- Amended Statement of Beneficial Ownership (SC 13D/A)
May 18 2011 - 4:40PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
[Rule 13d-101]
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
RAE Systems Inc.
Common Stock, $.001 Par Value Per Share
(Title of Class of Securities)
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Ray Holding Corporation
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With a copy to:
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Ray Merger Sub Corporation
Vector Capital III, L.P.
Vector Entrepreneur Fund III, L.P.
Vector Capital IV, L.P.
Vector Capital Partners III, L.P.
Vector Capital Partners IV, LP.
Vector Capital, L.L.C.
Alexander R. Slusky
c/o Vector Capital Corporation
One Market Street, Steuart Tower, 23rd Floor
San Francisco, CA 94105
Telephone: (415) 293-5000
Attn: David Baylor
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Shearman & Sterling LLP
525 Market Street, 15
th
Floor
San Francisco, CA 94105
Telephone: (415) 616-1100
Attn: Steve L. Camahort
|
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 17, 2011
(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.
o
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.
*
The remainder of this cover page shall be filled out for a reporting
persons 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).
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1
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NAMES OF REPORTING PERSONS:
Ray Holding Corporation
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
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(a)
o
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
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AF
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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7
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SOLE VOTING POWER
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NUMBER OF
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-0-
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SHARES
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8
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SHARED VOTING POWER
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BENEFICIALLY
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OWNED BY
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-0-
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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-0-
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WITH
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10
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SHARED DISPOSITIVE POWER
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-0-
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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-0-
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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CO
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2
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1
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NAMES OF REPORTING PERSONS:
Ray Merger Sub Corporation
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
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(a)
o
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
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AF
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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7
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SOLE VOTING POWER
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NUMBER OF
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-0-
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SHARES
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8
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SHARED VOTING POWER
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BENEFICIALLY
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OWNED BY
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-0-
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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-0-
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WITH
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10
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SHARED DISPOSITIVE POWER
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-0-
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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-0-
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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CO
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3
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1
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NAMES OF REPORTING PERSONS:
Vector Capital III, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
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(a)
o
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
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AF
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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7
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SOLE VOTING POWER
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NUMBER OF
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-0-
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SHARES
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8
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SHARED VOTING POWER
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BENEFICIALLY
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OWNED BY
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1,432,600
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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-0-
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WITH
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10
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SHARED DISPOSITIVE POWER
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1,432,600
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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1,432,600
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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2.41%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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PN
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4
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1
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NAMES OF REPORTING PERSONS:
Vector Entrepreneur Fund III, L.P.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
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(a)
o
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(b)
o
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|
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3
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SEC USE ONLY
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|
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
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AF
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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|
o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
|
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|
Delaware
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7
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SOLE VOTING POWER
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NUMBER OF
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-0-
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SHARES
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8
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SHARED VOTING POWER
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BENEFICIALLY
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OWNED BY
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34,800
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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-0-
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WITH
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10
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SHARED DISPOSITIVE POWER
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34,800
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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34,800
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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|
o
|
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|
|
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.06%
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|
14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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PN
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5
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|
1
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NAMES OF REPORTING PERSONS:
Vector Capital IV, L.P.
|
|
|
|
|
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|
2
|
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
|
|
(a)
o
|
|
(b)
o
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS (SEE
INSTRUCTIONS)
*
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AF
|
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|
5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
|
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|
|
o
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
Delaware
|
|
|
|
|
|
7
|
|
SOLE VOTING POWER
|
|
|
|
NUMBER OF
|
|
-0-
|
|
|
|
|
SHARES
|
8
|
|
SHARED VOTING POWER
|
BENEFICIALLY
|
|
|
OWNED BY
|
|
1,432,600
|
|
|
|
|
EACH
|
9
|
|
SOLE DISPOSITIVE POWER
|
REPORTING
|
|
|
PERSON
|
|
-0-
|
|
|
|
|
WITH
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
1,432,600
|
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
1,432,600
|
|
|
|
12
|
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
|
|
|
o
|
|
|
|
13
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|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
2.41%
|
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|
|
14
|
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
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|
|
PN
|
6
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|
1
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NAMES OF REPORTING PERSONS:
Vector Capital Partners III, L.P.
