0001172661-17-000705.txt : 20170214 0001172661-17-000705.hdr.sgml : 20170214 20170214140525 ACCESSION NUMBER: 0001172661-17-000705 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170214 DATE AS OF CHANGE: 20170214 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CardConnect Corp. CENTRAL INDEX KEY: 0001614818 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 465380892 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-88738 FILM NUMBER: 17606834 BUSINESS ADDRESS: STREET 1: 1000 CONTINENTAL DRIVE, SUITE 300 CITY: KING OF PRUSSIA STATE: PA ZIP: 19406 BUSINESS PHONE: 484-581-2200 MAIL ADDRESS: STREET 1: 1000 CONTINENTAL DRIVE, SUITE 300 CITY: KING OF PRUSSIA STATE: PA ZIP: 19406 FORMER COMPANY: FORMER CONFORMED NAME: FinTech Acquisition Corp DATE OF NAME CHANGE: 20140724 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Palestra Capital Management LLC CENTRAL INDEX KEY: 0001568788 IRS NUMBER: 352421252 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1330 AVENUE OF THE AMERICAS STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-291-7480 MAIL ADDRESS: STREET 1: 1330 AVENUE OF THE AMERICAS STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13G 1 ccn123116.htm

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

(Amendment No. )*



CardConnect Corp.

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

14141X108

(CUSIP Number)

 

 

December 31, 2016
(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

x Rule 13d-1(b)

o Rule 13d-1(c)

o 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 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.  14141X108
 SCHEDULE 13G
Page 2 of 11 Pages

 

         
1
NAME OF REPORTING PERSONS
 
Palestra Capital Management LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o (b) o
 
3
SEC USE ONLY
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
1,920,000
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
1,920,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,920,000
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
6.7%
12
TYPE OF REPORTING PERSON (See Instructions)
 
IA
 
 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 3 of 11 Pages

 

         
1
NAME OF REPORTING PERSONS
 
Palestra Management LP
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o (b) o
 
3
SEC USE ONLY
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
1,920,000
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
1,920,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,920,000
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
6.7%
12
TYPE OF REPORTING PERSON (See Instructions)
 
OO

 

 

 
 
 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 4 of 11 Pages

 

         
1
NAME OF REPORTING PERSONS
 
Andrew Immerman
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o (b) o
 
3
SEC USE ONLY
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States of America
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
1,920,000
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
1,920,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,920,000
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
6.7%
12
TYPE OF REPORTING PERSON (See Instructions)
 
HC, IN
 

 
 
 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 5 of 11 Pages

 

         
1
NAME OF REPORTING PERSONS
 
Jeremy Schiffman
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o (b) o
 
3
SEC USE ONLY
 
 
4
CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States of America
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5
SOLE VOTING POWER
 
0
6
SHARED VOTING POWER
 
1,920,000
7
SOLE DISPOSITIVE POWER
 
0
8
SHARED DISPOSITIVE POWER
 
1,920,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,920,000
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
6.7%
12
TYPE OF REPORTING PERSON (See Instructions)
 
HC, IN

 

 

 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 6 of  11 Pages

 

Item 1.(a) Name of Issuer:

CardConnect Corp.

(b) Address of Issuer’s Principal Executive Offices:

 

1000 Continental Drive, Suite 300, King of Prussia, PA 19406

Item 2.(a) Name of Person Filing

This Statement is filed by each of the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons":

 

  (i) Palestra Capital Management LLC

 (ii) Palestra Management LP

(iii) Andrew Immerman

(iv) Jeremy Schiffman

 

(b) Address of Principal Business Office or, if none, Residence

The address of the principal business office of each of the Reporting Persons is c/o Palestra Capital Management LLC, 1330 Avenue of the Americas, New York, NY 10019.

 

(c) Citizenship

  (i) Palestra Capital Management LLC - Delaware Limited Liability Company

 (ii) Palestra Management LP - Delaware Limited Partnership

(iii) Andrew Immerman - United States Citizen

(iv) Jeremy Schiffman - United States Citizen

 

 (d) Title of Class of Securities

Common Stock

 (e) CUSIP No.:

14141X108

 

 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 7 of 11 Pages

 

 

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

  (a) o 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) x An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).
 
  (f) ¨ An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
 
  (g) x A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).
 
  (h) ¨ A savings associations 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) ¨ A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J).
 
  (k) ¨ A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:                            
       

 

 

 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 8 of 11 Pages

 

 

Item 4. Ownership

The percentage set forth in this Schedule 13G is calculated based upon the 28,751,331 shares of Common Stock issued and outstanding as of November 14, 2016 as disclosed in the Company's Quarterly Report for the quarterly period ended September 30, 2016 on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2016.

The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interests therein.

 
 

 

CUSIP No.  14141X108
 SCHEDULE 13G
Page 9 of  11 Pages

 

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 5 percent of the class of securities, check the following o.

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 Reported on by the Parent Holding Company or Control Person

 

Not Applicable.

Item 8. Identification and Classification of Members of the Group

 

Not Applicable.

Item 9. Notice of Dissolution of Group

 

Not Applicable.

Item 10. Certification

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not 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.  14141X108
 SCHEDULE 13G
Page 10 of 11 Pages

 

 

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.

 

Dated: February 14, 2017

 

 

  Palestra Capital Management, LLC
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman
    Title:  Managing Member

 

  Palestra Management LP
  By: Palestra Capital Management, LLC
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman
    Title:  Managing Member
       
  By:  Andrew Immerman
    Name:  Andrew Immerman, Individually
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman, Individually

 
CUSIP No. 14141X108
 SCHEDULE 13G
Page 11 of 11 Pages

 

EXHIBIT 1

 

JOINT FILING AGREEMENT

PURSUANT TO RULE 13d-1(k)

 

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

 

DATE: February 14, 2017

 

 

  Palestra Capital Management, LLC
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman
    Title:  Managing Member

 

  Palestra Management LP
  By: Palestra Capital Management, LLC
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman
    Title:  Managing Member
       
  By:  Andrew Immerman
    Name:  Andrew Immerman, Individually
       
  By:  Jeremy Schiffman
    Name:  Jeremy Schiffman, Individually