UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6 )*
Attn: Steven R. Becker
300 Crescent Court, Suite 1111
Dallas, Texas 75201
(214) 756-6016
with a copy to:
Taylor H. Wilson
Haynes and Boone, LLP
2323 Victory Avenue, Suite 700
Dallas, Texas 75219
(214) 651-5615
Receive Notices and Communications)
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.o
Note:Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* 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).
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS Becker Drapkin Management, L.P. | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
AF, OO | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
Texas | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 2,062,050 | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 2,244,908 (1) | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 2,062,050 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
2,244,908 (1) | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
4,306,958 (1) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
11.7% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
IA, PN |
(1) | Includes 126,707 shares of Common Stock that Becker Drapkin Partners (QP), L.P. and 16,150 shares of Common Stock that Becker Drapkin Partners, L.P. have the right to acquire within 60 days pursuant to warrants to purchase shares of Common Stock of the Issuer. Becker Drapkin Management, L.P. is the general partner of, and may be deemed to indirectly beneficially own securities owned by, each of Becker Drapkin Partners (QP), L.P. and Becker Drapkin Partners, L.P. |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS Becker Drapkin Partners (QP), L.P. | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
WC | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
Texas | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 1,367,130 (2) | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 0 | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 1,367,130 (2) | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
0 | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
1,367,130 (2) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
3.7% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
PN |
(2) | Includes 126,707 shares of Common Stock that Becker Drapkin Partners (QP), L.P. has the right to acquire within 60 days pursuant to a warrant to purchase shares of Common Stock of the Issuer. |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS Becker Drapkin Partners, L.P. | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
WC | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
Texas | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 223,395 (3) | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 0 | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 223,395 (3) | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
0 | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
223,395 (3) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
0.6% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
PN |
(3) | Includes 16,150 shares of Common Stock that Becker Drapkin Partners, L.P. has the right to acquire within 60 days pursuant to a warrant to purchase shares of Common Stock of the Issuer. |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS BD Partners II, L.P. | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
WC | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
Texas | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 654,383 | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 0 | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 654,383 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
0 | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
654,383 | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
1.8% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
PN |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS BC Advisors, LLC | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
AF | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
Texas | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 0 | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 4,306,958 (4) | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 0 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
4,306,958 (4) | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
4,306,958 (4) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
11.7% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
IA, OO |
(4) | Includes 126,702 shares of Common Stock that Becker Drapkin Partners (QP), L.P. and 16,150 shares of Common Stock that Becker Drapkin Partners, L.P. have the right to acquire within 60 days pursuant to warrants to purchase shares of Common Stock of the Issuer. Becker Drapkin Management, L.P. is the general partner of, and may be deemed to indirectly beneficially own securities owned by, each of Becker Drapkin Partners (QP), L.P. and Becker Drapkin Partners, L.P. BC Advisors, LLC is the general partner of, and may be deemed to indirectly beneficially own securities owned by, Becker Drapkin Management, L.P. |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS Steven R. Becker | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
AF | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
United States | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 0 | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 4,306,958 (5) | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 0 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
4,306,958 (5) | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
4,306,958 (5) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
11.7% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
IN |
