Filing Details

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

SCHEDULE 13G

(Rule 13d-102)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2

 

(Amendment No.    )¹

 

Inspired Entertainment, Inc.

(Name of Issuer)

 

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

 

45782N108

(CUSIP Number)

 

09/19/2022

(Date of Event Which Requires Filing of this Statement)

 

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

 

☒

Rule 13d-1(b)

 

☐

Rule 13d-1(c)

 

☐

Rule 13d-1(d)

 

1

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).

 

 

 

1	NAME OF REPORTING PERSONS   PHILOTIMO FUND, 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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION   DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   - 0 -
	8	SHARED VOTING POWER   1,104,700
	9	SOLE DISPOSITIVE POWER   - 0 -
	10	SHARED DISPOSITIVE POWER   1,104,700
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   1,104,700
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   4.2%
14	TYPE OF REPORTING PERSON   IA, PN

 

 

1	NAME OF REPORTING PERSONS   KANEN WEALTH MANAGEMENT, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS OO; 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   FLORIDA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   - 0 -
	8	SHARED VOTING POWER   1,402,250
	9	SOLE DISPOSITIVE POWER   - 0 -
	10	SHARED DISPOSITIVE POWER   1,402,250
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   1,402,250
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   5.4%
14	TYPE OF REPORTING PERSON   IA, OO

 

 

1	NAME OF REPORTING PERSONS   DAVID L. KANEN
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS PF; OO
5	CHECK BOX 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   146,250
	8	SHARED VOTING POWER   1,402,250
	9	SOLE DISPOSITIVE POWER   146,250
	10	SHARED DISPOSITIVE POWER   1,402,250
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   3,340,194
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   5.9%
14	TYPE OF REPORTING PERSON   IN

 

 

1	NAME OF REPORTING PERSONS   PHILOTIMO FOCUSED GROWTH AND INCOME FUND
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   DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   - 0 -
	8	SHARED VOTING POWER   295,050
	9	SOLE DISPOSITIVE POWER   - 0 -
	10	SHARED DISPOSITIVE POWER   295,050
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   295,050
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   1.1%
14	TYPE OF REPORTING PERSON   IA, OO

 

 

Item 1(a).

Name of Issuer:

 

Inspired Entertainment, Inc.

 

Item 1(b).

Address of Issuer’s Principal Executive Offices:

 

250 West 57^th Street, Suite 415, New York, NY 10107

 

Item 2(a).

Name of Person Filing:

 

This statement is filed by Philotimo Fund LP, a Delaware limited partnership (“Philotimo”), Kanen Wealth Management, LLC, a Florida limited liability company (“KWM”) and David L. Kanen, and Philotimo Focused Growth and Income Fund, a series of World Funds Trust, a Delaware statutory trust (“PHLOX”). Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

 

KWM is the general partner of Philotimo. KWM is the advisor to the fund of PHLOX. Mr. Kanen is the managing member of KWM. By virtue of these relationships, KWM may be deemed to beneficially own the Shares (as defined below) owned by Philotimo and PHLOX and Mr. Kanen may be deemed to beneficially own the Shares (as defined below) owned by each of Philotimo, KWM and PHLOX.

 

Item 2(b).

Address of Principal Business Office or, if none, Residence:

 

The principal business address of each of each of Philotimo, KWM, PHLOX and Mr. Kanen is 5850 Coral Ridge Drive, Suite 309, Coral Springs, Florida 33076

 

Item 2(c).

Citizenship:

 

Philotimo is organized under the laws of the State of Delaware. KWM is organized under the laws of the State of Florida. Mr. Kanen is a citizen of the United States of America. Phlox is organized under the law of the state of Delaware.

 

Item 2(d).

Title of Class of Securities:

 

Common Stock, par value $0.0001 per share (the “Shares”)

 

Item 2(e).

CUSIP Number:

 

45782N108

 

Item 3.

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

 

☐

Not Applicable

 

	(a)	☐	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)	☒	Investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E).
	(f)	☐	Employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F).
	(g)	☐	Parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G).
	(h)	☐	Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
	(i)	☐	Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3).
	(j)	☐	Non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J).
	(k)	☐	Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).

