Harborne Amends Stake Filing for Innovative Solutions
Ticker: ISSC · Form: SC 13D/A · Filed: May 24, 2024 · CIK: 836690
| Field | Detail |
|---|---|
| Company | Innovative Solutions & Support INC (ISSC) |
| Form Type | SC 13D/A |
| Filed Date | May 24, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $7.25 |
| Sentiment | neutral |
Sentiment: neutral
Topics: schedule-13d, amendment, ownership-change
Related Tickers: ISSC
TL;DR
Harborne filed a 13D amendment for ISSC - ownership change incoming?
AI Summary
Christopher Harborne filed an amendment (No. 3) to his Schedule 13D on May 24, 2024, regarding his holdings in Innovative Solutions and Support, Inc. The filing indicates a change in the reporting person's stake in the company, though specific new ownership percentages or dollar amounts are not detailed in this excerpt. Harborne is based in Bangkok, Thailand, and the filing was made with the SEC.
Why It Matters
This amendment signals a potential shift in significant beneficial ownership, which could influence the stock's trading dynamics and corporate governance of Innovative Solutions and Support, Inc.
Risk Assessment
Risk Level: medium — Schedule 13D filings often precede significant corporate actions or shifts in control, introducing uncertainty.
Key Numbers
- 3 — Amendment Number (Indicates this is the third update to the original filing.)
- May 24, 2024 — Filing Date (The date the amendment was submitted to the SEC.)
Key Players & Entities
- Christopher Harborne (person) — Reporting Person
- Innovative Solutions and Support, Inc. (company) — Subject Company
- Philip Richter (person) — Legal Counsel
- Fried, Frank, Harris, Shriver & Jacobson LLP (company) — Legal Firm
FAQ
What specific changes in beneficial ownership are detailed in this amendment?
This excerpt does not specify the exact changes in beneficial ownership percentages or the number of shares acquired or disposed of.
What is the CUSIP number for Innovative Solutions and Support, Inc. common stock?
The CUSIP number for Innovative Solutions and Support, Inc. common stock is 45769N105.
Who is the person authorized to receive notices for this filing?
Christopher Harborne is the person authorized to receive notices and communications, with a copy to Philip Richter.
What is the business address of Innovative Solutions and Support, Inc.?
The business address is 720 Pennsylvania Drive, Exton, PA 19341.
What is Christopher Harborne's mailing address?
Christopher Harborne's mailing address is 23F M Thai Tower, All Seasons Place, 87 Wireless Road, Bangkok 10300, Thailand.
Filing Stats: 1,102 words · 4 min read · ~4 pages · Grade level 11.1 · Accepted 2024-05-24 09:08:50
Key Financial Figures
- $0.001 — ame of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securitie
- $7.25 — ady owned by Mr. Harborne at a price of $7.25 per share in cash. No assurances can b
Filing Documents
- ff3419764_13da3-harborne.htm (SC 13D/A) — 80KB
- ff3419764_ex992-harborne.htm (EX-99.2) — 7KB
- 0000895345-24-000204.txt ( ) — 88KB
Purpose of the Transaction
Item 4. Purpose of the Transaction
is hereby amended and supplemented to include the following information
Item 4 is hereby amended and supplemented to include the following information: On May 24 , 2024, Mr. Harborne delivered a non-binding letter (the " Proposal Letter ") to the board of directors of the Company proposing a transaction under which Mr. Harborne would acquire all of the Shares not already owned by Mr. Harborne at a price of $7.25 per share in cash. No assurances can be given that a transaction will be consummated. The Proposal Letter provides that no legally binding obligation with respect to a transaction will exist unless and until mutually acceptable definitive documentation has been executed and delivered with respect thereto. The foregoing description of the Proposal Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Proposal Letter, a copy of which is attached hereto as Exhibit 99.2 and which is incorporated herein by reference.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer Items 5(a) - (c) are hereby amended and restated in their entirety as follows: (a), (b) Klear Kite, and by virtue of being the sole member of Klear Kite, Mr. Harborne each beneficially owns 2,609,769 Shares, which are held directly by Klear Kite. Such Shares represent approximately 14.9% of the outstanding Shares of the Company. Klear Kite and Mr. Harborne share voting power and investment power over all such Shares. For purposes of this Item 5(a) and (b), the percentages are calculated based upon (x) the number of Shares beneficially owned by each Reporting Person, divided by (y) 17,493,705 Shares outstanding as of May 10, 2024 , as reported in the Company's quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed with the SEC on May 14, 2024 . (c) No transactions in the Shares have been effected by the Reporting Persons during the past sixty days.
Material to be Filed as Exhibits
Item 7. Material to be Filed as Exhibits
is hereby amended and supplemented to include the following exhibit
Item 7 is hereby amended and supplemented to include the following exhibit: Exhibit Number Description 99.2 Proposal Letter, dated May 24, 2024, from Christopher Harborne to the Board of Directors of the Company. Page 4 of 5 Pages
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: May 24, 2024 By: /s/ Christopher Harborne Christopher Harborne KLEAR KITE LLC By: /s/ Christopher Harborne Its: Sole Member Page 5 of 5 Pages