0001214659-20-006106.txt : 20200702 0001214659-20-006106.hdr.sgml : 20200702 20200702160216 ACCESSION NUMBER: 0001214659-20-006106 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200702 DATE AS OF CHANGE: 20200702 GROUP MEMBERS: DAVID SANDBERG GROUP MEMBERS: RED OAK FUND, L.P. GROUP MEMBERS: RED OAK INSTITUTIONAL FOUNDERS LONG FUND, L.P. GROUP MEMBERS: RED OAK LONG FUND, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EDUCATIONAL DEVELOPMENT CORP CENTRAL INDEX KEY: 0000031667 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 730750007 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-19013 FILM NUMBER: 201009185 BUSINESS ADDRESS: STREET 1: 10302 E 55TH PL #B CITY: TULSA STATE: OK ZIP: 74146 BUSINESS PHONE: 9186224522 MAIL ADDRESS: STREET 1: PO BOX 470663 CITY: TULSA STATE: OK ZIP: 741460663 FORMER COMPANY: FORMER CONFORMED NAME: TUTOR TAPES INTERNATIONAL CORP DATE OF NAME CHANGE: 19701030 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL TEACHING TAPES INC DATE OF NAME CHANGE: 19701030 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Red Oak Partners, LLC CENTRAL INDEX KEY: 0001325533 IRS NUMBER: 020673129 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 150 E PALMETTO PARK ROAD STREET 2: SUITE 800 CITY: BOCA RATON STATE: FL ZIP: 33432 BUSINESS PHONE: 6466883436 MAIL ADDRESS: STREET 1: 40 RICHARDS AVE. STREET 2: SUITE 300 CITY: NORWALK STATE: CT ZIP: 06854 SC 13D/A 1 j72201sc13da3.htm AMENDMENT NO. 3

 

 

 

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. 3)1

Educational Development Corporation

(Name of Issuer)

Common Stock, $0.20 par value

(Title of Class of Securities)

281479105

(CUSIP Number)

DAVID SANDBERG

RED OAK PARTNERS, LLC

95 S. Federal Hwy, Suite 201

Boca Raton, FL 33432

(212) 614-8952

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

June 30, 2020

(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).

 

 

1

CUSIP No. 281479105

  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         234,362  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          234,362  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        234,362  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.8%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP No. 281479105

  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Long Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         58,790  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          58,790  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        58,790  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

3

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        The Red Oak Institutional Founders Long Fund, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  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         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         203,637  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          203,637  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        203,637  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.4%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

4

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        Red Oak Partners, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        FLORIDA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         496,789  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          496,789  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        496,789  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.9%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

5

CUSIP No. 281479105

 

  1   NAME OF REPORTING PERSONS  
         
        David Sandberg  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         496,789  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          496,789  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        496,789  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.9%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

6

CUSIP No. 281479105

 

The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D, as amended by amendments 1 and 2 as specifically set forth herein.

 

Item 2.

Identity and Background.

 

Item 2 is hereby amended to add the following:

 

(a)-(c) and (f) The names of the persons filing this Statement (the “Reporting Persons”) are:

 

The Red Oak Fund, LP, a Delaware limited partnership (“Red Oak Fund”);

 

The Red Oak Long Fund, LP, a Delaware limited partnership (“Red Oak Long Fund”);

 

The Red Oak Institutional Founders Long Fund, LP, a Delaware limited partnership (“Red Oak Founders Fund”);

 

Red Oak Partners, LLC, a Florida limited liability company (“Red Oak Partners”); and

 

David Sandberg, a United States citizen.

 

This Statement is being filed by David Sandberg, the controlling member of Red Oak Partners, which manages each of Red Oak Fund, Red Oak Long Fund and Red Oak Founders Fund (each a “Fund” and, collectively, the “Funds”). The Funds are private investment vehicles formed for the purpose of investing and trading in a wide variety of securities and financial instruments. The Funds directly own the shares as reported in this Statement.  Each of the filers hereto disclaims beneficial ownership with respect to any shares other than shares owned directly by such filer.

 

The principal office or business address of the Funds, Red Oak Partners and David Sandberg is 95 S. Federal Hwy, Suite 201, Boca Raton, FL 33432.

 

(d)-(e) During the last five years, none of the Reporting Persons have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Item 4.

Purpose of Transaction.

 

Item 4 is hereby amended to add the following:

 

The Reporting Persons will review their investments in the Common Stock from time to time, and, subject to applicable law and regulation and depending upon certain factors, including, without limitation, the financial performance of the Issuer, the availability and price of the Common Stock or other securities related to the Issuer, and other general market and investment conditions, the Reporting Persons may determine to:

 

  · acquire additional Common Stock through open market purchases or otherwise;

 

  ·

sell Common Stock through the open market or otherwise; or

 

7

CUSIP No. 281479105

 

  ·

otherwise engage or participate in a transaction with the purpose or effect of changing or influencing the control of the Company.

