SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

EMCORE Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

290846203

(CUSIP Number)

Northern Right Capital Management, L.P.

Attn: Matthew A. Drapkin

9 Old Kings Hwy. S.

4th Floor

Darien, Connecticut 06820

(203) 951-5440

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

February 8, 2019

(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 which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

*

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. 290846203

 

 

  1   

NAME OF REPORTING PERSONS

 

Northern Right Capital Management, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS

 

OO

  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

 

342,531

      8     

SHARED VOTING POWER

 

1,825,116

      9     

SOLE DISPOSITIVE POWER

 

342,531

    10     

SHARED DISPOSITIVE POWER

 

1,825,116

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,167,647

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  

 

    

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

7.83%

14   

TYPE OF REPORTING PERSON

 

IA, PN


CUSIP No. 290846203

 

 

  1   

NAME OF REPORTING PERSONS

 

Northern Right Capital (QP), L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS

 

OO

  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

 

1,701,507

      8     

SHARED VOTING POWER

 

0

      9     

SOLE DISPOSITIVE POWER

 

1,701,507

    10     

SHARED DISPOSITIVE POWER

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,701,507

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  

 

    

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

6.15%

14   

TYPE OF REPORTING PERSON

 

IA, PN


CUSIP No. 290846203

 

 

  1   

NAME OF REPORTING PERSONS

 

NRC Partners I, LP

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS

 

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

 

123,609

      8     

SHARED VOTING POWER

 

0

      9     

SOLE DISPOSITIVE POWER

 

123,609

    10     

SHARED DISPOSITIVE POWER

 

0

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

123,609

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  

 

    

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

0.45%

14  

TYPE OF REPORTING PERSON

 

PN


CUSIP No. 290846203

 

 

  1   

NAME OF REPORTING PERSONS

 

BC Advisors, LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS

 

OO

  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

 

2,167,647

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

2,167,647

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,167,647

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  

 

    

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

7.83%

14  

TYPE OF REPORTING PERSON

 

IA, OO


CUSIP No. 290846203

 

 

  1   

NAME OF REPORTING PERSONS

 

Matthew A. Drapkin

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐        (b)  ☒

 

  3  

SEC USE ONLY

 

    

  4  

SOURCE OF FUNDS

 

OO

  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

 

2,167,647

      9     

SOLE DISPOSITIVE POWER

 

0

    10     

SHARED DISPOSITIVE POWER

 

2,167,647

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,167,647

12  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES  

 

    

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

7.83%

14  

TYPE OF REPORTING PERSON

 

IN


This Amendment No. 2 to Schedule 13D amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on October 10, 2018, on behalf of the Reporting Persons, with respect to the shares of common stock, no par value (the “Common Stock”), of EMCORE Corporation, a New Jersey corporation (the “Issuer”).

Item 3. Source and Amount of Funds or Other Consideration

Item 3 is amended and supplemented to add the following information for updating as of the date hereof:

The Reporting Persons expended an aggregate amount equal to $11,091,006 (including commissions) to purchase 2,167,647 shares of Common Stock. Funds used to purchase the reported securities held by Northern Right QP have come from the working capital of Northern Right QP, which may, at any given time, include margin loans made by brokerage firms or banks in the ordinary course of business. Funds used to purchase reported securities held by the Managed Account have come from the funds of the Managed Account, which may, at any given time, include margin loans made by brokerage firms or banks in the ordinary course of business.

Item 5. Interest in Securities of the Issuer

Item 5 is amended and supplemented to add the following information for updating as of the date hereof:

(a), (b) The Reporting Persons may be deemed to beneficially own in the aggregate 2,167,647 shares of Common Stock. Based upon a total of 27,670,466 outstanding shares of Common Stock as of January 31, 2019, as reported in the Issuer’s annual report on Form 10-Q for the quarter ended December 31, 2018, which was filed with the Securities and Exchange Commission on February 6, 2019 the Reporting Persons’ shares represent approximately 7.83% of the outstanding shares of Common Stock.

Northern Right QP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 1,701,507 shares of Common Stock (the “QP Shares”), which represent approximately 6.15% of the outstanding shares of Common Stock.

NRC Partners I, LP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 123,609 shares of Common Stock (the “NRC Shares”), which represent approximately 0.45% of the outstanding shares of Common Stock.

As general partner and investment manager of Northern Right QP and NRC Partners I, LP, Northern Right Management may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the QP Shares and the NRC Shares. Northern Right Management disclaims beneficial ownership of the QP Shares and NRC Shares. Northern Right Management in its capacity as investment manager for the Managed Account may be deemed to have the sole power to vote or direct the vote of (and the sole power to dispose or direct the disposition of) 342,531 shares held by the Managed Account (the “Managed Account Shares”), which represent approximately 1.24% of the outstanding shares of Common Stock. Northern Right QP disclaims beneficial ownership of the Managed Account Shares.

