0001193125-23-036059.txt : 20230213 0001193125-23-036059.hdr.sgml : 20230213 20230213170808 ACCESSION NUMBER: 0001193125-23-036059 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20230213 DATE AS OF CHANGE: 20230213 GROUP MEMBERS: NORTH RUN ADVISORS, LLC GROUP MEMBERS: THOMAS B. ELLIS GROUP MEMBERS: TODD B. HAMMER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PowerFleet, Inc. CENTRAL INDEX KEY: 0001774170 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 834366463 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-91154 FILM NUMBER: 23619786 BUSINESS ADDRESS: STREET 1: 123 TICE BLVD. CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07677 BUSINESS PHONE: 201-996-9000 MAIL ADDRESS: STREET 1: 123 TICE BLVD. CITY: WOODCLIFF LAKE STATE: NJ ZIP: 07677 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NORTH RUN CAPITAL, LP CENTRAL INDEX KEY: 0001212897 IRS NUMBER: 364504416 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 867 BOYLSTON STREET STREET 2: 5TH FLOOR, #1361 CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617.310.6130 MAIL ADDRESS: STREET 1: 867 BOYLSTON STREET STREET 2: 5TH FLOOR, #1361 CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: NORTH RUN CAPITAL, L P DATE OF NAME CHANGE: 20070110 FORMER COMPANY: FORMER CONFORMED NAME: NORTH RUN CAPITAL L P DATE OF NAME CHANGE: 20030106 SC 13G/A 1 d466798dsc13ga.htm SC 13G/A SC 13G/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

SCHEDULE 13G

(Rule 13d-102)

(Amendment No. 2)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO

RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

 

PowerFleet, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

73931J109

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

 

 

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

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

 

 

 

CUSIP No. 73931J109

 

  1    

  NAME OF REPORTING PERSONS

 

  North Run Capital, LP

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  2,694,646**

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  2,694,646**

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,694,646**

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  7.4%**

12  

  TYPE OF REPORTING PERSON*

 

  PN

 

*

SEE INSTRUCTIONS BEFORE FILLING OUT

**

SEE ITEM 4.

CUSIP No. 73931J109

 

  1    

  NAME OF REPORTING PERSONS

 

  North Run Advisors, LLC

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  2,694,646**

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  2,694,646**

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,694,646**

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  7.4%**

12  

  TYPE OF REPORTING PERSON*

 

  OO

 

*

SEE INSTRUCTIONS BEFORE FILLING OUT

**

SEE ITEM 4.

CUSIP No. 73931J109

 

  1    

  NAME OF REPORTING PERSONS

 

  Todd B. Hammer

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  United States

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  2,694,646**

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  2,694,646**

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,694,646**

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  7.4%**

12  

  TYPE OF REPORTING PERSON*

 

  IN

 

*

SEE INSTRUCTIONS BEFORE FILLING OUT

**

SEE ITEM 4.

CUSIP No. 73931J109

 

  1    

  NAME OF REPORTING PERSONS

 

  Thomas B. Ellis

  2  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

  (a)  ☐        (b)  ☐

 

  3  

  SEC USE ONLY

 

  4  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  United States

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

    5    

  SOLE VOTING POWER

 

  0

   6  

  SHARED VOTING POWER

 

  2,694,646**

   7  

  SOLE DISPOSITIVE POWER

 

  0

   8  

  SHARED DISPOSITIVE POWER

 

  2,694,646**

  9    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  2,694,646**

10  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 

  ☐

11  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

  7.4%**

12  

  TYPE OF REPORTING PERSON*

 

  IN

 

*

SEE INSTRUCTIONS BEFORE FILLING OUT

**

SEE ITEM 4.

