0001193125-13-315178.txt : 20130801 0001193125-13-315178.hdr.sgml : 20130801 20130801163707 ACCESSION NUMBER: 0001193125-13-315178 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20130801 DATE AS OF CHANGE: 20130801 GROUP MEMBERS: BC ADVISORS, LLC GROUP MEMBERS: BECKER DRAPKIN PARTNERS (QP), L.P GROUP MEMBERS: BECKER DRAPKIN PARTNERS, L.P GROUP MEMBERS: MATTHEW A. DRAPKIN GROUP MEMBERS: STEVEN R. BECKER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SPECIAL DIVERSIFIED OPPORTUNITIES INC. CENTRAL INDEX KEY: 0000911649 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 561581761 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47761 FILM NUMBER: 131003170 BUSINESS ADDRESS: STREET 1: 1521 CONCORD PIKE STREET 2: SUITE 301 CITY: WILMINGTON STATE: DE ZIP: 19803 BUSINESS PHONE: 3028247062 MAIL ADDRESS: STREET 1: 1521 CONCORD PIKE STREET 2: SUITE 301 CITY: WILMINGTON STATE: DE ZIP: 19803 FORMER COMPANY: FORMER CONFORMED NAME: SPECIAL DIVERSIFIED OPPORTUNITIES INC DATE OF NAME CHANGE: 20130717 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC DIAGNOSTICS INC/DE/ DATE OF NAME CHANGE: 19970103 FORMER COMPANY: FORMER CONFORMED NAME: ENSYS ENVIRONMENTAL PRODUCTS INC /DE/ DATE OF NAME CHANGE: 19930907 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Becker Drapkin Management, L.P. CENTRAL INDEX KEY: 0001346543 IRS NUMBER: 000000000 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 500 CRESCENT COURT STREET 2: SUITE 230 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: (214) 756-6016 MAIL ADDRESS: STREET 1: 500 CRESCENT COURT STREET 2: SUITE 230 CITY: DALLAS STATE: TX ZIP: 75201 FORMER COMPANY: FORMER CONFORMED NAME: SRB Management, L.P. DATE OF NAME CHANGE: 20051209 SC 13D/A 1 d578090dsc13da.htm SC 13D/AMENDMENT NO. 6 SC 13D/Amendment No. 6

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

 

SPECIAL DIVERSIFIED OPPORTUNITIES INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

862700101

(CUSIP Number)

Becker Drapkin Management, L.P.

Attn: Steven R. Becker

500 Crescent Court, Suite 230

Dallas, Texas 75201

(214) 756-6156

 

 

with a copy to:

Taylor H. Wilson

Haynes and Boone, LLP

2323 Victory Avenue, Suite 700

Dallas, Texas 75219

(214) 651-5615

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

July 26, 2013

(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.  x

 

 

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.

 

 

 

* 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. 862700101    
  1.   

Names of Reporting Persons

 

Becker Drapkin Management, L.P.

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Texas

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

3,728,096

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

3,728,096

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,728,096

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

17.7%

 14.  

Type of Reporting Person (See Instructions)

 

IA, PN

 


CUSIP No. 862700101    
  1.   

Names of Reporting Persons

 

Becker Drapkin Partners (QP), L.P.

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

WC

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Texas

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

     7.    

Sole Voting Power

 

3,310,332

     8.   

Shared Voting Power

 

0

     9.   

Sole Dispositive Power

 

3,310,332

   10.   

Shared Dispositive Power

 

0

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,310,332

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

15.7%

 14.  

Type of Reporting Person (See Instructions)

 

PN

 


CUSIP No. 862700101    
  1.   

Names of Reporting Persons

 

Becker Drapkin Partners, L.P.

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

WC

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Texas

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

     7.    

Sole Voting Power

 

417,764

     8.   

Shared Voting Power

 

0

     9.   

Sole Dispositive Power

 

417,764

   10.   

Shared Dispositive Power

 

0

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

417,764

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

2.0%

 14.  

Type of Reporting Person (See Instructions)

 

PN

 


CUSIP No. 862700101    
  1.   

Names of Reporting Persons

 

BC Advisors, LLC

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Texas

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

     7.    

Sole Voting Power

 

0

     8.   

Shared Voting Power

 

3,728,096

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

3,728,096

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,728,096

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

17.7%

 14.  

