SEC Form SC 13G/A filed by ESS Tech Inc. (Amendment)

SEC Form SC 13G/A filed by ESS Tech Inc. (Amendment)

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

Chief Executive Officer Dresselhuys Eric P. bought $5,227 worth of shares (1,000 units at $5.23), increasing direct ownership by 0.56% to 180,580 units (SEC Form 4)

Director Teamey Kyle bought $956 worth of shares (142 units at $6.73), increasing direct ownership by 0.57% to 25,227 units (SEC Form 4)

Teamey Kyle bought $987 worth of shares (1,250 units at $0.79), increasing direct ownership by 0.73% to 173,609 units (SEC Form 4)

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ESS Inc. downgraded by Robert W. Baird with a new price target

ESS Inc. downgraded by Oppenheimer

ROTH MKM initiated coverage on ESS Inc. with a new price target

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ESS Tech Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

ESS Tech Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation

Amendment: ESS Tech Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

ESS Tech, Inc. Announces Third Quarter 2024 Financial Results

ESS Inc. Schedules Third Quarter 2024 Financial Results Conference Call

ESS Tech, Inc. Announces Second Quarter 2024 Financial Results

Amendment: SEC Form SC 13D/A filed by ESS Tech Inc.

1/30/23 4:38:00 PM ET

$GWH

Industrial Machinery/Components

Miscellaneous

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SC 13G/A 1 d414413dsc13ga.htm SC 13G/A SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

ESS Tech, Inc.

(Name of Issuer)

common stock, par value $0.0001 per share

(Title of Class of Securities)

26916J106

(CUSIP Number)

December 31, 2022

(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.

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).

CUSIP No. 26916J106

(1)

Consists of shares held directly by Pangaea Ventures Fund III, LP. Pangaea Ventures Fund III, LP is managed by its general partner, Pangaea Ventures III LLC (“Pangaea GP”). Pangaea GP is managed and controlled by Vicap LLC, PSee Ventures LLC and Monoc Capital Ltd., which are owned and controlled by Chris Erickson, Purnesh Seegopaul and Andrew Haughian, respectively.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

Consists of 11,292,493 shares held directly by Pangaea Ventures Fund III, LP and 56,891 shares held directly by Vicap LLC. Pangaea Ventures Fund III, LP is managed by its general partner, Pangaea Ventures III LLC (“Pangaea GP”). Pangaea GP is managed and controlled by Vicap LLC, PSee Ventures LLC and Monoc Capital Ltd., which are owned and controlled by Chris Erickson, Purnesh Seegopaul and Andrew Haughian, respectively.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

Consists of 11,292,493 shares held directly by Pangaea Ventures Fund III, LP and 190,000 shares held directly by Monoc Capital Ltd. Pangaea Ventures Fund III, LP is managed by its general partner, Pangaea Ventures III LLC (“Pangaea GP”). Pangaea GP is managed and controlled by VicapLLC, PSee Ventures LLC and Monoc Capital Ltd., which are owned and controlled by Chris Erickson, Purnesh Seegopaul and Andrew Haughian, respectively.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)	Consists of 149,586 shares held directly by Pangaea Partners LLC. Chris Erickson and Andrew Haughian share voting and dispositive control over the shares held by Pangaea Partners LLC.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

Consists of 11,292,493 shares held directly by Pangaea Ventures Fund III, LP, 149,586 shares held directly by Pangaea Partners LLC, and 56,891 shares held directly by Vicap LLC. Pangaea Ventures Fund III, LP is managed by its general partner, Pangaea Ventures III LLC (“Pangaea GP”). Pangaea GP is managed and controlled by VicapLLC, PSee Ventures LLC and Monoc Capital Ltd., which are owned and controlled by Chris Erickson, Purnesh Seegopaul and Andrew Haughian, respectively. Chris Erickson and Andrew Haughian share voting and dispositive control over the shares held by Pangaea Partners LLC.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

CUSIP No. 26916J106

(1)

Consists of 11,292,493 shares held directly by Pangaea Ventures Fund III, LP, 190,000 shares held directly by Monoc Capital Ltd., and 149,586 shares held directly by Pangaea Partners LLC. Pangaea Ventures Fund III, LP is managed by its general partner, Pangaea Ventures III LLC (“Pangaea GP”). Pangaea GP is managed and controlled by Vicap LLC, PSee Ventures LLC and Monoc Capital Ltd., which are owned and controlled by Chris Erickson, Purnesh Seegopaul and Andrew Haughian, respectively. Chris Erickson and Andrew Haughian share voting and dispositive control over the shares held by Pangaea Partners LLC.