|
|
|
|
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
|
|
(a)
o
|
|
(b)
o
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
|
|
|
|
AF
|
|
|
|
5
|
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
|
|
|
|
o
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
Delaware
|
|
|
|
|
|
7
|
|
SOLE VOTING POWER
|
|
|
|
NUMBER OF
|
|
-0-
|
|
|
|
|
SHARES
|
8
|
|
SHARED VOTING POWER
|
BENEFICIALLY
|
|
|
OWNED BY
|
|
1,467,400
|
|
|
|
|
EACH
|
9
|
|
SOLE DISPOSITIVE POWER
|
REPORTING
|
|
|
PERSON
|
|
-0-
|
|
|
|
|
WITH
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
1,467,400
|
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
1,467,400
|
|
|
|
12
|
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
|
|
|
o
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
2.47%
|
|
|
|
14
|
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
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|
|
PN
|
7
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|
|
|
1
|
|
NAMES OF REPORTING PERSONS:
Vector Capital Partners IV, L.P.
|
|
|
|
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
|
|
(a)
o
|
|
(b)
o
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
|
|
|
|
AF
|
|
|
|
5
|
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
|
|
|
|
o
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
Delaware
|
|
|
|
|
|
7
|
|
SOLE VOTING POWER
|
|
|
|
NUMBER OF
|
|
-0-
|
|
|
|
|
SHARES
|
8
|
|
SHARED VOTING POWER
|
BENEFICIALLY
|
|
|
OWNED BY
|
|
1,432,600
|
|
|
|
|
EACH
|
9
|
|
SOLE DISPOSITIVE POWER
|
REPORTING
|
|
|
PERSON
|
|
-0-
|
|
|
|
|
WITH
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
1,432,600
|
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
1,432,600
|
|
|
|
12
|
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
|
|
|
o
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
2.41%
|
|
|
|
14
|
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
|
|
PN
|
8
|
|
|
|
|
|
1
|
|
NAMES OF REPORTING PERSONS:
Vector Capital, L.L.C.
|
|
|
|
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
|
|
(a)
o
|
|
(b)
o
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
|
|
|
|
AF
|
|
|
|
5
|
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
|
|
|
|
o
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
Delaware
|
|
|
|
|
|
7
|
|
SOLE VOTING POWER
|
|
|
|
NUMBER OF
|
|
-0-
|
|
|
|
|
SHARES
|
8
|
|
SHARED VOTING POWER
|
BENEFICIALLY
|
|
|
OWNED BY
|
|
2,900,000
|
|
|
|
|
EACH
|
9
|
|
SOLE DISPOSITIVE POWER
|
REPORTING
|
|
|
PERSON
|
|
-0-
|
|
|
|
|
WITH
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
2,900,000
|
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
2,900,000
|
|
|
|
12
|
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
|
|
|
o
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
4.87%
|
|
|
|
14
|
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
|
|
OO
|
9
|
|
|
|
|
|
1
|
|
NAMES OF REPORTING PERSONS:
Alexander R. Slusky
|
|
|
|
|
|
|
2
|
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
*
|
|
(a)
o
|
|
(b)
o
|
|
|
|
3
|
|
SEC USE ONLY
|
|
|
|
|
|
|
|
4
|
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
*
|
|
|
|
AF
|
|
|
|
5
|
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
|
|
|
|
o
|
|
|
|
6
|
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
|
|
|
United States
|
|
|
|
|
|
7
|
|
SOLE VOTING POWER
|
|
|
|
NUMBER OF
|
|
-0-
|
|
|
|
|
SHARES
|
8
|
|
SHARED VOTING POWER
|
BENEFICIALLY
|
|
|
OWNED BY
|
|
2,900,000
|
|
|
|
|
EACH
|
9
|
|
SOLE DISPOSITIVE POWER
|
REPORTING
|
|
|
PERSON
|
|
-0-
|
|
|
|
|
WITH
|
10
|
|
SHARED DISPOSITIVE POWER
|
|
|
|
|
|
2,900,000
|
|
|
|
11
|
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
|
|
|
2,900,000
|
|
|
|
12
|
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
|
|
|
o
|
|
|
|
13
|
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
|
|
|
4.87%
|
|
|
|
14
|
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
|
|
|
IN
|
10
This Amendment No. 1 (this Amendment No. 1) to the statement on Schedule 13D filed with the
Securities and Exchange Commission on behalf of (i) Ray Holding Corporation, a Delaware
Corporation, (Ray), (ii) Ray Merger Sub Corporation, a Delaware corporation (Merger Sub), (iii)
Vector Capital III, L.P., a Delaware limited partnership (VC III LP), (iv) Vector Entrepreneur
Fund III, L.P., a Delaware limited partnership (VEF III LP), (v) Vector Capital IV, L.P., a
Delaware limited partnership (VC IV LP), (vi) Vector Capital Partners III, L.P., an exempted
Cayman limited partnership (VCP III LP), (vii) Vector Capital Partners IV, L.P., an exempted
Cayman limited partnership (VCP IV LP), (viii) Vector Capital, L.L.C., a Delaware limited
liability company (VC LLC, and together with VC III LP, VEF III LP, VC IV LP, VCP III LP and VCP
IV LP, Vector), and (ix) Alexander R. Slusky, an individual (Mr. Slusky, and together with Ray,
Merger Sub and Vector, the Reporting Persons) on January 28, 2011 (the Schedule 13D) is being
filed pursuant to Rule 13d-2 of the Securities Exchange Act, as amended, on behalf of the Reporting
Persons to amend certain information set forth below to the items indicated. Unless otherwise
stated herein, all capitalized terms used in this Amendment No. 1 have the same meanings as those
set forth in the Schedule 13D.
