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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

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**(Form 10-K/A)**

 

**Amendment No. 1**

 

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**x**      **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**For the fiscal year ended January 28, 2017**

 

**OR**

 

**o**         **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**Commission file number 001-37404**

 

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**DAVIDsTEA Inc.**

(Exact name of registrant as specified in its charter)

 

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| **Canada**                                                         |   | **98-1048842**                            |
|--------------------------------------------------------------------|--------|-------------------------------------------|
| (State or other   jurisdiction of   incorporation or organization) |   | (I.R.S. Employer   Identification Number) |

 

**5430 Ferrier Mount-Royal, Québec, Canada, H4P 1M2**

(Address of principal executive offices)

 

**(888) 873-0006**

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 
| **Title of Each Class**        | ** ** | **Name of Each Exchange on Which   Registered** |
|-----------------------------------------------|------------|--------------------------------------------------------------------------|
| **Common   shares,   no par value per share** |       | **NASDAQ   Global Market**                                               |

 

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes o No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  o   No  x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K/A or any amendment to this Form 10-K/A.  x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 
| Large accelerated filer |   | o      |   | Accelerated filer              | x |   |
|-----------------------------------|--------|--------|--------|-------------------------------------|---|--------|
| Non-accelerated filer             |   | o      |   | Smaller reporting company | o |   |
|                              |   |   |   | Emerging growth   company           | o |   |

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Act).    Yes  o    No  x

 

As of July 30, 2016, the last business day of our most recently completed second fiscal quarter, the aggregate market value of the registrant’s Common Shares held by non-affiliates was $160,772,848.

 

As of April 11, 2017, 25,455,510 common shares of the registrant were outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE:**N/A**

 

 

 

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**TABLE OF CONTENTS**

 
| ** **                                       | **Page** |
|--------------------------------------------------|----------|
|                                             |     |
| EXPLANATORY NOTE                                 | 3        |
|                                             |     |
| ITEM 9A. CONTROLS AND PROCEDURES                 | 4        |
|                                             |     |
| **PART IV**                                 | 5        |
|                                             |     |
| ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES | 5        |
|                                             |     |
| SIGNATURES                                       | 6        |

 

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**EXPLANATORY NOTE**

 

DAVIDsTEA Inc. (the “Company”), a corporation incorporated under the *Canada Business Corporations Act*, qualifies as a foreign private issuer in the United States for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a foreign private issuer, the Company has chosen to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the United States Securities and Exchange Commission (“SEC”) instead of filing on the reporting forms available to foreign private issuers, although the Company is not required to do so.

 

The Company is filing this Annual Report on Form 10-K/A (this “Amendment”) to amend its Annual Report on Form 10-K for the fiscal year ended January 28, 2017, which was originally filed on April 13, 2017 (the “Original Filing”), to amend and restate Item 9A of Part II, “Controls and Procedures,” to include the information required by Item 308 of Regulation S-K.

 

As required by Rule 12b-15 under the Exchange Act, the certifications required by Rule 13a-14(a) under the Exchange Act are also being filed as exhibits to this Amendment. Pursuant to Rule 12b-15 under the Exchange Act, we have included the entire text of Part II, Item 9A of the Original Filing in this Amendment No. 1. However, there have been no changes to the text of such item other than the change stated above. Other than as described above and the inclusion with this Amendment No. 1 of new certifications by management, this Amendment No. 1 speaks only as of the date of the Original Filing and does not amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and our reports filed with the U.S. Securities and Exchange Commission (“SEC”) subsequent to the Original Filing.

 

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**PART II**

 

**ITEM 9A. CONTROLS AND PROCEDURES**

 

*Evaluation of Disclosure Controls and Procedures*

 

Under the supervision and with the participation of management, including our principal executive and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this report, or the Evaluation Date. Based upon the evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date. Disclosure controls and procedures are controls and procedures designed to ensure that information required to be disclosed by us in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to our management, including our principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosure.

 

*Management’s Report on Internal Control over Financial Reporting*

 

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Exchange Act as a process, designed by, or under the supervision of the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions and disposition of assets; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures are made only in accordance with management and board authorizations; and providing reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements, and even when determined to be effective, can only provide reasonable assurance with respect to financial statement preparation and presentation.

