# EDGAR Filing Document

**Accession Number:** 0001971269
**File Stem:** 0001477932-25-007633
**Filing Date:** 2025-10
**Character Count:** 20700
**Document Hash:** e01fe88308b6e55e3d72a49289e1f667
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-25-007633.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001477932-25-007633

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Newegg Commerce, Inc.
- **CENTRAL INDEX KEY:** 0001474627
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-RETAIL STORES, NEC [5990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85834
- **FILM NUMBER:** 251400210

**BUSINESS ADDRESS:**
- **STREET 1:** 21688 GATEWAY CENTER DR
- **STREET 2:** #300
- **CITY:** DIAMOND BAR
- **STATE:** CA
- **ZIP:** 91765
- **BUSINESS PHONE:** (8610)8860-9850

**MAIL ADDRESS:**
- **STREET 1:** 21688 GATEWAY CENTER DR
- **STREET 2:** #300
- **CITY:** DIAMOND BAR
- **STATE:** CA
- **ZIP:** 91765

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lianluo Smart Ltd
- **DATE OF NAME CHANGE:** 20161118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dehaier Medical Systems Ltd
- **DATE OF NAME CHANGE:** 20091015
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEKHILL USA LLC
- **CENTRAL INDEX KEY:** 0001971269

**ORGANIZATION NAME:**
- **EIN:** 208937794
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 17560 ROWLAND ST
- **CITY:** CITY OF INDUSTRY
- **STATE:** CA
- **ZIP:** 91748
- **BUSINESS PHONE:** 626.271.9700

**MAIL ADDRESS:**
- **STREET 1:** 17560 ROWLAND ST
- **CITY:** CITY OF INDUSTRY
- **STATE:** CA
- **ZIP:** 91748

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Newegg Commerce, Inc.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**G6483G100**

*(CUSIP Number)*

**Fred Chang**<br>21688 Gateway Center Dr.<br>Suite 300<br>Diamond Bar CA 91765<br>(562) 884-8829

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

**07/08/2025**

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

| **CUSIP No.** | **G6483G100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fred Faching Chang** | Name of reporting person<br>**Fred Faching Chang** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**4689596.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4689596.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4689596.00** | Aggregate amount beneficially owned by each reporting person<br>**4689596.00** | |
| 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>**22.9%** | Percent of class represented by amount in Row (11)<br>**22.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Share numbers are as of September 30, 2025.  On April 7, 2025, Issuer effected a one-for-twenty combination of its common shares.
 (2) Consists of (i) 407,927 shares are owned by Fred Faching Chang, (ii) 3,434,433 shares are owned by Tekhill USA LLC; (iii) 450,000 shares are owned by Nabal Spring, LLC; and (iv) stock options exercisable for 397,236 Common Shares at an exercise price of $23.80 per share held by Fred Faching Chang. Mr. Chang is the sole member and manager of, and has sole voting, investment and dispositive power with respect to the shares held by, Tekhill USA LLC and Nabal Spring, LLC, as well as his options.  As of February 11, 2025, all shares previously held by Fred Chang Partners Trust, Chang Trust 2008, Chang 2009 Annuity Trust No. 1, Chang 2009 Annuity Trust No. 2, and Chang 2009 Annuity Trust No. 3 were transferred to Tekhill USA LLC.
 (3) The foregoing beneficial ownership percentages reported in this Item 5 are based upon 20,478,394 shares of Common Stock of the Issuer outstanding as of August 19, 2025, as reported in the Issuer's Report on Form 6-K, filed by the Issuer with the Securities and Exchange Commission on August 19, 2025.

| **CUSIP No.** | **G6483G100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tekhill USA LLC** | Name of reporting person<br>**Tekhill USA LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (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>**CALIFORNIA** | Citizenship or place of organization<br>**CALIFORNIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3434433.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3434433.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3434433.00** | Aggregate amount beneficially owned by each reporting person<br>**3434433.00** | |
| 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>**16.8%** | Percent of class represented by amount in Row (11)<br>**16.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) Share numbers are as of September 30, 2025.  On April 7, 2025, Issuer effected a one-for-twenty combination of its common shares.
 (2) As of February 11, 2025, all shares previously held by Fred Chang Partners Trust, Chang Trust 2008, Chang 2009 Annuity Trust No. 1, Chang 2009 Annuity Trust No. 2, and Chang 2009 Annuity Trust No. 3 were transferred to Tekhill USA LLC.
 (3) The foregoing beneficial ownership percentages reported in this Item 5 are based upon 20,478,394 shares of Common Stock of the Issuer outstanding as of August 19, 2025, as reported in the Issuer's Report on Form 6-K, filed by the Issuer with the Securities and Exchange Commission on August 19, 2025.

