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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 1)1

Landec Corporation

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

514766104

(CUSIP Number)

CHRISTOPHER S. KIPER

LEGION PARTNERS ASSET MANAGEMENT, LLC

12121 Wilshire Blvd, Suite 1240

Los Angeles, CA 90025

(424) 253-1773

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

February 28, 2020

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP NO. 514766104

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, L.P. I  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         1,983,975  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          1,983,975  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,983,975  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.80%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP NO. 514766104

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, L.P. II  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         98,476  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          98,476  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        98,476  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

3

CUSIP NO. 514766104

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,082,451  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          2,082,451  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,082,451  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.14%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP NO. 514766104

 

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners Asset Management, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,082,451  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          2,082,451  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,082,451  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.14%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

   

5

CUSIP NO. 514766104

 

  1   NAME OF REPORTING PERSON  
         
        Legion Partners Holdings, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,082,651  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          2,082,651  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,082,651  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.14%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

6

CUSIP NO. 514766104

 

  1   NAME OF REPORTING PERSON  
         
        Christopher S. Kiper  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,082,651  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          2,082,651  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,082,651  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.14%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

7

CUSIP NO. 514766104

 

  1   NAME OF REPORTING PERSON  
         
        Raymond White  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         0  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,082,651  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          0  
    10   SHARED DISPOSITIVE POWER  
           
          2,082,651  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,082,651  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        7.14%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

8

CUSIP NO. 514766104

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

Item 5.Interest in Securities of the Issuer.

 

Item 5 is hereby amended and restated in its entirety as follows:

 

The aggregate percentage of Shares reported owned by each person named herein is based upon 29,162,983 Shares outstanding as of December 27, 2019 as reported on the Issuer’s 10-Q filed with the SEC on January 2, 2020.

 

A.Legion Partners I
(a)As of the close of business on March 3, 2020, Legion Partners I beneficially owned 1,983,975 Shares.

Percentage: Approximately 6.80%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 1,983,975
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,983,975

 

(c)The transactions in the Shares by Legion Partners I since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
B.Legion Partners II
(a)As of the close of business on March 3, 2020, Legion Partners II beneficially owned 98,476 Shares.

Percentage: Less than 1%

9

CUSIP NO. 514766104

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 98,476
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 98,476

 

(c)The transactions in the Shares by Legion Partners II since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
C.Legion Partners, LLC
(a)As the general partner of each of Legion Partners I and Legion Partners II, Legion Partners, LLC may be deemed the beneficial owner of Shares owned by Legion Partners I and Legion Partners II.

Percentage: Approximately 7.14%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,082,451
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,082,451

 

(c)Legion Partners, LLC has not entered into any transactions in the Shares since the Schedule 13D. The transactions in the Shares on behalf of each of Legion Partners I and Legion Partners II since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
D.Legion Partners Asset Management
(a)As of the close of business on March 3, 2020, Legion Partners Asset Management beneficially owned 2,082,451 Shares.

Percentage: Approximately 7.14%

10

CUSIP NO. 514766104

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,082,451
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,082,451

 

(c)Legion Partners Asset Management has not entered into any transactions since the Schedule 13D. The transactions in the Shares on behalf of each of Legion Partners I and Legion Partners II since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
E.Legion Partners Holdings
(a)Legion Partners Holdings, as the sole member of Legion Partners Asset Management and managing member of Legion Partners, LLC, may be deemed the beneficial owner of Shares owned by Legion Partners I and Legion Partners II.

Percentage: Approximately 7.14%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,082,651
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,082,651

 

(c)Legion Partners Holdings has not entered into any transactions in the Shares since the Schedule 13D. The transactions in the Shares on behalf of each of Legion Partners I and Legion Partners II since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
F.Messrs. Kiper and White
(a)Each of Messrs. Kiper and White, as a managing director of Legion Partners Asset Management and a managing member of Legion Partners Holdings, may be deemed the beneficial owner of Shares owned by Legion Partners I and Legion Partners II.

