13D Filing: Becker Drapkin Management and Great Elm Capital Group Inc. (GEC)

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This Amendment No. 1 to Schedule 13D amends and supplements the Schedule 13D filed with the Securities and
Exchange Commission (the SEC) on September 26, 2017, on behalf of the Reporting Persons, with respect to the shares of common stock, $0.001 Par Value (the Common Stock), of Great Elm Capital Group, Inc., a Delaware
corporation (the Issuer) (as amended, this Statement).

Item 2. Identity and Background

Items 2(a) and 2(c) are amended and supplemented to add the following information for updating as of the date hereof:

(a) This Statement is filed jointly on behalf of the following persons (collectively, the Reporting Persons): Northern Right
Capital Management, L.P., a Texas limited partnership (Northern Right Management); Northern Right Capital (QP), L.P., a Texas limited partnership (Northern Right QP); BC Advisors, LLC, a Texas limited liability company
(BCA); and Matthew A. Drapkin. The Reporting Persons are filing this Statement jointly, and the agreement among the Reporting Persons to file jointly was previously attached to this Statement.

Mr. Drapkin is a member of BCA, and BCA is the general partner of Northern Right Management. Mr. Drapkin is also a limited partner
of Northern Right Management. Northern Right Management is the general partner of, and investment manager for, Northern Right QP, and the investment manager for a separate managed account on behalf of an investment advisory client (the Managed
Account).

(c) The present principal occupation of Mr. Drapkin is serving as a managing member of BCA. The principal business of
BCA is serving as the general partner of Northern Right Management. The principal business of Northern Right Management is serving as the general partner of, and investment manager for Northern Right QP and serving as investment manager for the
Managed Account and other investment funds and managed accounts. The principal business of Northern Right QP is acquiring and holding securities for investment purposes.

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 $8,391,906.72 (including commissions) to purchase 2,402,792 shares of Common Stock.
Funds used to purchase the reported securities have come from the working capital of Northern Right QP and the Managed Account, which may, at any given time, include margin loans made by brokerage firms or banks in the ordinary course of business.

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