0001144204-14-028333.txt : 20140508 0001144204-14-028333.hdr.sgml : 20140508 20140507175538 ACCESSION NUMBER: 0001144204-14-028333 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140508 DATE AS OF CHANGE: 20140507 GROUP MEMBERS: FARNAM STREET CAPITAL, INC. GROUP MEMBERS: PETER O. HAEG GROUP MEMBERS: RAYMOND E. CABILLOT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRO DEX INC CENTRAL INDEX KEY: 0000788920 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 841261240 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-37216 FILM NUMBER: 14822272 BUSINESS ADDRESS: STREET 1: 2361 MCGAW AVENUE CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 949-769-3200 MAIL ADDRESS: STREET 1: 2361 MCGAW AVENUE CITY: IRVINE STATE: CA ZIP: 92614 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FARNAM STREET PARTNERS LP /MN CENTRAL INDEX KEY: 0001058465 IRS NUMBER: 411895541 STATE OF INCORPORATION: MN FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 3033 EXCELSIOR BOULEVARD STREET 2: MINNEAPOLIS CITY: MINNEAPOLIS STATE: MN ZIP: 55416 BUSINESS PHONE: 612-253-6058 MAIL ADDRESS: STREET 1: 3033 EXCELSIOR BOULEVARD STREET 2: MINNEAPOLIS CITY: MINNEAPOLIS STATE: MN ZIP: 55416 SC 13D/A 1 v377707_sc13da.htm FORM SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

PRO-DEX, INC.

 

 (Name of Issuer)

 

Common Stock, no par value

 

 (Title of Class of Securities)

 

74265M205

 

 (CUSIP Number)

 

Farnam Street Partners, L.P.

3033 Excelsior Boulevard, Suite 320

Minneapolis, MN 55426

Phone: (612) 353-6707

 

With a copy to:

Martin R. Rosenbaum, Esq.

Maslon Edelman Borman & Brand, LLP

3300 Wells Fargo Center

90 South Seventh Street

Minneapolis, MN 55402-4140

Phone: (612) 672-8200

 

(Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications)

 

April 30, 2014

 

(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 ¨.

 

 

 

 
 

  

CUSIP No. 74265M205

 

 

1

NAME OF REPORTING PERSONS

 

Farnam Street Partners, L.P.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

 

 

(a) T

(b) ¨

 

3 SEC USE ONLY
4

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (Investment proceeds)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Minnesota

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

 

 

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

510,560

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

510,560

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

510,560

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

 

 
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.1%

14

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

         

 

2
 

  

CUSIP No. 74265M205

 

 

1

NAME OF REPORTING PERSONS

 

Farnam Street Capital, Inc.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

 

 

(a) T

(b) ¨

 

3 SEC USE ONLY
4

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (Investment proceeds)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Minnesota

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

 

 

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

510,560

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

510,560

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

510,560

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

 

 
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.1%

14

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

CO

         

 

3
 

 

CUSIP No. 74265M205

 

 

1

NAME OF REPORTING PERSONS

 

Raymond E. Cabillot

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

 

 

(a) ¨

(b) o

 

3 SEC USE ONLY
4

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (Investment proceeds)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

 

 

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

510,560

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

510,560

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

510,560

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

 

 
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.1%

14

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

         

 

4
 

  

CUSIP No. 74265M205

 

 

1

NAME OF REPORTING PERSONS

 

Peter O. Haeg

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

 

 

(a) ¨

(b) o

 

3 SEC USE ONLY
4

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (Investment proceeds)

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)

 

 

¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

 

 

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

510,560

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

510,560

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

510,560

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

 

 
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

12.1%

14

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

         

 

5
 

 

CUSIP No. 74265M205

  

 

Item 1.                      Security and Issuer.

 

(a) This Schedule 13D relates to shares of the Common Stock, no par value, of Pro-Dex, Inc., a Colorado corporation (the “Issuer” or the “Company”). The address of the principal executive offices of the Issuer is 2361 McGaw Avenue, Irvine, California 92614.

 

Item 2.                      Identity and Background.

 

This Schedule 13D is being filed jointly by

 

Farnam Street Partners, L.P., a Minnesota limited partnership (“Farnam Fund”).

 

Farnam Street Capital, Inc., a Minnesota corporation and General Partner of Farnam Fund (“Farnam Capital”).

 

Raymond E. Cabillot as the Chief Executive Officer and a director of Farnam Capital
   
Peter O. Haeg as the President and Secretary and a director of Farnam Capital

 

(collectively, the “Farnam Group”).

 

Raymond E. Cabillot is a director of the Issuer.

  

(b) The principal office and place of business for all of the Reporting Persons is 3033 Excelsior Boulevard, Suite 320, Minneapolis, Minnesota 55416.