Percentage: Approximately 7.14%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,082,651
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,082,651

 

(c)Neither Mr. Kiper nor Mr. White has entered into any transactions in the Shares since the Schedule 13D. The transactions in the Shares on behalf of each of Legion Partners I and Legion Partners II since the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

11

CUSIP NO. 514766104

The filing of this Amendment No. 1 shall not be construed as 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 of the securities reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that are not directly owned by such Reporting Person, except to the extent of their pecuniary interest therein.

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

Item 6 is hereby amended and restated to read as follows:

On March 3, 2020 the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to securities of the Issuer, to the extent required by applicable law.  The Joint Filing Agreement is incorporated herein by reference.

Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

Item 7.Material to be Filed as Exhibits.

Joint Filing Agreement by and among Legion Partners, L.P. I, Legion Partners, L.P. II, Legion Partners, LLC, Legion Partners Asset Management, LLC, Legion Partners Holdings, LLC, Christopher S. Kiper and Raymond White, dated March 3, 2020.

12

CUSIP NO. 514766104

SIGNATURES

 

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: March 3, 2020

  Legion Partners, L.P. I
   
  By: Legion Partners Asset Management, LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

  Legion Partners, L.P. II
   
  By: Legion Partners Asset Management LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

  Legion Partners, LLC
   
  By: Legion Partners Holdings, LLC
    Managing Member
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

  Legion Partners Asset Management, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

  

13

CUSIP NO. 514766104

 

  Legion Partners Holdings, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

   
   
 

/s/ Christopher S. Kiper

  Christopher S. Kiper
   
   
 

/s/ Raymond White

  Raymond White

 

14

CUSIP NO. 514766104

SCHEDULE A

 

Transactions in the Shares Since the Schedule 13D

 

Nature of the
Transaction

Amount of Securities

Purchased / (Sold)

Price Per

Share($)

Date of

Purchase / Sale

 

Legion Partners, L.P. I

Purchase of Common Stock

 16,492 $11.22 01/30/2020

Purchase of Common Stock

 4,001 $11.20 01/31/2020

Purchase of Common Stock

 1,052 $11.24 02/03/2020

Purchase of Common Stock

 1,434 $11.23 02/04/2020

Purchase of Common Stock

 2,385 $11.22 02/26/2020

Purchase of Common Stock

 97,242 $11.23 02/27/2020

Purchase of Common Stock

 98,175 $11.22 02/27/2020

Purchase of Common Stock

 97,830 $10.63 02/28/2020

Purchase of Common Stock

 85,886 $10.15 02/28/2020

Purchase of Common Stock

 14,969 $10.25 03/02/2020

Purchase of Common Stock

 134,113 $10.11 03/03/2020

 

Legion Partners, L.P. II

Purchase of Common Stock

 820 $11.22 01/30/2020

Purchase of Common Stock

 199 $11.20 01/31/2020

Purchase of Common Stock

 48 $11.24 02/03/2020

Purchase of Common Stock

 66 $11.23 02/04/2020

Purchase of Common Stock

 119 $11.22 02/26/2020

Purchase of Common Stock

 4,658 $11.23 02/27/2020

Purchase of Common Stock

 4,702 $11.22 02/27/2020

Purchase of Common Stock

 4,686 $10.63 02/28/2020

Purchase of Common Stock

 4,114 $10.15 02/28/2020

Purchase of Common Stock

 815 $10.25 03/02/2020

Purchase of Common Stock

 7,300 $10.11 03/03/2020

Exhibit 99.1

 

JOINT FILING AGREEMENT

 

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including amendments thereto) with respect to the shares of Common Stock, $0.001 par value per share, of Landec Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

 

Dated: March 3, 2020

  Legion Partners, L.P. I
   
  By: Legion Partners Asset Management, LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

  Legion Partners, L.P. II
   
  By: Legion Partners Asset Management, LLC
    Investment Advisor
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

  Legion Partners, LLC
   
  By: Legion Partners Holdings, LLC
    Managing Member
     
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

  Legion Partners Asset Management, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Director

 

  Legion Partners Holdings, LLC
   
  By:

/s/ Christopher S. Kiper

    Name: Christopher S. Kiper
    Title: Managing Member

 

 

 

   
   
 

/s/ Christopher S. Kiper

  Christopher S. Kiper
   
   
 

/s/ Raymond T. White

  Raymond T. White