SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
OPEN LENDING CORPORATION
(Name of Issuer)
Common Stock
(Title of Class of Securities)
68373J104
(CUSIP Number)
September 18, 2023
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| ☐ | Rule 13d-1(b) |
| ☒ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
| * | 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 the disclosures provided in a prior cover page. Beneficial ownership information contained herein is given as of the date listed above. |
The information required in 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).
| 1 |
Names of Reporting Persons.
Working Capital Advisors (UK) Ltd. I.R.S. Identification Nos. of above persons (entities only) | |||||
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) ☐ | |||||
| 3 | SEC Use Only
| |||||
| 4 | Citizenship or Place of Organization.
United Kingdom | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With |
5 | Sole Voting Power
0 shares | ||||
| 6 | Shared Voting Power
6,430,185 shares Refer to Item 4 below. | |||||
| 7 | Sole Dispositive Power
0 shares | |||||
| 8 | Shared Dispositive Power
6,430,185 shares Refer to Item 4 below. | |||||
| 9 |
Aggregate Amount Beneficially Owned by Each Reporting Person
6,430,185 shares Refer to Item 4 below. | |||||
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
☐ Not applicable. | |||||
| 11 | Percent of Class Represented by Amount in Row (9)
5.3% Refer to Item 4 below. | |||||
| 12 | Type of Reporting Person (See Instructions)
FI (Non-US Institution) | |||||
| 1 |
Names of Reporting Persons.
Working Capital Management Pte. Ltd. I.R.S. Identification Nos. of above persons (entities only) | |||||
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) ☐ | |||||
| 3 | SEC Use Only
| |||||
| 4 | Citizenship or Place of Organization.
Singapore | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With |
5 | Sole Voting Power
0 shares | ||||
| 6 | Shared Voting Power
6,430,185 shares Refer to Item 4 below. | |||||
| 7 | Sole Dispositive Power
0 shares | |||||
| 8 | Shared Dispositive Power
6,430,185 shares Refer to Item 4 below. | |||||
| 9 |
Aggregate Amount Beneficially Owned by Each Reporting Person
6,430,185 shares Refer to Item 4 below. | |||||
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
☐ Not applicable. | |||||
| 11 | Percent of Class Represented by Amount in Row (9)
5.3% Refer to Item 4 below. | |||||
| 12 | Type of Reporting Person (See Instructions)
FI (Non-US Institution) | |||||
| 1 |
Names of Reporting Persons.
Kenneth Chan I.R.S. Identification Nos. of above persons (entities only) | |||||
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ☐ (b) ☐ | |||||
| 3 | SEC Use Only
| |||||
| 4 | Citizenship or Place of Organization.
Singapore | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With |
5 | Sole Voting Power
0 shares | ||||
| 6 | Shared Voting Power
6,430,185 shares Refer to Item 4 below. | |||||
| 7 | Sole Dispositive Power
0 shares | |||||
| 8 | Shared Dispositive Power
6,430,185 shares Refer to Item 4 below. | |||||
| 9 |
Aggregate Amount Beneficially Owned by Each Reporting Person
6,430,185 shares Refer to Item 4 below. | |||||
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
☐ Not applicable. | |||||
| 11 | Percent of Class Represented by Amount in Row (9)
5.3% Refer to Item 4 below. | |||||
| 12 | Type of Reporting Person (See Instructions)
IN | |||||
| Item 1. | |
(a) Name of Issuer
Open Lending Corporation
(b) Address of Issuer’s Principal Executive Offices
1501 S. MoPac Expressway, Suite 450
Austin, Texas 78746
| Item 2. | |
(a) Name of Person Filing
This Schedule 13G is being filed by Working Capital Advisors (UK) Ltd. (the “Investment Manager”), Working Capital Management Pte. Ltd. (the “Parent Company”), and Kenneth Chan, who are collectively referred to as the “Reporting Persons.” Kenneth Chan is the sole owner of the Parent Company. The Parent Company is the sole owner of the Investment Manager. The Investment Manager serves as the investment manager to private funds that hold the securities reported herein. The Reporting persons are making this single, joint filing and the agreement among the Reporting Persons to file jointly is attached hereto as Exhibit 99.1.