(2)	Percentage ownership is based on 153,258,791 shares of the Issuer’s outstanding common stock as of October 31, 2022, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 3, 2022.

Item 1(a)

Name of Issuer:

ESS Tech, Inc.

Item 1(b)

Address of Issuer’s Principal Executive Offices:

26440 SW Parkway Ave., Bldg. 83

Wilsonville, OR 97070

Item 2 (a)

Name of Person Filing:

Pangaea Ventures Fund III, LP

Pangaea Ventures III LLC

Vicap LLC

PSee Ventures LLC

Monoc Capital Ltd.

Pangaea Partners LLC

Chris Erickson

Purnesh Seegopaul

Andrew Haughian

Item 2 (b)

Address of Principal Business Office or, if none, Residence:

5080 North 40th Street, Unit 105,

Phoenix, AZ 85018

Item 2 (c)

Citizenship:


		Name		Citizenship or Place of Organization

		Pangaea Ventures Fund III, LP		Delaware
		Pangaea Ventures III LLC		Delaware
		Vicap LLC		Delaware
		PSee Ventures LLC		New Jersey
		Monoc Capital Ltd.		British Columbia
		Pangaea Partners LLC		Delaware
		Chris Erickson		Canadian Citizen
		Purnesh Seegopaul		United States Citizen
		Andrew Haughian		Canadian Citizen

Item 2 (d)

Title of Class of Securities:

Common stock, par value $0.0001 per share

Item 2 (e)

CUSIP Number:

26916J106

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or 240.13d-2(c), check whether the person filing is a:

Not applicable.

Item 4.

Ownership.

(a)

Amount beneficially owned:

See Row 9 of cover pages.

(b)

Percent of class:

See Row 11 of cover pages.

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote:

See Row 5 of cover pages.

(ii)

Shared power to vote or to direct the vote:

See Row 6 of cover pages.

(iii)

Sole power to dispose or to direct the disposition of:

See Row 7 of cover pages.

(iv)

Shared power to dispose or to direct the disposition of:

See Row 8 of cover pages.

Item 5.

Ownership of 5 Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. [ ]

Item 6.

Ownership of More than 5 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.

Certifications.

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.

SIGNATURES

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: January 30, 2023

PANGAEA VENTURES FUND III, LP

By: Pangaea Ventures III, LLC, its General Partner

/s/ Andrew Haughian

Name: Andrew Haughian

Title: Director

PANGAEA VENTURES III, LLC

/s/ Andrew Haughian

Name: Andrew Haughian

Title: Director

PANGAEA PARTNERS LLC

/s/ Andrew Haughian

Name: Andrew Haughian

Title: Director

MONOC CAPITAL LTD.

/s/ Andrew Haughian

Name: Andrew Haughian

Title: Director

VICAP LLC

/s/ Chris Erickson

Name: Chris Erickson

Title: Director

PSEE VENTURES LLC

/s/ Purnesh Seegopaul

Name: Purnesh Seegopaul

Title: President

/s/ Andrew Haughian

Andrew Haughian

/s/ Chris Erickson

Chris Erickson

/s/ Purnesh Seegopaul

Purnesh Seegopaul

EXHIBIT INDEX


Exhibit No.		Description

1		Joint Filing Agreement, dated October 20, 2021 (incorporated by reference to Exhibit 1 of the Reporting Persons’ Schedule 13G filed with the Securities and Exchange Commission on October 21, 2021).

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Date	Price Target	Rating	Analyst
11/14/2024	$14.00 → $9.00	Neutral → Underperform	Robert W. Baird
11/14/2024		Outperform → Perform	Oppenheimer
7/12/2024	$1.50	Buy	ROTH MKM
7/13/2022	$3.75	Hold	Canaccord Genuity
6/29/2022	$3.50	Neutral	Chardan Capital Markets
3/31/2022	$7.00	Hold	Deutsche Bank
3/22/2022	$10.00	Buy	Guggenheim
12/22/2021	$15.00	Outperform	Robert W. Baird

Names of Reporting Persons.

Pangaea Ventures Fund III, LP

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) ☐ (b) ☐

SEC Use Only

Citizenship or Place of Organization

United States of America