SEC Form SC 13D/A filed by Euroseas Ltd. (Amendment)
1
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NAMES OF REPORTING PERSONS
Synergy Holdings Limited
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐
(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 (SEE INSTRUCTIONS)
WC
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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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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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7
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SOLE VOTING POWER
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8
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SHARED VOTING POWER
280,049
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9
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SOLE DISPOSITIVE POWER
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10
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SHARED DISPOSITIVE POWER
280,049
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
280,049
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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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13
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PERCENT OF CLASS REPRESENTED IN ROW (11)
4.1%*
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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*
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1
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NAMES OF REPORTING PERSONS
Antigone Limited
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐
(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 (SEE INSTRUCTIONS)
OO
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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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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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|
7
|
|
SOLE VOTING POWER
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||
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8
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SHARED VOTING POWER
280,049*
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|
9
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SOLE DISPOSITIVE POWER
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|||
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10
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SHARED DISPOSITIVE POWER
280,049*
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
280,049*
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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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13
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PERCENT OF CLASS REPRESENTED IN ROW (11)
4.1%**
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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*
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Antigone Limited is the sole shareholder of Synergy Holdings Limited. As such, it may be deemed to beneficially own the Common Shares beneficially owned by Synergy Holdings Limited. Antigone Limited is wholly owned by a trust under which Mr. Papathomas is a beneficiary.
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**
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Percentage calculations based on 6,791,847 Common Shares issued and outstanding as of March 31, 2021, as reported in the Form 6-K filed by the Issuer on June 4, 2021.
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1
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NAMES OF REPORTING PERSONS
Andreas Papathomas
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) ☐
(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 (SEE INSTRUCTIONS)
OO
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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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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cyprus
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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7
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SOLE VOTING POWER
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8
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SHARED VOTING POWER
280,049*
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9
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SOLE DISPOSITIVE POWER
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10
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SHARED DISPOSITIVE POWER
280,049*
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
280,049*
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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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13
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PERCENT OF CLASS REPRESENTED IN ROW (11)
4.1%*
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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*
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Mr. Papathomas may be deemed to beneficially own 280,049 Common Shares through his ability to exercise voting and dispositive power over the Common Shares beneficially owned by Synergy Holdings Limited and Antigone Limited.
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**
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Percentage calculations based on 6,791,847 Common Shares issued and outstanding as of March 31, 2021, as reported in the Form 6-K filed by the Issuer on June 4, 2021.
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Item 4. | PURPOSE OF TRANSACTION |
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Item 4 is hereby amended and supplemented following:
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As previously disclosed, on November 8, 2019, Synergy Holdings Ltd (“Synergy”) entered into a letter agreement with the Issuer (the “Letter Agreement”), pursuant to which the Issuer agreed to issue Common Shares with a value (calculated at the time of issuance) of up to $500,000 to Synergy upon the occurrence of certain events. On November 16, 2020, pursuant to the terms of the Letter Agreement, the Issuer issued 161,357 Common Shares to Synergy. The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the Letter Agreement, which is attached hereto as Exhibit D and is incorporated herein by reference. |
The Reporting Persons currently intend to sell additional Common Shares at prevailing market prices from time-to-time depending on market conditions. No assurance can be provided that the Reporting Persons will elect to sell Common Shares, or the timing or terms of any such sale. | |
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Except as disclosed in the Schedule 13D, as amended, no Reporting Person has any present plans or proposals which relate to or would result in the occurrence of any of the events described in Item 4 (a) through (j) of Schedule 13D. |
Item 5. | INTEREST IN SECURITIES OF THE ISSUER |
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Item 5 is hereby amended and replaced in its entirety with the following:
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(a) - (b) |
The aggregate percentage of Common Shares reported to be beneficially owned by the Reporting Persons is based upon 6,791,847 Common Shares outstanding as of March 31, 2021, as disclosed in the Form 6-K filed by the Issuer on June 4, 2021. Since and including March 3, 2021, the Reporting Persons have disposed of 409,477 Common Shares, as described in Item 5(c) below. As of the date hereof, the Reporting Persons may be deemed the beneficial owners of the Common Shares as follows: |
Synergy may be deemed to beneficially own 280,049 Common Shares, representing approximately 4.1% of the outstanding Common Shares. Synergy has the sole power to vote and the sole power to dispose of 0 Common Shares and the shared power to vote and the shared power to dispose of 280,049 Common Shares. | |
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Antigone has the sole power to vote 0 Common Shares and the shared power to vote 280,049 Common Shares. Antigone has the sole power to dispose of 0 Common Shares and the shared power to dispose of 280,049 Common Shares. |
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Mr. Papathomas has the sole power to vote 0 Common Shares and the shared power to vote 280,049 Common Shares. Mr. Papathomas has the sole power to dispose of 0 Common Shares and the shared power to dispose of 280,049 Common Shares. |
(c) |
The following table sets forth all transactions in the Common Shares effected in the past 60 days by the Reporting Persons. All such transactions were effected in the open market through brokers. The Common Shares were sold in multiple transactions at prices between the price ranges indicated in the Price Range column. The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of Common Shares sold at each separate price. |
Date
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Common Shares Sold
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Weighted Average Price Per Share
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Price Range
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3/3/2021
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796
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$8.0025
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$8.00 - $8.01
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3/11/2021
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5057
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$8.0086
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$8.00 - $8.07
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3/12/2021
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4943
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$8.0638
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$8.00 - $8.34
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3/17/2021
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3428
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$10.2670
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$10.05 - $10.48
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3/18/2021
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5960
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$11.5803
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$11.50 - $11.75
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3/19/2021
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4040
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$11.5581
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$11.50 - $11.70
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3/22/2021
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3568
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$14.5697
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$14.00 - $14.93
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3/25/2021
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10000
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$11.3083
