# EDGAR Filing Document

**Accession Number:** 0001016345
**File Stem:** 0001213900-25-084514
**Filing Date:** 2025-9
**Character Count:** 20567
**Document Hash:** cd4d92c64db3cd0d5163040634602712
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-084514.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001213900-25-084514

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Great Elm Group, Inc.
- **CENTRAL INDEX KEY:** 0001831096
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 853622015
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92023
- **FILM NUMBER:** 251293570

**BUSINESS ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
- **BUSINESS PHONE:** (617) 375-3006

**MAIL ADDRESS:**
- **STREET 1:** 3801 PGA BOULEVARD
- **STREET 2:** SUITE 603
- **CITY:** PALM BEACH GARDENS
- **STATE:** FL
- **ZIP:** 33410
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMITH RANDALL D
- **CENTRAL INDEX KEY:** 0001016345

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **STREET 1:** 885 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

AGREEMENT dated as of September 4, 2025, by and between Woodstead Value Fund, L.P. and Randall Smith (together, the "<u>Parties</u>").

Each Party hereto represents to the other Party that it is eligible to use Schedule 13D to report its beneficial ownership of shares of common stock, $0.001 par value, of Great Elm Group, Inc., as of August 27, 2025, relating to such beneficial ownership, being filed on behalf of each of them.

Each of the Parties agrees to be responsible for the timely filing of the Schedule 13D and any and all amendments thereto and for the completeness and accuracy of the information concerning itself contained in the Schedule 13D, and the other Parties to the extent it knows or has reason to believe that any information about the other Parties is inaccurate.

---

| | |
|:---|:---|
| Date: September 4, 2025 | **Woodstead Value Fund, L.P.** |
|  | /s/ Thomas Del Bosco |
|  | by Thomas Del Bosco, as Vice President, Secretary and Treasurer of Woodstead Investment Associates, LLC, General Partner of Woodstead Value Fund, L.P. |
| Date: September 4, 2025 | **Randall D. Smith** |
|  | /s/ Randall Smith |
|  | Randall Smith |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Great Elm Group, Inc.**

*(Name of Issuer)*

**Common Stock, $0.001 par value**

*(Title of Class of Securities)*

**39037G109**

*(CUSIP Number)*

**Thomas Del Bosco**<br>500 Frank W Burr Boulevard<br>Suite 720<br>Teaneck NJ 07666<br>201-726-7274

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/27/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **39037G109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Woodstead Value Fund, L.P.** | Name of reporting person<br>**Woodstead Value Fund, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4875942.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4875942.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4875942.00** | Aggregate amount beneficially owned by each reporting person<br>**4875942.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.4%** | Percent of class represented by amount in Row (11)<br>**14.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) Includes 4,000,000 shares of the Issuer's common stock, $0.001 par value (the "Common Stock"), acquired pursuant to a Securities Purchase Agreement by and between Woodstead Value Fund, L.P. ("WVF") and the Issuer (the "Securities Purchase Agreement").

(2) Excludes (i) 1,000,000 shares of Common Stock issuable upon the exercise of a warrant (the "Series A Warrant") and (ii) 1,000,000 shares of Common Stock issuable upon the exercise of a warrant (the "Series B Warrant" and together with the Series A Warrant, the "Warrants"). The Series A Warrant is exercisable at any time on or after the one-year anniversary from the date of grant, which is August 27, 2026 (the "Series A Warrant Exercisability Date"). The Series B Warrant is exercisable at any time on or after the three-year anniversary from the date of grant, which is August 27, 2028 (the "Series B Warrant Exercisability Date"). The Series A Warrant and Series B Warrant each expire on the ten-year anniversary of the Series A Warrant Exercisability Date and Series B Warrant Exercisability Date, respectively.

(3) The percentage of Common Stock beneficially owned by the Reporting Person is on the basis of a total of 33,872,729 shares of Common Stock outstanding as of August 27, 2025, as provided by the Issuer to the Reporting Person.

| **CUSIP No.** | **39037G109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Randall D. Smith** | Name of reporting person<br>**Randall D. Smith** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4875942.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4875942.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4875942.00** | Aggregate amount beneficially owned by each reporting person<br>**4875942.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.4%** | Percent of class represented by amount in Row (11)<br>**14.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Includes 4,000,000 shares of Common Stock, acquired pursuant to the Securities Purchase Agreement.

