SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)
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FiEE, Inc. (Name of Issuer) |
Common Stock, $0.01 par value (Title of Class of Securities) |
60365W102 (CUSIP Number) |
DAVID E. LAZAR 44, Tower 100, The Towers, Winston Churchill Panama City, R1, 07196 646-768-8417 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
02/18/2025 (Date of Event Which Requires Filing of This Statement) |
SCHEDULE 13D
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CUSIP No. | 60365W102 |
1 |
Name of reporting person
Lazar David E. | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
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3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
PF | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
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6 | Citizenship or place of organization
ISRAEL
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Number of Shares Beneficially Owned by Each Reporting Person With: |
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11 | Aggregate amount beneficially owned by each reporting person
2,802,254.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
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13 | Percent of class represented by amount in Row (11)
35.1 % | ||||||||
14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
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Item 1. | Security and Issuer | |
(a) | Title of Class of Securities:
Common Stock, $0.01 par value | |
(b) | Name of Issuer:
FiEE, Inc. | |
(c) | Address of Issuer's Principal Executive Offices:
848 ELM STREET, MANCHESTER,
NEW HAMPSHIRE
, 03101. | |
Item 1 Comment:
The following constitutes Amendment No. 5 to the Schedule 13D filed by the Reporting Person ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein. This statement relates to the Common Stock, $0.01 par value (the "Shares"), of FiEE, Inc., a Delaware corporation (the "Issuer"). | ||
Item 2. | Identity and Background | |
(a) | Item 2 is hereby amended and restated as follows:
This statement is filed by David Elliot Lazar (the "Reporting Person"). | |
(b) | The principal business address of the Reporting Person is 44, Tower 100, The Towers, Winston Churchill, San Francisco, Paitilla, Panama City, Panama 07196. | |
(c) | The Reporting Person is a private investor. | |
(d) | The Reporting Person has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). | |
(e) | The Reporting Person has not, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. | |
(f) | The Reporting Person is a citizen of Portugal and Israel. | |
Item 3. | Source and Amount of Funds or Other Consideration | |
Item 3 is hereby amended and restated as follows:
On January 22, 2024, the Issuer granted the Reporting Person 25,000 Shares of Common Stock pursuant to the Issuer's Non-Employee Directors Compensation Plan. On December 26, 2024, the Reporting Person acquired 1,456,980 Shares of Common Stock in a private transaction for aggregate consideration of $50,000 pursuant to a Stock Purchase Agreement (as defined below). On February 18, 2025, the Reporting Person acquired 1,200,000 Shares of Common Stock in connection with the February 2025 Transactions (as described in Item 6 below).
Pursuant to a securities purchase agreement, dated as of January 23, 2024, by and between the Issuer and the Reporting Person, as further described in Item 6, the Reporting Person acquired 2,000,000 shares of Series A Preferred Stock for an aggregate purchase price of $2,800,000. On October 21, 2024, the Issuer granted the Reporting Person 305,357 shares of Series A Preferred Stock. The Reporting Person sold 2,219,447 shares of Series A Preferred Stock in connection with the February 2025 Transactions, the consideration for which was $300,000, which was paid to the Issuer by the Purchasers (as defined below) and deemed a contribution by the Reporting Person.
Following the February 2025 Transactions, the Reporting Person owns 2,681,980 Shares of Common Stock and 85,910 shares of Series A Preferred Stock, subject to the voting arrangement with the Purchasers described in Item 6 below. The aggregate purchase price of the 2,802,254 Shares directly beneficially owned by the Reporting Person is approximately $454,343. | ||
Item 4. | Purpose of Transaction | |
Item 4 is hereby amended to add the following:
The February Purchase Agreement (as defined in Item 6 below) contains customary representations, warranties and agreements of the parties, as well as certain limitations and conditions, indemnification rights and other obligations. The February Purchase Agreement contains certain covenants that the parties are obligated to comply with, such as the Reporting Person providing satisfactory evidence to the Purchasers that: (i) each consulting or other agreement between the Issuer and each of Matthew McMurdo and ABZ Law Office have been terminated; (ii) each of Avraham Ben-Tzvi, Andrew Papanicolau, Matthew McMurdo, Patrick Rivard, and David Natan has resigned as a director of the Issuer; and (iii) the Board of Directors of the Issuer has approved decreasing the size of the Board of Directors to three directors. | ||
Item 5. | Interest in Securities of the Issuer | |
(a) | Item 5(a) is hereby amended and restated as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 7,985,001 shares of Common Stock outstanding, which is based on (a) information furnished by the Issuer to the Reporting Person regarding the shares of Common Stock outstanding as of March 10, 2025 and (b) an aggregate of 120,274 Shares of Common Stock directly beneficially owned by the Reporting Person upon the conversion of the Series A Preferred Stock at a ratio of 1.4 shares of Common Stock for each share of Series A Preferred Stock. Upon completion of the Conversion Increase (as defined in Item 6 below) aggregate percentage of Shares reported by each person named herein will change.
