SC 13D/A 1 e620168_sc13da-aviat.htm AMENDMENT NO. 9 TO SCHEDULE 13D

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

 

(Amendment No. 9)1

 

Aviat Networks, Inc.

(Name of Issuer)

 

Common Stock, par value $0.01

(Title of Class of Securities)

 

05366Y102
(CUSIP Number)

 

Warren G. Lichtenstein 

Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, New York 10022

(212) 520-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

December 18, 2020

(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-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box £.

 

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.

 

_______________

1              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).

   

 

CUSIP No. 05366Y102

 

  1   NAME OF REPORTING PERSON  
         
       

STEEL EXCEL INC.

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

WC		  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

- 0 -

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

553,745 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

- 0 -

  
    10   SHARED DISPOSITIVE POWER  
           
         

553,745 

  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

553,745

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

10.1% 

  
  14   TYPE OF REPORTING PERSON  
         
       

CO

  

  

2 

CUSIP No. 05366Y102

 

  1   NAME OF REPORTING PERSON  
         
       

STEEL PARTNERS HOLDINGS L.P.

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

- 0 -

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

553,745 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

- 0 -

  
    10   SHARED DISPOSITIVE POWER  
           
         

553,745 

  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

553,745

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

10.1%

  
  14   TYPE OF REPORTING PERSON  
         
       

PN 

  

  

3 

CUSIP No. 05366Y102

  

  1   NAME OF REPORTING PERSON  
         
       

SPH GROUP LLC

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

- 0 -

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

553,745 

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

- 0 -

  
    10   SHARED DISPOSITIVE POWER  
           
         

553,745 

  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

553,745

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

10.1%

  
  14   TYPE OF REPORTING PERSON  
         
        OO  

 

4 

CUSIP No. 05366Y102

 

  1   NAME OF REPORTING PERSON  
         
       

SPH GROUP HOLDINGS LLC

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

- 0 -

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

553,745

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

- 0 -

  
    10   SHARED DISPOSITIVE POWER  
           
         

553,745

  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

553,745

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

10.1%

  
  14   TYPE OF REPORTING PERSON  
         
        OO  

 

5 

CUSIP No. 05366Y102

 

  1   NAME OF REPORTING PERSON  
         
       

STEEL PARTNERS HOLDINGS GP INC.

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

AF

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

DELAWARE

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

- 0 -

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

553,745

  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

- 0 -

  
    10   SHARED DISPOSITIVE POWER  
           
         

553,745

  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

553,745

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

10.1%

  
  14   TYPE OF REPORTING PERSON  
         
        OO  

 

6 

CUSIP No. 05366Y102

  

  1   NAME OF REPORTING PERSON  
         
       

KENNETH KONG

  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

OO

  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

USA

  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

17,418

  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

17,418

  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

17,418

  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

LESS THAN 1%

  
  14   TYPE OF REPORTING PERSON  
         
        IN  

 

7 

CUSIP No. 05366Y102

 

The following constitutes Amendment No. 9 to the Schedule 13D filed by the undersigned (“Amendment No. 9”). This Amendment No. 9 amends the Schedule 13D as specifically set forth herein.

 

Item 3.Source and Amount of Funds or Other Consideration.

 

Item 3 is hereby amended and restated to read as follows:

 

The aggregate purchase price of the 553,745 Shares owned directly by Steel Excel is approximately $10,874,754, including brokerage commissions. The Shares owned directly by Steel Excel were acquired with the working capital of Steel Excel.

 

The 17,418 Shares owned directly by Kenneth Kong were awarded to him in his capacity as a director of the Issuer.

 

Item 5.Interest in Securities of the Issuer.

 

Items 5(a) and (c) are hereby amended and restated to read as follows:

 

(a)       The aggregate percentage of Shares reported owned by each person named herein is based upon 5,461,438 Shares outstanding, which is the total number of Shares outstanding as of October 30, 2020, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2020.

 

As of the close of business on the date hereof, Steel Excel owned directly 553,745 Shares, constituting approximately 10.1% of the Shares outstanding. By virtue of their relationships with Steel Excel discussed in further detail in Item 2, each of SPHG Holdings, Steel Holdings, SPHG and Steel Holdings GP may be deemed to beneficially own the Shares owned directly by Steel Excel.

 

As of the close of business on the date hereof, Kenneth Kong owned directly 17,418 Shares, constituting less than 1% of the Shares outstanding.

 

(c)       Schedule B annexed hereto lists all transactions in the Shares of the Issuer by Steel Excel since the filing of Amendment No. 8 to the Schedule 13D. All of such transactions were effected in the open market.

 

Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

 

Item 6 is hereby amended to add the following:

 

On December 18, 2020, Steel Excel entered into a Trading Plan (the “Plan”) with Cantor Fitzgerald & Co., as broker, for the purpose of establishing a trading plan to allow Steel Excel to effect sales, beginning on January 18, 2021, of up to 413,830 Shares, in compliance with all applicable securities laws and regulations, including Rule 10b5-1 and Rule 144 of the Securities Exchange Act of 1934, as amended. The sale of Shares under the Plan is subject to minimum price parameters adopted by Steel Excel and there is no assurance that any Shares will be sold. A copy of the Plan is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

8 

CUSIP No. 05366Y102

 

Item 7. Material to be Filed as Exhibits.

 

Item 7 is hereby amended to add the following exhibit:

 

99.1Trading Plan by and between Steel Excel Inc. and Cantor Fitzgerald & Co., dated December 18, 2020.

 

9 

CUSIP No. 05366Y102

 

SIGNATURES

 

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: December 22, 2020 STEEL EXCEL INC.
   
  By: /s/ Douglas B. Woodworth
    Douglas B. Woodworth, Treasurer
     
     
  STEEL PARTNERS HOLDINGS L.P.
   
  By: Steel Partners Holdings GP Inc.
General Partner
   
  By: /s/ Douglas B. Woodworth
    Douglas B. Woodworth, Chief Financial Officer
     
     
  SPH GROUP LLC
   
  By: Steel Partners Holdings GP Inc.
Managing Member
   
  By: /s/ Douglas B. Woodworth
    Douglas B. Woodworth, Chief Financial Officer
     
     
  SPH GROUP HOLDINGS LLC
   
  By: Steel Partners Holdings GP Inc.
Manager
   
  By: /s/ Douglas B. Woodworth
    Douglas B. Woodworth, Chief Financial Officer
     
     
  STEEL PARTNERS HOLDINGS GP INC.
   
  By: /s/ Douglas B. Woodworth
    Douglas B. Woodworth, Chief Financial Officer
     
  /s/ Kenneth Kong  
  Kenneth Kong  
         

 

10 

CUSIP No. 05366Y102

 

Schedule B

 

Transactions in the Shares Since the Filing of Amendment No. 8 to the Schedule 13D

 

Shares of Common Stock

Purchased / (Sold)

Price Per

Share($)

Date of

Purchase / Sale

     

Steel Excel inc.

 

(464) 37.9491 12/17/2020
(5,400) 37.0002 12/18/2020