SEC Form SC 13D/A filed by Cross Country Healthcare Inc. (Amendment)

10/28/22 4:22:40 PM ET

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SC 13D/A 1 sc13da107902010_10282022.htm AMENDMENT NO. 1 TO THE 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. 1)¹

Cross Country Healthcare, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

227483104

(CUSIP Number)

JEFFREY JACOBOWITZ

SIMCOE CAPITAL MANAGEMENT, LLC

540 Madison Avenue, 27th Floor

New York, New York 10022

(212) 448-7400

STEVE WOLOSKY, ESQ.

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)

October 26, 2022

(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. 227483104


	1	NAME OF REPORTING PERSON

			SIMCOE CAPITAL MANAGEMENT, 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					1,613,581
OWNED BY			8	SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH			9	SOLE DISPOSITIVE POWER

					1,613,581
			10	SHARED DISPOSITIVE POWER

					- 0 -
	11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

			1,613,581
	12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐


	13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

			4.2%
	14	TYPE OF REPORTING PERSON

			OO

CUSIP No. 227483104


	1	NAME OF REPORTING PERSON

			SIMCOE PARTNERS, L.P.
	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					1,472,375
OWNED BY			8	SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH			9	SOLE DISPOSITIVE POWER

					1,472,375
			10	SHARED DISPOSITIVE POWER

					- 0 -
	11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

			1,472,375
	12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐


	13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

			3.9%
	14	TYPE OF REPORTING PERSON

			PN

CUSIP No. 227483104

NAME OF REPORTING PERSON

SIMCOE SELECT, L.P.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

SOURCE OF FUNDS

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)

☐

CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

82,403

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

- 0 -

PERSON WITH

SOLE DISPOSITIVE POWER

82,403

SHARED DISPOSITIVE POWER

- 0 -

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

82,403

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

Less than 1%

TYPE OF REPORTING PERSON

CUSIP No. 227483104


	1	NAME OF REPORTING PERSON

			SIMCOE MANAGEMENT COMPANY, 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					1,554,778
OWNED BY			8	SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH			9	SOLE DISPOSITIVE POWER

					1,554,778
			10	SHARED DISPOSITIVE POWER

					- 0 -
	11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

			1,554,778
	12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐


	13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

			4.1%
	14	TYPE OF REPORTING PERSON

			OO

CUSIP No. 227483104

NAME OF REPORTING PERSON

SDR PARTNERS, LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

SEC USE ONLY

SOURCE OF FUNDS

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)

☐

CITIZENSHIP OR PLACE OF ORGANIZATION

DELAWARE

NUMBER OF

SOLE VOTING POWER

BENEFICIALLY

58,803

OWNED BY

SHARED VOTING POWER

EACH

REPORTING

- 0 -

PERSON WITH

SOLE DISPOSITIVE POWER

58,803

SHARED DISPOSITIVE POWER

- 0 -

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

58,803

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

Less than 1%

TYPE OF REPORTING PERSON

CUSIP No. 227483104


	1	NAME OF REPORTING PERSON

			JEFFREY JACOBOWITZ
	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

			USA
NUMBER OF			7	SOLE VOTING POWER
SHARES
BENEFICIALLY					1,613,581
OWNED BY			8	SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH			9	SOLE DISPOSITIVE POWER

					1,613,581
			10	SHARED DISPOSITIVE POWER

					- 0 -
	11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

			1,613,581
	12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES				☐


	13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

			4.2%
	14	TYPE OF REPORTING PERSON

			IN

CUSIP No. 227483104

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 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 purchased by each of Simcoe Partners, Simcoe Select and SDR Partners were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 1,472,375 Shares directly owned by Simcoe Partners is approximately $22,232,109, including brokerage commissions. The aggregate purchase price of the 82,403 Shares directly owned by Simcoe Select is approximately $1,553,088 including brokerage commissions. The aggregate purchase price of the 58,803 Shares directly owned by SDR Partners is approximately $1,224,545, including brokerage commissions.

Item 5.

Interest in Securities of the Issuer.

Item 5 is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 38,231,338 Shares outstanding, as of July 21, 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 August 4, 2022.

Simcoe Partners

(a)

As of the date hereof, Simcoe Partners directly owned 1,472,375 Shares.

Percentage: 3.9%

(b)

1. Sole power to vote or direct vote: 1,472,375
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,472,375
4. Shared power to dispose or direct the disposition: 0

(c)

The transactions in the Shares by Simcoe Partners since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

Simcoe Select

(a)

As of the date hereof, Simcoe Select directly owned 82,403 Shares.

Percentage: Less than 1%

(b)

1. Sole power to vote or direct vote: 82,403
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 82,403
4. Shared power to dispose or direct the disposition: 0

(c)

The transactions in the Shares by Simcoe Select since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

CUSIP No. 227483104

Simcoe Management

(a)

Simcoe Management, as the general partner of Simcoe Partners and Simcoe Select, may be deemed the beneficial owner of the (i) 1,472,375 Shares owned by Simcoe Partners and (ii) 82,403 Shares owned by Simcoe Select.