 

Management, with the participation of the Company’s principal executive and financial officers, assessed our internal control over financial reporting as of January 28, 2017, the end of our fiscal year. Management based its assessment on the 2013 framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management’s assessment included evaluation of elements such as the design and operating effectiveness of key financial reporting controls, process documentation, accounting policies, and our overall control environment. Based on this assessment, management has concluded that our internal control over financial reporting was effective as of the end of January 28, 2017.

 

*Changes in Internal Control over Financial Reporting*

 

As disclosed in our Quarterly Reports on Form 10-Q for the quarters ended May 2, 2015, August 1, 2015 and October 31, 2015, we have made changes to our internal control over financial reporting to remediate the material weakness in our internal control over financial reporting identified prior to our initial public offering that related to our controls over the valuation process used in valuing the liability associated with the embedded derivative related to our Series A, A-1 and A-2 preferred shares that automatically converted into common shares in connection with our initial public offering. After completing our testing of the design and operational effectiveness of these controls, our management has concluded that we have remediated the material weakness as of January 28, 2017. Other than those changes related to our remediation efforts, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the year ended January 28, 2017 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

 

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**PART IV**

 

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

 
| **Exhibit   Number** | ** ** | **Description of Document**                                                                                                                                                                                           | ** ** | **Filing Date** | ** ** | **Exhibit   Number** |
|----------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------|------------|----------------------|
| 31.1                 |       | Certification of Chief Executive Officer pursuant to   Section 302 of the Sarbanes-Oxley Act of 2002, relating to DAVIDsTEA   Inc.                                                                                         |       | 2/15/2018            |       | 31.1                 |
| 31.2                 |       | Certification of Chief Financial Officer pursuant to   Section 302 of the Sarbanes-Oxley Act of 2002, relating to DAVIDsTEA   Inc.                                                                                         |       | 2/15/2018            |       | 31.2                 |
| 32.1                 |       | Certification of Chief Executive Officer pursuant to   Section 1350, Chapter 63 of Title 18, United States Code, as adopted   pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to   DAVIDsTEA Inc. |       | 2/15/2018            |       | 32.1                 |
| 32.2                 |       | Certification of Chief Financial Officer pursuant to   Section 1350, Chapter 63 of Title 18, United States Code, as adopted   pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to   DAVIDsTEA Inc. |       | 2/15/2018            |       | 32.2                 |

 

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**SIGNATURES**

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
| ** **                               | **DAVIDsTEA   INC.** |
|------------------------------------------|----------------------|
|                                     |                 |   |
|                                     |                 |   |
|                                     | By:                  | /s/ Joel Silver |
| Date:   February 15, 2018 | Name:                | Joel Silver |
|                                     | Title:               | President and Chief Executive Officer |

 

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Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

 

| **Signature**                                    | ** ** | **Title**                                                                                | ** ** | **Date**               |
|--------------------------------------------------|------------|------------------------------------------------------------------------------------------|------------|------------------------|
|                                             |       |                                                                                     |       |                   |
| /s/    Maurice   Tousson     |       | Chairman of the Board of Directors                                                       |       | February 15, 2018 |
| Name: Maurice Tousson                            |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Joel   Silver         |       | President, Chief Executive Officer and   Director (principal executive officer)          |       | February 15, 2018 |
| Name: Joel Silver                                |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Howard   Tafler       |       | Chief Financial Officer (principal   financial officer and principal accounting officer) |       | February 15, 2018 |
| Name: Howard Tafler                              |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Herschel   Segal      |       | Co-Founder and Director                                                                  |       | February 15, 2018 |
| Name: Herschel Segal                             |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Tyler   Gage          |       | Director                                                                                 |       | February 15, 2018 |
| Name: Tyler Gage                                 |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Michael   J. Mardy    |       | Director                                                                                 |       | February 15, 2018 |
| Name: Michael J. Mardy                           |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Gary   O’Connor  |       | Director                                                                                 |       | February 15, 2018 |
| Name: Gary O’Connor                         |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/   Lorenzo   Salvaggio         |       | Director                                                                                 |       | February 15, 2018 |
| Name: Lorenzo Salvaggio                          |       |                                                                                     |       |                   |
|                                             |       |                                                                                     |       |                   |
| /s/    Kathleen   C. Tierney |       | Director                                                                                 |       | February 15, 2018 |
| Name: Kathleen C. Tierney                        |       |                                                                                     |       |                   |

 

Date:   February 15, 2018

 

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