Forager Fund Amends ISDR Stake, Signals Ownership Change

TL;DR

**Forager Fund just updated its stake in Issuer Direct, watch for potential stock movement.**

AI Summary

Forager Fund, L.P. filed an amended Schedule 13G/A on January 4, 2024, indicating a change in their beneficial ownership of Issuer Direct Corporation (ISDR) common stock as of December 18, 2023. This filing, Amendment No. 6, updates their previous disclosures, signaling a potential shift in their investment strategy or a rebalancing of their portfolio. This matters to investors because significant changes in institutional ownership can influence stock price and reflect a major investor's confidence (or lack thereof) in the company's future prospects.

Why It Matters

Changes in major institutional holdings can signal shifts in investor confidence and potentially impact stock price due to supply and demand dynamics.

Risk Assessment

Risk Level: low — This filing is a routine update on beneficial ownership and does not inherently indicate a high-risk event for the company.

Analyst Insight

Investors should monitor subsequent filings from Forager Fund, L.P. to understand the magnitude of any change in their beneficial ownership and consider if this aligns with their own investment thesis for Issuer Direct Corporation.

Key Players & Entities

• Forager Fund, L.P. (company) — the reporting person filing the SC 13G/A
• Issuer Direct Corporation (company) — the subject company whose securities are being reported
• December 18, 2023 (date) — the date of the event which required the filing of this statement
• January 4, 2024 (date) — the filing date of the SC 13G/A
• Delaware (company) — place of organization for Forager Fund, L.P.

FAQ

Key Financial Figures

• $0.001 — ame of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securiti

Filing Documents

• dla_sc13ga.htm (SC 13G/A) — 88KB
• 0001654954-24-000156.txt ( ) — 90KB

(a)

ITEM 1(a). NAME OF ISSUER Issuer Direct Corporation (the " Issuer ")

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES One Glenwood Ave, Suite 1001 Raleigh, NC 27603

(a)

ITEM 2(a). NAME OF PERSONS FILING This joint statement on Schedule 13G is being filed by Edward Kissel, Robert MacArthur, Forager Capital Management, LLC, a Delaware limited liability company (the " Investment Adviser "), and Forager Fund, LP, a Delaware limited partnership (the " Fund " and, together with Mr. Kissel, Mr. MacArthur and the Investment Adviser, the " Reporting Persons ").

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE The business address of each of the Reporting Persons is 2025 3rd Ave. N, Suite 350, Birmingham, AL 35203.

(c)

ITEM 2(c). CITIZENSHIP The Fund is a Delaware limited partnership; the Investment Adviser is a Delaware limited liability company; Mr. Kissel is a citizen of the United States; and Mr. MacArthur is a citizen of the United States.

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES Common stock, par value $0.001 per share (the " Common Stock ").

(e)

ITEM 2(e). CUSIP NUMBER 46520M204 ITEM 3. Not applicable. ITEM 4. As of January 3, 2024, the Reporting Persons, in the aggregate, beneficially owned 232,074 shares of Common Stock of the Issuer, representing approximately 6.1% of such class of securities. The beneficial ownership of each Reporting Person is as follows: (i) the Fund beneficially owns 229,609 shares of Common Stock representing approximately 6.0% of the class; (ii) the Investment Adviser, as the sole general partner of the Fund, beneficially owns 229,609 shares of Common Stock representing approximately 6.0% of the class; (iii) Mr. Kissel, as the managing partner of the Investment Adviser, beneficially owns 232,074 shares of Common Stock representing approximately 6.1% of the class; and (iv) Mr. MacArthur, as the managing partner of the Investment Adviser, beneficially owns 229,609 shares of Common Stock representing approximately 6.0% of the class. The percentages of beneficial ownership reported herein, and on each Reporting Person's cover page to this Schedule 13G, are based on a total of 3,811,649 shares of the Common Stock issued and outstanding as of November 9, 2023, as reported in most recent quarterly report of the Issuer on Form 10-Q for its fiscal quarter ended September 30, 2023. 6 CUSIP No. 46520M204 Page 7 of 8 Pages Each of the Fund and the Investment Adviser has the sole power to vote and dispose of the shares of Common Stock beneficially owned by such entity (as described above). Mr. Kissel has the sole power to vote and dispose of 2,465 shares of Common Stock, and has the shared power to vote and dispose of 229,609 shares of Common Stock. Mr. MacArthur has the sole power to vote and dispose of 0 shares of Common Stock, and has the shared power to vote and dispose of 229,609 shares of Common Stock. ITEM 5. Not applicable. ITEM 6. Not applicable

SIGNATURES

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: January 3, 2024 FORAGER FUND, LP By: Forager Capital Management, LLC, its General Partner By: /s/ Robert MacArthur Robert MacArthur Managing Partner FORAGER CAPITAL MANAGEMENT, LLC By: /s/ Robert MacArthur Robert MacArthur Managing Partner EDWARD KISSEL /s/ Edward Kissel Edward Kissel ROBERT MACARTHUR /s/ Robert MacArthur Robert MacArthur

View Full Filing

View this SC 13G/A filing on SEC EDGAR