(2) Excludes (i) 1,000,000 shares of Common Stock issuable upon the exercise of the Series A Warrant and (ii) 1,000,000 shares of Common Stock issuable upon the exercise of the Series B Warrant. The Series A Warrant is exercisable at any time on or after the Series A Warrant Exercisability Date. The Series B Warrant is exercisable at any time on or after the Series B Warrant Exercisability Date. The Series A Warrant and Series B Warrant each expire on the ten-year anniversary of the Series A Warrant Exercisability Date and Series B Warrant Exercisability Date, respectively.

(3) The percentage of Common Stock beneficially owned by the Reporting Person is on the basis of a total of 33,872,729 shares of Common Stock outstanding as of August 27, 2025, as provided by the Issuer to the Reporting Person.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.001 par value

**(b) Name of Issuer:**
Great Elm Group, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
3801 PGA BOULEVARD, SUITE 603, PALM BEACH GARDENS, FL, 33410

**Item 4. Purpose of Transaction**

On August 27, 2025, the Issuer entered into the Securities Purchase Agreement with WVF, pursuant to which WVF purchased from the Issuer an aggregate of 4,000,000 shares of Common Stock, at a purchase price of $2.25 per share. Pursuant to the Securities Purchase Agreement, the Issuer also issued to WVF a Series A Warrant to purchase an aggregate of 1,000,000 shares of Common Stock and a Series B Warrant to purchase an aggregate of 1,000,000 shares of Common Stock. The transactions contemplated by the Securities Purchase Agreement closed on August 27, 2025. WVF used its own working capital to acquire the securities. The Series A Warrant is exercisable at any time on or after the Series A Warrant Exercisability Date for 1,000,000 shares of Common Stock, expires on the ten-year anniversary of the Series A Warrant Exercisability Date and has an exercise price of $3.50 per share. The Series B Warrant is exercisable at any time on or after the Series B Warrant Exercisability Date for 1,000,000 shares of Common Stock, expires on the ten-year anniversary of the Series B Warrant Exercisability Date and has an exercise price of $5.00 per share.

Concurrent with the closing, the Issuer's board of directors (the "Board") appointed a new director to the Board designated by WVF pursuant to the Securities Purchase Agreement.

The shares of Common Stock owned by the Reporting Persons have been acquired for investment purposes. The Reporting Persons may make further acquisitions of the shares of Common Stock from time to time and, subject to certain restrictions, may dispose of any or all of the shares of Common Stock held by the Reporting Persons at any time depending on an ongoing evaluation of the investment in such securities, prevailing market conditions, other investment opportunities and other factors. Except as described in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management or the board of directors of the Company with respect to the business and affairs of the Company and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.

References to and the description of the Securities Purchase Agreement set forth above in this Item 4 do not purport to be complete and are qualified in their entirety by reference to the full text of the Securities Purchase Agreement, which will be filed as an exhibit to the Issuer's Annual Report on Form 10-K for the year ended June 30, 2025.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate number and percentage of shares of Common Stock beneficially owned by the Reporting Persons are as follows:

WVF - Amount beneficially owned: 4,875,942 shares and Percentage: 14.4%; and
Randall Smith - Amount beneficially owned: 4,875,942 shares and Percentage: 14.4%.

**(b)**
The aggregate number of shares as to which there is sole power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition by the Reporting Persons are as follows:

WVF

Number of shares to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 0,ii. Shared power to vote or to direct the vote: 4,875,942,iii. Sole power to dispose or to direct the disposition of: 0, andiv. Shared power to dispose or to direct the disposition of: 4,875,942; and

Randall Smith
Number of shares to which the Reporting Person has:i. Sole power to vote or to direct the vote: 0,ii. Shared power to vote or to direct the vote: 4,875,942,iii. Sole power to dispose or to direct the disposition of: 0, andiv. Shared power to dispose or to direct the disposition of: 4,875,942.

Randall Smith, the beneficial owner of 100% of the interests in WVF, holds voting and investment discretion with respect to the securities held of record by WVF. Each Reporting Person disclaims any beneficial ownership of the securities other than to the extent of any pecuniary interest each of them may have therein, directly or indirectly.

