SEC Form SC 13D/A filed by OneSpan Inc. (Amendment)

$OSPN
EDP Services
Technology
Get the next $OSPN alert in real time by email
SC 13D/A 1 sc13da1009050026_05172024.htm AMENDMENT NO. 10 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. 10)1

OneSpan Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

68287N100

(CUSIP Number)

CHRISTOPHER S. KIPER

LEGION PARTNERS ASSET MANAGEMENT, LLC

12121 Wilshire Blvd, Suite 1240

Los Angeles, CA 90025

(424) 253-1773

 

ELIZABETH GONZALEZ-SUSSMAN, 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)

 

May 15, 2024

(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. 68287N100

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, L.P. I  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,813,070  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          2,813,070  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,813,070  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.4%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP No. 68287N100

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, L.P. II  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         243,388  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          243,388  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        243,388  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

3

CUSIP No. 68287N100

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,056,458  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,056,458  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,056,458  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 68287N100

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners Asset Management, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,056,458  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,056,458  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,056,458  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.1%  
  14   TYPE OF REPORTING PERSON  
         
        IA  

  

5

CUSIP No. 68287N100

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners Holdings, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,103,658  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,103,658  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,103,658  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.2%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

6

CUSIP No. 68287N100

 

  1   NAME OF REPORTING PERSON  
         
        Christopher S. Kiper  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,103,658  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,103,658  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,103,658  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.2%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

7

CUSIP No. 68287N100

 

  1   NAME OF REPORTING PERSON  
         
        Raymond T. White  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,103,658  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,103,658  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,103,658  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        8.2%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

8

CUSIP No. 68287N100

 

The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned (the “Amendment No. 10”). This Amendment No. 10 amends the Schedule 13D as specifically set forth herein.

Item 6.Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

Legion Partners I has sold short in the over-the-counter market, additional American-style call options referencing an aggregate of 1,077,500 Shares, which have an exercise price of $15 per Share and expire on December 20, 2024, as set forth on Schedule A, which is incorporated herein by reference.

Legion Partners II has sold short in the over-the-counter market, additional American-style call options referencing an aggregate of 92,900 Shares, which have an exercise price of $15 per Share and expire on December 20, 2024, as set forth on Schedule A, which is incorporated herein by reference.

 

9

CUSIP No. 68287N100

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: May 17, 2024

  Legion Partners, L.P. I
   
  By: Legion Partners Asset Management, LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

 

  Legion Partners, L.P. II
   
  By: Legion Partners Asset Management, LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

 

  Legion Partners, LLC
   
  By: Legion Partners Holdings, LLC
    Managing Member
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

 

  Legion Partners Asset Management, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

 

  Legion Partners Holdings, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

10

CUSIP No. 68287N100

 

 

/s/ Christopher S. Kiper

  Christopher S. Kiper

 

 

 

/s/ Raymond T. White

  Raymond T. White

 

11

CUSIP No. 68287N100

SCHEDULE A

Transactions in the Securities of the Issuer Since the Filing of Amendment No. 9 to the Schedule 13D

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

Price ($)

Date of

Purchase/Sale

 

LEGION PARTNERS, L.P. I

Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (460,300) 1.1041 05/15/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (460,300) 1.1000 05/16/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (138,100) 1.2500 05/16/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (18,800) 1.5755 05/16/2024

 

LEGION PARTNERS, L.P. II

Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (39,700) 1.1041 05/15/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (39,700) 1.1000 05/16/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (11,900) 1.2500 05/16/2024
Short Sale of Dec 2024 Call Options ($15.00 Strike Price)1 (1,600) 1.5755 05/16/2024

 

_______________________

1 Represents Shares underlying American-style call options sold short in the over-the-counter market with an expiration date of December 20, 2024.

Get the next $OSPN alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$OSPN

DatePrice TargetRatingAnalyst
10/31/2024$14.00 → $19.00Neutral → Buy
Sidoti
9/6/2024$20.00Buy
Rosenblatt
4/2/2024$12.00Buy → Neutral
Sidoti
8/10/2023$19.00 → $12.00Buy → Neutral
DA Davidson
2/2/2022$28.00Buy
Craig Hallum
More analyst ratings

$OSPN
Press Releases

Fastest customizable press release news feed in the world

See more
  • OneSpan to Announce Fourth Quarter and Fiscal Year 2024 Financial Results on February 27, 2025

    OneSpan Inc. (NASDAQ:OSPN), a leader is securing digital banking transactions and eSignatures, today announced it will release its fourth quarter and fiscal year 2024 financial results after market close on Thursday, February 27, 2025. OneSpan will host a conference call that day at 4:30 p.m. ET to discuss the results. A live webcast of the conference call will be accessible from the OneSpan investor relations website at investors.onespan.com. Shortly after the conclusion of the call, a replay of the webcast will be available on the same website. For investors and analysts accessing the conference call by phone, please use this registration link to receive dial-in details. OneSpan encou

    $OSPN
    EDP Services
    Technology
  • OneSpan Announces Participation in 27th Annual Needham Growth Conference

    OneSpan Inc. (NASDAQ:OSPN), a leader is securing digital banking transactions and eSignatures, today announced that members of its management team will participate in the 27th Annual Needham Growth Conference, taking place January 14 – January 17, 2025. OneSpan management will be hosting in-person meetings at the conference in New York on Wednesday, January 15, as well as virtual investor meetings on Friday, January 17. About OneSpan OneSpan provides security, identity, electronic signature and digital workflow solutions that protect and facilitate digital transactions and agreements. The Company delivers products and services that automate and secure customer-facing and revenue-gener