Item 3. Source Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following:
On May 17, 2011, Ray, Merger Sub and the Company entered into Amendment No. 2 to the Merger Agreement (Amendment No. 2 to the Merger Agreement), which was previously amended by Amendment
No. 1 dated April 3, 2011 (Amendment No. 1 to the Merger Agreement), pursuant to which, among other things, the Merger Consideration was increased to $2.00 per share, payable in cash,
without interest.
Concurrently with the execution of Amendment No. 2 to the Merger Agreement, the Voting Parties entered into consents and agreements with Ray (collectively, the Consents and Agreements),
pursuant to which, among other things, the Voting Parties and Ray agreed to terminate the Voting Agreements.
The total value of the Merger transaction, including the amount of funds required by Ray to pay the aggregate consideration pursuant to the Merger Agreement, as amended by Amendment No. 2
to the Merger Agreement, and the transactions contemplated thereby, and pay fees and expenses relating to the Merger, as well as the assumption or repayment of indebtedness, has increased
to approximately $131.2 million.
Concurrently with the execution of Amendment No. 2 to the Merger Agreement, VC III LP, VC IV LP and the Company entered into Amendment No. 2 to the Vector Guarantee (Amendment No. 2 to the
Vector Guarantee), which was previously amended by Amendment No. 1 dated April 3, 2011 (Amendment No. 1 to the Vector Guarantee), pursuant to which the limitation on monetary damages
payable by VC III LP and VC IV LLP was increased to an amount equal to (x) $95.210 million minus an amount equal to (A) the Transferable Shares (as defined in Item 4 below) times (B) the
Merger Consideration.
The foregoing descriptions of Amendment No. 1 to the Merger Agreement, Amendment No. 2 to the Merger Agreement, the Consents and Agreements, Amendment No. 1 to the Vector Guarantee and
Amendment No. 2 to the Vector Guarantee are qualified in their entirety by reference to Amendment No. 1 to the Merger Agreement, Amendment No. 2 to the Merger Agreement, the Form of Consent
and Agreement, Amendment No. 1 to the Vector Guarantee and Amendment No. 2 to the Vector Guarantee, which are filed as Exhibits 99.7, 99.8, 99.9, 99.10 and 99.11 hereto, respectively, and
which are incorporated herein by reference.
Item 4. Purpose of Transaction
(a) - (j)
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following:
Parent, Merger Sub and the Company entered into Amendment No. 2 to the Merger Agreement in order to, among other things, (i) increase the Merger Consideration to $2.00 per share, payable in
cash, without interest, (ii) increase the termination fee payable by the Company in certain circumstances to $4.27 million, (iii) delete all references to the Voting Agreements, (iv) make
clear that the fact that any bona fide written offer by a third party includes as a term thereof the
11
entry by the Company and such third party of a stock purchase agreement or a stock
option agreement issuing to such third party, or providing such third party an option to purchase, newly issued shares of Company common stock representing no more than 19.9% of the total
number of shares of Company common stock issued and outstanding as of the date of the grant of such shares or option would not (x) in and of itself, be cause for the Companys Board of
Directors or the Special Committee of the Companys Board of Directors to determine that such offer does not constitute, or (y) be considered in determining whether such offer is, a
Superior Offer (as defined in the Merger Agreement), and (v) increase the number of RLC Exchange Shares by an amount equal to (a) (x) (A) the Merger Consideration minus (B) $1.75 times
(y) (A) the number of shares of Company common stock owned by the RLC Trust on the closing date of the Merger minus (B) 10,701,525 divided by (b) the Merger Consideration (the Transferable
Shares).
