Amended Statement of Beneficial Ownership (sc 13d/a)
February 10 2023 - 4:17PM
Edgar (US Regulatory)
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. 11)1
Innovative Food Holdings, Inc.
(Name
of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
45772H202
(CUSIP Number)
JAMES C. PAPPAS
JCP INVESTMENT MANAGEMENT, LLC
1177 West Loop South, Suite 1320
Houston, TX 77027
(713) 333-5540
RYAN NEBEL
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices
and Communications)
February 8, 2023
(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).
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1 |
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NAME OF REPORTING PERSON |
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JCP Investment Partnership, LP |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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WC, OO |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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TEXAS |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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8,046,443 |
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OWNED BY |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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SOLE DISPOSITIVE POWER |
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8,046,443 |
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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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8,046,443 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.8% |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
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1 |
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NAME OF REPORTING PERSON |
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JCP Investment Partners, LP |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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TEXAS |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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8,046,443 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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8,046,443 |
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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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8,046,443 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.8% |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
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1 |
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NAME OF REPORTING PERSON |
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JCP Investment Holdings, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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TEXAS |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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8,046,443 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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8,046,443 |
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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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8,046,443 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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16.8% |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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1 |
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NAME OF REPORTING PERSON |
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JCP Investment Management, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF, OO |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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TEXAS |
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NUMBER OF |
|
7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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8,159,935 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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8,159,935 |
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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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8,159,935 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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17.1% |
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14 |
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TYPE OF REPORTING PERSON |
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OO |
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1 |
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NAME OF REPORTING PERSON |
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James C. Pappas |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ☐ |
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(b) ☐ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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AF |
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5 |
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) |
☐ |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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USA |
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NUMBER OF |
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7 |
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SOLE VOTING POWER |
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SHARES |
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BENEFICIALLY |
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8,159,935 |
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OWNED BY |
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8 |
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SHARED VOTING POWER |
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EACH |
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REPORTING |
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- 0 - |
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PERSON WITH |
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9 |
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SOLE DISPOSITIVE POWER |
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8,159,935 |
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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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8,159,935 |
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12 |
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
☐ |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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17.1% |
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TYPE OF REPORTING PERSON |
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IN |
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The following constitutes Amendment
No. 11 to the Schedule 13D filed by the undersigned (“Amendment No. 11”). This Amendment No. 11 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 Shares owned by JCP Partnership
and held in a certain account managed by JCP Management (the “JCP Account”) were purchased with working capital (which may,
at any given time, include margin loans made by brokerage firms in the ordinary course of business), except as otherwise noted. Of the
8,046,443 Shares beneficially owned by JCP Partnership, 7,828,819 of such Shares have an aggregate purchase price of approximately $3,674,227,
excluding brokerage commissions, and 217,624 of such Shares were acquired in connection with an in-kind contribution as further explained
in Amendment No. 1 to the Schedule 13D. The aggregate purchase price of the 113,492 Shares held in the JCP Account is approximately $57,578,
excluding brokerage commissions.
| Item 4. | Purpose of Transaction. |
Item 4 is hereby amended
to add the following:
On February 8, 2023, the
Purchasers (as defined below) entered into a securities purchase agreement (the “Purchase Agreement”) with the Issuer’s
outgoing Chief Executive Officer, Sam Klepfish, as further described in Item 6 below, which disclosure is incorporated herein by reference.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a) – (c) are
hereby amended and restated to read as follows:
The aggregate percentage
of Shares reported owned by each person named herein is based upon 47,779,010 Shares outstanding as of November 8, 2022, which is the
total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on November 14, 2022.
| (a) | As of the date hereof, JCP Partnership beneficially owned 8,046,443 Shares. |
Percentage: Approximately
16.8%
| (b) | 1. Sole power to vote or direct vote: 8,046,443
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 8,046,443
4. Shared power to dispose or direct the disposition: 0 |
| (a) | JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of the 8,046,443
Shares owned by JCP Partnership. |
Percentage: Approximately
16.8%
| (b) | 1. Sole power to vote or direct vote: 8,046,443
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 8,046,443
4. Shared power to dispose or direct the disposition: 0 |
| (a) | JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of the 8,046,443
Shares owned by JCP Partnership. |
Percentage: Approximately
16.8%
| (b) | 1. Sole power to vote or direct vote: 8,046,443
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 8,046,443
4. Shared power to dispose or direct the disposition: 0 |
| (a) | As of the date hereof, 113,492 Shares were held in the JCP Account. JCP Management, as the investment
manager of JCP Partnership and the JCP Account, may be deemed the beneficial owner of the (i) 8,046,443 Shares owned by JCP Partnership
and (ii) 113,492 Shares held in the JCP Account. |
Percentage: Approximately
17.1%
| (b) | 1. Sole power to vote or direct vote: 8,159,935
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 8,159,935
4. Shared power to dispose or direct the disposition: 0
|
| (a) | Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the
beneficial owner of the (i) 8,046,443 Shares owned by JCP Partnership and (ii) 113,492 Shares held in the JCP Account. |
Percentage: Approximately
17.1%
| (b) | 1. Sole power to vote or direct vote: 8,159,935
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 8,159,935
4. Shared power to dispose or direct the disposition: 0 |
The filing of this Schedule
13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically
disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
| (c) | Except as otherwise disclosed herein, there have been no transactions in securities of the Issuer by the
Reporting Persons during the past 60 days. Pursuant to the Purchase Agreement, JCP Partnership purchased 360,000 Shares from Mr. Klepfish
at a price of $0.25 per Share. |
| 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 8, 2023, JCP
Partnership and Bandera Master Fund L.P. (collectively, the “Purchasers”) entered into the Purchase Agreement with Mr. Klepfish.
Pursuant to the Purchase Agreement, each Purchaser purchased 360,000 Shares from Mr. Klepfish at a price of $0.25 per Share. The Purchase
Agreement contains customary representations, warranties and covenants of the parties thereto.
The foregoing description
of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement attached
hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby
amended to add the following exhibit:
| 99.1 | Purchase Agreement, dated February 8, 2023. |
SIGNATURES
After reasonable inquiry
and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete
and correct.
Dated: February 10, 2023
|
JCP Investment Partnership, LP |
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By: |
JCP Investment Management, LLC
Investment Manager |
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By: |
/s/ James C. Pappas |
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Name: |
James C. Pappas |
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Title: |
Managing Member |
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JCP Investment Partners, LP |
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By: |
JCP Investment Holdings, LLC
General Partner |
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By: |
/s/ James C. Pappas |
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Name: |
James C. Pappas |
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Title: |
Sole Member |
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JCP Investment Holdings, LLC |
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By: |
/s/ James C. Pappas |
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Name: |
James C. Pappas |
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Title: |
Sole Member |
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JCP Investment Management, LLC |
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By: |
/s/ James C. Pappas |
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|
Name: |
James C. Pappas |
|
|
Title: |
Managing Member |
|
/s/ James C. Pappas |
|
James C. Pappas |
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