# EDGAR Filing Document

**Accession Number:** 0000914712
**File Stem:** 0001193805-23-000328
**Filing Date:** 2023-3
**Character Count:** 7425
**Document Hash:** d679616b88859c9c0b24a512e7ab718a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-23-000328.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193805-23-000328

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20211230

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** WebFinancial Holding Corp
- **CENTRAL INDEX KEY:** 0001662159
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35319
- **FILM NUMBER:** 23729026

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE, 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 520-2300

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE, 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Steel Connect, Inc.
- **CENTRAL INDEX KEY:** 0000914712
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 042921333
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** SUITE 170
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451
- **BUSINESS PHONE:** 781-663-5000

**MAIL ADDRESS:**
- **STREET 1:** 1601 TRAPELO ROAD
- **STREET 2:** SUITE 170
- **CITY:** WALTHAM
- **STATE:** MA
- **ZIP:** 02451

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ModusLink Global Solutions Inc
- **DATE OF NAME CHANGE:** 20080929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CMGI INC
- **DATE OF NAME CHANGE:** 19990108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CMG INFORMATION SERVICES INC
- **DATE OF NAME CHANGE:** 19981007

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

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>WebFinancial Holding Corp<br><sub>(Last) (First) (Middle)</sub><br>590 MADISON AVENUE, 32ND FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10022<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Steel Connect, Inc. [ STCN ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2021-12-30 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director   [X] 10% Owner<br>[ ] Officer (give title below)   [ ] Other (specify below)<br>_ _ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 7.50% Convertible Senior Note due March 1, 2024<sup>(1)</sup> | <sup>(3)</sup> | 2024-03-01 | Common Stock, par value $0.01 | 6293706<sup>(3)</sup> | $2.37 | I<sup>(2)(5)</sup> | By WebFinancial Holding Corporation |
| Series C Convertible Preferred Stock<sup>(1)</sup> | 2017-12-15 | <sup>(4)</sup> | Common Stock, par value $0.01 | 17857143 | $1.96 | I<sup>(2)(5)</sup> | By WebFinancial Holding Corporation |

---

### Footnotes:

(1) This Form 3 is filed by WebFinancial Holding Corporation ("WebFinancial"). WebFinancial is a member of a Section 13(d) group (the "Section 13(d) Group") that owns more than 10% of the Issuer's outstanding shares of Common Stock. The other members of the Section 13(d) Group include Steel Partners Holdings L.P. ("Steel Holdings"), SPH Group LLC ("SPHG"), SPH Group Holdings LLC ("SPHG Holdings") and Steel Partners Holdings GP Inc. ("Steel Holdings GP"). Each member of the Section 13(d) Group disclaims beneficial ownership of the securities of the Issuer owned directly by the other members of the Section 13(d) Group except to the extent of its pecuniary interest therein.

(2) Represents securities owned directly by WebFinancial. By virtue of their relationships with WebFinancial discussed in Footnote 1, each of Steel Holdings, SPHG and Steel Holdings GP may be deemed to beneficially own the securities owned directly by WebFinancial. Each of Steel Holdings, SPHG and Steel Holdings GP disclaims beneficial ownership of the securities owned directly by WebFinancial.

(3) As of the event date requiring the filing of this statement, WebFinancial owned $14,940,000 principal amount of the Issuer's 7.50% Convertible Senior Notes due March 1, 2024 (the "2024 Notes"). Under the terms of the 2024 Notes, each $1,000 of principal of the 2024 Notes will initially be convertible into 421.2655 shares of Common Stock, which is equivalent to an initial conversion price of approximately $2.37 per share, subject to adjustment upon the occurrence of certain events, or, if the Issuer obtains the required consent from its stockholders, into shares, cash or a combination of cash and shares, at the Issuer's election.

(4) The Series C Convertible Preferred Stock has no expiration date.

(5) The securities of the Issuer owned directly by WebFinancial were transferred to WebFinancial by other members of the Section 13(d) Group. Such transfers were exempt from Section 16 pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended, or otherwise.

**Remarks:**
Each of Steel Holdings, SPHG, WebFinancial, SPHG Holdings, Steel Holdings GP and the other members of the Section 13(d) Group may be deemed a director by deputization due to their relationship with certain of the directors on the board of directors of the Issuer.

**Signature:** By: WebFinancial Holding Corporation, By: /s/ Jason Wong, Chief Financial Officer  
**Date:** 2023-03-13

### 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.**