# EDGAR Filing Document

**Accession Number:** 0001524828
**File Stem:** 0001941040-23-000053
**Filing Date:** 2023-2
**Character Count:** 9542
**Document Hash:** 4865b9eda7516d904e5801f3cd687c72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001941040-23-000053.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001941040-23-000053

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Acuitas Investments, LLC
- **CENTRAL INDEX KEY:** 0001524828
- **IRS NUMBER:** 273889854
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16461
- **FILM NUMBER:** 23589786

**BUSINESS ADDRESS:**
- **STREET 1:** 520 PIKE STREET
- **STREET 2:** SUITE 1221
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** 206-299-2070

**MAIL ADDRESS:**
- **STREET 1:** 520 PIKE STREET
- **STREET 2:** SUITE 1221
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Acuitas Investments LLC<br>**Address:** 520 Pike Street<br>Suite 1221<br>Seattle, WA 98101

**Form 13F File Number:** 028-16461

**CRD Number (if applicable):** 000155782

**SEC File Number (if applicable):** 801-79447

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lisa Thenell<br>**Title:** Chief Compliance Officer/Chief Operating Officer<br>**Phone:** 206-299-2073

**Signature, Place, and Date of Signing:**

Lisa Thenell  Seattle, WA  02-06-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 40

**Form 13F Information Table Value Total:** $99111901

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                                  | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | ClariVest Asset Management LLC        | 028-12126              |    000139785 | 801-66386         |
|     2 | Monarch Partners Asset Management LLC | 028-15158              |    000152727 | 801-71007         |
|     3 | Pacific Ridge Capital Partners LLC    | 028-15835              |    000152154 | 801-78126         |
|     4 | Ranger Investment Management L.P.     | 028-11311              |    000124414 | 801-62397         |
|     5 | JCSD Capital LLC                      | 028-16516              |    000163084 | 801-107372        |
|     6 | AltraVue Capital LLC                  | 028-19044              |    000283260 | 801-113312        |
|     7 | GLOBEFLEX CAPITAL L P                 | 028-04886              |    000106417 | 801-45959         |
|     8 | PZENA INVESTMENT MANAGEMENT LLC       | 028-03791              |    000106847 | 801-50838         |
|     9 | Granahan Investment Management LLC    | 028-05876              |    000107745 | 801-23705         |
|    10 | Tieton Capital Management LLC         | 028-14613              |    000135769 | 801-66657         |
|    11 | MACKENZIE FINANCIAL CORP              | 028-05178              |    000110338 | 801-25226         |
|    12 | Meros Investment Management LP        | 028-22239              |    000305152 | 801-117225        |
|    13 | TimesSquare Capital Management LLC    | 028-11092              |    000132694 | 801-63492         |
|    14 | ADVISORY RESEARCH INC                 | 028-05637              |    000108254 | 801-14172         |
|    15 | EAM Investors LLC                     | 028-14070              |    000144908 | 801-70305         |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 4021144 | 214690 | SH |  | OTR | 1 | 0 | 214690 | 0 |
| ANDERSONS INC | COM | 034164103 |  | 1451420 | 41481 | SH |  | OTR | 1 | 0 | 41481 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 3905343 | 137609 | SH |  | OTR | 1 | 0 | 137609 | 0 |
| DIAMOND OFFSHORE DRILLING IN | COM | 25271C201 |  | 4067170 | 391074 | SH |  | OTR | 1 | 0 | 391074 | 0 |
