Filing Details

Accession Number:
0001011438-21-000237
Form Type:
13D Filing
Publication Date:
2021-10-06 20:00:00
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Prescott Group Capital Management 13,438,503 0 13,438,503 0 13,438,503 20.1%
Prescott Group Aggressive Small Cap 0 13,438,503 0 13,438,503 13,438,503 20.1%
Prescott Group Aggressive Small Cap II 0 13,438,503 0 13,438,503 13,438,503 20.1%
Prescott Group Aggressive Small Cap Master Fund, G.P 0 13,438,503 0 13,438,503 13,438,503 20.1%
Phil Frohlich 13,438,503 0 13,438,503 0 13,438,503 20.1%
Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)*


Performant Financial Corporation
(Name of Issuer)

Common Stock, $0.0001 par value per share
(Title of Class of Securities)

71377E105
(CUSIP NUMBER)

Phil Frohlich
1924 South Utica Ave., Suite #1120
Tulsa, Oklahoma  74104-6429
(918) 747-3412
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

October 5, 2021
(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box [X].

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, as amended (the “Act”), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.


CUSIP No.   71377E105
13D
 

1
NAME OF REPORTING PERSONS
 
Prescott Group Capital Management, L.L.C.
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
 
Oklahoma
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
SOLE VOTING POWER
 
13,438,503
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
13,438,503
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,438,503
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [  ]
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
20.1%
14
TYPE OF REPORTING PERSON*
 
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT


CUSIP No. 71377E105
13D
 

1
NAME OF REPORTING PERSONS
 
Prescott Group Aggressive Small Cap, L.P.
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
 
Oklahoma
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
13,438,503
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
13,438,503
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,438,503
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [  ]
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
20.1%
14
TYPE OF REPORTING PERSON*
 
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT

CUSIP No. 71377E105
13D
 

1
NAME OF REPORTING PERSONS
 
Prescott Group Aggressive Small Cap II, L.P.
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
 
Oklahoma
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
13,438,503
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
13,438,503
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,438,503
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [  ]
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
20.1%
14
TYPE OF REPORTING PERSON*
 
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT

CUSIP No. 71377E105
13D
 

1
NAME OF REPORTING PERSONS
 
Prescott Group Aggressive Small Cap Master Fund, G.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
 
Oklahoma
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
13,438,503
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
13,438,503
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,438,503
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [  ]
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
20.1%
14
TYPE OF REPORTING PERSON*
 
PN
*SEE INSTRUCTIONS BEFORE FILLING OUT

CUSIP No. 71377E105
13D
 

1
NAME OF REPORTING PERSONS
 
Phil Frohlich
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
 
U.S. CITIZEN
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
 
 
7
SOLE VOTING POWER
 
13,438,503
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
13,438,503
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,438,503
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [  ]
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
20.1%
14
TYPE OF REPORTING PERSON*
 
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT
AMENDMENT NO. 3 TO SCHEDULE 13D

The following constitutes Amendment No. 3 (“Amendment No. 3”) to the Schedule 13D filed with the Securities and Exchange Commission (“SEC”) by Prescott Group Capital Management, L.L.C., an Oklahoma limited liability company (“Prescott Capital”), Prescott Group Aggressive Small Cap, L.P., an Oklahoma limited partnership (“Prescott Small Cap”), Prescott Group Aggressive Small Cap II, L.P., an Oklahoma limited partnership (“Prescott Small Cap II”, and, together with Prescott Small Cap, the “Small Cap Funds”), Prescott Group Aggressive Small Cap Master Fund, G.P., an Oklahoma general partnership (“Master Fund”) and Phil Frohlich, the principal of Prescott Capital, relating to Common Stock, par value $0.0001 per share (the “Common Stock”), of Performant Financial Corporation, a Delaware corporation (the “Issuer”) on March 26, 2020, as amended by Amendment No. 1 filed on October 26, 2020, and Amendment No. 2 filed on June 4, 2021.

This Amendment No. 3 relates to shares of Common Stock of the Issuer held in the account of the Master Fund, of which the Small Cap Funds are general partners. Prescott Capital serves as the general partner and investment manager of the Small Cap Funds and may direct the Small Cap Funds, the general partners of the Master Fund, to direct the vote and disposition of the 13,438,503 shares of Common Stock held by the Master Fund. As the principal of Prescott Capital, Mr. Frohlich may direct the vote and disposition of the 13,438,503 shares of Common Stock held by the Master Fund.