 

Item 4.

Ownership.

 

All ownership information reported in this Item 4 is as of the close of business on September 28th, 2021.

 

Philotimo

 

(a)

Amount beneficially owned:

 

1,104,700 Shares

 

(b)

Percent of class:

 

4.2% (based upon 26,196,027 Shares outstanding as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 9^th, 2022.)

 

(c)

Number of shares as to which such person has:

 

(i)

Sole power to vote or to direct the vote

 

0 Shares

 

(ii)

Shared power to vote or to direct the vote

 

1,104,700 Shares

 

(iii)

Sole power to dispose or to direct the disposition of

 

0 Shares

 

(iv)

Shared power to dispose or to direct the disposition of

 

1,104,700 Shares

 

 

KWM

 

(a)

Amount beneficially owned:

 

1,402,250

 

(b)

Percent of class:

 

5.4% (based upon 26,196,027 Shares outstanding as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 9^th, 2022.)

 

(c)

Number of shares as to which such person has:

 

(i)

Sole power to vote or to direct the vote

 

0 Shares

 

(ii)

Shared power to vote or to direct the vote

 

1,402,250 Shares

 

(iii)

Sole power to dispose or to direct the disposition of

 

0 Shares

 

(iv)

Shared power to dispose or to direct the disposition of

 

1,402,250 Shares

 

Mr. Kanen

 

(a)

Amount beneficially owned:

 

1,548,500

 

(b)

Percent of class:

 

5.9% (based upon 26,196,027 Shares outstanding as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 9^th, 2022.)

 

(c)

Number of shares as to which such person has:

 

(i)

Sole power to vote or to direct the vote

 

146,250 Shares

 

(ii)

Shared power to vote or to direct the vote

 

1,402,250 Shares

 

(iii)

Sole power to dispose or to direct the disposition of

 

146,250 Shares

 

(iv)

Shared power to dispose or to direct the disposition of

 

1,402,250 Shares

 

 

PHLOX

 

(a)

Amount beneficially owned:

 

295,050

 

(b)

Percent of class:

 

1.1% (based upon 26,196,027 Shares outstanding as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on August 9^th, 2022.)

 

(c)

Number of shares as to which such person has:

 

(i)

Sole power to vote or to direct the vote

 

0 Shares

 

(ii)

Shared power to vote or to direct the vote

 

295,050 Shares

 

(iii)

Sole power to dispose or to direct the disposition of

 

0 Shares

 

(iv)

Shared power to dispose or to direct the disposition of

 

295,050 Shares

 

KWM is the general partner of Philotimo. KWM is the advisor to the fund of PHLOX. Mr. Kanen is the managing member of KWM. By virtue of these relationships, KWM may be deemed to beneficially own the Shares owned by Philotimo and PHLOX, and Mr. Kanen may be deemed to beneficially own the owned by each of Philotimo, PHLOX, and KWM.

 

The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person.

 

 

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 five percent of the class of securities, check the following ☐.

 

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.

 

See Exhibit 99.1

 

Item 9.

Notice of Dissolution of Group.

 

Not Applicable.

 

Item 10.

Certifications.

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

 

 

SIGNATURES

 

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

 

Date: 09/29/2022	KANEN WEALTH MANAGEMENT, LLC
	By:	/s/ David L. Kanen
		Name:	David L. Kanen
		Title:	Managing Member

 

	PHILOTIMO FUND, LP
	By:	Kanen Wealth Management, LLC
		its general partner
	By:	/s/ David L. Kanen
		Name:	David L. Kanen
		Title:	Managing Member

 

	/s/ David L. Kanen
	DAVID L. KANEN

 

	PHILOTIMO FOCUSED GROWTH AND INCOME FUND
	By:	Kanen Wealth Management, LLC, its investment adviser
	By:	/s/ David L. Kanen
		Name:	David L. Kanen
		Title:	Managing Member

 

 

11