Evine Live Inc. (EVLV): Cannell Capital Trims Exposure

According to a newly-amended 13D filing with the US Securities and Exchange Commission, J. Carlo Cannell‘s Cannel Capital owns almost 4.0 million shares of  Evine Live Inc. (NASDAQ:EVLV), which represent 6.99% of the company’s outstanding stock. This is slightly less compared to 4.61 million shares Cannel Capital held at the end of the December of 2015, as reported in a previous 13F filing. It was also revealed in a 13D filing that Cannel Capital is satisfied with their investment in the company and that it will continue to hold the shares as a long term investment, while reserving their rights to become active in the management of the company, in order to achieve the maximum value of the shares.

Evine Live Inc. (NASDAQ:EVLV) is a digital commerce company that markets and sells various consumer products through different forms of media, including online, TV, and mobile. Over the past 12 months the company’s shares have dropped by 77.3%. For fourth quarter of 2015, Evine Live Inc (NASDAQ:EVLV) reported earnings per share of $0.01, which was in line with expectations, while its revenue of of $211.54 million managed to beat the estimates of $210.02 million.

Among the hedge fund tracked by Insider Monkey, aside Cannel Capital, 11 investors reported long positions in Evine Live Inc. (NASDAQ:EVLV) as of the end of 2015. Jeffrey Bronchick’s Cove Street Capital held the most valuable position worth about $9.56 million in stock. Other investors that were bullish on this stock are  Paul Reeder and Edward Shapiro’s PAR Capital Management, George Hall’s Clinton Group, and Phil Frohlich’s Prescott Group Capital Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
J. Carlo Cannell 3,997,549 0 3,997,549 0 3,997,549 6.99%

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Page 1 of 7 – SEC Filing



SECURITIES AND EXCHANGE COMMISSION



Washington, D.C. 20549



SCHEDULE 13D



Under the Securities Exchange Act of 1934



(Amendment No.1 )
1


EVINE Live Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

300487105

(CUSIP Number)

J. Carlo Cannell

Cannell Capital LLC

245 Meriwether Circle

Alta, WY

83414

(307) 733-2284

(Name, Address and Telephone Number of Person

to Receive Notices and Communications)

April 6, 2016

(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.

(Continued on following pages)

(Page 1 of 7 Pages)

______________________

* 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).

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB control number.

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Page 2 of 7 – SEC Filing

CUSIP No. 300487105 Page 2 of 7 Pages
1

NAMES OF REPORTING PERSONS

I.R.S. Identification Nos. of above persons (entities only)

J. Carlo Cannell

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  ☐

(b)  ☐

3

SEC USE ONLY

4

SOURCE OF FUNDS

(see instructions)

WC/OO

5

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)  ☐ or 2(e)  ☐

6

CITIZENSHIP OR PLACE OF ORGANIZATION

USA

NUMBER OF SHARES

BENEFICIALLY OWNED BY

EACH REPORTING

PERSON WITH

7

SOLE VOTING POWER*

3,997,549

8

SHARED VOTING POWER

0

9

SOLE DISPOSITIVE POWER*

3,997,549

10

SHARED DISPOSITIVE POWER

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

3,997,549

12

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

(see instructions)

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

6.99%*

14

TYPE OF REPORTING PERSON

IN

* Based on information set forth on the Form 10-K of EVINE Live Inc.,
(the “Company”) as filed with the Securities and Exchange Commission on
April 1, 2016, there were 57,170,245 shares of Common Stock par value $0.01
per share (the “Shares”), of the Company issued and outstanding as of
March 28, 2016.

   As of April 6, 2016 (the “Reporting Date”), the Cuttyhunk Master Portfolio
(“Cuttyhunk”), Tristan Partners, L.P. (“Tristan”),
the Tristan Offshore Fund Ltd. (“Tristan Offshore”),
Tonga Partners, L.P. (“Tonga”), and sundry separately managed accounts, over
which J. Carlo Cannell has investment discretion (the “Cannell SMAs” and collectively
with Cuttyhunk, Tonga, Tristan and Tristan Offshore, the “Investment Vehicles”),
held in the aggregate 3,997,549 Shares.