Concurrently with the execution of Amendment No. 2 to the Merger Agreement, the Voting Parties entered into the Consents and Agreements, pursuant to which, among other things, the Voting
Parties and Ray agreed to terminate the Voting Agreements.
Concurrently with the execution of Amendment No. 2 to the Merger Agreement, the RLC Trust entered into Amendment No. 1 to its Rollover Agreement (Amendment No. 1 to the RLC Rollover
Agreement) with Ray which has the effect that, with the Merger
Consideration equal to $2.00 per share, the RLC Trust is contributing
approximately 585,166 Transferable Shares (worth approximately $1.2
million at $2.00 per share) to Ray for no consideration. To the
extent that the Merger Consideration increases after the date hereof,
the number of Transferable Shares (and the value of the Merger
Consideration associated with them) would correspondingly increase.
The foregoing descriptions of Amendment No. 2 to the Merger Agreement, the Consents and Agreements, and Amendment No. 1 to the RLC Rollover Agreement are qualified in their entirety by
reference to Amendment No. 2 to the Merger Agreement, the Form of Consent and Agreement, and Amendment No. 1 to the RLC Rollover Agreement which are filed as Exhibit 99.8, 99.9, and 99.12
hereto, respectively, and which are incorporated herein by reference.
Except as set forth in this Item 4, none of the Reporting Persons has any plans or proposals which relate to or would result in any of the actions specified in clauses (a) through (j) of
Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:
(a) Each of the Reporting Persons current ownership in the Issuer and the Issuers Common Stock is set forth on the cover pages to this Schedule 13D and is incorporated by reference
herein. The ownership percentage appearing on such pages has been calculated based on a total of 59,512,064 shares, which is the number of shares of Issuers Common Stock outstanding as of
April 30, 2011, as disclosed in the Issuers Form 10-Q for the quarter ended March 31, 2011. As a result of the Consents and Agreements discussed in Item 4 above, the Reporting Persons no
longer may be deemed to constitute a group within the meaning of Section 13(d)(3) of the Exchange Act, with the Voting Parties, and therefore, are no longer required to file statements on
Schedule 13D with the Securities and Exchange Commission. The Reporting Persons disclaim membership in any group with any person other than the Reporting Persons. The filing of this
Schedule 13D by the Reporting Persons shall not be considered an admission that such Reporting Persons, for the purpose of Section 13(d) of the Exchange Act, are the beneficial owners of
any of the shares of Common Stock covered in this report, and the Reporting Persons expressly disclaim such beneficial ownership.
(b) The number of shares of Common Stock of the Issuer that may be deemed to be beneficially owned by each of the Reporting Persons with respect to which there is (i) sole voting power,
(ii) shared voting power, (iii) sole dispositive power, and (iv) shared dispositive power is as set forth below.
12
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|
Ray
|
|
|
Merger Sub
|
|
|
VC III LP
|
|
|
VEF III LP
|
|
|
VC IV LP
|
|
|
VCP III LP
|
|
|
VCP IV LP
|
|
|
VC LLC
|
|
|
Mr. Slusky
|
|
Sole Power to
Vote/Direct Vote
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Shared Power to
Vote/Direct Vote
|
|
|
0
|
|
|
|
0
|
|
|
|
1,432,600
|
|
|
|
34,800
|
|
|
|
1,432,600
|
|
|
|
1,467,400
|
|
|
|
1,432,600
|
|
|
|
2,900,000
|
|
|
|
2,900,000
|
|
Sole Power to
Dispose/Direct
Disposition
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Shared Power to
Dispose/Direct
Disposition
|
|
|
0
|
|
|
|
0
|
|
|
|
1,432,600
|
|
|
|
34,800
|
|
|
|
1,432,600
|
|
|
|
1,467,400
|
|
|
|
1,432,600
|
|
|
|
2,900,000
|
|
|
|
2,900,000
|
|
(c) Other than as described in Items 3 and 4 above, there have been no transactions in the Issuers Common Stock that were effected during the past sixty days by any of the Reporting
Persons.