 

(c) Farnam Fund was organized in January 1998 as a Minnesota Limited Partnership. Its principal business activities involve investing in equity securities of publicly traded companies, as well as other types of securities. Mr. Cabillot serves as Chief Executive Officer and a director of Farnam Capital, the General Partner of Farnam Street Partners, L.P., a private investment partnership located in Minneapolis, Minnesota. Mr. Peter O. Haeg is President and Secretary of Farnam Capital.

 

(d) - (e) During the last five years, neither Farnam Fund nor the principals of its General Partner have been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) nor have the parties been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such individual was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting, or mandating activity subject to, federal or state securities laws or finding any violation with respect to such laws.

 

(f) Farnam Fund is a Minnesota limited partnership. Farnam Capital is a Minnesota corporation. Messrs. Cabillot and Haeg are citizens of the United States of America.

 

Item 3.                      Source and Amount of Funds or Other Consideration.

 

The source of the funds used for purchases by Farnam Capital are the investment proceeds of Farnam Fund.

  

6
 

 

CUSIP No. 74265M205

 

 

Item 4.                      Purpose of Transaction.

 

On December 17, 2013, the Company announced its plans to complete a rights offering to existing holders of its Common Stock under which it expects to receive gross proceeds of approximately $3 million before expenses, subject to reduction by the Company in certain circumstances. The Company entered into a Standby Purchase Agreement with Farnam Capital (together with its permitted designees under the Standby Purchase Agreement) and AO Partners, LLC (together with its permitted designees under the Standby Purchase Agreement, “AO Partners”) (each a “Standby Purchaser” and collectively the “Standby Purchasers”), pursuant to which the Standby Purchasers agreed to purchase, at the prevailing subscription price, any and all shares of Common Stock not subscribed for by the Company’s shareholders pursuant to the exercise of their subscription privileges in connection with the rights offering, subject to the Company’s right to reduce the numbers of shares purchased by the Standby Purchasers in certain circumstances. Shares of Common Stock purchasable under the Standby Purchase Agreement were allocated 50% to AO Partners and 50% to Farnam Capital.

 

On May 1, 2014, the Company announced that it completed the rights offering, raising $1.65 million before expenses. In connection with the rights offering, on April 30, 2014, Farnam Capital, as general partner of Farnam Fund, purchased 156,189 shares at a price of $1.90 per share. No shares were purchased under the Standby Purchase Agreement.

 

Except as noted in this Schedule 13D, none of the Reporting Persons has any plans or proposals, which relate to, or would result in, any of the matters referred to in paragraphs (b) through (j), inclusive of Item (4) of Schedule 13D.  Such persons may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.

  

Item 5.                      Interests in Securities of the Issuer.

 

(a)    The Fund beneficially owns 510,560 shares of the outstanding Common Stock of the Issuer, representing approximately 12.1% of the Common Stock (based upon approximately 4,212,686 shares outstanding, computed as follows: 3,343,954 shares outstanding on March 17, 2014, as reported in the Issuer's prospectus dated March 24, 2014 and an additional 868,732 shares (after giving effect to the rights offering).

 

(b) The Fund does not share voting and dispositive power with respect to any shares.

 

Mr. Cabillot and Mr. Haeg share voting and dispositive power of the Common Stock beneficially owned by Farnam Fund by virtue of each entity’s and person’s relationship to the other as described in Item 2(a).

 

(c)   As described in Item 4, on April 30, 2014, Farnam Capital, as general partner of Farnam Fund, purchased 156,189 shares through the Company’s rights offering at a price of $1.90 per share.

  

Item 6.                      Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

 

See Item 4 for a description of the Standby Purchase Agreement (incorporated herein by reference).

 

With respect to Farnam Fund, Farnam Capital is entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.

 

Messrs. Cabillot and Haeg are indemnified by Farnam Fund and Farnam Capital for liabilities they may incur in connection with their respective duties for the Farnam Group.

 

Other than the foregoing agreements and arrangements and the Agreement to file jointly between the members of the Farnam Group (incorporated herein by reference), there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer.

  

7
 

 

CUSIP No. 74265M205

 

 

Item 7.                      Material to be Filed as Exhibits.

  

Exhibit No. Description
   
1

Agreement to file jointly. (Incorporated herein by reference to Exhibit No. 1 filed with Schedule 13D on November 28, 2012). 

   

99.1 

Standby Purchase Agreement (Incorporated herein by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-3, filed on December 17, 2013)

 

8
 

 

CUSIP No. 74265M205

 

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:         May 7, 2014

  

 

FARNAM STREET PARTNERS, L.P.

 

 

By:      FARNAM STREET CAPITAL, INC.

General Partner

 

 

By: /s/ Raymond E. Cabillot_________

Raymond E. Cabillot

Chief Executive Officer

 

 

  

FARNAM STREET CAPITAL, INC.

 

 

By: /s/ Raymond E. Cabillot__________

Raymond E. Cabillot

Chief Executive Officer

 

 

 

 

By: /s/ Raymond E. Cabillot__________

Raymond E. Cabillot

 

 

By: /s/ Peter O. Haeg_______________

Peter O. Haeg

 

 

 

9