**(c)**
None of the Reporting Persons has effected any transactions of shares of Common Stock during the 60 days preceding the date of this report, except (i) as described in Item 4 and Item 6 of this Schedule 13D, which information is incorporated herein by reference, and (ii) on August 26, 2025, the Reporting Persons transferred 875,942 shares of Common Stock from an entity controlled by Randall Smith to WVF for consideration of $2.50 per share. The transfer of shares did not result in a change to Randall Smith's beneficial ownership.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Securities Purchase Agreement

On August 27, 2025, the Issuer entered into the Securities Purchase Agreement with WVF, pursuant to which WVF purchased from the Issuer an aggregate of 4,000,000 shares of Common Stock, at a purchase price of $2.25 per share. Pursuant to the Securities Purchase Agreement, the Issuer also issued to WVF a Series A Warrant to purchase an aggregate of 1,000,000 shares of Common Stock and a Series B Warrant to purchase an aggregate of 1,000,000 shares of Common Stock. The transactions contemplated by the Securities Purchase Agreement closed on August 27, 2025.

Pursuant to the Securities Purchase Agreement, the Issuer agreed to file a registration statement covering the resale, by the Reporting Persons, of certain shares of Common Stock and the shares of Common Stock issuable upon exercise of the Warrants held by the Reporting Persons and to use commercially reasonable efforts to cause such registration statement to remain effective until such time as such shares of Common Stock have been sold or no longer qualify as registrable securities.

References to and the description of the Securities Purchase Agreement set forth above in this Item 6 do not purport to be complete and are qualified in their entirety by reference to the full text of the Securities Purchase Agreement, which will be filed as an exhibit to the Issuer's Annual Report on Form 10-K for the year ended June 30, 2025.

Series A Warrant

Exercisability. The Series A Warrant held by the Reporting Persons is exercisable at any time on or after the Series A Warrant Exercisability Date and expires on the ten-year anniversary of the Series A Warrant Exercisability Date.

Exercise Price. The Reporting Persons hold a Series A Warrant exercisable for up to 1,000,000 shares of Common Stock with an exercise price of $3.50 per share. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations or reclassifications affecting the Common Stock.

Fundamental Transaction. If a Fundamental Transaction (as defined in the Series A Warrant) occurs while a Series A Warrant is outstanding, then upon any subsequent exercise of the Series A Warrant, the holder thereof has the right to receive the same amount and kind of securities or property (including cash) as such holder would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of shares of Common Stock then issuable upon exercise in full of the Series A Warrant (without regard to any limitations on exercise).

Rights as a Stockholder. Except as otherwise provided in the Series A Warrant or by virtue of the holder's ownership of Common Stock, the holder of a Series A Warrant does not have the rights or privileges of a holder of Common Stock, including any voting rights, until the holder exercises the Series A Warrant.

References to and the description of the Series A Warrant set forth in this Item 6 do not purport to be complete and are qualified in their entirety by reference to the form of Series A Warrant, which will be filed as an exhibit to the Issuer's Annual Report on Form 10-K for the year ended June 30, 2025.

Series B Warrant

Exercisability. The Series B Warrant held by the Reporting Persons is exercisable at any time on or after the Series B Warrant Exercisability Date and expires on the ten-year anniversary of the Series B Warrant Exercisability Date.

Exercise Price. The Reporting Persons hold a Series B Warrant exercisable for up to 1,000,000 shares of Common Stock with an exercise price of $5.00 per share. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations or reclassifications affecting the Common Stock.

Fundamental Transaction. If a Fundamental Transaction (as defined in the Series B Warrant) occurs while a Series B Warrant is outstanding, then upon any subsequent exercise of the Series B Warrant, the holder thereof has the right to receive the same amount and kind of securities or property (including cash) as such holder would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of shares of Common Stock then issuable upon exercise in full of the Series B Warrant (without regard to any limitations on exercise).

Rights as a Stockholder. Except as otherwise provided in the Series B Warrant or by virtue of the holder's ownership of Common Stock, the holder of a Series B Warrant does not have the rights or privileges of a holder of Common Stock, including any voting rights, until the holder exercises the Series B Warrant.

References to and the description of the Series B Warrant set forth in this Item 6 do not purport to be complete and are qualified in their entirety by reference to the form of Series B Warrant, which will be filed as an exhibit to the Issuer's Annual Report on Form 10-K for the year ended June 30, 2025.

### SIGNATURE

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.

**Reporting Person:** Woodstead Value Fund, L.P.

**Signature:** /s/ Thomas Del Bosco

**Name/Title:** Vice President, Secretary and Treasurer of Woodstead Investment Associates, LLC, General Partner of Woodstead Value Fund, L.P.

**Date:** 09/04/2025

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.

**Reporting Person:** Randall D. Smith

**Signature:** /s/ Randall Smith

**Name/Title:** Reporting Person

**Date:** 09/04/2025