| **CUSIP No.** | **G6483G100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Nabal Spring, LLC** | Name of reporting person<br>**Nabal Spring, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (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>**CALIFORNIA** | Citizenship or place of organization<br>**CALIFORNIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**450000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**450000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**450000.00** | Aggregate amount beneficially owned by each reporting person<br>**450000.00** | |
| 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>**2.2%** | Percent of class represented by amount in Row (11)<br>**2.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) Share numbers are as of September 30, 2025.  On April 7, 2025, Issuer effected a one-for-twenty combination of its common shares.
 (2) The foregoing beneficial ownership percentages reported in this Item 5 are based upon 20,478,394 shares of Common Stock of the Issuer outstanding as of August 19, 2025, as reported in the Issuer's Report on Form 6-K, filed by the Issuer with the Securities and Exchange Commission on August 19, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Newegg Commerce, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
21688 Gateway Center Dr., Suite 300, Diamond Bar, CA, 91765

This Amendment No. 2 to Schedule 13D (this "Amendment No. 2"), dated July 8, 2025, amends and supplements the statements on Schedule 13D filed on July 20, 2021, (the "Initial Statement") as amended on December 17, 2024 ("Amendment No. 1," and together with the Initial Statement and this Amendment No. 2, the "Schedule 13D") by the Reporting Persons (as defined below) and relates to the common shares, par value $0.43696 per share (the "Common Shares"), of Newegg Commerce, Inc., a company incorporated with limited liability under the laws of the British Virgin Islands (the "Issuer") in order to reflect certain changes in ownership of Common Shares since Amendment No. 1 as well as the impact of the stock combination that occurred effective April 7, 2025. The principal executive office of the Issuer is located at 21688 Gateway Center Dr. Suite 300, Diamond Bar, CA 91765. The Issuer's Common Shares are listed on the NASDAQ Capital Market under the symbol "NEGG." Except as otherwise provided herein, each item of the Initial Statement, as amended by Amendment No. 1, remains unchanged. Terms used herein but not otherwise defined shall have the meanings set forth in the Initial Statement.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
 
 As of February 11, 2025, all shares previously held by Fred Chang Partners Trust, Chang Trust 2008, Chang 2009 Annuity Trust No. 1, Chang 2009 Annuity Trust No. 2, and Chang 2009 Annuity Trust No. 3 were transferred to Tekhill USA LLC.  
 
 As discussed in greater detail under Item 6, as of September 5, 2025, East West Bank exercised its rights under that certain Loan and Pledge Agreement, dated March 23, 2022, as amended ("East West Loan Agreement") with Tekhill, to foreclose on 762,408 Common Shares held by Tekhill.  East West Bank sold these shares on the open market and the total principal, interest, fees and penalties owed by Tekhill under the East West Bank Loan Agreement was fully paid-off on September 10, 2025.
 
 Between January 1, 2025 and September 30, 2025, Tekhill sold a total of 965,956 shares on the open market pursuant to Rule 144 of the Securities Act of 1933 ("Rule 144").
 
 In addition, the Reporting Persons may determine, from time to time in the future, based on market and general economic conditions, the business affairs and financial conditions of the Issuer, the capital requirements of the Reporting Persons, the availability of securities at favorable prices and other alternative investment opportunities available to the Reporting Persons, and other factors that the Reporting Persons may deem relevant, to sell some or all of the securities it now holds or hereafter acquires in the open market, in privately negotiated transactions, or otherwise.  The Reporting Persons may from time to time engage advisors, including broker-dealers, to assist the Reporting Persons in assessing the foregoing considerations or facilitate sales.
  
 Subject to the foregoing, none of the Reporting Persons have any current plans or proposals that relate to or would result in any of the actions set forth in clauses (a) through (j) of Item 4 of Schedule 13D.

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

**(a)**
The percentages used in this Schedule 13D are based on 20,478,394 common shares outstanding as of August 19, 2025, as reported in the Issuer's Report on Form 6-K, filed by the Issuer with the Securities and Exchange Commission on August 19, 2025, adjusted for the 1 for 20 stock combination effected April 7, 2025
  See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares and percentage of the shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.

