SC 13D/A: Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities
Published on April 20, 2016
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. 1)1
EMCORE Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
290846 20 3
(CUSIP Number)
ERIC SINGER
VIEX CAPITAL ADVISORS, LLC
825 Third Avenue, 33rd Floor
New York, New York 10022
STEVE WOLOSKY, 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)
April 18, 2016
(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. 290846 20 3
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1
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NAME OF REPORTING PERSON
VIEX Opportunities Fund, LP - Series One
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
WC
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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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
- 0 -
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8
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SHARED VOTING POWER
1,089,296
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9
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SOLE DISPOSITIVE POWER
- 0 -
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10
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SHARED DISPOSITIVE POWER
1,089,296
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,089,296
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
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14
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TYPE OF REPORTING PERSON
PN
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2
CUSIP NO. 290846 20 3
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1
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NAME OF REPORTING PERSON
VIEX Special Opportunities Fund II, LP
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
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3
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SEC USE ONLY
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||
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4
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SOURCE OF FUNDS
WC
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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||
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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
- 0 -
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8
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SHARED VOTING POWER
670,281
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9
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SOLE DISPOSITIVE POWER
- 0 -
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10
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SHARED DISPOSITIVE POWER
670,281
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||
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
670,281
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14
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TYPE OF REPORTING PERSON
PN
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3
CUSIP NO. 290846 20 3
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1
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NAME OF REPORTING PERSON
VIEX GP, LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
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|
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3
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SEC USE ONLY
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||
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4
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SOURCE OF FUNDS
AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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||
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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
- 0 -
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|
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8
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SHARED VOTING POWER
1,089,296
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||
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9
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SOLE DISPOSITIVE POWER
- 0 -
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||
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10
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SHARED DISPOSITIVE POWER
1,089,296
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||
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,089,296
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||
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
|
|
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
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14
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TYPE OF REPORTING PERSON
OO
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4
CUSIP NO. 290846 20 3
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1
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NAME OF REPORTING PERSON
VIEX Special Opportunities GP II, LLC
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||
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
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|
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3
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SEC USE ONLY
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||
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4
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SOURCE OF FUNDS
AF
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||
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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||
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
|
SOLE VOTING POWER
- 0 -
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|
|
8
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SHARED VOTING POWER
670,281
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||
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9
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SOLE DISPOSITIVE POWER
- 0 -
|
||
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10
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SHARED DISPOSITIVE POWER
670,281
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||
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
670,281
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||
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
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|
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
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14
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TYPE OF REPORTING PERSON
OO
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5
CUSIP NO. 290846 20 3
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1
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NAME OF REPORTING PERSON
VIEX Capital Advisors, LLC
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||
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
|
|
|
3
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SEC USE ONLY
|
||
|
4
|
SOURCE OF FUNDS
AF
|
||
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
|
¨
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|
|
6
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CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
|
||
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE VOTING POWER
- 0 -
|
|
|
8
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SHARED VOTING POWER
1,759,577
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||
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9
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SOLE DISPOSITIVE POWER
- 0 -
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||
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10
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SHARED DISPOSITIVE POWER
1,759,577
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||
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,759,577
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||
|
12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
|
|
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
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14
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TYPE OF REPORTING PERSON
IA
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||
6
CUSIP NO. 290846 20 3
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1
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NAME OF REPORTING PERSON
Eric Singer
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o
(b) o
|
|
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3
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SEC USE ONLY
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||
|
4
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SOURCE OF FUNDS
AF
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||
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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¨
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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||
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE VOTING POWER
- 0 -
|
|
|
8
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SHARED VOTING POWER
1,759,577
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||
|
9
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SOLE DISPOSITIVE POWER
- 0 -
|
||
|
10
|
SHARED DISPOSITIVE POWER
1,759,577
|
||
|
11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,759,577
|
||
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
o
|
|
|
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
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||
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14
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TYPE OF REPORTING PERSON
IN
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7
CUSIP NO. 290846 20 3
The following constitutes the Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
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Item 3.
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Source and Amount of Funds or Other Consideration.
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Item 3 is hereby amended and restated to read as follows:
The Shares purchased by Series One were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 1,089,296 Shares beneficially owned by Series One is approximately $5,461,116, excluding brokerage commissions.
The Shares purchased by VSO II were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 670,281 Shares beneficially owned by VSO II is approximately $3,358,944, excluding brokerage commissions.
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Item 4.
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Purpose of Transaction.
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Item 4 is hereby amended to add the following:
Reference is made to the Issuer’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2016.
On April 18, 2016, in connection with the determination by the Issuer’s Board of Directors (the “Board”) that the Reporting Persons (collectively “VIEX”) will not be deemed an Acquiring Person within the meaning of the Issuer’s Tax Benefits Preservation Plan (the “Plan”), VIEX delivered a letter to the Issuer agreeing not to purchase any additional Shares of the Issuer while the Plan is in effect, absent the prior written consent of the Board (the “Standstill Provision”).
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Item 5.
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Interest in Securities of the Issuer.
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Items 5(a) – (c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each Reporting Person is based upon 25,907,070 Shares outstanding, which is the total number of Shares outstanding as of February 1, 2016 as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on February 4, 2016.
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A.
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Series One
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(a)
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As of the close of business on April 20, 2016, Series One beneficially owned 1,089,296 Shares.