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Page 3 of 7 – SEC Filing

CUSIP No. 300487105 Page 3 of 7 Pages

   Cannell Capital LLC acts as the investment adviser to to Tonga, Tristan,
Tristan Offshore, the Cannell SMAs, and the investor sub-advisor for Cuttyhunk.
Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC.
The Reporting Person possesses the sole power to vote and to direct
the disposition of the Shares held by the Investment Vehicles.

Item 1.   Security and Issuer
The title of the class of equity securities to which this Schedule 13D relates is
the Common Stock par value $0.01 per share of EVINE Live Inc.,
a Minnesota corporation. The address of the principal executive offices of the
Company is 6740 Shady Oak Road, Eden Prairie, MN 55344-3433.
Item 2.   Identity and Background
a)

The name of the Reporting Person is J. Carlo Cannell (the “Reporting Person”).

The Reporting Person is the sole managing member of Cannell Capital LLC, an
investment sub-advisor for the Cuttyhunk Master Portfolio and investment adviser to
the Cannell SMAs and to the following entities:

Tonga Partners, L.P.

Tristan Partners, L.P.

Tristan Offshore Fund, Ltd.

Set forth in the attached Annex “A” and incorporated herein by reference is a
listing of the directors, general partners, managing members and controlling
persons of the Reporting Person and the Investment Vehicles (collectively,
the “Covered Persons”), and sets forth the principal occupation,
citizenship and principal place of business of each Covered Person.

b)

The principal business address of the Reporting Person is:

245 Meriwether Circle

Alta, WY 83414

c)

The principal business of the Reporting Person is the performance of
investment management and advisory services. The principal business of the
Investment Vehicles is investment in securities.

d)

Neither the Reporting Person, nor to the best of its knowledge, any of the
Investment Vehicles, has, in the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).

e)

Neither the Reporting Person, nor to the best of its knowledge, any of the Investment
Vehicles, has, during the last five years, been 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 judgement, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violations with respect to
such laws.

f)

The place of organization of the Reporting Person is as follows:

The citizenship of each Covered Person is set forth on the attached Annex A
and incorporated herein by reference.

Mr. J. Carlo Cannell is the Managing Member of Cannell Capital LLC, a Wyoming
limited liability company.

Item 3.   Source and Amount of Funds or Other Consideration

The securities to which this statement relates were acquired by the Reporting
Person using the working capital of each Investment Vehicle as follows:

The Cuttyhunk Master Portfolio: $1,399,350.90

Tonga Partners, L.P.: $3,377,930.51

Tristan Partners, L.P.: $3,653,110.88

Tristan Offshore Fund, Ltd.: $1,865,957.25

Cannell Separately Managed Accounts: $550,060.68

The Investment Vehicles have invested an aggregate amount of approximately $10,846,410.22 in the Shares.

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Page 4 of 7 – SEC Filing

CUSIP No. 300487105 Page 4 of 7 Pages
Item 4.   Purpose of Transaction


Mr. Cannell, on behalf of the Investment Vehicles, identified the Company as an
entity satisfying each Fund’s investment criteria. The Funds acquired and continue
to hold the Shares as a long-term investment.


Mr. Cannell reserves the right to discuss various views and opinions with respect to
the Company and its business plans with the Company or the members of its senior
management. The discussion of such views and opinions may extend from ordinary
day-to-day business operations to matters such as nominees for representation on the
Company’s board of directors, senior management decisions and extraordinary business
transactions. Mr. Cannell reserves the right to take such action as he may deem
necessary from time to time to seek to maximize the value of the Shares. Such
actions may include, but may not necessarily be limited to, pursuit of strategic
initiatives to enhance shareholder value.


In addition to the actions set forth above, Mr. Cannell may engage in any of the
actions specified in Items 4(a) through 4(j) to the Schedule 13D general instructions.


Except as set forth above and in the Item 7 Exhibit below, Mr. Cannell has no
present plans or proposals that relate to or would result in any of the
transactions described in Item 4 of Schedule 13D.

Item 5.   Interest in Securities of the Issuer
Based on information set forth in the Company’s Form 10-K as filed with the
Securities and Exchange Commission on April 1, 2016, there were 57,170,245
Common Shares issued and outstanding as of March 28, 2016.