**(c)**
During the period between September 16, 2025 and September 30, 2025, Tekhill sold a total of 250,000 shares of common stock, on the Nasdaq Stock Market at available market prices pursuant to the Rule 144.  Aggregate proceeds from sales during this period were approximately $10,810,029.87.
 
 As discussed in greater detail below under Item 6, as of September 5, 2025, East West Bank exercised its rights under the East West Loan Agreement to foreclose on 762,408 Common Shares held by Tekhill and sold these shares on the open market.  The total principal, interest, fees and penalties owed by Tekhill under the East West Bank Loan Agreement was fully paid off on September 10, 2025.    
 
 Except as described herein, the Reporting Persons have not effected any transaction in the shares of common stock during the past 60 days.

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

There are no updates to the previous disclosures with respect to Item 6 except as set forth below.
 
 
 Mr. Chang is the "Minority Representative" under the Amended and Restated Memorandum and Articles of Association ("Articles") of the Issuer, which gives Mr. Chang the power to appoint and replace up to two members of the Board of Directors of the Issuer, of each of the Issuer's subsidiaries, and of each committee of any such board. The Amended and Restated Articles of Association is included as Exhibit 2 to this Schedule 13D. Mr. Chang was previously one of these Board appointees, but resigned from the Board effective July 8, 2025.  The current appointees are Richard Weil and Gregory Moore, but on October 14, 2025, Mr. Chang requested to remove Mr. Moore as a director of the Issuer, and to replace Mr. Moore with himself, and resume his position as the Primary Minority Board Appointee under the Articles.
 
 Mr. Chang has entered into an Amended and Restated Shareholder Agreement with the Issuer and other shareholders of the Issuer, which became effective on May 19, 2021 (the "Shareholders Agreement").  
 
 By agreement dated March 22, 2022, the Issuer, Mr. Chang, and other Issuer shareholders entered into an amendment (the "First Amendment") to the Company's Shareholders Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Shareholders Agreement. The First Amendment made the ROFR Right in Section 1.03 apply only to 90% of the shares of the Issuer's common shares that are subject to such ROFR Right collectively owned by each Principal Shareholder and its Affiliates, calculated as of May 19, 2021. On August 1, 2022, the Issuer, Mr. Chang, and other Issuer shareholders entered into a second amendment (the "Second Amendment") to the Shareholders Agreement.  The Second Amendment limited the ROFR Right in Section 1.03 to 80% of the shares of the Issuer's common shares that are subject to such ROFR Right collectively owned by each Principal Shareholder and its Affiliates, calculated as of May 19, 2021. On August 13, 2025, the Issuer, Mr. Chang, and other Issuer shareholders entered into a third amendment (the "Third Amendment") to the Shareholders Agreement.  The Third Amendment limited the ROFR Right in Section 1.03 to 64.72% of the shares of the Issuer's common shares that are subject to such ROFR Right collectively owned by each Principal Shareholder and its Affiliates, calculated as of May 19, 2021. 
 
  On March 23, 2022, Tekhill USA LLC ("Borrower") entered into a Loan and Security Agreement ("East West Loan Agreement") with East West Bank, whereby the Borrower agreed to pledge certain shares of Newegg Commerce, Inc.   As a result of certain defaults under the East West Bank Loan Agreement, beginning in June 2025, East West Bank began to complete foreclosure sales with respect to these pledged shares. During the period between June 23, 2025 and September 4, 2025, East West Bank completed foreclosure sales of a total of 762,408 Common Shares held by Tekhill and sold these shares on the open market and the total principal, interest, fees and penalties owed by Borrower under the East West Bank Loan Agreement was fully paid-off on September 10, 2025.  The East West Loan Agreement is now terminated and East West Bank no longer has any security interest in the shares held by the Reporting Persons.
  
  
 The description of the First Amendment, Second Amendment and Third Amendment is qualified in its entirety by the actual terms of thereof, which are included as exhibits hereto and incorporated by reference.

### 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:** Fred Faching Chang

**Signature:** /s/ Fred Chang

**Name/Title:** Fred Chang

**Date:** 10/17/2025

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:** Tekhill USA LLC

**Signature:** /s/ Fred Chang

**Name/Title:** Manager

**Date:** 10/17/2025

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:** Nabal Spring, LLC

**Signature:** /s/ Fred Chang

**Name/Title:** Manager

**Date:** 10/17/2025