SC 13D/A 1 sc13da209522002_05122014.htm sc13da209522002_05122014.htm
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. 2)1

Acorn Energy, Inc.
(Name of Issuer)

Common Stock, $0.01 per share
(Title of Class of Securities)

004848107
(CUSIP Number)
 
Ted Hagan
VERITION FUND MANAGEMENT LLC
One American Lane
Greenwich, CT 06831
 
With copies to:
 
Steve Wolosky, Esq.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

May 12, 2014
(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. 004848107
 
1
NAME OF REPORTING PERSON
 
VERITION FUND MANAGEMENT LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) x
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, USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
1,072,425
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
1,072,425
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,072,425
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
4.83%
14
TYPE OF REPORTING PERSON
 
IA

 
2

 
CUSIP NO. 004848107
 
1
NAME OF REPORTING PERSON
 
VERITION MULTI-STRATEGY MASTER FUND LTD.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) x
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
 
CAYMAN ISLANDS
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
1,072,425
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
1,072,425
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,072,425
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
4.83%
14
TYPE OF REPORTING PERSON
 
CO

 
3

 
CUSIP NO. 004848107
 
1
NAME OF REPORTING PERSON
 
NICHOLAS MAOUNIS
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a) o
  (b) x
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
 
USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
-0-
8
SHARED VOTING POWER
 
1,072,425
9
SOLE DISPOSITIVE POWER
 
-0-
10
SHARED DISPOSITIVE POWER
 
1,072,425
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,072,425
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
4.83%
14
TYPE OF REPORTING PERSON
 
IN

 
4

 
CUSIP NO. 004848107
 
The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (the “Amendment No. 2”).  This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
 
Item 2.
Identity and Background.
 
Item 2 is hereby amended to add the following:
 
Ricky Solomon is no longer a portfolio manager for Verition, and as such, will no longer be a member of the Section 13(d) group.  The remaining Reporting Persons will continue filing, as a group, statements on Schedule 13D with respect to their beneficial ownership of securities of the Issuer to the extent required by applicable law.
 
Item 3.
Source and Amount of Funds or Other Consideration.
 
Item 3 is hereby amended and restated as follows:
 
The aggregate purchase price of the 1,072,425 Shares owned directly by the Fund, including 450,000 Shares underlying call options, is approximately $6,236,754, including brokerage commissions.  The Shares owned directly by the Fund were acquired with its working capital.
 
The Fund effects purchases of securities primarily through margin accounts maintained for it with brokers, which may extend margin credit to it as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the brokers’ credit policies.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.
 
Item 5.
Interest in Securities of the Issuer.
 
Items 5(a), (b), (c) and (e) are amended and restated as follows:
 
(a)           The aggregate percentage of Shares reported owned by each Reporting Person is based upon 22,189,877 Shares outstanding, which is the total number of Shares outstanding as of May 5, 2014 as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2014, filed with the Securities and Exchange Commission on May 12, 2014.
 
As of the close of business on May 14, 2014, the Fund beneficially owns 1,072,425 Shares, including 450,000 Shares underlying call options, constituting approximately 4.83% of the Shares outstanding.   By virtue of their relationships with the Fund discussed in further detail in Item 2, each of Verition and Mr. Maounis may be deemed to beneficially own the Shares beneficially owned by the Fund.
 
To the best of the Reporting Persons’ knowledge, except as otherwise set forth herein, none of the persons listed on Schedule A beneficially owns any securities of the Issuer.
 
(b)           Verition and Mr. Maounis share the power to vote and dispose of the Shares beneficially owned by the Fund.
 
 
5

 
CUSIP NO. 004848107
 
(c)           The following transactions in the Shares were effected during the past sixty days by the Reporting Persons.
 
Purchase/Sale
Number of Shares
Date of Purchase/Sale
Price Per Share ($)
Sale 50,000 05/14/14
1.733
Sale 135,725 05/13/14 1.7836
Sale
45,000
05/12/14
2.2025
Sale
24,000
05/09/14
2.0645
Sale
8,500
05/08/14
2.18
Sale
19,000
05/07/14
2.149
Sale
15,000
05/06/14
2.239
Sale
16,000
05/05/14
2.1897
Sale
23,500
05/02/14
2.2772
Sale
13,095
05/01/14
2.2486
Sale
1,200
04/29/14
2.39
Sale
1,100
04/24/14
2.69
Sale
40,000
04/23/14
2.6509
Sale
29,976
04/14/14
2.9241
Sale
12,691
04/11/14
3.0006
Sale
24,362
04/10/14
3.0046
Sale
3,200
04/10/14
3.0503
Sale
33,610
04/08/14
3.1300
Sale
22,100
04/07/14
2.9779
Sale
49,800
03/26/14
3.1867
Sale
46,829
03/26/14
3.1546
Sale
1,500
03/20/14
3.3887
Sale
10,000
03/19/14
3.4244
 

(e)           On May 14, 2014, the Reporting Persons ceased to be the beneficial owner of more than five percent of the outstanding Shares.
 
Item 6.
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
 
Item 6 is hereby amended to add the following:
 
On May 12, 2014 and May 14, 2014, the call options held by the Fund to purchase 100,000 Shares and 400,000 Shares, respectively, expired unexercised.
 
 
6

 
CUSIP NO. 004848107
 
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: May 14, 2014
VERITION FUND MANAGEMENT LLC
   
 
By:
/s/ Ted Hagan
 
Name:
Ted Hagan
 
Title:
CFO


 
VERITION MULTI-STRATEGY MASTER FUND LTD.
     
 
By:
Verition Fund Management LLC, its Investment Manager
     
 
By:
/s/ Ted Hagan
 
Name:
Ted Hagan
 
Title:
CFO


 
/s/ Nicholas Maounis
 
NICHOLAS MAOUNIS


 
7