(a)  As of the Reporting Date, for the purposes of Reg. Section 240.13d-3, Cannell
Capital LLC may be deemed to beneficially own 3,997,549 Shares, or approximately
6.99% of the Shares deemed issued and outstanding as of the Reporting Date.

(b)  Cannell Capital LLC possesses the sole power to vote and to direct
the disposition of the Shares held by the Investment Vehicles.

(c)  The following table details the transactions during the sixty days on or prior
to the Reporting Date in Shares, or securities convertible into, exercisable for or
exchangeable for Shares, by Cannell Capital LLC or any other person or entity
controlled by him or any person or entity for which he possesses voting or
investment control over the securities thereof (each of which was effected in
an ordinary brokerage transaction by Cannell Capital LLC on behalf
of the Investment Vehicles).

&nbsp   EntityDateQuantity

Price

Per Share

Form Of

Transaction

 &nbsp   Cannell SMAs02/17/201648,5040.5086 Sell    Cannell SMAs02/18/201650,0000.5010 Sell    Cannell SMAs02/19/2016114,4000.4872 Sell    Cannell SMAs02/22/201629,3170.5041 Sell    Cannell SMAs02/23/201650,0000.5135 Sell    Cannell SMAs02/24/201651,8000.5018 Sell    Cannell SMAs02/25/2016154,4830.5036 Sell    Cuttyhunk04/05/20162,9841.2096 Sell    Tonga04/05/20165,5161.2096 Sell    Cuttyhunk04/06/201637,3601.2059 Sell    Tonga04/06/201669,0541.2059 Sell &nbspItem 6.   Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer  NoneItem 7.   Material to Be Filed as Exhibits  None

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Page 5 of 7 – SEC Filing

CUSIP No. 300487105 Page 5 of 7 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:  April 18, 2016

Cannell Capital LLC

By:  /s/ J. Carlo Cannell                 

Name:  J. Carlo Cannell

Title:  Managing Member

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Page 6 of 7 – SEC Filing

CUSIP No. 300487105 Page 6 of 7 Pages

Annex “A”

MANAGERS AND GENERAL PARTNERS OF THE REPORTING PERSON AND THE INVESTMENT VEHICLES

The following sets forth the name, principal occupation, citizenship or
jurisdiction of organization and principal place of business of the
directors, general partners, managing members or controlling persons
of the Reporting Person and the Investment Vehicles (the “Covered Persons”) indicated below:

J. Carlo Cannell

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

J. Carlo Cannell

Managing Member

Investment Management

Wyoming, United States

(1)

Cannell Capital LLC

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

J. Carlo Cannell

Managing Member

Investment Management

Wyoming, United States

(1)

Tonga Partners, L.P.

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

Cannell Capital LLC

Investment Adviser and General Partner

Investment Management

Wyoming, United States

(1)

The Cuttyhunk Master Portfolio

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

Cannell Capital LLC

Investment Subadviser

Investment Management

Wyoming, United States

(1)

Tristan Partners, L.P.

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

Cannell Capital LLC

Investment Adviser and General Partner

Investment Management

Wyoming, United States

(1)

Tristan Offshore Fund, Ltd.

Name:

Title or Relationship with Reporting Person:

Principal Occupation or Employment:

Citizenship or Jurisdiction of Organization:

Principal Place of Business:

Cannell Capital LLC

Investment Adviser

Investment Management

Cayman Islands

(2)

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Page 7 of 7 – SEC Filing

CUSIP No. 300487105 Page 7 of 7 Pages

Annex “B”

Agreement Regarding the Joint Filing of Schedule 13D

1) Each of them is individually eligible to use the Schedule 13D to which this
Exhibit is attached, and such Schedule 13D is filed on behalf each of them;
2) Each of them is responsible for the timely filing of such Schedule 13D and
any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.

Dated:  April 18, 2016

By:  /s/ J. Carlo Cannell                 

Name:  J. Carlo Cannell

Cannell Capital LLC

By:  /s/ J. Carlo Cannell                 

Name:  J. Carlo Cannell

Title:  Managing Member

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