Percentage: 4.1%

(b)

1. Sole power to vote or direct vote: 1,554,778
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,554,778

4. Shared power to dispose or direct the disposition: 0

(c)

Simcoe Management has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Simcoe Partners and Simcoe Select since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

SDR Partners

(a)

As of the date hereof, SDR Partners directly owned 58,803 Shares.

Percentage: Less than 1%

(b)

1. Sole power to vote or direct vote: 58,803
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 58,803
4. Shared power to dispose or direct the disposition: 0

(c)

The transactions in the Shares by SDR Partners since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

Simcoe Capital

(a)

Simcoe Capital, as the investment manager to each of Simcoe Partners, Simcoe Select and SDR Partners, may be deemed the beneficial owner of the (i) 1,472,375 Shares owned by Simcoe Partners, (ii) 82,403 Shares owned by Simcoe Select and (iii) 58,803 Shares owned by SDR Partners.

Percentage: 4.2%

(b)

1. Sole power to vote or direct vote: 1,613,581
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,613,581

4. Shared power to dispose or direct the disposition: 0

(c)

Simcoe Capital has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of each of Simcoe Partners, Simcoe Select and SDR Partners since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

CUSIP No. 227483104

Mr. Jacobowitz

(a)

Mr. Jacobowitz, as Managing Member of each of Simcoe Management and Simcoe Capital, may be deemed the beneficial owner of the (i) 1,472,375 Shares owned by Simcoe Partners (ii) 82,403 Shares owned by Simcoe Select and (iii) 58,803 Shares owned by SDR Partners.

Percentage: 4.2%

(b)

1. Sole power to vote or direct vote: 1,613,581
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,613,581

4. Shared power to dispose or direct the disposition: 0

(c)

Mr. Jacobowitz has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of each of Simcoe Partners, Simcoe Select and SDR Partners since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.

(d)

No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

(e)

As of October 26, 2022, the Reporting Persons ceased to beneficially own more than 5% of the outstanding Shares of the Issuer.

CUSIP No. 227483104

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: October 28, 2022

Simcoe Partners, L.P.

By:	Simcoe Management Company, LLC General Partner

By:	/s/ Jeffrey Jacobowitz
	Name:	Jeffrey Jacobowitz
	Title:	Managing Member

Simcoe Select, L.P.

By:	Simcoe Management Company, LLC General Partner

By:	/s/ Jeffrey Jacobowitz
	Name:	Jeffrey Jacobowitz
	Title:	Managing Member

Simcoe Management Company, LLC

By:	/s/ Jeffrey Jacobowitz
	Name:	Jeffrey Jacobowitz
	Title:	Managing Member

SDR Partners, LLC

By:	Simcoe Capital Management, LLC Investment Manager

By:	/s/ Jeffrey Jacobowitz
	Name:	Jeffrey Jacobowitz
	Title:	Managing Member

Simcoe Capital Management, LLC

By:	/s/ Jeffrey Jacobowitz
	Name:	Jeffrey Jacobowitz
	Title:	Managing Member

	/s/ Jeffrey Jacobowitz
	Jeffrey Jacobowitz

CUSIP No. 227483104

SCHEDULE A

Transactions in the Shares Since the Filing of the Schedule 13D

Shares of Common Stock

Purchased/(Sold)

Price Per

Share($)

Date of

Purchase/Sale

SIMCOE PARTNERS, L.P.

(113,458)	37.3359	10/24/2022
(170,966)	36.3908	10/25/2022
(214,791)	36.7828	10/26/2022
(98,610)	36.6694	10/27/2022

SIMCOE SELECT, L.P.

(7,669)	37.3359	10/24/2022
(11,555)	36.3908	10/25/2022
(14,518)	36.7828	10/26/2022
(11,029)	36.6694	10/27/2022

SDR PARTNERS, LLC

(3,873)	37.3359	10/24/2022
(5,837)	36.3908	10/25/2022
(7,333)	36.7828	10/26/2022
(4,878)	36.6694	10/27/2022

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Date	Price Target	Rating	Analyst
12/6/2023		Mkt Perform	JMP Securities
11/3/2023	$32.00 → $21.00	Buy → Hold	Jefferies
6/26/2023		Outperform	William Blair
3/10/2023	$30.00	Buy	Loop Capital
10/5/2022	$36.00	Buy → Hold	Truist
2/24/2022	$33.00 → $42.00	Buy	Benchmark
1/27/2022	$18.00 → $27.00	Hold → Buy	Jefferies
8/16/2021	$13.50 → $19.00	Neutral	Credit Suisse

SEC Form SC 13D/A filed by Cross Country Healthcare Inc. (Amendment)

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