0001193805-21-001632.txt : 20211126 0001193805-21-001632.hdr.sgml : 20211126 20211126162017 ACCESSION NUMBER: 0001193805-21-001632 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20211126 DATE AS OF CHANGE: 20211126 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RESIDEO TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0001740332 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-HARDWARE [5072] IRS NUMBER: 825318796 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-90837 FILM NUMBER: 211452005 BUSINESS ADDRESS: STREET 1: 901 E 6TH STREET CITY: AUSTIN STATE: TX ZIP: 78702 BUSINESS PHONE: 512-726-3500 MAIL ADDRESS: STREET 1: 901 E 6TH STREET CITY: AUSTIN STATE: TX ZIP: 78702 FORMER COMPANY: FORMER CONFORMED NAME: HH Spinco Inc. DATE OF NAME CHANGE: 20180510 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Praesidium Investment Management Company, LLC CENTRAL INDEX KEY: 0001320769 IRS NUMBER: 200302413 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1411 BROADWAY STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: (212) 821-1495 MAIL ADDRESS: STREET 1: 1411 BROADWAY STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 SC 13D/A 1 e621111_sc13da-resideo.htm AMENDMENT NO. 2 TO THE SCHEDULE 13D

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

 

(Amendment No. 2)1

 

Resideo Technologies, Inc.

(Name of Issuer)

 

Common Stock, $0.001 par value

(Title of Class of Securities)

 

76118Y104

(CUSIP Number)

 

Praesidium Investment Management Company, LLC

1411 Broadway – 29th Floor

New York, NY 10018

Tel. No.: (212) 821-1495

 

STEVE WOLOSKY, ESQ.

MEAGAN REDA, 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)

 

November 24, 2021

(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 Rule 13d-7 for other parties to whom copies are to be sent.

 

(Continued on following pages)

 


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 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. 76118Y104

  1   NAME OF REPORTING PERSON  
         
       

Praesidium Investment Management Company, LLC

 
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

OO (Funds from Investment Advisory Clients)

 
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

Delaware 

 
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

6,569,250

 
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

7,199,117 

 
    10   SHARED DISPOSITIVE POWER  
           
         

- 0 -

 
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

7,199,117

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

4.99%

 
  14   TYPE OF REPORTING PERSON  
         
       

IA 

 

  

2

CUSIP No. 76118Y104

  1   NAME OF REPORTING PERSON  
         
       

Kevin Oram

 
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

OO (Funds from Investment Advisory Clients)

 
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

United States of America

 
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

6,569,250 

 
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

7,199,117 

 
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

7,199,117 

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

4.99%

 
  14   TYPE OF REPORTING PERSON  
         
       

IN, HC

 

  

3

CUSIP No. 76118Y104

 

  1   NAME OF REPORTING PERSON  
         
       

Peter Uddo

 
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
       

OO (Funds from Investment Advisory Clients)

 
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
       

United States of America

 
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY        

6,569,250 

 
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING        

- 0 -

 
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
         

7,199,117 

 
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

7,199,117 

 
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
       

4.99% 

 
  14   TYPE OF REPORTING PERSON  
         
       

IN, HC 

 

  

4

CUSIP No. 76118Y104

 

THE SCHEDULE 13D

 

This Amendment No. 2 to the Schedule 13D (“Amendment No. 2”) supplements the information set forth in the Schedule 13D filed on behalf of (i) Praesidium Investment Management Company, LLC, a Delaware limited liability company, (ii) Kevin Oram and (iii) Peter Uddo (together with Praesidium and Mr. Oram, the “Reporting Persons”) with the United States Securities and Exchange Commission (the “SEC”) on December 13, 2019 (the “Schedule 13D”) and Amendment No. 1 to the Schedule 13D (“Amendment No. 1”) on June 23, 2021, relating to shares of common stock, $0.001 par value, of Resideo Technologies, Inc., a Delaware corporation (the “Issuer”). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

 

Item 2.Identity and Background.

