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22NW

Filed: 8 Feb 22, 2:28pm

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

(Amendment No. )1

 

Culp, Inc.

 (Name of Issuer)

Common Stock, par value $0.05 per share

 (Title of Class of Securities)

230215105

 (CUSIP Number)

October 20, 2021

 (Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

   Rule 13d-1(b)

   Rule 13d-1(c)

   Rule 13d-1(d)

 

 

 

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. 230215105

 

 1 NAME OF REPORTING PERSON 
     
    22NW Fund, LP 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☐
    (b) ☐
      
 3 SEC USE ONLY  
      
       
 4 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 5 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    623,303 
OWNED BY 6 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 7 SOLE DISPOSITIVE POWER 
     
     623,303 
  8 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    623,303 
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ☐
    
      
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 
     
    5.1% 
 12 TYPE OF REPORTING PERSON 
     
    PN 

  

2

CUSIP No. 230215105

 1 NAME OF REPORTING PERSON 
     
    22NW, LP 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☐
    (b) ☐
      
 3 SEC USE ONLY  
      
       
 4 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 5 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    623,303 
OWNED BY 6 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 7 SOLE DISPOSITIVE POWER 
     
     623,303 
  8 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    623,303 
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ☐
    
      
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 
     
    5.1% 
 12 TYPE OF REPORTING PERSON 
     
    PN 

  

3

CUSIP No. 230215105

 

 1 NAME OF REPORTING PERSON 
     
    22NW Fund GP, LLC 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☐
    (b) ☐
      
 3 SEC USE ONLY  
      
       
 4 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 5 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    623,303 
OWNED BY 6 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 7 SOLE DISPOSITIVE POWER 
     
     623,303 
  8 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    623,303 
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ☐
    
      
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 
     
    5.1% 
 12 TYPE OF REPORTING PERSON 
     
    OO 

  

4

CUSIP No. 230215105

 

 1 NAME OF REPORTING PERSON 
     
    22NW GP, Inc. 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☐
    (b) ☐
      
 3 SEC USE ONLY  
      
       
 4 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    DELAWARE 
NUMBER OF 5 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    623,303 
OWNED BY 6 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 7 SOLE DISPOSITIVE POWER 
     
     623,303 
  8 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    623,303 
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ☐
    
      
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 
     
    5.1% 
 12 TYPE OF REPORTING PERSON 
     
    CO 

  

5

CUSIP No. 230215105

 

 1 NAME OF REPORTING PERSON 
     
    Aron R. English 
 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(a) ☐
    (b) ☐
      
 3 SEC USE ONLY  
      
       
 4 CITIZENSHIP OR PLACE OF ORGANIZATION 
     
    USA 
NUMBER OF 5 SOLE VOTING POWER 
SHARES     
BENEFICIALLY    624,753 
OWNED BY 6 SHARED VOTING POWER 
EACH     
REPORTING    - 0 - 
PERSON WITH 7 SOLE DISPOSITIVE POWER 
     
     624,753 
  8 SHARED DISPOSITIVE POWER 
      
     - 0 - 
 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 
     
    624,753 
 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES    ☐
    
      
 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 
     
    5.1% 
 12 TYPE OF REPORTING PERSON 
     
    IN 

  

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CUSIP No. 230215105

Item 1(a).Name of Issuer:

 

Culp, Inc., a North Carolina corporation (the “Issuer”).

 

Item 1(b).Address of Issuer’s Principal Executive Offices:

 

1823 Eastchester Drive

High Point, North Carolina 27265

 

Item 2(a).Name of Person Filing:

 

This statement is filed by 22NW Fund, LP, a Delaware limited partnership (“22NW Fund”), 22NW, LP, a Delaware limited partnership (“22NW”), 22NW Fund GP, LLC, a Delaware limited liability company (“22NW GP”), 22NW GP, Inc., a Delaware S Corporation (“22NW Inc.”), and Aron R. English. Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

 

22NW serves as the investment manager of 22NW Fund. 22NW GP serves as the general partner of 22NW Fund. 22NW Inc. serves as the general partner of 22NW. Mr. English is the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc. By virtue of these relationships, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own the Shares (as defined below) owned directly by 22 NW Fund.