 

Such transactions may take place at any time and without prior notice.  There can be no assurance, however, that any Reporting Person will take any such actions.

 

Item 5.Interest in Securities of the Issuer.

 

Item 5 is hereby amended as follows:

 

(a)       The aggregate percentage of the Issuer’s outstanding shares of Common Stock reported owned by each Reporting Person is based on 8,352,253 shares of common stock outstanding at June 4, 2020, as reported by the Issuer on its Form DEF 14A, filed with the United States Securities and Exchange Commission on June 12, 2020. Each Reporting Person disclaims beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Reporting Person.

 

Red Oak Partners beneficially owns 496,789 shares of Common Stock, representing 5.9% of all the outstanding shares of Common Stock. The Funds are each controlled by Red Oak Partners. Therefore, Red Oak Partners may be deemed to beneficially own (i) the 234,362 shares of Common Stock held by the Red Oak Fund, (ii) the 203,637 shares of Common Stock held by Red Oak Founders Fund, and (iii) the 58,790 shares of Common Stock held by the Red Oak Long Fund.

 

Mr. Sandberg, as the managing member of Red Oak Partners may be deemed to beneficially own the 496,789 shares of Common Stock beneficially owned by Red Oak Partners through the Funds, representing 5.9% of all the outstanding shares of Common Stock.

 

Red Oak Fund may be deemed to beneficially own 234,362 shares of Common Stock, representing 2.8% of all the outstanding shares of Common Stock. Red Oak Founders Fund may be deemed to beneficially own 203,637 shares of Common Stock, representing 2.4% of all the outstanding shares of Common Stock. Red Oak Long Fund may be deemed to beneficially own 58,790 shares of Common Stock, representing less than 1% of all the outstanding shares of Common Stock.

 

(b)       Each of Red Oak Partners and Mr. Sandberg may be deemed to have shared voting and dispositive power with respect to (i) the 234,362 shares of Common Stock held by the Red Oak Fund, (ii) the 203,637 shares of Common Stock held by Red Oak Founders Fund, and (iii) the 58,790 shares of Common Stock held by the Red Oak Long Fund. No Fund shares with any other Fund voting or dispositive power with respect to the shares such Fund beneficially owns.

 

8

CUSIP No. 281479105

 

(c)       Transactions by the Reporting Persons effected in Common Stock that have taken place in the last sixty days are as follows:

 

Date Fund Name Action Quantity Average Price
5/8/2020 The Red Oak Institutional Founders Long Fund LP SELL 2,495 5.539
5/8/2020 The Red Oak Fund, LP SELL 2,871 5.539
5/8/2020 The Red Oak Long Fund LP SELL 721 5.539
5/11/2020 The Red Oak Institutional Founders Long Fund LP SELL 657 5.829
5/11/2020 The Red Oak Fund, LP SELL 757 5.829
5/11/2020 The Red Oak Long Fund LP SELL 190 5.829
5/13/2020 The Red Oak Institutional Founders Long Fund LP SELL 5,964 6.188
5/13/2020 The Red Oak Fund, LP SELL 6,864 6.188
5/13/2020 The Red Oak Long Fund LP SELL 1,723 6.188
5/21/2020 The Red Oak Institutional Founders Long Fund LP SELL 8,982 6.602
5/21/2020 The Red Oak Fund, LP SELL 10,337 6.602
5/21/2020 The Red Oak Long Fund LP SELL 2,594 6.602
6/29/2020 The Red Oak Institutional Founders Long Fund LP SELL 21 9.524
6/29/2020 The Red Oak Fund, LP SELL 23 9.524
6/29/2020 The Red Oak Long Fund LP SELL 6 9.524
6/30/2020 The Red Oak Institutional Founders Long Fund LP SELL 32,308 9.667
6/30/2020 The Red Oak Fund, LP SELL 37,161 9.667
6/30/2020 The Red Oak Long Fund LP SELL 9,330 9.667
7/1/2020 The Red Oak Institutional Founders Long Fund LP SELL 451 9.855
7/1/2020 The Red Oak Fund, LP SELL 519 9.855
7/1/2020 The Red Oak Long Fund LP SELL 130 9.855

 

9

CUSIP No. 281479105

 

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: July 2, 2020

 

  RED OAK PARTNERS, LLC
   
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK INSTITUTIONAL FOUNDERS LOND FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  THE RED OAK LONG FUND, L.P.
   
  By: RED OAK PARTNERS, LLC, its general partner
     
  By:

/s/ David Sandberg

    Name: David Sandberg
    Title: Managing Member

 

  By:

/s/ David Sandberg

    DAVID SANDBERG

 

 

10