Global Power Equipment Group Inc (OTCMKTS:GLPW): Nelson Obus’ Wynnefield Capital 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 |
|---|---|---|---|---|---|---|
| Wynnefield Partners Small Cap Value | 963,454 | 0 | 963,454 | 0 | 963,454 | 5.5% |
| Wynnefield Partners Small Cap Value | 1,573,953 | 0 | 1,573,953 | 0 | 1,573,953 | 9.0% |
| Wynnefield Small Cap Value Offshore Fund, Ltd. (No | 530,306 | 0 | 530,306 | 0 | 530,306 | 3.0% |
| Wynnefield Capital, Inc. Profit Sharing Money Purchase Plan | 100,005 | 0 | 100,005 | 0 | 100,005 | .6% |
| Wynnefield Capital Management | 2,537,407 | 0 | 2,537,407 | 0 | 2,537,407 | 14.5% |
| Wynnefield Capital, Inc. 13-3688495 | 530,306 | 0 | 530,306 | 0 | 530,306 | 3.0% |
| Nelson Obus | 0 | 3,167,718 | 0 | 3,167,718 | 3,167,718 | 18.1% |
| Joshua Landes | 0 | 3,167,718 | 0 | 3,167,718 | 3,167,718 | 18.1% |
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Page 1 of 12 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 4)
Under the Securities Exchange Act of 1934
GLOBAL POWER EQUIPMENT GROUP, INC.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
37941P306
(CUSIP Number)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue, Suite 509
New York, New York 10123
Attention: Mr. Nelson Obus
Copy to:
Jeffrey S. Tullman, Esq.
Kane Kessler, P.C.
1350 Avenue of the Americas, 26th Floor
New York, New York 10019
(212) 541-6222
(Name, Address and Telephone
Number of Person Authorized to Receive Notices and Communications)
August
17, 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 which 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 ¨
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Page 2 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Partners Small Cap Value, L.P. 13-3688497 |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* WC |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 963,454 (See |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 963,454 | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 963,454 |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.5% |
| 14 | TYPE OF REPORTING PERSON* PN |
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Page 3 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Partners Small Cap Value, L.P. I 13-3953291 |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* WC |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 1,573,953 (See Item 5) |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 1,573,953 (See Item 5) | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,573,953 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.0% |
| 14 | TYPE OF REPORTING PERSON* PN |
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Page 4 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Small Cap Value Offshore Fund, Ltd. (No IRS Identification |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* WC |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 530,306 |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 530,306 | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 530,306 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.0% |
| 14 | TYPE OF REPORTING PERSON* CO |
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Page 5 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Capital, Inc. Profit Sharing & Money Purchase |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* N/A |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 100,005 |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 100,005 | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 100,005 |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .6% |
| 14 | TYPE OF REPORTING PERSON* EP |
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Page 6 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Capital Management, LLC 13-4018186 |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* N/A |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION New York |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 2,537,407 (See Item 5) |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 2,537,407 (See Item 5) | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,537,407 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 14.5% |
| 14 | TYPE OF REPORTING PERSON* OO |
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Page 7 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Wynnefield Capital, Inc. 13-3688495 |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* N/A |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 530,306 |
| 8 | SHARED VOTING POWER 0 (See | |
| 9 | SOLE DISPOSITIVE POWER 530,306 | |
| 10 | SHARED DISPOSITIVE POWER 0 (See |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 530,306 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.0% |
| 14 | TYPE OF REPORTING PERSON* CO |
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Page 8 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Nelson Obus |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* N/A |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 (See |
| 8 | SHARED VOTING POWER 3,167,718 (See Item 5) | |
| 9 | SOLE DISPOSITIVE POWER 0 (See | |
| 10 | SHARED DISPOSITIVE POWER 3,167,718 (See Item 5) |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,167,718 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.1% |
| 14 | TYPE OF REPORTING PERSON* IN |
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Page 9 of 12 – SEC Filing
| 1 | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Joshua Landes |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) x |
| 3 | SEC USE ONLY |
| 4 | SOURCE OF FUNDS* N/A |
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT ¨ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 (See |
| 8 | SHARED VOTING POWER 3,167,718 (See Item 5) | |
| 9 | SOLE DISPOSITIVE POWER 0 (See | |
| 10 | SHARED DISPOSITIVE POWER 3,167,718 (See Item 5) |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,167,718 (See Item 5) |
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN ¨ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 18.1% |
| 14 | TYPE OF REPORTING PERSON* IN |
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Page 10 of 12 – SEC Filing
Item 1. Security and Issuer.