(5) | Includes 126,707 shares of Common Stock that Becker Drapkin Partners (QP), L.P. and 16,150 shares of Common Stock that Becker Drapkin Partners, L.P. have the right to acquire within 60 days pursuant to warrants to purchase shares of Common Stock of the Issuer. Becker Drapkin Management, L.P. is the general partner of, and may be deemed to indirectly beneficially own securities owned by, each of Becker Drapkin Partners (QP), L.P. and Becker Drapkin Partners, L.P. BC Advisors, LLC is the general partner of, and may be deemed to indirectly beneficially own securities owned by, Becker Drapkin Management, L.P. Mr. Becker is a co-managing member of, and may be deemed to indirectly beneficially own securities owned by, BC Advisors, LLC. |
CUSIP No. | 639208107 |
1 | NAMES OF REPORTING PERSONS Matthew A. Drapkin | ||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||||||||
AF | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||
United States | |||||||||||
7 | SOLE VOTING POWER | ||||||||||
NUMBER OF | 0 | ||||||||||
SHARES | 8 | SHARED VOTING POWER | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 4,306,958 (6) | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER | |||||||||
REPORTING | |||||||||||
PERSON | 0 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER | |||||||||
4,306,958 (6) | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||
4,306,958 (6) | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||
11.7% | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||||||||
IN |
(6) | Includes 126,707 shares of Common Stock that Becker Drapkin Partners (QP), L.P. and 16,150 shares of Common Stock that Becker Drapkin Partners, L.P. have the right to acquire within 60 days pursuant to warrants to purchase shares of Common Stock of the Issuer. Becker Drapkin Management, L.P. is the general partner of, and may be deemed to indirectly beneficially own securities owned by, each of Becker Drapkin Partners (QP), L.P. and Becker Drapkin Partners, L.P. BC Advisors, LLC is the general partner of, and may be deemed to indirectly beneficially own securities owned by, Becker Drapkin Management, L.P. Mr. Drapkin is a co-managing member of, and may be deemed to indirectly beneficially own securities owned by, BC Advisors, LLC. |
Item 5. | Interest in Securities of the Issuer. |
(i) | sole power to vote or to direct the vote: |
(ii) | shared power to vote or to direct the vote: |
(iii) | sole power to dispose or to direct the disposition of: |
(iv) | shared power to dispose or to direct the disposition of: |
Transaction | Effecting | Shares | Shares | Price | Description | |||||||||||||||
Date | Person(s) | Acquired | Disposed | Per Share | of Transaction | |||||||||||||||
6/17/2011 | Becker Drapkin QP | 53,000 | $ | 1.77 | (1) | Open Market | ||||||||||||||
6/17/2011 | Becker Drapkin QP | 138,926 | $ | 1.79 | (2) | Open Market | ||||||||||||||
6/17/2011 | Becker Drapkin, L.P. | 53,000 | $ | 1.77 | (1) | Open Market | ||||||||||||||
6/17/2011 | Becker Drapkin, L.P. | 20,374 | $ | 1.79 | (2) | Open Market | ||||||||||||||
6/17/2011 | BD Partners II | 44,000 | $ | 1.77 | (1) | Open Market | ||||||||||||||
7/11/2011 | BD Management | 12,000 | $ | 1.91 | (3) | Open Market | ||||||||||||||
7/12/2011 | BD Management | 7,700 | $ | 1.91 | (3) | Open Market | ||||||||||||||
7/26/2011 | Becker Drapkin QP | 4,623 | $ | 1.95 | (3) | Open Market | ||||||||||||||
7/26/2011 | Becker Drapkin, L.P. | 677 | $ | 1.95 | (3) | Open Market | ||||||||||||||
7/27/2011 | Becker Drapkin QP | 43,605 | $ | 1.94 | (3) | Open Market | ||||||||||||||
7/27/2011 | Becker Drapkin, L.P. | 6,395 | $ | 1.94 | (3) | Open Market | ||||||||||||||
7/28/2011 | Becker Drapkin, QP | 137,880 | $ | 1.94 | (3) | Open Market | ||||||||||||||
7/28/2011 | Becker Drapkin, L.P. | 20,220 | $ | 1.94 | (3) | Open Market |
(1) | Excluding commission of $0.03 per share. | |
(2) | Excluding commission of $0.01 per share. | |
(3) | Excluding commission of $0.015 per share. |
Item 7. | Material to be Filed as Exhibits. |
Exhibit | Description of Exhibit | |
24.1 | Power of Attorney (furnished herewith) | |
99.1 | Joint Filing Agreement (furnished herewith) | |
99.2 | Agreement, dated February 11, 2011, by and among Navarre Corporation, Becker Drapkin Management, L.P., Becker Drapkin Partners (QP), L.P., Becker Drapkin Partners, L.P., BD Partners II, L.P., BC Advisors, LLC, Steven R. Becker and Matthew A. Drapkin (incorporated by reference from Exhibit 1 to Amendment No. 5 to the Schedule 13D relating to the Common Stock of the Issuer filed February 15, 2011 by the Reporting Persons with the SEC) |
Date: July 29, 2011 | BECKER DRAPKIN MANAGEMENT, L.P. | |||||
By: | BC Advisors, LLC, its general partner | |||||
By: | /s/ Ashley Sekimoto | |||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
BECKER DRAPKIN PARTNERS (QP), L.P. | ||||||
By: | Becker Drapkin Management, L.P., its general partner | |||||
By: | BC Advisors, LLC, its general partner | |||||
By: | /s/ Ashley Sekimoto | |||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
BECKER DRAPKIN PARTNERS, L.P. | ||||||
By: | Becker Drapkin Management, L.P., its general partner | |||||
By: | BC Advisors, LLC, its general partner | |||||
By: | /s/ Ashley Sekimoto | |||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
BD PARTNERS II, L.P. | ||||||
By: | Becker Drapkin Management, L.P., its general partner | |||||
By: | BC Advisors, LLC, its general partner | |||||
By: | /s/ Ashley Sekimoto | |||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
BC ADVISORS, LLC | ||||||
By: | /s/ Ashley Sekimoto | |||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
STEVEN R. BECKER | ||||||
/s/ Ashley Sekimoto | ||||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact | |||||
MATTHEW A. DRAPKIN | ||||||
/s/ Ashley Sekimoto | ||||||
Name: | Ashley Sekimoto | |||||
Title: | Attorney-in-Fact |
Exhibit | Description of Exhibit | |
24.1 | Power of Attorney (furnished herewith) | |
99.1 | Joint Filing Agreement (furnished herewith) | |
99.2 | Agreement, dated February 11, 2011, by and among Navarre Corporation; Becker Drapkin Management, L.P.; Becker Drapkin Partners (QP), L.P.; Becker Drapkin Partners, L.P., BD Partners II, L.P.; BC Advisors, LLC; Steven R. Becker; and Matthew A. Drapkin (incorporated by reference from Exhibit 1 to Amendment No. 5 to the Schedule 13D relating to the Common Stock of the Issuer filed February 15, 2011 by the Reporting Persons with the SEC) |