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Percentage: Approximately 4.2%
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(b)
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1. Sole power to vote or direct vote: 0
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2. Shared power to vote or direct vote: 1,089,296
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3. Sole power to dispose or direct the disposition: 0
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4. Shared power to dispose or direct the disposition: 1,089,296
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(c)
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The transactions in the Shares by Series One since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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8
CUSIP NO. 290846 20 3
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B.
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VSO II
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(a)
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As of the close of business on April 20, 2016, VSO II beneficially owned 670,281 Shares.
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Percentage: Approximately 2.6%
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(b)
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1. Sole power to vote or direct vote: 0
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2. Shared power to vote or direct vote: 670,281
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3. Sole power to dispose or direct the disposition: 0
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4. Shared power to dispose or direct the disposition: 670,281
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(c)
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The transactions in the Shares by VSO II since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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C.
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VIEX GP
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(a)
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VIEX GP, as the general partner of Series One, may be deemed the beneficial owner of the 1,089,296 shares owned by Series One.
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Percentage: Approximately 4.2%
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(b)
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1. Sole power to vote or direct vote: 0
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2. Shared power to vote or direct vote: 1,089,296
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3. Sole power to dispose or direct the disposition: 0
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4. Shared power to dispose or direct the disposition: 1,089,296
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(c)
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VIEX GP has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the shares on behalf of Series One since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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D.
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VSO GP II
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(a)
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VSO GP II, as the general partner of VSO II, may be deemed the beneficial owner of the 670,281 shares owned by VSO II.
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Percentage: Approximately 2.6%
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(b)
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1. Sole power to vote or direct vote: 0
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2. Shared power to vote or direct vote: 670,281
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3. Sole power to dispose or direct the disposition: 0
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4. Shared power to dispose or direct the disposition: 670,281
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(c)
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VSO GP II has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of VSO II since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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9
CUSIP NO. 290846 20 3
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E.
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VIEX Capital
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(a)
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VIEX Capital, as the investment manager of Series One and VSO II, may be deemed the beneficial owner of the (i) 1,089,296 Shares owned by Series One and (ii) 670,281 owned by VSO II.
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Percentage: Approximately 6.8%
|
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(b)
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1. Sole power to vote or direct vote: 0
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|
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2. Shared power to vote or direct vote: 1,759,577
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3. Sole power to dispose or direct the disposition: 0
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|
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4. Shared power to dispose or direct the disposition: 1,759,577
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(c)
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VIEX Capital has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of each of Series One and VSO II since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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F.
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Eric Singer
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(a)
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Mr. Singer, as the managing member of VIEX GP and VIEX Capital, may be deemed the beneficial owner of the (i) 1,089,296 Shares owned by Series One and (ii) 670,281 owned by VSO II.
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Percentage: Approximately 6.8%
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(b)
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1. Sole power to vote or direct vote: 0
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2. Shared power to vote or direct vote: 1,759,577
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3. Sole power to dispose or direct the disposition: 0
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4. Shared power to dispose or direct the disposition: 1,759,577
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(c)
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Mr. Singer has not entered into any transactions in the Shares since the filing of the Schedule 13D. The transactions in the Shares on behalf of each of Series One and VSO II since the filing of the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
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The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each Reporting Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
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Item 6 is hereby amended to add the following:
On April 18, 2016, VIEX agreed to the Standstill Provision defined and described in Item 4 above.
10
CUSIP NO. 290846 20 3
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: April 20, 2016
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VIEX Opportunities Fund, LP – Series One
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By:
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VIEX GP, LLC
General Partner
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By:
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/s/ Eric Singer
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Name:
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Eric Singer
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Title:
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Managing Member
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VIEX GP, LLC
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|||
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By:
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/s/ Eric Singer
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Name:
|
Eric Singer
|
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Title:
|
Managing Member
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VIEX Special Opportunities Fund II, LP
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|||
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By:
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VIEX Special Opportunities GP II, LLC
General Partner
|
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By:
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/s/ Eric Singer
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Name:
|
Eric Singer
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||
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Title:
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Managing Member
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VIEX Special Opportunities GP II, LLC
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|||
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By:
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/s/ Eric Singer
|
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Name:
|
Eric Singer
|
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Title:
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Managing Member
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VIEX Capital Advisors, LLC
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|||
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By:
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/s/ Eric Singer
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Name:
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Eric Singer
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Title:
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Managing Member
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/s/ Eric Singer
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Eric Singer
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11
CUSIP NO. 290846 20 3
SCHEDULE A
Transactions in the Shares Since the Filing of the Schedule 13D
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Nature of the Transaction
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Securities
Purchased/(Sold)
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Price Per
Share($)
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Date of
Purchase / Sale
|
VIEX OPPORTUNITIES FUND, LP – SERIES ONE
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Sale of Common Stock
|
(27,858)
|
6.0167
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04/13/2016
|
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Sale of Common Stock
|
(97,936)
|
5.9517
|
04/13/2016
|
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Sale of Common Stock
|
(6,191)
|
6.1002
|
04/14/2016
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VIEX SPECIAL OPPORTUNITIES FUND II, LP
|
Sale of Common Stock
|
(17,142)
|
6.0167
|
04/13/2016
|
|
Sale of Common Stock
|
(60,264)
|
5.9517
|
04/13/2016
|
|
Sale of Common Stock
|
(3,809)
|
6.1002
|
04/14/2016
|