SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 13G/A
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Under the Securities Exchange Act of 1934
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(Amendment No. 1)*
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Crossroads Systems, Inc.
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(Name of Issuer)
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Common Stock, par value $0.001 per share
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(Title of Class of Securities)
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22765D209
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(CUSIP Number)
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December 31, 2011
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(Date of Event Which Requires Filing of this Statement)
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Check the appropriate box to designate the rule pursuant to which this Schedule 13G/A is filed:
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¨
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Rule 13d-1(b)
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x
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Rule 13d-1(c)
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¨
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Rule 13d-1(d)
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(Page 1 of 6 Pages)
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CUSIP No. 22765D209
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13G/A
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Page 2 of 6 Pages
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1
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NAMES OF REPORTING PERSONS
Revelation Special Situations Fund Ltd
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) x
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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5
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SOLE VOTING POWER
- 0 -
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6
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SHARED VOTING POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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7
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SOLE DISPOSITIVE POWER
- 0 -
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8
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SHARED DISPOSITIVE POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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¨
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.79%
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12
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TYPE OF REPORTING PERSON
IV
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CUSIP No. 22765D209
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13G/A
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Page 3 of 6 Pages
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1
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NAMES OF REPORTING PERSONS
Revelation Capital Management Ltd
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) x
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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5
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SOLE VOTING POWER
- 0 -
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||||
6
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SHARED VOTING POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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|||||
7
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SOLE DISPOSITIVE POWER
- 0 -
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|||||
8
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SHARED DISPOSITIVE POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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¨
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.79%
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12
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TYPE OF REPORTING PERSON
IA
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CUSIP No. 22765D209
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13G/A
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Page 4 of 6 Pages
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1
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NAMES OF REPORTING PERSONS
Chris Kuchanny
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ¨
(b) x
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
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5
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SOLE VOTING POWER
- 0 -
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6
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SHARED VOTING POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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|||||
7
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SOLE DISPOSITIVE POWER
- 0 -
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|||||
8
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SHARED DISPOSITIVE POWER
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
595,000 shares of Common Stock
Warrants to purchase up to 164,062 shares of Common Stock
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|||||
10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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¨
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.79%
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12
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TYPE OF REPORTING PERSON
IN
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CUSIP No. 22765D209
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13G/A
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Page 5 of 6 Pages
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This Amendment No. 1 (this “Amendment”) amends the statement on Schedule 13G filed on October 11, 2011 (the “Original Schedule 13G” as amended, the “Schedule 13G”), with respect to shares of common stock, par value $0.001 (the “Common Stock”), of Crossroads Systems, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined in this Amendment have the meanings set forth in the Schedule 13G. This Amendment amends and restates Item 4 in its entirety as set forth below.
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Item 4.
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OWNERSHIP.
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The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
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The percentage set forth in Row (11) of the cover page for each Reporting Person is based on 11,011,675 shares of Common Stock issued and outstanding as of January 25, 2012, as disclosed in the Company’s Annual Report on Form 10-K for the year ended October 31, 2011, filed with the Securities and Exchange Commission on January 27, 2012 and assumes the exercise of the warrants reported herein.
The Fund and the Fund’s investment manager, Revelation, share voting and dispositive power over the shares held directly by the Fund. Mr. Kuchanny, as a principal of Revelation, shares voting and dispositive power over the shares reported by it. Each of Revelation and Mr. Kuchanny disclaims beneficial ownership of these securities (except to the extent of any pecuniary interest therein), and this report shall not be deemed an admission that either of them is the beneficial owner of such securities for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.
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CUSIP No. 22765D209
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13G/A
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Page 6 of 6 Pages
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REVELATION SPECIAL SITUATIONS FUND LTD
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/s/ Chris Kuchanny
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Name:
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Chris Kuchanny
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Title:
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Chairman
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REVELATION CAPITAL MANAGEMENT LTD
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/s/ Chris Kuchanny
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Name:
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Chris Kuchanny
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Title:
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Chairman and CEO
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/s/ Chris Kuchanny
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CHRIS KUCHANNY
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