As general partner of Northern Right Management, BCA may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock beneficially owned by Northern Right Management. BCA disclaims beneficial ownership of any shares of Common Stock beneficially owned by Northern Right Management.

As managing member of BCA, Mr. Drapkin may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) any shares of Common Stock beneficially owned by BCA. Mr. Drapkin disclaims beneficial ownership of any shares of Common Stock beneficially owned by BCA.


As of the date hereof, no Reporting Person owns any shares of Common Stock other than those set forth in this Item 5.

(c) The trading dates, number of shares of Common Stock purchased or sold, and the price per share of Common Stock for all transactions by the Reporting Persons in shares of Common Stock since the original filing of this Schedule 13D, all of which were brokered transactions, are set forth below.

 

Reporting Person

   Trade Date      Purchased (Sold)      Price / Share  

Northern Right QP

     12/26/2018        5,968        3.9651  

Northern Right QP

     12/27/2018        14,843        3.9998  

Northern Right QP

     12/28/2018        6,243        3.9967  

Northern Right QP

     1/14/2019        20,810        4.4991  

Northern Right QP

     1/14/2019        20,810        4.503  

Northern Right QP

     1/15/2019        8324        4.5  

Northern Right QP

     1/17/2019        2997        4.5472  

Northern Right QP

     1/18/2019        9489        4.61  

Northern Right QP

     1/22/2019        2913        4.61  

Northern Right QP

     1/23/2019        13734        4.5903  

Northern Right QP

     1/24/2019        1581        4.4978  

Northern Right QP

     1/24/2019        20809        4.5121  

Northern Right QP

     1/25/2019        9323        4.507  

Northern Right QP

     1/28/2019        957        4.5387  

Northern Right QP

     1/29/2019        2414        4.5221  

Northern Right QP

     1/30/2019        30292        4.4441  

Northern Right QP

     1/31/2019        3579        4.3923  

Northern Right QP

     2/1/2019        10370        4.3657  

Northern Right QP

     2/4/2019        8072        4.3597  

Northern Right QP

     2/5/2019        440        4.35  

Managed Account

     12/26/2018        1,201        3.9651  

Managed Account

     12/27/2018        2,988        3.9998  

Managed Account

     12/28/2018        1,257        3.9967  

Managed Account

     1/14/2019        4,190        4.503  

Managed Account

     1/14/2019        4,190        4.4991  

Managed Account

     1/15/2019        1676        4.5  

Managed Account

     1/17/2019        603        4.5472  

Managed Account

     1/18/2019        1,911        4.61  

Managed Account

     1/22/2019        587        4.61  

Managed Account

     1/23/2019        2,766        4.5903  

Managed Account

     1/24/2019        4,191        4.5121  

Managed Account

     1/24/2019        319        4.4978  

Managed Account

     1/25/2019        1,877        4.507  

Managed Account

     1/28/2019        193        4.5387  

Managed Account

     1/29/2019        486        4.5221  

Managed Account

     1/30/2019        6,101        4.4441  

Managed Account

     1/31/2019        721        4.3923  

Managed Account

     2/1/2019        2,089        4.3657  

Managed Account

     2/4/2019        1,626        4.3597  

Managed Account

     2/5/2019        60        4.35  

NRC Partners I, LP

     2/7/2019        19,000        4.3297  

NRC Partners I, LP

     2/8/2019        35,400        4.3029  

NRC Partners I, LP

     2/11/2019        3,206        4.2564  

NRC Partners I, LP

     2/12/2019        66,003        4.2183  


(d) No person other than the Reporting Persons, and the Managed Account with respect to the Managed Account Shares, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of common Stock set forth above.

(e) Not applicable.


SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned, severally and not jointly, certified that the information set forth in this statement is true, complete and correct.

Dated: February 12, 2018

 

NORTHERN RIGHT CAPITAL MANAGEMENT, L.P.
By:   BC Advisors, LLC, its general partner
By:  

/s/ Matthew Drapkin

  Name: Matthew Drapkin
  Title:   Managing Member
NORTHERN RIGHT CAPITAL (QP), L.P.
By:   Northern Right Capital Management, L.P., its general partner
           By:   BC Advisors, LLC, its general partner
By:  

/s/ Matthew Drapkin

  Name: Matthew Drapkin
  Title:   Managing Member
BC ADVISORS, LLC
By:  

/s/ Matthew Drapkin

  Name: Matthew Drapkin
  Title:   Managing Member
MATTHEW A. DRAPKIN

/s/ Matthew Drapkin