SEC Form SC 13G/A filed by PLx Pharma Inc. (Amendment)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)

PLx Pharma Inc.

(Name of Issuer)

Common Stock, $0.001 Par Value Per Share
(Title of Class of Securities)

72942A107
(CUSIP Number)

December 31, 2021
(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)

x      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).

Continued on the following page(s)
 

I.R.S. Identification Nos. of above persons (entities only)

WHITE ROCK CAPITAL MANAGEMENT, L.P.

TEXAS

2,786,900* (See Item 4(a))

Shares (See Instructions)

¨

9.99%* (See Item 4(a))

PN; IA

* Includes shares of Common Stock owned by two separate private investments vehicles for which White Rock Capital Management, L.P. serves as investment manager, and 364,000 shares of Common Stock underlying the Warrants owned by White Rock Capital Partners, L.P. that are currently exercisable, but subject to a 9.99% beneficial ownership limitation, and, for purposes of determining the beneficial ownership of White Rock Capital Management, L.P., excludes 1,524,700 shares of Common Stock underlying Warrants, which currently may not be exercised due to such 9.99% beneficial ownership limitation.

I.R.S. Identification Nos. of above persons (entities only)

WHITE ROCK CAPITAL PARTNERS, L.P.

TEXAS

2,811,088* (See Item 4(a))

Shares (See Instructions)

¨

9.99%* (See Item 4(a))

PN

* Includes 638,188 shares of Common Stock underlying the Warrants that are currently exercisable, but subject to a 9.99% beneficial ownership limitation and excludes 1,250,512 shares of Common Stock underlying Warrants, which currently may not be exercised due to such 9.99% beneficial ownership limitation. Does not include shares of Common Stock owned by a separate private investment vehicle to which certain of the Reporting Persons may be deemed to have a beneficial interest.

I.R.S. Identification Nos. of above persons (entities only)

WHITE ROCK CAPITAL (TX), INC.

TEXAS

2,786,900* (See Item 4(a))

Shares (See Instructions)

¨

9.99%* (See Item 4(a))

CO; HC

* Includes shares of Common Stock owned by two separate private investments vehicles for which White Rock Capital Management, L.P. serves as investment manager, and 364,000 shares of Common Stock underlying the Warrants owned by White Rock Capital Partners, L.P. that are currently exercisable, but subject to a 9.99% beneficial ownership limitation, and, for purposes of determining the beneficial ownership of White Rock Capital Management, L.P., excludes 1,524,700 shares of Common Stock underlying Warrants, which currently may not be exercised due to such 9.99% beneficial ownership limitation.

I.R.S. Identification Nos. of above persons (entities only)

THOMAS U. BARTON

UNITED STATES

2,786,900* (See Item 4(a))

Shares (See Instructions)

¨

9.99%* (See Item 4(a))

IN; HC

* Includes shares of Common Stock owned by two separate private investments vehicles for which White Rock Capital Management, L.P. serves as investment manager, and 364,000 shares of Common Stock underlying the Warrants owned by White Rock Capital Partners, L.P. that are currently exercisable, but subject to a 9.99% beneficial ownership limitation, and, for purposes of determining the beneficial ownership of White Rock Capital Management, L.P., excludes 1,524,700 shares of Common Stock underlying Warrants, which currently may not be exercised due to such 9.99% beneficial ownership limitation.

I.R.S. Identification Nos. of above persons (entities only)

JOSEPH U. BARTON

UNITED STATES

2,786,900* (See Item 4(a))

Shares (See Instructions)

¨

9.99%* (See Item 4(a))

IN; HC

* * Includes shares of Common Stock owned by two separate private investments vehicles for which White Rock Capital Management, L.P. serves as investment manager, and 364,000 shares of Common Stock underlying the Warrants owned by White Rock Capital Partners, L.P. that are currently exercisable, but subject to a 9.99% beneficial ownership limitation, and, for purposes of determining the beneficial ownership of White Rock Capital Management, L.P., excludes 1,524,700 shares of Common Stock underlying Warrants, which currently may not be exercised due to such 9.99% beneficial ownership limitation.

PLx Pharma Inc. (the “Issuer”).

9 Fishers Lane, Ste. E

Sparta, New Jersey 07871

This statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):

This statement relates to shares of common stock, par value $ 0.001 per share (the “Shares”), of the Issuer held for the account of White Rock Partners. White Rock Management may be deemed to exercise voting and/or dispositive power over the Shares held for the account of White Rock Partners. In addition, White Rock Management serves as the investment manager for a separate private investment vehicle (the “Private Fund”) that owns 250,000 Shares, and the beneficial ownership of White Rock Management and its affiliates that are identified in this Schedule 13G gives effect to those shares.

The investment manager of each of White Rock Partners and the Private Fund is White Rock Management, the general partner of which is White Rock, Inc. Thomas U. Barton and Joseph U. Barton are the shareholders of White Rock, Inc. In such capacities, each of Thomas U. Barton and Joseph U. Barton may be deemed to be the beneficial owner of the Shares held for the account of White Rock Partners and the Private Fund.

The address and principal business office of each of White Rock Management, White Rock, Inc., White Rock Partners, Thomas U. Barton and Joseph U. Barton is 3131 Turtle Creek Boulevard, Suite 800, Dallas, Texas 75219.

Common Stock, $0.001 par value per share.

72942A107

This Item 3 is not applicable.

As of December 31, 2021, White Rock Partners owns 2,172,900 Shares. In addition, White Rock Partners owns two separate warrants that, in the aggregate, are exercisable to acquire 1,888,700 Shares. Each warrant provides that the number of shares of the Issuer’s common stock that may be acquired upon any exercise of the applicable warrant is generally limited to the extent necessary to ensure that, following such exercise, the holder would not, together with its affiliates and any other persons or entities whose beneficial ownership of the Issuer’s common stock would be aggregated for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, beneficially own in excess of 9.99% of the total number of shares of the Issuer’s common stock then issued and outstanding and/or the then combined voting power of all of the Issuer’s voting securities (the “Exercise Limitation”). As a result of the Exercise Limitation, the beneficial ownership reported in this Schedule 13G excludes that portion of the warrants that are subject to the Exercise Limitation (subject to rounding) as it relates to each of the Reporting Persons (which may differ among the Reporting Persons).

White Rock Management is the investment manager of White Rock Partners, and also serves as the the investment manager of a separate private investment vehicle (the “Private Fund”) that owns 250,000 Shares. The Shares owned by the Private Fund are not included in the beneficial ownership of White Rock Partners reported in this Schedule 13G, but, those Shares are included in the beneficial ownership of White Rock Management, White Rock, Inc. and each of Thomas Barton and Joseph Barton reported in this Schedule 13G.

See the responses to Item 11 on each attached cover page.

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 5 percent of the class of securities, check the following  

This Item 6 is not applicable.

This Item 7 is not applicable.

This Item 8 is not applicable.

This Item 9 is not applicable.

By signing below each signatory certifies that, to the best of his/its 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.

SIGNATURES

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