UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 2)
Under the Securities Exchange Act of 1934
COBRA ELECTRONICS CORP.
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(Name of issuer)
COMMON STOCK
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(Title of class of securities)
191042100
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(CUSIP number)
TIMOTHY J. STABOSZ, 1307 MONROE STREET, LAPORTE, IN 46350 (219) 324-5087
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(Name, address and telephone number of person authorized to receive notices and
communications)
JANUARY 19, 2010
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(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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [_]
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. 191042100
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1. Name of Reporting Person
TIMOTHY JOHN STABOSZ
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2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_]
NOT APPLICABLE (b) [_]
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3. SEC Use Only
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4. Source of Funds (See Instructions) PF
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5. Check Box If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization UNITED STATES
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Number of (7) Sole Voting Power 610,558
Shares ____________________________________________
Beneficially (8) Shared Voting Power 0
Owned by ____________________________________________
Each (9) Sole Dispositive Power 610,558
Reporting ____________________________________________
Person With (10) Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned 610,558
by each Reporting Person
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12. Check if the Aggregate Amount in Row (11) Excludes [_]
Certain Shares
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13. Percent of Class Represented by Amount in Row (11) 9.4%
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14. Type of Reporting Person (See Instructions) IN
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ITEM 1. Security and Issuer
Common stock of Cobra Electronics Corp., 6500 W. Cortland Street,
Chicago, IL 60707.
ITEM 2. Identity and Background
The reporting person, Timothy J. Stabosz, 1307 Monroe Street, LaPorte,
IN 46350, a natural person and United States citizen, is engaged as a
private investor. He has not been convicted in a criminal proceeding
(excluding traffic violations or other similar misdemeanors) in the last 5
years, and has not been a party to any proceedings, or subject to any
judgements or enjoinments, related to violations of state or federal
securities laws in his lifetime.
ITEM 3. Source and Amount of Funds or Other Consideration
Personal funds in the aggregate amount of $883,397.39 have been used to
effect the purchases. No part of the purchase price represents borrowed
funds.
ITEM 4. Purpose of Transaction
The reporting person has acquired the shares for investment purposes.
The reporting person is filing this Amendment No. 2 to reflect an
increase in his ownership percentage of the company's common stock to 9.4%,
from the 8.1% reported in Schedule 13D, Amendment No. 1, dated December 28,
2009.
As a result of the purchases indicated in item #5 below, the reporting
person has become Cobra Electronics's largest stockholder. The reporting
person continues to believe that the company remains significantly
undervalued in the marketplace. This belief is related to the reporting
person's view of, in particular, the company's 1) brand value, 2) strong
market presence in CB radios, 2 way radios, and radar detectors, 3) high
profile retail relationships, 4) significant annualized cost reductions
achieved in 2009, 5) low stock price in relation to traditional
value-oriented metrics, such as price/book, price/sales, price/historical
earnings, and price/historical trading price, 6) potential for future
profitability, and 7) potential for sale or "break up" of the company, in a
reviving M&A environment, should management be unsuccessful in driving
shareholder value through a turnaround of the company's operations.
While the reporting person's original Form 13D, filed on November 12,
2009, and subsequent amendments, provide the broad context for a shareholder
value-creating mindset and thought process that Cobra needs, the reporting
person currently has no specific plan or proposals which relate to or would
result in any of the matters set forth in subparagraphs (a) - (j) of Item 4
of Schedule 13D.
The reporting person intends to review his investment in the company on
a continual basis and engage in discussions with management and the Board of
Directors concerning the business, operations, and future plans of the
company. Depending on various factors, including, without limitation, the
company's financial position and investment strategy, the price levels of
the common stock, conditions in the securities markets, and general economic
and industry conditions, the reporting person may, in the future, take such
actions with respect to his investment in the company as he deems
appropriate including, without limitation, communicating with other
stockholders, seeking Board representation, making proposals to the company
concerning the capitalization and operations of the issuer, purchasing
additional shares of common stock or selling some or all of his shares, or
changing his intention with respect to any and all matters referred to in
Item 4.
ITEM 5. Interest in Securities of the Issuer
As of the close of business on February 4, 2010, the reporting person
has sole voting and dispositive power over 610,558 shares of Cobra
Electronics Corp.'s common stock. According to the company's latest Form
10-Q filing, as of November 9, 2009, there were 6,471,280 common shares
outstanding. The reporting person is therefore deemed to own 9.4% of the
company's common stock. Transactions effected by the reporting person from
December 29, 2009, through February 4, 2010, were performed in ordinary
brokerage transactions, and are indicated as follows:
12/29/09 bought 42,818 shares @ $1.599
12/30/09 bought 2265 shares @ $1.597
12/31/09 bought 4242 shares @ $1.554
01/04/10 bought 9999 shares @ $1.699
01/19/10 bought 5000 shares @ $1.58
01/28/10 bought 1200 shares @ $1.573
02/02/10 bought 7600 shares @ $1.591
02/03/10 bought 4712 shares @ $1.603
02/04/10 bought 5437 shares @ $1.575
ITEM 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
Not Applicable
ITEM 7. Material to be Filed as Exhibits
Not Applicable
SIGNATURES
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.
Date 2/05/10
Signature Timothy J. Stabosz
Name/Title Timothy J. Stabosz, Private Investor