All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D, as amended. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

Item 3.       Source and Amount of Funds

Item 3 of Schedule 13D is amended and restated as follows:

As of October 7, 2021, the Master Fund had invested $20,320,814 (inclusive of brokerage commissions) in shares of Common Stock of the Issuer.  The source of these funds was the working capital of the Master Fund.

Item 5.                           Interest in Securities of the Issuer

Item 5 of Schedule 13D is amended and restated as follows:

(a) and (b) Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D are incorporated herein by reference.  Such information is based on 66,926,000 shares of Common Stock outstanding as of August 20, 2021, as reported in the Issuer’s Prospectus Supplement filed with the Securities and Exchange Commission on August 19, 2021.

As of October 7, 2021, the Master Fund directly held and beneficially owned 13,438,503 shares of Common Stock, representing approximately 20.1% of the outstanding Common Stock.  As general partners of the Master Fund, the Small Cap Funds may be deemed to beneficially own the shares of Common Stock held by the Master Fund.  As the general partner of the Small Cap Funds, Prescott Capital may also be deemed to beneficially own the shares of Common Stock held by the Master Fund.  As managing member of Prescott Capital, Phil Frohlich may be deemed to beneficially own the shares of Common Stock held by the Master Fund.

The filing of this statement on Schedule 13D shall not be construed as admission that any of Prescott Capital, the Small Cap Funds or Mr. Frohlich is for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any of the 13,438,503 shares of Common Stock held by the Master Fund and pursuant to Rule 13d-4, Prescott Capital, the Small Cap Funds and Mr. Frohlich disclaim all such beneficial ownership.

(c) Transactions by or on behalf of the Reporting Persons effected during the past 60 days are set forth in Schedule A below and such information is incorporated herein by reference.

(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock.

(e) Not applicable.



SIGNATURE

After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:  October 7, 2021


 
Prescott Group Capital Management, L.L.C.
 
 
 
 
By:
/s/ Phil Frohlich
 
Name: 
Phil Frohlich, Managing Member
 
 
 
 
Prescott Group Aggressive Small Cap, L.P.
 
 
 
 
By:
Prescott Group Capital Management, L.L.C., its general partner
 
 
 
 
By:
/s/ Phil Frohlich
 
 
its general partner
 
 
 
 
Prescott Group Aggressive Small Cap II, L.P. 
 
 
 
 
By:
Prescott Group Capital Management, L.L.C., its general partner
 
 
 
 
By:
/s/ Phil Frohlich
 
 
Phil Frohlich, Managing Member
 
 
 
 
Prescott Group Aggressive Small Cap Master Fund, G.P.
 
 
 
 
By:
Prescott Group Aggressive Small Cap, L.P., general partner
 
By:
Prescott Group Aggressive Small Cap II, L.P., general partner
 
By:
Prescott Group Capital Management, L.L.C., its general partner
 
   
 
By:
/s/ Phil Frohlich
 
 
Phil Frohlich, Managing Member
 
 
 
 
Phil Frohlich
 
 
 
By:
/s/ Phil Frohlich
 
 
Phil Frohlich



SCHEDULE A
TRANSACTIONS
The following table sets forth all transactions by or on behalf of the Reporting Persons with respect to shares of Common Stock effected in the last 60 days, inclusive of any transactions effected through 4:00 p.m., New York City time, on October 6, 2021. Except as otherwise noted below, all such transactions were purchases of Common Stock effected in the open market, and the table excludes commissions paid in per share prices.

Nature of Transaction
  
Shares of Common
Stock
Purchased/(Sold)
 
  
Price Per
Share ($)
 
  
Date of
Purchase / Sale
 
Buy
  
 
40,000
 
  
 
$ 3.70
  
  
 
08/19/2021
  
Buy
  
 
249,300
 
  
 
$ 3.62
  
  
 
10/04/2021
  
Buy
   
65,700
     
 $ 3.63
     
10/04/2021
 
Buy
   
40,000
     
$ 3.65
     
10/04/2021
 
Buy
  
 
50,000
 
  
 
$ 3.66
  
  
 
10/04/2021
  
Buy
   
50,000
     
$ 3.60
     
10/05/2021
 
Buy
   
116,299
     
$ 3.61
     
10/05/2021
 
Buy
    140,900
      $3.570
      10/06/2021
 
Buy      200       $3.568
       10/06/2021  
Buy 
    200
      $3.569
      10/06/2021
 
Buy 
    643
      $3.560
      10/06/2021
 
Buy
    140,000
      $3.580
      10/06/2021