 

Item 2(a) of the Schedule 13D is hereby amended and restated as follows:

 

(a) This statement is filed by: (i) Praesidium Investment Management Company, LLC, a Delaware limited liability company (“Praesidium”), (ii) Kevin Oram and (iii) Peter Uddo (together with Praesidium and Mr. Oram, the “Reporting Persons”).

 

Praesidium, in its capacity as investment manager to certain managed accounts and investment fund vehicles on behalf of investment advisory clients (collectively, the “Accounts”), has sole power to vote 6,569,250 of the Shares held in the Accounts and to dispose of 7,199,117 of the Shares held in the Accounts. As the managing members of Praesidium, each of Kevin Oram and Peter Uddo may be deemed to control Praesidium.

 

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

 

Item 3 of the Schedule 13D is hereby amended and restated to read as follows:

 

The net investment costs (including commissions, if any) of the Shares directly owned by the Accounts is approximately $15.14 per share. The source of these funds for the Accounts was their working capital.

 

Purchases of some securities for certain Accounts were effected through margin accounts maintained with brokers, which may extend margin credit as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the brokers’ credit policies. In such instances, the positions held in the margin accounts may be pledged as collateral security for the repayment of debit balances in the accounts.

 

  Item 4. Purpose of Transaction.

 

Item 4 of the Schedule 13D is hereby amended to add the following:

 

The sale of Shares reported herein was undertaken to effectuate a rebalancing of the Reporting Persons’ portfolio in light of recent market volatility and the appreciation in the Issuer’s stock price since the Reporting Persons’ investment was made in the Issuer. The Reporting Persons are pleased with the Issuer’s performance and intend to maintain a significant holding in the Issuer.

   

5

CUSIP No. 76118Y104

 

Item 5.Interest in Securities of the Issuer.

 

Items 5(a) – (c) and (e) of the Schedule 13D are hereby amended and restated to read as follows:

 

(a) - (b) The Reporting Persons beneficially own 7,199,117 Shares which represents approximately 4.99% of the Issuer’s outstanding Shares. The percentage of beneficial ownership of the Reporting Persons, as reported in this Amendment No. 2 to the Schedule 13D, was calculated by dividing (i) the total number of Shares beneficially owned by each Reporting Person as of November 24, 2021, as set forth in this Amendment No. 2 to the Schedule 13D, by (ii) the 144,386,057 Shares of Common Stock outstanding as of October 29, 2021, according to the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2021.

 

Praesidium, in its capacity as investment manager to the Accounts, has sole power to vote 6,569,250 Shares and the power to dispose of 7,199,117 Shares held in the Accounts. As the managing members of Praesidium, each of Kevin Oram and Peter Uddo may be deemed to beneficially own the Shares held in the Accounts.

 

(c) Transactions in the Issuer’s securities by the Reporting Persons during the last 60 days are listed in Annex A attached hereto.

 

(e) The Reporting Persons ceased to be the beneficial owners of more than 5% of the Shares of the Issuer as of November 24, 2021.

  

6

CUSIP No. 76118Y104

 

SIGNATURES

 

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

 

Dated: November 26, 2021

 

  PRAESIDIUM INVESTMENT MANAGEMENT COMPANY, LLC
     
  By:   /s/ Kevin Oram
  Name:   Kevin Oram
  Title:   Managing Member
   
  KEVIN ORAM
  By:  

/s/ Kevin Oram 

   
  PETER UDDO
  By:   /s/ Peter Uddo

 

7

CUSIP No. 76118Y104

 

Annex A

 

During the past 60 days, the Reporting Persons effected the following transactions in the Shares in open market transactions:

 

Nature of Transaction Date of Purchase/Sale Amount Purchased/(Sold) Price Per Share ($)
       
Sale 09/27/2021 (50,000) 26.2873
Sale 09/28/2021 (33,611) 25.2827
Sale 09/29/2021 (16,909) 25.2651
Sale 10/13/2021 (50,923) 23.6762
Sale 10/14/2021 (27,051) 24.5828
Sale 10/27/2021 (39,303) 24.7153
Sale 10/28/2021 (2,848) 24.9654
Sale 11/10/2021 (2,981) 27.3915
Purchase 11/10/2021 8,613 27.2364
Sale 11/24/2021 (50,000) 27.8442