UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

(Name of Issuer)

(Title of Class Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

x Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

The information required in 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).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Item 1.

Mac-Gray Corporation

404 Wyman Street, Suite 400

Waltham, Massachusetts 02451-1212

Item 2.

This Schedule 13G is being filed on behalf of Moab Capital Partners, LLC (“Moab LLC”); Moab Partners, L.P. (“Moab LP”); Mr. Michael M. Rothenberg and Mr. David A. Sackler (each, a “Reporting Person”).

For each Reporting Person,

15 East 62^nd Street

New York, New York 10065

Moab LLC is a Delaware limited liability company

Moab LP is a Delaware limited partnership

Messrs. Rothenberg and Sackler are each United States citizens

Common Stock

554153106

For each Reporting Person:

(a) Amount beneficially owned: 1,210,953 (the “Shares”)

(b) Percent of class: 8.4%*

(c) Number of shares to which the Reporting Person has:

(i) Sole power to vote or to direct the vote: 1,210,953

(ii) Shared power to direct the vote: 0

(iii) Sole power to dispose or to direct the disposition of: 1,210,953

(iv) Shared power to dispose or to direct the disposition of: 0

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class securities, check the following ¨

Moab LLC, in its capacity as investment adviser to Moab LP, has the power to dispose, direct the disposition of, and vote the Shares of the issuer owned by Moab LP, and may be deemed to be the beneficial owner of the Shares owned by Moab LP.

Each of Michael M. Rothenberg and David A. Sackler is an owner and a Managing Member of Moab LLC. As a control person of Moab LLC, each of Messrs. Rothenberg and Sackler may be deemed to beneficially own the Shares of the issuer owned by Moab LP. Pursuant to Rule 13d-4, Michael M. Rothenberg and David A. Sackler disclaim beneficial ownership of the securities owned by Moab LP.

In a filing on Schedule 13D made by the Reporting Persons on February 17, 2012, the Reporting Persons reported that they had formally disclosed an intent to nominate two candidates, Jonathan G. Davis and Bruce A. Percelay, to stand for election as directors on the Issuer’s Board of Directors (the “Board”) at the Issuer’s 2012 annual meeting of shareholders. On April 17, 2012, following discussions with the Reporting Persons, the Board determined to nominate Mr. Percelay as a director to the Board in its proxy statement filed with the SEC as of that date. Consequently, the Reporting Persons have decided to withdraw their nominations and intend to support the recommendations of the Board with respect to the slate of directors which includes Mr. Percelay. The Reporting Persons currently have no intent to influence the management or control of the Issuer or its affairs.

N/A

N/A

N/A

By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose or with the effect of changing or influencing the control of the issuer and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

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: April 23, 2012

Exhibit A

Joint Filing Agreement Pursuant to Rule 13d-1

This agreement is made pursuant to Rule 13d-l(k)(1) under the Securities and Exchange Act of 1934, as amended (the “Act”) by and among the parties listed below, each referenced to herein as a “Joint Filer.” The Joint Filers agree that a statement of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint filing may thereafter be amended by further joint filings. The Joint Filers state that they each satisfy the requirements for making a joint filing under Rule 13d-1.

Date: April 23, 2012