This Amendment No. 4 amends the
Statement of Beneficial Ownership on Schedule 13D originally filed with the Securities and Exchange Commission (the
“Commission”) on April 14, 2016, as amended by Amendment No. 1 filed on June 3, 2016, as amended by Amendment
No. 2 filed on June 30, 2016 and as amended by Amendment No. 3 filed on June 22, 2017 (collectively the
“Schedule 13D”) relates to the shares of common stock, $0.01 par value per share (the “Common Stock”)
of Global Power Equipment Group, Inc., a Delaware corporation (the “Issuer”). The Issuer maintains its principal
executive office at 400 E. Las Colinas Boulevard, Suite 400, Irving, Texas 75039.
Item 4. Purpose of the Transaction
Item 4 of the Schedule 13D is hereby amended by the addition
of the following:
As previously disclosed in Amendment No. 3, the Issuer entered
into a $45 million senior secured credit agreement, dated June 16, 2017, with an affiliate of Centre Lane Partners, LLC (“Centre
Lane”), as Administrative Agent and Collateral Agent, and the other lenders (collectively, the “Lenders”) from
time to time party thereto (the “Senior Secured Credit Agreement”).
On August 17, 2017, the Issuer entered into a First Amendment
to Senior Secured Credit Agreement (the “First Amendment”). Under the First Amendment, each of the Lenders has, among
other things, agreed to provide the Issuer with a first-out term loan of up to an aggregate principal amount of $10 million (collectively,
the “First-Out Loan”), which will mature on September 30, 2018 (the “First-Out Maturity”). In addition
to the fees provided in the original Senior Secured Credit Agreement, the First Amendment also requires the Issuer to pay an upfront
fee equal to 7% of the First-Out Loan commitments, which bears interest at a rate of London Interbank Offered Rate plus 19% annual
payable in-kind interest, and an exit fee equal to 7% of the aggregate outstanding principal amount of the First-Out Loan commitments,
each of which is payable upon the First-Out Maturity.
Wynnefield Partners Small Cap Value, L.P.
I, Wynnefield Partners Small Cap Value, L.P., and Wynnefield Small Cap Value Offshore Fund, Ltd., (the “Wynnefield Funds”),
part of the Wynnefield Reporting Persons, on August 17, 2017, entered into the First Amendment to the Participation Agreement,
which was previously entered into on June 16, 2017, with Centre Lane (the “Amended Participation Agreement”) pursuant
to which the Wynnefield Funds funded $1,000,000 of the First-Out Loan under the Senior Secured Credit Agreement which was negotiated,
in all material respects, by Centre Lane and the Issuer without the involvement of the Wynnefield Funds. The Wynnefield Funds are
not party to, nor are they Lenders under, the Senior Secured Credit Agreement or the First Amendment thereto. Pursuant to the Amended
Participation Agreement, only Centre Lane and the Lenders have control over rights under the Senior Secured Credit Agreement and
the First Amendment relating to enforcement and waiver and compliance of material terms.
Item 6. Contracts, Arrangements, Understandings or Relationships
with respect to Securities of the Issuer
Item 6 of the Schedule 13D is hereby amended by the addition
of the following:
Reference is hereby made to the Amended Participation Agreement
described in Item 4.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended by
the addition of the following:
Exhibit 5 – First Amendment to Participation Agreement
dated as of August 17, 2017 by and among Wynnefield Partners Small Cap Value, L.P., Wynnefield Partners Small Cap Value, L.P. I,
Wynnefield Small Cap Value Offshore Fund, Ltd., and Centre Lane Partners Master Credit Fund II, L.P.
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Page 11 of 12 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best
of their knowledge and belief, the undersigned certify that the information set forth in this Schedule 13D is true, complete and
correct.
| Dated: August 23, 2017 | ||
| WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I | ||
| By: | Wynnefield Capital Management, LLC, | |
| its General Partner | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, Co-Managing Member | ||
| WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. | ||
| By: | Wynnefield Capital Management, LLC, | |
| its General Partner | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, Co-Managing Member | ||
| WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD. | ||
| By: | Wynnefield Capital, Inc., | |
| its Investment Manager | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, President | ||
| WYNNEFIELD CAPITAL INC. PROFIT SHARING & MONEY PURCHASE PLAN | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, Co-Trustee | ||
| WYNNEFIELD CAPITAL MANAGEMENT, LLC | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, Co-Managing Member | ||
| WYNNEFIELD CAPITAL, INC. | ||
| By: | /s/ Nelson Obus | |
| Nelson Obus, President | ||
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Page 12 of 12 – SEC Filing
| /s/ Nelson Obus | |
| Nelson Obus, Individually | |
| /s/ Joshua Landes | |
| Joshua Landes, Individually |
