-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PDxYQ6cmqXlHnEzMZI/g3W2YqKIxVrtTgS62iz+Qzaz9MzOTU/C/Y9In1xq4pDUT JuibjkvI7kdXHeW94IWjNA== 0001393825-08-000009.txt : 20080512 0001393825-08-000009.hdr.sgml : 20080512 20080512140906 ACCESSION NUMBER: 0001393825-08-000009 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080512 DATE AS OF CHANGE: 20080512 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ETELOS, INC. CENTRAL INDEX KEY: 0001045739 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770407364 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-61513 FILM NUMBER: 08822381 BUSINESS ADDRESS: STREET 1: 1900 O'FARRELL STREET, STE. 320 CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 425.458.4510 MAIL ADDRESS: STREET 1: 1900 O'FARRELL STREET, STE. 320 CITY: SAN MATEO STATE: CA ZIP: 94403 FORMER COMPANY: FORMER CONFORMED NAME: TRIPATH TECHNOLOGY INC DATE OF NAME CHANGE: 20000414 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Hudson Bay Capital Management, L.P. CENTRAL INDEX KEY: 0001393825 IRS NUMBER: 371511173 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 120 BROADWAY, 40TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10271 BUSINESS PHONE: 212-571-1244 MAIL ADDRESS: STREET 1: 120 BROADWAY, 40TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10271 SC 13G 1 etlo_sc13g.txt ETELOS SC13G 1 etlo_sc13G.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- SCHEDULE 13G Under the Securities Exchange Act of 1934 Etelos, Inc. (Name of Issuer) Common Stock, $0.001 par value per share (Title of Class of Securities) 29760D100 (CUSIP Number) April 30, 2008 (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 purposes 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). Page 1 of 13 Pages CUSIP No. 29760D100 13G Page 2 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Hudson Bay Fund, LP - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 478,592 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 478,592 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 478,592 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.11% - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 3 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Hudson Bay Overseas Fund, Ltd. - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,041,230 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 1,041,230 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,041,230 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.59 % - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 4 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Hudson Bay Capital Management, L.P. - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,519,822 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.70 % - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 5 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Sander Gerber - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,519,822 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.70 % - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 6 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS Yoav Roth - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Israel - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,519,822 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.70 % - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 7 of 13 Pages - ------------------------------------------------------------------------------- (1) NAMES OF REPORTING PERSONS John Doscas - ------------------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [X] (b) [ ] - ------------------------------------------------------------------------------- (3) SEC USE ONLY - ------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - ------------------------------------------------------------------------------- NUMBER OF (5) SOLE VOTING POWER 0 SHARES ________________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,519,822 shares of Common Stock OWNED BY ________________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ________________________________________________________________ PERSON WITH: (8) SHARED DISPOSITIVE POWER 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,519,822 shares of Common Stock - ------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.70 % - ------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - ------------------------------------------------------------------------------- CUSIP No. 29760D100 13G Page 8 of 13 Pages Item 1. (a) Name of Issuer Etelos, Inc., a Delaware corporation (the"Company") (b) Address of Issuer's Principal Executive Offices 1900 O'Farrell St., Suite 320 San Mateo, CA 94403 Item 2. Name of Person Filing This statement is filed by the entities and persons listed below who are collectively referred to herein as "Reporting Persons," with respect to the shares of Common Stock, as defined in Item 2(d). FUNDS (i) Hudson Bay Fund, LP with respect to the Shares held by it. (ii) Hudson Bay Overseas Fund, Ltd with respect to the Shares held by it. INVESTMENT MANAGER (iii) Hudson Bay Capital Management, L.P., (the "Investment Manager"), with respect to the Shares held by Hudson Bay Fund, LP and Hudson Bay Overseas Fund, Ltd. (together, the "Hudson Bay Funds") and to which the Investment Manager serves as investment manager. REPORTING INDIVIDUALS (iv) Mr. Sander Gerber ("Mr. Gerber"), with respect to the Shares held by each of the Hudson Bay Funds. (v) Mr. Yoav Roth ("Mr. Roth"), with respect to the Shares held by each of the Hudson Bay Funds. (vi) Mr. John Doscas ("Mr. Doscas"), with respect to the Shares held by each of the Hudson Bay Funds. Mr. Gerber, Mr. Roth and Mr. Doscas are collectively referred to as the "Reporting Individuals." The Investment Manager serves as the investment manager to each of the Hudson Bay Funds. Each of the Reporting Individuals is an executive officer of the Investment Manager. CUSIP No. 29760D100 13G Page 9 of 13 Pages Item 2(b). Address of Principal Business Office or, if none, Residence The address of the principal business office of each of the Reporting Persons is: 120 Broadway, 40th Floor New York, NY 10271 Item 2(c). Citizenship Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Item 2(d) Title of Class of Securities Common Stock, $0.001 par value (the "Common Stock") Item 2(e) CUSIP Number 29760D100 Item 3. If this statement is filed pursuant to ss.ss.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 (15 U.S.C. 78c). (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 ss.240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with ss.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) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). CUSIP No. 29760D100 13G Page 10 of 13 Pages 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. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each Reporting Person hereton and is incorporated herein by reference for each such Reporting Person. The Company's Form 8-K filed on April 25, 2008, indicates that as of April 22, 2008, there were 22,700,634 shares of Common Stock outstanding. The percentages set forth on Row 11 of the cover page for each Reporting Person is based on the Company's outstanding shares of Common Stock. In addition to the reported shares of Common Stock, the Reporting Persons own (i) two tranches of warrants to purchase 166,666 shares of Common Stock in the aggregate (the "Warrants"), (ii) $500,000 aggregate principal amount of 6% secured convertible debentures due April 30, 2010 convertible into 370,370 shares of Common Stock (the "April 2008 Notes") and (iii) $1,000,000 aggregate principal amount of 6% secured convertible debentures due January 31, 2010 convertible into 740,740 shares of Common Stock (the "January 2008 Notes") and together with the April 2008 Notes, ("the Notes"). However,pursuant to the terms of the relevant instruments, Hudson Bay Fund LP and Hudson Bay Overseas Fund Ltd. cannot exercise or convert any of these Warrants or Notes until such time as the Reporting Persons would not beneficially own after any such exercise or conversion more than 4.99% of the outstanding Common Stock. The Investment Manager, which serves as the investment manager to the Hudson Bay Funds, may be deemed to be the beneficial owner of all Shares owned by the Hudson Bay Funds. Each of the Reporting Individuals, as executive officers of the Investment Manager with the power to exercise investment discretion, may be deemed to be the beneficial owner of all Shares owned by the Hudson Bay Funds. Each of the Investment Manager and the Reporting Individuals hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein. Item 5. Ownership of Five 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 Five Percent on Behalf of Another Person Not Applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Report on by the Parent Holding Company Nor Applicable. Item 8. Identification and Classification of Members of the Group See Exhibit I. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certification By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not being 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. CUSIP No. 29760D100 13G Page 11 of 13 Pages Exhibits: Exhibit I: Joint Filing Agreement, dated as of May 9, 2008 by and among Hudson Bay Fund, LP, Hudson Bay Overseas Fund, Ltd., Hudson Bay Capital Management, L.P., Sander Gerber, Yoav Roth and John Doscas. CUSIP No. 29760D100 13G Page 12 of 13 Pages SIGNATURES After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information with respect to it set forth in this statement is true, complete, and correct. Dated: May 9, 2008 HUDSON BAY FUND, LP HUDSON BAY OVERSEAS FUND, LTD. By: /s/ YOAV ROTH By: /s/ YOAV ROTH ---------------------------------- -------------------------------------- Name: Yoav Roth Name: Yoav Roth Title Principal and Portfolio Manager Title Principal and Portfolio Manager Hudson Bay Capital Management, L.P. SANDER GERBER By: /s/ YOAV ROTH /s/ SANDER GERBER ---------------------------------- -------------------------------------- Name: Yoav Roth Title Principal and Portfolio Manager YOAV ROTH JOHN DOSCAS /s/ YOAV ROTH /s/ JOHN DOSCAS - -------------------------------------- -------------------------------------- CUSIP No. 29760D100 13G Page 13 of 13 Pages EXHIBIT I JOINT FILING AGREEMENT This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Shares is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Dated as of May 9, 2008 HUDSON BAY FUND, LP HUDSON BAY OVERSEAS FUND, LTD. By: /s/ YOAV ROTH By: /s/ YOAV ROTH ---------------------------------- -------------------------------------- Name: Yoav Roth Name: Yoav Roth Title Principal and Portfolio Manager Title Principal and Portfolio Manager Hudson Bay Capital Management, L.P. SANDER GERBER By: /s/ YOAV ROTH /s/ SANDER GERBER ---------------------------------- -------------------------------------- Name: Yoav Roth Title Principal and Portfolio Manager YOAV ROTH JOHN DOSCAS /s/ YOAV ROTH /s/ JOHN DOSCAS - -------------------------------------- -------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----