Stock | 5,263 | 8.3000 | 10/27/2017 |
| Purchase of Common Stock | 1 | 8.1000 | 10/27/2017 |
| Purchase of Common Stock | 6,713 | 8.3339 | 10/30/2017 |
| Purchase of Common Stock | 10,617 | 8.3723 | 10/31/2017 |
| Purchase of Common Stock | 232 | 8.1000 | 11/01/2017 |
| Purchase of Common Stock | 57,141 | 6.9187 | 11/09/2017 |
| Purchase of Common Stock | 3,762 | 6.4964 | 11/09/2017 |
| Purchase of Common Stock | 46,294 | 6.8720 | 11/10/2017 |
| Purchase of Common Stock | 22,034 | 6.9430 | 11/13/2017 |
Engine
Jet Capital, L.P.
| Purchase of Common Stock | 1,489 | 8.0449 | 09/25/2017 |
| Purchase of Common Stock | 34 | 8.1700 | 09/28/2017 |
| Purchase of Common Stock | 3,427 | 8.2478 | 10/11/2017 |
| Purchase of Common Stock | 1,930 | 8.1454 | 10/25/2017 |
| Purchase of Common Stock | 1,706 | 8.1628 | 10/26/2017 |
| Purchase of Common Stock | 2,243 | 8.1988 | 10/27/2017 |
| Purchase of Common Stock | 154 | 8.0931 | 10/30/2017 |
| Purchase of Common Stock | 1,087 | 8.3000 | 10/31/2017 |
| Purchase of Common Stock | 1,387 | 8.3339 | 11/01/2017 |
| Purchase of Common Stock | 2,193 | 8.3723 | 11/02/2017 |
| Purchase of Common Stock | 48 | 8.1000 | 11/03/2017 |
| Purchase of Common Stock | 11,709 | 6.9187 | 11/13/2017 |
| Purchase of Common Stock | 771 | 6.4964 | 11/13/2017 |
| Purchase of Common Stock | 9,487 | 6.8720 | 11/14/2017 |
| Purchase of Common Stock | 4,515 | 6.9430 | 11/15/2017 |