(b) Address of Principal Business Office or, if none, Residence
The principal business office of the Reporting Persons with respect to the shares reported hereunder is:
Queripel House
Unit 2
1 Duke of York Square
London SW3 4LY
United Kingdom
(c) Citizenship
Working Capital Advisors (UK) Ltd. – United Kingdom
Working Capital Management Pte. Ltd. – Singapore
Kenneth Chan – Singapore citizen
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
68373J104
| Item 3. | If this statement is filed pursuant to §240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |
☐ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). | ||
| (b) |
☐ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). | ||
| (c) |
☐ | Insurance Company as defined in Section 3(a)(19) of the Act | ||
| (d) |
☐ | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). | ||
| (e) |
☐ | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); | ||
| (f) |
☐ | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); | ||
| (g) |
☐ | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); | ||
| (h) |
☐ | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | ||
| (i) |
☐ | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | ||
| (j) |
☐ | A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J); | ||
| (k) |
☐ | Group, in accordance with §240.13d-1(b)(1)(ii)(K). | ||
If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
| Item 4. | Ownership** |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount Beneficially Owned **
Working Capital Advisors (UK) Ltd. – 6,430,185 shares
Working Capital Management Pte. Ltd. – 6,430,185 shares
Kenneth Chan – 6,430,185 shares
(b) Percent of Class**
Working Capital Advisors (UK) Ltd. – 5.3%
Working Capital Management Pte. Ltd. – 5.3%
Kenneth Chan – 5.3%
(c) Number of shares as to which such person has:**
(i) sole power to vote or to direct the vote
Working Capital Advisors (UK) Ltd. – 0 shares
Working Capital Management Pte. Ltd. – 0 shares
Kenneth Chan – 0 shares
(ii) shared power to vote or to direct the vote
Working Capital Advisors (UK) Ltd. – 6,430,185 shares
Working Capital Management Pte. Ltd. – 6,430,185 shares
Kenneth Chan – 6,430,185 shares
(iii) Sole power to dispose or to direct the disposition of
Working Capital Advisors (UK) Ltd. – 0 shares
Working Capital Management Pte. Ltd. – 0 shares
Kenneth Chan – 0 shares
(iv) shared power to dispose or to direct the disposition of
Working Capital Advisors (UK) Ltd. – 6,430,185 shares
Working Capital Management Pte. Ltd. – 6,430,185 shares
Kenneth Chan – 6,430,185 shares
| ** | Shares reported herein for the Investment Manager, the Parent Company and Kenneth Chan represent Common Stock beneficially owned and held of record by High Street Partners Ltd. and Working Capital Partners Ltd., for which the Investment Manager serves as the investment manager. The Parent Company is the sole owner of the Investment Manager. Kenneth Chan is the sole owner of the Parent Company. |
| Item 5. | Ownership of Five Percent or Less of a Class |
Not applicable.
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person |
Not applicable.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person |
Not applicable.
| Item 8. | Identification and Classification of Members of the Group |
Not applicable.
| Item 9. | Notice of Dissolution of Group |
Not applicable.
| Item 10. | Certification |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
Date: September 25, 2023
| WORKING CAPITAL ADVISORS (UK) LTD. | ||
| By: | /s/ Wai Keng Kwok | |
| Wai Keng Kwok | ||
| Director | ||
| WORKING CAPITAL MANAGEMENT PTE. LTD. | ||
| By: | /s/ Wai Keng Kwok | |
| Wai Keng Kwok | ||
| Director | ||
| KENNETH CHAN | ||
| By: | /s/ Kenneth Chan | |