AMENDMENT NO. 2 TO SCHEDULE 13G

This Amendment No. 2 to Schedule 13G (this “Amendment”) is being filed on behalf of North Run Capital, LP, a Delaware limited partnership (the “Investment Manager”), North Run Advisors, LLC, a Delaware limited liability company (“North Run”), Todd B. Hammer and Thomas B. Ellis (collectively, the “Reporting Persons”). Todd B. Hammer and Thomas B. Ellis are the principals and sole members of North Run. North Run is the general partner of the Investment Manager. The Investment Manager is the investment manager of certain private pooled investment vehicles (collectively, the “Funds”). This Amendment relates to shares of Common Stock, $0.01 par value (the “Common Stock”), of PowerFleet, Inc., a Delaware corporation (the “Issuer”), held by the Funds.

 

Item 1(a)

Name of Issuer.

PowerFleet, Inc.

 

Item 1(b)

Address of Issuer’s Principal Executive Offices.

123 Tice Boulevard

Woodcliff Lake, New Jersey 07677

 

Item 2(a)

Name of Person Filing.

 

  (1)

North Run Capital, LP

 

  (2)

North Run Advisors, LLC

 

  (3)

Todd B. Hammer

 

  (4)

Thomas B. Ellis

 

Item 2(b)

Address of Principal Business Office, or, if none, Residence.

For all Filers:

867 Bolyston St.

5th Floor #1361

Boston, MA 02116

 

Item 2(c)

Citizenship or Place of Organization.

 

  (1)

North Run Capital, LP is a Delaware limited partnership.

 

  (2)

North Run Advisors, LLC is a Delaware limited liability company.

 

  (3)

Todd B. Hammer is a U.S. citizen.

 

  (4)

Thomas B. Ellis is a U.S. citizen.

 

Item 2(d)

Title of Class of Securities.

Common Stock, $0.01 par value.

 

Item 2(e)

CUSIP Number.

73931J109

Item 3

Reporting Person.

Inapplicable

 

Item 4

Ownership.

 

(a)

The Investment Manager, North Run, Todd B. Hammer and Thomas B. Ellis may be deemed the beneficial owners of 2,694,646 shares of Common Stock.

 

(b)

The Investment Manager, North Run, Todd B. Hammer and Thomas B. Ellis may be deemed the beneficial owners of 7.4% of the outstanding shares of Common Stock. This percentage was determined by dividing 2,694,646 by 36,170,937, which is the number of shares of Common Stock outstanding as of November 3, 2022, according to the Issuer’s Form 10-Q filed on November 9, 2022 with the Securities and Exchange Commission.

 

(c)

The Investment Manager, North Run, Todd B. Hammer and Thomas B. Ellis have the shared power to vote and dispose of the 2,694,646 shares of Common Stock beneficially owned.

 

Item 5

Ownership of Five Percent or Less of a Class.

Inapplicable

 

Item 6

Ownership of More Than Five Percent on Behalf of Another Person.

Inapplicable.

 

Item 7

Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Inapplicable

 

Item 8

Identification and Classification of Members of the Group.

Inapplicable

 

Item 9

Notice of Dissolution of Group.

Inapplicable

 

Item 10

Certification.

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 of or with the effect of changing or influencing the control of the issuer of the securities 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: February 13, 2023

 

NORTH RUN CAPITAL, LP
By:  

North Run Advisors, LLC

its general partner

         By:   /s/ Thomas B. Ellis*
    Name: Thomas B. Ellis
    Title: Member
  and
  By:   /s/ Todd B. Hammer*
    Name: Todd B. Hammer
    Title: Member
NORTH RUN ADVISORS, LLC
By:   /s/ Thomas B. Ellis*
  Name: Thomas B. Ellis
  Title: Member
and
By:   /s/ Todd B. Hammer*
  Name: Todd B. Hammer
  Title: Member
/s/ Thomas B. Ellis*
Thomas B. Ellis
/s/ Todd B. Hammer*
Todd B. Hammer
* By   /s/ MICHAEL FISHER
  Michael Fisher, Attorney-in-Fact Pursuant to Powers of Attorney filed as exhibits hereto