Type of Reporting Person (See Instructions)

 

OO

 


CUSIP No. 862700101    
  1.   

Names of Reporting Persons

 

Steven R. Becker

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF, PF

  5.  

Check 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

 

216,4101 2

     8.   

Shared Voting Power

 

3,728,096

     9.   

Sole Dispositive Power

 

215,1601

   10.   

Shared Dispositive Power

 

3,728,096

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,944,5061 2

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

18.6%

 14.  

Type of Reporting Person (See Instructions)

 

IN, HC

 

1 

Includes 51,021 shares of common stock of the issuer that the reporting person has the right to acquire within 60 days of the date of this Schedule 13D pursuant to stock options to acquire shares of common stock of the issuer.

2 

Includes 1,250 unvested shares of restricted stock of the issuer, which are subject to forfeiture and restrictions and vest on May 15, 2014.


CUSIP No. 862700101    
  1.   

Names of Reporting Persons

 

Matthew A. Drapkin

  2.  

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

(a)  ¨        (b)  x

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check 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

 

3,728,096

     9.   

Sole Dispositive Power

 

0

   10.   

Shared Dispositive Power

 

3,728,096

 11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

3,728,096

 12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

 13.  

Percent of Class Represented by Amount in Row (11)

 

17.7%

 14.  

Type of Reporting Person (See Instructions)

 

IN, HC

 


This Amendment No. 6 to Schedule 13D (this “Amendment”) is filed by and on behalf of each of the Reporting Persons to amend the Schedule 13D related to the common stock of the issuer (the “Common Stock”) previously filed by the Reporting Persons with the Securities and Exchange Commission (the “Commission”) on February 15, 2008, as amended and/or supplemented by Amendment No. 1 to the Schedule 13D filed on March 4, 2008, Amendment No. 2 to the Schedule 13D filed on March 18, 2008, Amendment No. 3 to the Schedule 13D filed on August 10, 2010, Amendment No. 4 to the Schedule 13D filed on August 31, 2011 and Amendment No. 5 to the Schedule 13D filed on June 29, 2012 (as amended, the “Schedule 13D”). This Amendment reflects changes to beneficial ownership as a result of the acquisition of additional shares of Common Stock by the Reporting Persons. Each capitalized term used and not defined herein shall have the meaning assigned to such term in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.

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

Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows:

“Becker Drapkin QP and Becker Drapkin LP have acquired an aggregate of 3,728,096 shares of Common Stock, which are reported herein, in multiple open market and private transactions for an aggregate purchase price of $7,367,106.22 (including commissions). The source of funds for the purchase of Common Stock was the general working capital of Becker Drapkin QP and Becker Drapkin LP.

Becker has acquired an aggregate of 165,389 shares of Common Stock and may be deemed, under Rule 13d-3 of the Exchange Act, to beneficially own 51,021 shares of Common Stock that may be acquired within 60 days of the date of this Amendment pursuant to stock options, which are reported herein. The shares of Common Stock and related options were acquired in multiple awards from the issuer and open market transactions for an aggregate purchase price of $233,192.13 (including commissions). The source of funds for the purchase of Common Stock was Becker’s personal funds.”

Item 5. Interest in Securities of the Issuer.

Item 5(a) of the Schedule 13D is hereby amended and restated in its entirety as follows:

“(a) Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.

Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer. Drapkin expressly disclaims beneficial ownership of any shares of Common Stock that are directly owned by Becker.

The aggregate number and percentage of the class of securities identified pursuant to Item 1 beneficially owned by each Reporting Person is stated in Items 11 and 13 on the cover page(s) hereto.”

Item 5(b) of the Schedule 13D is hereby amended and restated in its entirety as follows:

 

  “(b) Number of shares as to which each Reporting Person has:

 

  (i) sole power to vote or to direct the vote:

 

       See Item 7 on the cover page(s) hereto.

 

  (ii) shared power to vote or to direct the vote:

 

       See Item 8 on the cover page(s) hereto.


  (iii) sole power to dispose or to direct the disposition of:

 

       See Item 9 on the cover page(s) hereto.

 

  (iv) shared power to dispose or to direct the disposition of:

 

       See Item 10 on the cover page(s) hereto.”

