# EDGAR Filing Document

**Accession Number:** 0001958072
**File Stem:** 0000919574-23-000473
**Filing Date:** 2023-1
**Character Count:** 11527
**Document Hash:** a68f6e44bf1349cd28172f640dea55cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-23-000473.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0000919574-23-000473

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230123

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Fortune Alexis
- **CENTRAL INDEX KEY:** 0001958072

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32600
- **FILM NUMBER:** 23552920

**MAIL ADDRESS:**
- **STREET 1:** C/O BLACKSHEEP FUND MANAGEMENT LIMITED
- **STREET 2:** ROCK HOUSE, MAIN STREET, BLACKROCK
- **CITY:** CO. DUBLIN
- **STATE:** L2
- **ZIP:** A94 YY39
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Blacksheep Fund Management Ltd
- **CENTRAL INDEX KEY:** 0001800249
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32600
- **FILM NUMBER:** 23552922

**BUSINESS ADDRESS:**
- **STREET 1:** ROCK HOUSE, MAIN STREET
- **STREET 2:** BLACKROCK
- **CITY:** CO. DUBLIN
- **STATE:** L2
- **ZIP:** A94 YY39
- **BUSINESS PHONE:** 353 1 566 8192

**MAIL ADDRESS:**
- **STREET 1:** ROCK HOUSE, MAIN STREET
- **STREET 2:** BLACKROCK
- **CITY:** CO. DUBLIN
- **STATE:** L2
- **ZIP:** A94 YY39
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Blacksheep Master Fund Ltd.
- **CENTRAL INDEX KEY:** 0001958083
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32600
- **FILM NUMBER:** 23552923

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES
- **STREET 2:** PO BOX 1348, 94 SOLARIS AVE.
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** 345-949-4123

**MAIL ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES
- **STREET 2:** PO BOX 1348, 94 SOLARIS AVE.
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Herdwick Capital Ltd
- **CENTRAL INDEX KEY:** 0001958080
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32600
- **FILM NUMBER:** 23552921

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BLACKSHEEP FUND MANAGEMENT LIMITED
- **STREET 2:** ROCK HOUSE, MAIN STREET, BLACKROCK
- **CITY:** CO. DUBLIN
- **STATE:** L2
- **ZIP:** A94 YY39
- **BUSINESS PHONE:** 353-1-566-8192

**MAIL ADDRESS:**
- **STREET 1:** C/O BLACKSHEEP FUND MANAGEMENT LIMITED
- **STREET 2:** ROCK HOUSE, MAIN STREET, BLACKROCK
- **CITY:** CO. DUBLIN
- **STATE:** L2
- **ZIP:** A94 YY39
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TUCOWS INC /PA/
- **CENTRAL INDEX KEY:** 0000909494
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 232707366
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 96 MOWAT AVENUE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M6K 3M1
- **BUSINESS PHONE:** 4165385478

**MAIL ADDRESS:**
- **STREET 1:** 96 MOWAT AVENUE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M6K 3M1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFONAUTICS INC
- **DATE OF NAME CHANGE:** 19960426

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFONAUTICS CORP
- **DATE OF NAME CHANGE:** 19960315

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Blacksheep Master Fund Ltd.<br><sub>(Last) (First) (Middle)</sub><br>C/O MOURANT GOVERNANCE SERVICES<br>94 SOLARIS AVENUE<br><sub>(Street)</sub><br>CAMANA BAY, PO BOX 1348, E9 KY1-1108<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TUCOWS INC /PA/ [ TCX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Blacksheep Fund Management Ltd<br><sub>(Last) (First) (Middle)</sub><br>ROCK HOUSE, MAIN STREET<br>BLACKROCK, CO<br><sub>(Street)</sub><br>DUBLIN, L2 A94 YY39<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TUCOWS INC /PA/ [ TCX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Herdwick Capital Ltd<br><sub>(Last) (First) (Middle)</sub><br>ROCK HOUSE, MAIN STREET<br>BLACKROCK, CO<br><sub>(Street)</sub><br>DUBLIN, L2 A94 YY39<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TUCOWS INC /PA/ [ TCX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Fortune Alexis<br><sub>(Last) (First) (Middle)</sub><br>ROCK HOUSE, MAIN STREET<br>BLACKROCK, CO<br><sub>(Street)</sub><br>DUBLIN, L2 A94 YY39<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TUCOWS INC /PA/ [ TCX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-23 |  | S |  | 4500 | D | $35.9196 | 1122245 | D<sup>(1)</sup> |  |
| Common Stock | 2023-01-24 |  | S |  | 4473 | D | $36.1019 | 1117772 | D<sup>(1)</sup> |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The securities are owned directly by Blacksheep Master Fund Ltd. and may be deemed to be indirectly beneficially owned by (i) Blacksheep Fund Management Limited, the investment manager to Blacksheep Master Fund Ltd., (ii) Herdwick Capital Ltd., the parent company of Blacksheep Fund Management Limited, and (ii) Alexis Fortune, the controlling person of Herdwick Capital Ltd. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

**Signature:** Blacksheep Master Fund Ltd, By: Blacksheep Fund Management Limited, By: /s/ Alexis Fortune, Chief Executive Officer  
**Date:** 2023-01-25

**Signature:** Blacksheep Fund Management Limited, By: /s/ Alexis Fortune, Chief Executive Officer  
**Date:** 2023-01-25

**Signature:** Herdwick Capital Ltd., By: /s/ Alexis Fortune, Director  
**Date:** 2023-01-25

**Signature:** /s/ Alexis Fortune  
**Date:** 2023-01-25

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**