 

Item 2(b).Address of Principal Business Office or, if None, Residence:

 

The address of the principal office of each of the Reporting Persons is 1455 NW Leary Way, Suite 400, Seattle, Washington 98107.

 

Item 2(c).Citizenship:

 

22NW Fund, 22NW, 22NW GP and 22NW Inc. are organized under the laws of the State of Delaware. Mr. English is a citizen of the United States of America.

 

Item 2(d).Title of Class of Securities:

 

Common Stock, $0.05 par value per share (the “Shares”).

 

Item 2(e).CUSIP Number:

 

230215105

 

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CUSIP No. 230215105

Item 3.If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

 

  /x/Not applicable.
    
 (a)/ /Broker or dealer registered under Section 15 of the Exchange Act.
    
 (b)/ /Bank as defined in Section 3(a)(6) of the Exchange Act.
    
 (c)/ /Insurance company as defined in Section 3(a)(19) of the Exchange Act.
    
 (d)/ /Investment company registered under Section 8 of the Investment Company Act.
    
 (e)/ /An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
    
 (f)/ /An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).
    
 (g)/ /A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).
    
 (h)/ /A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.
    
 (i)/ /A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act.
    
 (j)/ /Non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J).
    
 (k)/ /Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____

 

Item 4.Ownership.

 

(a)Amount beneficially owned:

 

As of the close of business on October 20, 2021:

 

(i)22 NW Fund directly owned 623,303 Shares. Each of 22NW, as the investment manager of 22NW Fund, 22NW GP, as the general partner of 22NW Fund, and 22NW Inc., as the general partner of 22NW, may be deemed to beneficially own the 623,303 Shares owned directly by 22NW Fund.

 

(ii)Mr. English directly owned 1,450 Shares. Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the 623,303 Shares owned directly by 22NW Fund, which, together with the 1,450 Shares he directly owns, constitutes an aggregate of 624,753 Shares beneficially owned by Mr. English.

 

The filing of this Schedule 13G 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 Shares reported herein that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person.

 

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CUSIP No. 230215105

(b)Percent of class:

 

The following percentages are based on 12,203,284 Shares outstanding as of September 8, 2021, which is the total number of Shares outstanding as reported in the Issuer’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on September 10, 2021.

 

As of the close of business on October 20, 2021, each of 22 NW Fund, 22NW, 22NW GP, 22NW Inc. and Mr. English may be deemed to beneficially own approximately 5.1% of the outstanding Shares.

 

(c)Number of shares as to which such person has:

 

(i)Sole power to vote or to direct the vote:

 

See Cover Pages Items 5-9.

 

(ii)Shared power to vote or to direct the vote:

 

See Cover Pages Items 5-9.

 

(iii)Sole power to dispose or to direct the disposition of:

 

See Cover Pages Items 5-9.

 

(iv)Shared power to dispose or to direct the disposition of:

 

See Cover Pages Items 5-9.

 

Item 5.Ownership of Five Percent or Less of a Class.

 

Not Applicable.

 

Item 6.Ownership of More than Five Percent on Behalf of Another Person.

 

Not applicable.

 

Item 7.Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

 

Not Applicable.

 

Item 8.Identification and Classification of Members of the Group.

 

See Exhibit 99.1.

 

Item 9.Notice of Dissolution of Group.

 

Not Applicable.

 

9

CUSIP No. 230215105

Item 10.Certifications.

 

By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

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CUSIP No. 230215105

SIGNATURE

 

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: February 8, 202222NW FUND, LP
  
 By:22NW Fund GP, LLC
General Partner
  
 By:/s/ Aron R. English
  Name:Aron R. English
  Title:Manager

 

 

 22NW, LP
  
 By:22NW GP, Inc.
General Partner
  
 By:/s/ Aron R. English
  Name:Aron R. English
  Title:President and Sole Shareholder

 

 

 22NW FUND GP, LLC
  
 By:/s/ Aron R. English
  Name:Aron R. English
  Title:Manager

 

 

 22NW GP, INC.
  
 By:/s/ Aron R. English
  Name:Aron R. English
  Title:President and Sole Shareholder

 

 

 /s/ Aron R. English
 ARON R. ENGLISH

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