Martin R. Rosenbaum, Esq.
(Name, Address and Telephone Number of Persons Authorized
to Receive Notices and Communications)
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
¨
.
CUSIP No.
74265M205
1
|
NAME OF REPORTING PERSONS
Farnam Street Partners, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
T
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
510,560
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
510,560
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
510,560
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.1%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
|
|
|
|
|
|
CUSIP No.
74265M205
1
|
NAME OF REPORTING PERSONS
Farnam Street Capital, Inc.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
T
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
510,560
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
510,560
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
510,560
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.1%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|
|
|
|
|
CUSIP No.
74265M205
1
|
NAME OF REPORTING PERSONS
Raymond E. Cabillot
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
¨
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
510,560
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
510,560
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
510,560
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.1%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|
|
|
|
|
CUSIP No.
74265M205
1
|
NAME OF REPORTING PERSONS
Peter O. Haeg
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
¨
(b)
o
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
510,560
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
510,560
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
510,560
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.1%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|
|
|
|
|
CUSIP No.
74265M205
Item 1. Security
and Issuer.
(a) This Schedule 13D relates to shares
of the Common Stock, no par value, of Pro-Dex, Inc., a Colorado corporation (the “Issuer” or the “Company”).
The address of the principal executive offices of the Issuer is 2361 McGaw Avenue, Irvine, California 92614.
Item 2. Identity
and Background.
This Schedule 13D is being filed jointly by
●
|
Farnam Street Partners, L.P., a Minnesota limited partnership (“Farnam Fund”).
|
●
|
Farnam Street Capital, Inc., a Minnesota corporation and General Partner of Farnam Fund (“Farnam Capital”).
|
●
|
Raymond E. Cabillot as the Chief Executive Officer and a director of Farnam Capital
|
|
|
●
|
Peter O. Haeg as the President and Secretary and a director of Farnam Capital
|
(collectively, the “Farnam Group”).
Raymond E. Cabillot is a director of the Issuer.
(b) The principal office and place of business
for all of the Reporting Persons is 3033 Excelsior Boulevard, Suite 320, Minneapolis, Minnesota 55416.
(c) Farnam Fund was organized in January
1998 as a Minnesota Limited Partnership. Its principal business activities involve investing in equity securities of publicly traded
companies, as well as other types of securities. Mr. Cabillot serves as Chief Executive Officer and a director of Farnam Capital,
the General Partner of Farnam Street Partners, L.P., a private investment partnership located in Minneapolis, Minnesota. Mr. Peter
O. Haeg is President and Secretary of Farnam Capital.
(d) - (e) During the last five years, neither
Farnam Fund nor the principals of its General Partner have been convicted in a criminal proceeding (excluding traffic violations
and similar misdemeanors) nor have the parties been a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which such individual was or is subject to a judgment, decree, or final order enjoining future violations
of, or prohibiting, or mandating activity subject to, federal or state securities laws or finding any violation with respect to
such laws.
(f) Farnam Fund is a Minnesota limited partnership.
Farnam Capital is a Minnesota corporation. Messrs. Cabillot and Haeg are citizens of the United States of America.
Item 3.
Source and Amount of Funds or Other Consideration.
The source of the funds used for purchases by Farnam Capital
are the investment proceeds of Farnam Fund.
CUSIP
No.
74265M205
Item 4. Purpose
of Transaction.
On December 17, 2013, the Company announced
its plans to complete a rights offering to existing holders of its Common Stock under which it expects to receive gross proceeds
of approximately $3 million before expenses, subject to reduction by the Company in certain circumstances. The Company entered
into a Standby Purchase Agreement with Farnam Capital (together with its permitted designees under the Standby Purchase Agreement)
and AO Partners, LLC (together with its permitted designees under the Standby Purchase Agreement, “AO Partners”) (each
a “Standby Purchaser” and collectively the “Standby Purchasers”), pursuant to which the Standby Purchasers
agreed to purchase, at the prevailing subscription price, any and all shares of Common Stock not subscribed for by the Company’s
shareholders pursuant to the exercise of their subscription privileges in connection with the rights offering, subject to the Company’s
right to reduce the numbers of shares purchased by the Standby Purchasers in certain circumstances. Shares of Common Stock purchasable
under the Standby Purchase Agreement were allocated 50% to AO Partners and 50% to Farnam Capital.
On May 1, 2014, the Company announced that
it completed the rights offering, raising $1.65 million before expenses. In connection with the rights offering, on April 30, 2014,
Farnam Capital, as general partner of Farnam Fund, purchased 156,189 shares at a price of $1.90 per share. No shares were purchased
under the Standby Purchase Agreement.
Except as noted in this Schedule 13D, none
of the Reporting Persons has any plans or proposals, which relate to, or would result in, any of the matters referred to in paragraphs
(b) through (j), inclusive of Item (4) of Schedule 13D. Such persons may, at any time and from time to time, review
or reconsider their positions and formulate plans or proposals with respect thereto.
Item 5. Interests
in Securities of the Issuer.
(a) The Fund beneficially
owns 510,560 shares of the outstanding Common Stock of the Issuer, representing approximately 12.1% of the Common Stock (based
upon approximately 4,212,686 shares outstanding, computed as follows: 3,343,954 shares outstanding on March 17, 2014, as reported
in the Issuer's prospectus dated March 24, 2014 and an additional 868,732 shares (after giving effect to the rights offering).
(b) The Fund does not share voting
and dispositive power with respect to any shares.
Mr. Cabillot and Mr. Haeg share
voting and dispositive power of the Common Stock beneficially owned by Farnam Fund by virtue of each entity’s and person’s
relationship to the other as described in Item 2(a).
(c) As described
in Item 4, on April 30, 2014, Farnam Capital, as general partner of Farnam Fund, purchased 156,189 shares through the Company’s
rights offering at a price of $1.90 per share.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
See Item 4 for a description of the Standby
Purchase Agreement (incorporated herein by reference).
With respect to Farnam Fund, Farnam Capital
is entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.
Messrs. Cabillot and Haeg are indemnified
by Farnam Fund and Farnam Capital for liabilities they may incur in connection with their respective duties for the Farnam Group.
Other than the foregoing
agreements and arrangements and the Agreement to file jointly between the members of the Farnam Group (incorporated herein by reference),
there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between
such persons and any person with respect to any securities of the Issuer.
CUSIP No.
74265M205
Item 7. Material
to be Filed as Exhibits.
Exhibit No.
|
Description
|
|
|
1
|
Agreement to file jointly. (Incorporated
herein by reference to Exhibit No. 1 filed with Schedule 13D on November 28, 2012).
|
|
|
99.1
|
Standby Purchase Agreement (Incorporated herein by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-3, filed on December 17, 2013)
|
CUSIP No.
74265M205
SIGNATURE
After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: May
7, 2014
FARNAM STREET PARTNERS, L.P.
By: FARNAM
STREET CAPITAL, INC.
General Partner
By:
/s/ Raymond E. Cabillot
_________
Raymond E. Cabillot
Chief Executive Officer
|
|
FARNAM STREET CAPITAL, INC.
By:
/s/ Raymond E. Cabillot
__________
Raymond E. Cabillot
Chief Executive Officer
|
|
By:
/s/ Raymond E. Cabillot
__________
Raymond E. Cabillot
|
By:
/s/ Peter O. Haeg
_______________
Peter O. Haeg
|
|