As of the close of business on March 10, 2025, the Reporting Person beneficially owned 2,802,254 Shares. Percentage: Approximately 35.1% | |
(b) | Item 5(b) is hereby amended and restated as follows:
1. Sole power to vote or direct vote: 2,802,254
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,802,254
4. Shared power to dispose or direct the disposition: 0 | |
(c) | Item 5(c) is hereby amended and restated as follows:
The transactions in the Shares by the Reporting Person during the past sixty days are set forth in more detail in Item 6. | |
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer | |
Item 6 is hereby amended to add the following:
On February 18, 2025, the Reporting Person entered into an Amended and Restated Securities Purchase Agreement (the "February Purchase Agreement") with the Issuer and certain purchasers party thereto (the "Purchasers"), pursuant to which the Reporting Person (i) sold (A) 2,219,447 shares of Series A Preferred Stock, (B) a warrant to purchase up to 2,800,000 shares of Common Stock (the "Lazar Warrant") and (C) the Reporting Person's right, title and interest in certain amounts owed to the Reporting Person by the Issuer (such amounts, the "Lazar Receivables"), and (ii) acquired 1,200,000 newly issued shares of Common Stock (such transactions, the "February 2025 Transactions"). Following the February 2025 Transactions, the Reporting Person owned a total of 2,681,980 shares of Common Stock and 85,910 shares of Series A Preferred Stock, subject to the voting arrangement described below.
The aggregate purchase price paid by the Purchasers in connection with the February 2025 Transactions is $500,000. The Purchasers previously paid $200,000 to the Reporting Person as an advance and paid the remaining $300,000 to the Issuer at closing on behalf of the Reporting Person. The payment of the remaining $300,000 was deemed a contribution by the Reporting Person to the Issuer. In exchange, the Reporting Person received 1,200,000 newly issued Shares of Common Stock.
Pursuant to the February Purchase Agreement, the Reporting Person is entitled to receive, as additional consideration, an additional payment (the "Earnout Payment") and newly issued shares (the "Earnout Shares") if certain conditions (the "Earnout Milestones") are met. Specifically, (i) the Reporting Person must use best efforts to obtain a decision from the SEC requiring Nasdaq to hold a hearing concerning the Issuer's appeal against delisting; (ii) the Issuer must successfully regain a Nasdaq listing by December 31, 2025 (such date of listing, the "Listing Date"); and (iii) the Reporting Person must continue providing services to assist the Issuer in achieving such listing from the closing date through the Listing Date.
If all Earnout Milestones are satisfied, then, within thirty (30) days of the Listing Date, (i) the Purchasers will be required to pay the Reporting Person up to $3.4 million, subject to certain deductions, including indemnification claims, less (A) an $800,000 escrow amount and (B) any unapproved liabilities incurred by the Issuer after closing, and (ii) the Issuer will issue to the Reporting Person a number of newly issued shares equal to 3% of the Issuer's outstanding common stock as of the Listing Date.
The descriptions of the covenants contained in the February Purchase Agreement in Item 4 above are hereby incorporated by reference into this Item 6.
In addition, promptly following closing, in consideration of the Purchasers' cancellation of the Lazar Warrant and forgiveness of the Lazar Receivables, the Issuer is required to take all actions reasonably necessary to amend its certificate of incorporation to increase the conversion price of the Series A Preferred Stock from $1.40 to $2.75 (the "Conversion Increase").
As security for the completion of the Conversion Increase, the Reporting Person granted to one of the Purchasers the power to vote and exercise all voting and related rights with respect to 2,656,980 Shares of Common Stock and 85,910 shares of Series A Preferred Stock, including any related securities, in the name and place of the Reporting Person, at such Purchaser's sole discretion, at any stockholder meeting or through written consent. This arrangement will terminate after the Issuer effects the Conversion Increase.
The foregoing description of the February Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the February Purchase Agreement, which is filed as an exhibit to this Amendment No. 5, and is incorporated by reference herein. | ||
Item 7. | Material to be Filed as Exhibits. | |
99.1 - Amended and Restated Securities Purchase Agreement by and among the Company, the Purchasers and the Reporting Person, effective as of February 18, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by FiEE, Inc. with the U.S. Securities and Exchange Commission on February 24, 2025) |
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.
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