(d) To the knowledge of the Reporting Persons, no person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from
the sale of, the Shares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following:
The information set forth in Items 3, 4 and 5 above is incorporated herein by reference in its entirety into this Item 6.
Item 7. Material to Be Filed as Exhibits.
|
|
|
Exhibit
|
|
|
Number
|
|
Document
|
99.7
|
|
Amendment No. 1 to Agreement and Plan of Merger, dated as of January 18, 2011, by and among RAE Systems Inc., Ray Holding
Corporation and Ray Merger Sub Corporation, dated as of April 3, 2011 (Incorporated by reference to Exhibit 2.1 to the
Current Report on Form 8-K filed by the Company on April 4, 2011).
|
|
|
|
99.8
|
|
Amendment No. 2 to Agreement and Plan of Merger, dated as of January 18, 2011, as amended by Amendment No. 1 dated as of
April 3, 2011, by and among RAE Systems Inc., Ray Holding Corporation and Ray Merger Sub Corporation, dated as of May 17,
2011 (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on May 18, 2011).
|
|
|
|
99.9
|
|
Form of Consent and Agreement, by and between Ray Holding Corporation and each of Robert Chen and Peter Hsi, respectively,
dated as of May 17, 2011. (Incorporated by reference to Exhibit
10.2 to the Current Report on Form 8-K filed by the Company on
May 18, 2011
|
|
|
|
99.10
|
|
Amendment No. 1 to Guarantee, dated as of January 18, 2011, by and among RAE Systems Inc., Vector Capital III, L.P. and
Vector Capital IV, L.P., dated as of April 3, 2011. (Incorporated by reference to Exhibit 10.1 to the Current Report on
Form 8-K filed by the Company on April 4, 2011).
|
|
|
|
99.11
|
|
Amendment No. 2 to Guarantee, dated as of January 18, 2011, as amended by Amendment No. 1 dated as of April 3, 2011, by and
among RAE Systems Inc., Vector Capital III, L.P. and Vector Capital IV, L.P., dated as of May 17, 2011. (Incorporated by
reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on May 18, 2011).
|
|
|
|
99.12
|
|
Amendment No. 1 to Rollover Agreement, dated as of January 18, 2011, by and between the Company and Chen Revocable Trust
DTD 5/8/2001, dated as of May 17, 2011.
|
13
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. Dated May 18, 2011.
|
|
|
|
|
|
RAY HOLDING CORPORATION
|
|
|
By:
|
/s/ David Baylor
|
|
|
|
Name:
|
David Baylor
|
|
|
|
Title:
|
President
|
|
|
|
RAY MERGER SUB CORPORATION
|
|
|
By:
|
/s/ David Baylor
|
|
|
|
Name:
|
David Baylor
|
|
|
|
Title:
|
President
|
|
|
|
VECTOR CAPITAL III, L.P.
|
|
|
By:
|
Vector Capital Partners III, L.P., its General Partner
|
|
|
|
|
|
By:
|
Vector Capital, L.L.C., its General Partner
|
|
|
|
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
|
|
VECTOR ENTREPRENEUR FUND III, L.P.
|
|
|
By:
|
Vector Capital Partners III, L.P., its General Partner
|
|
|
|
|
|
|
By:
|
Vector Capital , L.L.C., its General Partner
|
|
|
|
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
|
|
VECTOR CAPITAL IV, L.P.
|
|
|
By:
|
Vector Capital Partners IV, L.P., its General Partner
|
|
|
|
|
|
|
By:
|
Vector Capital, L.L.C., its General Partner
|
|
|
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
|
|
VECTOR CAPITAL PARTNERS III, L.P.
|
|
|
By:
|
Vector Capital, L.L.C., its General Partner
|
|
|
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
14
|
|
|
|
|
|
VECTOR CAPITAL PARTNERS IV, L.P.
|
|
|
By:
|
Vector Capital, L.L.C., its General Partner
|
|
|
|
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
|
|
VECTOR CAPITAL, L.L.C.
|
|
|
By:
|
/s/ Alexander R. Slusky
|
|
|
|
Name:
|
Alexander R. Slusky
|
|
|
|
Title:
|
Managing Member
|
|
|
|
ALEXANDER R. SLUSKY
/s/ Alexander R. Slusky
|
|
|
Alexander R. Slusky
|
|
|
|
|
|
|
|
|
15
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