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Filing Details

Accession Number:: 0000921895-25-000068
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2025-01-06 19:22:17
Reporting Period:: 2025-01-02

Accepted Time:: 2025-01-06 19:22:17
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
914712	Steel Connect Inc.	STCN	Coating, Engraving & Allied Services (3470)	DE

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
106618	Ltd. Harman & Handy	590 Madison Avenue 32Nd Floor New York NY 10022	Yes	No	No	Yes
709804	Steel Excel Inc.	590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	Yes	No
1342942	Whx Cs Llc	590 Madison Avenue 32Nd Floor New York NY 10022	Yes	No	No	Yes
1452857	L.p. Holdings Partners Steel	590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	Yes	No
1522066	Sph Group Holdings Llc	C/O Steel Partners Holdings L.p. 590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	Yes	No
1522067	Sph Group Llc	C/O Steel Partners Holdings L.p. 590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	Yes	No
1537666	Steel Partners Holdings Gp Inc.	C/O Steel Partners Holdings L.p. 590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	Yes	No
1662159	Webfinancial Holding Corp	590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	No	Yes
1960672	Wf Asset Corp.	590 Madison Avenue, 32Nd Floor New York NY 10022	Yes	No	No	Yes

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, $0.01 Par Value	Acquisiton	2025-01-02	182,526	$0.00	3,683,511	No	4	P	Indirect	By Steel Excel Inc.
Common Stock, $0.01 Par Value	Acquisiton	2025-01-02	634,156	$0.00	4,317,667	No	4	C	Indirect	By Steel Excel Inc.
Common Stock, $0.01 Par Value	Acquisiton	2025-01-02	19,175,628	$0.00	23,493,295	No	4	C	Indirect	By Steel Excel Inc.
Common Stock, $0.01 Par Value	Acquisiton	2025-01-02	1,913,265	$0.00	25,406,560	No	4	C	Indirect	By Steel Excel Inc.
Common Stock, $0.01 Par Value	Acquisiton	2025-01-02	2,652,130	$0.00	28,058,690	No	4	J	Indirect	By Steel Excel Inc.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Steel Excel Inc.
No	4	C	Indirect	By Steel Excel Inc.
No	4	C	Indirect	By Steel Excel Inc.
No	4	C	Indirect	By Steel Excel Inc.
No	4	J	Indirect	By Steel Excel Inc.

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Series C Convertible Preferred Stock	Disposition	2025-01-02	35,000	$0.00	1,913,265	$1.96
Common Stock	Series E Convertible Preferred Stock	Disposition	2025-01-02	3,387,957	$0.00	19,175,628	$1.10
Common Stock	Series E Convertible Preferred Stock	Disposition	2025-01-02	112,043	$0.00	634,156	$1.10

Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
No	4	C	Indirect
No	4	C	Indirect
No	4	C	Indirect

Footnotes

This Form 4 is filed jointly by Steel Partners Holdings L.P. ("Steel Holdings"), WebFinancial Holding Corporation ("WebFinancial"), SPH Group LLC ("SPHG"), SPH Group Holdings LLC ("SPHG Holdings"), Steel Partners Holdings GP Inc. ("Steel Holdings GP"), Steel Excel, Inc. ("Steel Excel"), WF Asset Corp. ("WF Asset"), Handy & Harman Ltd. ("HNH") and WHX CS LLC ("WHX CS") (collectively, the "Reporting Persons"). Steel Holdings owns a majority of the membership interests of SPHG. SPHG is the sole member of SPHG Holdings. Steel Holdings GP is the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings. SPHG Holdings owns 100% of the outstanding shares of common stock of Steel Excel. Steel Excel owns 100% of the outstanding shares of common stock of HNH and is a majority shareholder of WF Asset. HNH owns a majority of the outstanding membership interests of WHX CS. WebFinancial is a former subsidiary of Steel Holdings.
Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group (the "Section 13(d) Group") that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock (the "Shares").
On January 2, 2025, Warren G. Lichtenstein sold 182,526 Shares to Steel Excel in exchange for an aggregate of $2,089,922.70, or $11.45 per Share.
Represents securities owned directly or indirectly by Steel Excel. By virtue of their relationships with Steel Excel discussed in Footnote 1, each of Steel Holdings, SPHG, SPHG Holdings and Steel Holdings GP may be deemed to beneficially own the securities owned directly or indirectly by Steel Excel. Each of Steel Holdings, SPHG, SPHG Holdings and Steel Holdings GP disclaims beneficial ownership of the securities owned directly or indirectly by Steel Excel.
On January 2, 2025, (i) Steel Excel converted its 112,043 shares of Series E Preferred Stock into 634,156 Shares and (ii) WebFinancial converted its 3,387,957 shares of Series E Preferred Stock into 19,175,628 Shares ("WebFinancial Series E Shares"). All of the WebFinancial Series E Shares were issued directly to Steel Excel.
On January 2, 2025, WebFinancial converted its 35,000 shares of Series C Preferred Stock into 1,913,265 Shares ("WebFinancial Series C Shares"). All of the WebFinancial Series C Shares were issued directly to Steel Excel.
On January 2, 2025, Steel Excel Sub I, LLC ("Merger Sub"), a wholly-owned subsidiary of Steel Excel, merged with and into the Issuer, with the Issuer surviving the Merger as a wholly-owned direct subsidiary of Steel Excel and an indirect subsidiary of Steel Holdings (the "Merger").
At the effective time of the Merger (the "Effective Time"), each Share issued and outstanding immediately prior to the Effective Time (other than (A) Shares owned by Merger Sub, the Issuer or any of the Issuer's wholly owned subsidiaries (the "Excluded Shares") and (B) Shares held by stockholders who have properly and validly exercised their statutory rights of appraisal in respect of such Shares in accordance with Section 262 of the Delaware General Corporation Law (the "Dissenting Shares")), was cancelled and automatically converted into the right to receive (i) cash consideration equal to $11.45 per Share (the "Per Share Cash Merger Consideration") and (ii) one Reith CVR per Share (together with the Per Share Cash Merger Consideration, the "Per Share Merger Consideration").
At the Effective Time, each share of restricted stock (each a "Restricted Share") issued by the Issuer pursuant to, or otherwise governed by, any Issuer equity plan, that was outstanding immediately prior to the Effective Time, became fully vested, subject to any applicable tax withholding on such acceleration, and, subject to the terms of the CVR Agreement, each holder of a Restricted Share received the Per Share Merger Consideration.
The Series C Convertible Preferred Stock had no expiration date.
The Series E Convertible Preferred Stock had no expiration date.
Represents securities previously owned directly by WebFinancial.