Steven Baughman and Divisar Capital’s First Activist Target: Telenav Inc. (TNAV)

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Steven Baughman’s Divisar Capital filed its first 13D filing yesterday. This isn’t a brand new position though. Divisar owns 8.6% of Telenav Inc. (TNAV) and actually paid an average of $6.81 per share. Even though the stock gained almost 45% year-to-date Baughman is still losing 15% from this 20 month position.

The details of the transaction can be seen below:

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Divisar Partners QP 0 3,579,700 0 3,579,700 3,579,700 7.9%
Divisar Capital Management 0 3,909,592 0 3,909,592 3,909,592 8.6%
Steven Baughman 0 3,909,592 0 3,909,592 3,909,592 8.6%

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Page 1 of 8 – SEC Filing



Washington, D.C. 20549




Under the Securities Exchange Act of 1934


(Amendment No.)*


(Name of Issuer)
Common Stock, par value $0.001
(Title of Class of Securities)
(CUSIP Number)
Steven Baughman

275 Sacramento Street, 8th Floor
San Francisco, CA 94111
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
February 20, 2019(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-l(e), 240.13d-l(t) or 240.13d-1(g), check the following box x

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 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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