| DRIL-QUIP INC | COM | 262037104 |  | 3302622 | 121554 | SH |  | OTR | 1 | 0 | 121554 | 0 |
| FIRST INTERNET BANCORP | COM | 320557101 |  | 1913313 | 78802 | SH |  | OTR | 1 | 0 | 78802 | 0 |
| FRANKLIN STR PPTYS CORP | COM | 35471R106 |  | 3299781 | 1208711 | SH |  | OTR | 1 | 0 | 1208711 | 0 |
| HAYNES INTL INC | COM NEW | 420877201 |  | 2479642 | 54271 | SH |  | OTR | 1 | 0 | 54271 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | COM | 42330P107 |  | 3851644 | 521903 | SH |  | OTR | 1 | 0 | 521903 | 0 |
| HARROW HEALTH INC | COM | 415858109 |  | 3516437 | 238241 | SH |  | OTR | 1 | 0 | 238241 | 0 |
| NATURAL GAS SVCS GROUP INC | COM | 63886Q109 |  | 2662708 | 232348 | SH |  | OTR | 1 | 0 | 232348 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 1734584 | 129737 | SH |  | OTR | 1 | 0 | 129737 | 0 |
| ORION ENERGY SYS INC | COM | 686275108 |  | 2253863 | 1238386 | SH |  | OTR | 1 | 0 | 1238386 | 0 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 1910162 | 158257 | SH |  | OTR | 1 | 0 | 158257 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 4716934 | 134080 | SH |  | OTR | 1 | 0 | 134080 | 0 |
| PETIQ INC | COM CL A | 71639T106 |  | 2636920 | 286000 | SH |  | OTR | 1 | 0 | 286000 | 0 |
| SOLARIS OILFIELD INFRASTRUCT | COM CL A | 83418M103 |  | 3453724 | 347807 | SH |  | OTR | 1 | 0 | 347807 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 2866523 | 87394 | SH |  | OTR | 1 | 0 | 87394 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 3121367 | 2123379 | SH |  | OTR | 1 | 0 | 2123379 | 0 |
| TEJON RANCH CO | COM | 879080109 |  | 5070918 | 269157 | SH |  | OTR | 1 | 0 | 269157 | 0 |
| TRUECAR INC | COM | 89785L107 |  | 2685863 | 1070065 | SH |  | OTR | 1 | 0 | 1070065 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 3905234 | 581136 | SH |  | OTR | 1 | 0 | 581136 | 0 |
| XOMA CORP DEL | COM NEW | 98419J206 |  | 1736813 | 94392 | SH |  | OTR | 1 | 0 | 94392 | 0 |
| YATRA ONLINE INC | ORD SHS | G98338109 |  | 4470781 | 1855096 | SH |  | OTR | 1 | 0 | 1855096 | 0 |
| ABCAM PLC | ADS | 000380204 |  | 1598012 | 102700 | SH |  | OTR | 2 | 0 | 102700 | 0 |
| CONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 21240E105 |  | 654170 | 78250 | SH |  | OTR | 2 | 0 | 78250 | 0 |
| EVERSPIN TECHNOLOGIES INC | COM | 30041T104 |  | 216840 | 39000 | SH |  | OTR | 2 | 0 | 39000 | 0 |
| OOMA INC | COM | 683416101 |  | 217920 | 16000 | SH |  | OTR | 2 | 0 | 16000 | 0 |
| RUSH ENTERPRISES INC | CL A | 781846209 |  | 271856 | 5200 | SH |  | OTR | 2 | 0 | 5200 | 0 |
| RICHARDSON ELECTRS LTD | COM | 763165107 |  | 936387 | 43900 | SH |  | OTR | 2 | 0 | 43900 | 0 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 336600 | 10200 | SH |  | OTR | 2 | 0 | 10200 | 0 |
| DIGITAL TURBINE INC | COM NEW | 25400W102 |  | 840303 | 55138 | SH |  | OTR | 3 | 0 | 55138 | 0 |
| FRANKLIN COVEY CO | COM | 353469109 |  | 5042040 | 107805 | SH |  | OTR | 3 | 0 | 107805 | 0 |
| ITERIS INC NEW | COM | 46564T107 |  | 1208024 | 388432 | SH |  | OTR | 3 | 0 | 388432 | 0 |
| LOGITECH INTL S A | SHS | H50430232 |  | 2695425 | 43300 | SH | Put | OTR | 3 | 0 | 43300 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 182436 | 27600 | SH |  | OTR | 3 | 0 | 27600 | 0 |
| NVE CORP | COM NEW | 629445206 |  | 713869 | 11025 | SH |  | OTR | 3 | 0 | 11025 | 0 |
| SILICOM LTD | ORD | M84116108 |  | 6225892 | 147708 | SH |  | OTR | 3 | 0 | 147708 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 2444904 | 44100 | SH | Put | OTR | 3 | 0 | 44100 | 0 |
| WEAVE COMMUNICATIONS INC | COM | 94724R108 |  | 492313 | 107492 | SH |  | OTR | 3 | 0 | 107492 | 0 |

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