Item 5(c) of the Schedule 13D is hereby amended and restated in its entirety as follows:

“(c) Transactions in the class of securities reported on that were effected during the past sixty days or since the most recent filing of Schedule 13D, whichever is less, by the Reporting Persons are described below:

 

Transaction

Date

  

Effecting

Person(s)

   Shares
Acquired
   Shares
Disposed
   Price
Per Share
  

Description

of Transaction

07/25/2013    Becker Drapkin QP    101,867       $0.9641 (1)    Open Market Transaction
07/25/2013    Becker Drapkin QP    35,268       $0.94878 (1)    Open Market Transaction
07/25/2013    Becker Drapkin LP    14,899       $0.9641 (1)    Open Market Transaction
07/25/2013    Becker Drapkin LP    5,158       $0.94878 (1)    Open Market Transaction
07/26/2013    Becker Drapkin QP    76,335       $0.97 (1)    Open Market Transaction
07/26/2013    Becker Drapkin QP    80,872       $0.9627 (1)    Open Market Transaction
07/26/2013    Becker Drapkin LP    11,165       $0.97 (1)    Open Market Transaction
07/26/2013    Becker Drapkin LP    11,828       $0.9627 (1)    Open Market Transaction
07/29/2013    Becker Drapkin QP    27,307       $0.98 (2)    Open Market Transaction
07/29/2013    Becker Drapkin LP    3,993       $0.98 (2)    Open Market Transaction
07/30/2013    Becker Drapkin QP    54,089       $0.9778 (1)    Open Market Transaction
07/30/2013    Becker Drapkin LP    7,911       $0.97 (1)    Open Market Transaction
07/31/2013    Becker Drapkin QP    1,833       $0.9778 (1)    Open Market Transaction
07/31/2013    Becker Drapkin LP    267       $0.97 (1)    Open Market Transaction

 

(1) Excluding commission of $0.01 per share.
(2) Excluding commission of $0.02 per share.”


Item 7. Material to be Filed as Exhibits.

Item 7 of the Schedule 13D is hereby amended and restated in its entirety as follows:

“The following exhibits are filed as exhibits hereto:

 

Exhibit

  

Description of Exhibit

24.1    Power of Attorney (incorporated by reference to Exhibit 24.1 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on August 31, 2011 by the Reporting Persons with the Securities and Exchange Commission)
99.1    Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on August 31, 2011 by the Reporting Persons with the Securities and Exchange Commission)
99.2    Restricted Stock Grant Agreement, dated May 15, 2012 (incorporated by reference to Exhibit 99.2 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on July 3, 2012 by the Reporting Persons with the Securities and Exchange Commission)
99.3    Nonqualified Stock Option Grant, dated May 15, 2012 (incorporated by reference to Exhibit 99.3 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on July 3, 2012 by the Reporting Persons with the Securities and Exchange Commission)”


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: August 1, 2013

    BECKER DRAPKIN MANAGEMENT, L.P.
    By:   BC Advisors, LLC
    Its:   General Partner
    By:  

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact
    BECKER DRAPKIN PARTNERS (QP), L.P.
    By:   Becker Drapkin Management, L.P.
    Its:   General Partner
    By:   BC Advisors, LLC
    Its:   General Partner
    By:  

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact
    BECKER DRAPKIN PARTNERS, L.P.
    By:   Becker Drapkin Management, L.P.
    Its:   General Partner
    By:   BC Advisors, LLC
    Its:   General Partner
    By:  

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact
    BC ADVISORS, LLC
    By:  

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact
    STEVEN R. BECKER
   

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact
    MATTHEW A. DRAPKIN
   

/s/ Ashley Sekimoto

    Name:   Ashley Sekimoto
    Title:   Attorney-in-Fact


EXHIBIT INDEX

 

Exhibit

  

Description of Exhibit

24.1    Power of Attorney (incorporated by reference to Exhibit 24.1 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on August 31, 2011 by the Reporting Persons with the Securities and Exchange Commission)
99.1    Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on August 31, 2011 by the Reporting Persons with the Securities and Exchange Commission)
99.2    Restricted Stock Grant Agreement, dated May 15, 2012 (incorporated by reference to Exhibit 99.2 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on July 3, 2012 by the Reporting Persons with the Securities and Exchange Commission)
99.3    Nonqualified Stock Option Grant, dated May 15, 2012 (incorporated by reference to Exhibit 99.3 to the Amendment to Schedule 13D relating to the Common Stock of the issuer filed on July 3, 2012 by the Reporting Persons with the Securities and Exchange Commission)