    $OSPN
    EDP Services
    Technology
  • OneSpan Appoints Identity Expert Ashish Jain as CTO

    Accomplished Technology Executive Joins OneSpan to Drive Next Phase of Innovation OneSpan Inc. (NASDAQ:OSPN), a leader in securing digital banking transactions and eSignatures, today announced the appointment of Ashish Jain as Chief Technology Officer (CTO). Mr. Jain will lead OneSpan's global engineering organization, partner with senior leaders to set and execute the company's innovation vision and strategy and oversee the development and delivery of OneSpan's security and digital agreements products and services. Widely regarded as one of the top digital identity experts in the industry, Mr. Jain brings over two decades of experience leading product management, engineering, and opera

    $OSPN
    EDP Services
    Technology

$OSPN
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$OSPN
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$OSPN
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$OSPN
SEC Filings

See more

$OSPN
Leadership Updates

Live Leadership Updates

See more
  • OneSpan Appoints Identity Expert Ashish Jain as CTO

    Accomplished Technology Executive Joins OneSpan to Drive Next Phase of Innovation OneSpan Inc. (NASDAQ:OSPN), a leader in securing digital banking transactions and eSignatures, today announced the appointment of Ashish Jain as Chief Technology Officer (CTO). Mr. Jain will lead OneSpan's global engineering organization, partner with senior leaders to set and execute the company's innovation vision and strategy and oversee the development and delivery of OneSpan's security and digital agreements products and services. Widely regarded as one of the top digital identity experts in the industry, Mr. Jain brings over two decades of experience leading product management, engineering, and opera

    $OSPN
    EDP Services
    Technology
  • OneSpan Integrates with Ping Identity to Enable Frictionless Digital Experiences

    OneSpan Inc. (NASDAQ:OSPN) announced a new integration with Ping Identity, a leader in securing digital identities for the world's largest enterprises, now listed on the Ping Identity Integration Directory. Through this strategic partnership, Ping Identity will now offer OneSpan's FIDO-enabled solutions to eliminate passwords and benefit from stronger authentication. OneSpan joins a growing list of technology partners developing integrations through the Ping Identity Global Technology Partner Program. Partner solutions built on the Ping Identity Platform are helping organizations compete in a new digital era where user experience is increasingly important, and security cannot be sacrifice

    $OSPN
    EDP Services
    Technology
  • Natural Gas Services Group, Inc. Announces the Appointment of Jean Holley to its Board of Directors

    Midland, Texas, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company") (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, announced today that its Board of Directors has appointed Jean Holley as a Director, effective November 1, 2024. In connection with the appointment, the Company increased the size of its Board from six to seven directors. "We are excited to welcome Jean to NGS's Board of Directors," stated Justin Jacobs, Chief Executive Officer of NGS. "Jean is an accomplished executive with significant expertise across a number of businesses and disciplines which we

    $HRI
    $NGS
    $OSPN
    Misc Corporate Leasing Services
    Industrials
    Oilfield Services/Equipment
    Energy

$OSPN
Financials

Live finance-specific insights

See more
  • OneSpan to Announce Fourth Quarter and Fiscal Year 2024 Financial Results on February 27, 2025

    OneSpan Inc. (NASDAQ:OSPN), a leader is securing digital banking transactions and eSignatures, today announced it will release its fourth quarter and fiscal year 2024 financial results after market close on Thursday, February 27, 2025. OneSpan will host a conference call that day at 4:30 p.m. ET to discuss the results. A live webcast of the conference call will be accessible from the OneSpan investor relations website at investors.onespan.com. Shortly after the conclusion of the call, a replay of the webcast will be available on the same website. For investors and analysts accessing the conference call by phone, please use this registration link to receive dial-in details. OneSpan encou

    $OSPN
    EDP Services
    Technology
  • OneSpan Announces the Initiation of a Quarterly Cash Dividend

    OneSpan Inc. (NASDAQ:OSPN) today announced that its Board of Directors has declared a quarterly cash dividend as part of the initiation of a recurring quarterly dividend program. The initial quarterly cash dividend of $0.12 per share will be paid on February 14, 2025 to shareholders of record as of the close of business on January 31, 2025. "The Board's approval of a quarterly cash dividend program reflects our ongoing commitment to returning capital to shareholders as part of a balanced capital allocation strategy," stated OneSpan Chair of the Board, Al Nietzel. "The Company has made great progress over the past year, and this new dividend program underscores our confidence in the growth

    $OSPN
    EDP Services
    Technology
  • OneSpan Reports Third Quarter 2024 Financial Results

    Operating income was $11.3 million, compared to an operating loss of $4.8 million in the year-ago period Revenue decreased 4% year-over-year to $56.2 million Subscription revenue increased 29% year-over-year to $33.6 million Annual Recurring Revenue (ARR) increased 9% year-over-year to $163.9 million1 Net Retention Rate (NRR) of 106%2 OneSpan Inc. (NASDAQ:OSPN) today reported financial results for the third quarter ended September 30, 2024. "We reported another strong quarter of subscription growth, profitability and cash generation driven by our team's hard work and operational focus," stated OneSpan CEO, Victor Limongelli. "The OneSpan team has done a tremendous job in deliver

    $OSPN
    EDP Services
    Technology

$OSPN
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more