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$11.00 - $11.76
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3/31/2021
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3883
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$10.1464
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$10.01 - $10.35
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4/1/2021
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2343
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$10.0508
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$10.00 - $10.17
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4/6/2021
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200
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$11.0200
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$11.01 - $11.03
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4/7/2021
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4918
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$11.1509
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$11.01 - $11.28
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4/8/2021
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1185
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$11.1003
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$11.00 - $11.32
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4/8/2021
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2963
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$11.1480
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$11.10 - $11.28
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4/9/2021
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6665
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$11.3430
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$11.03 - $11.54
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4/13/2021
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6822
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$11.0860
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$11.02 - $11.24
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4/14/2021
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3256
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$11.1544
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$11.03 - $11.44
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4/15/2021
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4100
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$11.1446
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$11.00 - $11.34
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4/16/2021
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7756
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$11.3332
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$11.02 - $11.58
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4/19/2021
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37447
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$12.0777
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$11.55 - $12.95
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4/20/2021
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12553
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$12.3660
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$12.11 - $12.67
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4/20/2021
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25592
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$11.7337
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$11.50 - $12.45
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4/21/2021
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17220
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$12.0846
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$11.61 - $12.50
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4/22/2021
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7188
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$11.8712
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$11.57 - $12.37
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4/22/2021
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10000
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$11.5723
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$11.50 - $11.81
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5/14/2021
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36301
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$14.8220
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$14.21 - $16.19
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5/17/2021
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13699
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$14.7600
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$14.26 - $15.33
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5/19/2021
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24896
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$15.3953
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$15.00 - $15.83
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5/20/2021
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10699
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$15.3474
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$15.00 - $15.79
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5/21/2021
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14405
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$15.4165
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$15.00 - $15.85
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5/25/2021
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27594
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$16.1599
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$16.00 - $17.16
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6/1/2021
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28635
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$16.4274
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$15.72 - $16.95
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6/2/2021
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21365
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$16.6781
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$16.55 - $16.89
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6/7/2021
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20000
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$19.8862
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$19.51 - $20.19
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6/9/2021
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9200
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$23.3608
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$23.00 - $23.84
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6/10/2021
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800
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$23.1821
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$23.00 - $23.61
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6/16/2021
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2381
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$25.0217
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$25.00 - $25.09
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6/18/2021
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7619
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$23.7503
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$23.75 - $23.77
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(d) |
Not applicable. |
(e) |
As a result of the transactions described herein, on June 4, 2021 the Reporting Persons ceased to beneficially own more than five percent of the outstanding Common Shares. This Amendment No. 1 is the final amendment to the Schedule 13D and an exit filing for the Reporting Persons. |
Item 7.
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MATERIAL TO BE FILED AS EXHIBITS
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Item 7 is hereby amended to add the following exhibit:
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Exhibit D | Letter Agreement |
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SYNERGY HOLDINGS LIMITED
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By:
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/s/ Andreas Papathomas
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Name:
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Andreas Papathomas
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Title:
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Director
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ANTIGONE LIMITED
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By:
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/s/ Andreas Papathomas
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Name:
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Andreas Papathomas
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Title:
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Director
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/s/ Andreas Papathomas |
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Andreas Papathomas |
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(a) On November 16, 2020, Euroseas shall issue to Seller the number of Common Shares determined
as follows: US$125,000 multiplied by the number of Vessels actually delivered to Euroseas pursuant to and in compliance with the MOAs divided by the 20-day volume weighted average price of the Common Shares calculated on November 16, 2020
at 4:00 p.m. New York time (the "Initial Shares"); and
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(b) On November 16, 2020, Euroseas shall be deemed to have issued such number of Common Shares,
having the same value per share as each Initial Share (the "Additional Shares" and, together with the Initial Shares, the "Total Shares"), such that the aggregate value of such Additional Shares constitutes at least the aggregate par value
of the Total Shares, and such Additional Shares shall be deemed to have been issued to Seller and returned to Euroseas.
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EUROSEAS LTD.
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By:
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/s/ Dr. Anastasios Aslidis
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Name:
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Dr. Anastasios (Tasos) Aslidis
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Title:
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CFO & Treasurer
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SYNERGY HOLDINGS LIMITED (FORMERLY KNOWN AS NAUTILUS HOLDINGS NO. 2 LIMITED)
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By:
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/s/ Savvas Georghiades
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Name:
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Savvas Georghiades
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Title:
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Alternate Director
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