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SC 13G

 

 

Securities and Exchange Commission

Washington, D.C. 20549

 

 

Schedule 13G

(Rule 13d-102)

Information to be Included in Statements Filed Pursuant

to § 240.13d-1(b), (c) and (d) and Amendments Thereto Filed

Pursuant to § 240.13d-2

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No.     )*

 

 

Bandwidth Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

05988J103

(CUSIP Number)

December 31, 2017

(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)

 

* 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 the disclosures provided in a prior cover page.

The information required in 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. 05988J103

    Schedule 13G    Page 1 of 13

 

  1   

Names of Reporting Persons

 

Carmichael Investment Partners, 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 Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

1,781,874

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

1,781,874

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

1,781,874

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

29.8%

12  

Type of Reporting Person

 

OO (Delaware limited liability company)

CUSIP No. 05988J103

    Schedule 13G    Page 2 of 13

 

  1   

Names of Reporting Persons

 

Carmichael Investment Partners II, 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 Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

178,572

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

178,572

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

178,572

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

4.1%

12  

Type of Reporting Person

 

OO (Delaware limited liability company)

CUSIP No. 05988J103

    Schedule 13G    Page 3 of 13

 

  1   

Names of Reporting Persons

 

Carmichael Investment Partners III, 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 Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

123,142

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

123,142

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

123,142

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

2.8%

12  

Type of Reporting Person

 

OO (Delaware limited liability company)

CUSIP No. 05988J103

    Schedule 13G    Page 4 of 13

 

  1   

Names of Reporting Persons

 

Carmichael Partners 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 Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

8,750

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

8,750

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

8,750

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

0.2%

12  

Type of Reporting Person

 

OO (Delaware limited liability company)

CUSIP No. 05988J103

    Schedule 13G    Page 5 of 13

 

  1   

Names of Reporting Persons

 

Carmichael Bandwidth 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 Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

0

   6   

Shared Voting Power

 

2,083,588

   7   

Sole Dispositive Power

 

0

   8   

Shared Dispositive Power

 

2,083,588

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,083,588

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

33.2%

12  

Type of Reporting Person

 

OO (Delaware limited liability company)

CUSIP No. 05988J103

    Schedule 13G    Page 6 of 13

 

  1   

Names of Reporting Persons

 

Brian D. Bailey

  2  

Check the Appropriate Box if a Member of a Group

(a)  ☐        (b)  ☐

 

  3  

SEC Use Only

 

  4  

Citizenship or Place of Organization

 

United States

Number of Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

 

1,201

   6   

Shared Voting Power

 

2,092,338

   7   

Sole Dispositive Power

 

1,201

   8   

Shared Dispositive Power

 

2,092,338

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,093,539

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

33.3%

12  

Type of Reporting Person

 

IN

CUSIP No. 05988J103

    Schedule 13G    Page 7 of 13

 

  1   

Names of Reporting Persons

 

Kevin J. Martin

  2  

Check the Appropriate Box if a Member of a Group

(a)  ☐        (b)  ☐

 

  3  

SEC Use Only

 

  4  

Citizenship or Place of Organization

 

United States

Number of Shares Beneficially Owned by Each Reporting Person

With

    5    

Sole Voting Power

31,250

 

   6   

Shared Voting Power

 

2,092,338

   7   

Sole Dispositive Power

 

31,250

   8   

Shared Dispositive Power

 

2,092,338

  9  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,123,588

10  

Check if the Aggregate Amount in Row (9) Excludes Certain Shares

 

Not Applicable

11  

Percent of Class Represented by Amount in Row 9

 

33.6%

12  

Type of Reporting Person

 

IN

CUSIP No. 05988J103

    Schedule 13G    Page 8 of 13

 

ITEM 1. (a) Name of Issuer:

Bandwidth Inc. (the “Issuer”).

 

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

900 Main Campus Drive

Raleigh, NC 27606

 

ITEM 2. (a) Name of Person Filing:

Each of the following is hereinafter individually referred to as a “Reporting Person” and collectively as the “Reporting Persons.” This statement is filed on behalf of:

Carmichael Investment Partners, LLC (“CIP”)

Carmichael Investment Partners II, LLC (“CIP II”)

Carmichael Investment Partners III, LLC (“CIP III”)

Carmichael Partners LLC (“CP”)

Carmichael Bandwidth LLC (“CB”)

Brian D. Bailey

Kevin J. Martin

 

  (b) Address or Principal Business Office:

The business address of each of the Reporting Persons is c/o Carmichael Investment Partners, LLC, 4725 Piedmont Row Dr., Suite 210, Charlotte, NC 28210.

 

  (c) Citizenship of each Reporting Person is:

Each of CIP, CIP II, CIP III, CP and CB are organized in the State of Delaware. Brian D. Bailey and Kevin J. Martin are citizens of the United States.

 

  (d) Title of Class of Securities:

Class A Common Stock, par value $0.001 per share (“Class A Common Stock”).

 

  (e) CUSIP Number:

05988J103

 

ITEM 3.

Not applicable.

CUSIP No. 05988J103

    Schedule 13G    Page 9 of 13

 

ITEM 4. Ownership.

The ownership information below represents beneficial ownership of Class A Common Stock of the Issuer as of the date hereof, based upon 4,197,831 shares of Class A Common Stock outstanding as of November 30, 2017 and assumes the conversion of the Class B Common Stock, par value $0.001 per share (“Class B Common Stock”) of the Issuer held by the Reporting Persons into shares of Class A Common Stock of the Issuer on a one-to-one basis.

 

Reporting Person   

Amount

beneficially

owned

     

Percent

of class:

     Sole
power
to vote
or to
direct
the vote:		     

Shared

power to

vote or to
direct the
vote:

     

Sole
power to
dispose or
to direct
the
disposition

of:

     

Shared

power to

dispose or

to direct

the

disposition

of:

  

Carmichael Investment Partners, LLC

      1,781,874        29.8 %      0        1,781,874        0        1,781,874  

Carmichael Investment Partners II, LLC

      178,572        4.1 %      0        178,572        0        178,572  

Carmichael Investment Partners III, LLC

      123,142        2.8 %      0        123,142        0        123,142  

Carmichael Partners LLC

      8,750        0.2 %      0        8,750        0        8,750  

Carmichael Bandwidth LLC

      2,083,588        33.2 %      0        2,083,588        0        2,083,588  

Brian D. Bailey

      2,093,539        33.3 %      1,201        2,092,338        1,201        2,092,338  

Kevin J. Martin

      2,123,588        33.6 %      31,250        2,092,338        31,250        2,092,338  

CIP is the record holder of 1,781,874 shares of Class B Common Stock. CIP II is the record holder of 178,572 shares of Class B Common Stock. CIP III is the record holder of 123,142 shares of Class B Common Stock. CP is the record holder of 8,750 shares of Class B Common Stock. CB is the managing member of each of CIP, CIP II and CIP III and may be deemed to share beneficial ownership of the securities held of record by CIP CIP II, and CIP III. Brian D. Bailey and Kevin J. Martin are the managing partners of CB and CP and may be deemed to share beneficial ownership of the securities beneficially owned by CB and CP.

Mr. Bailey is also the record holder 379 shares of Class A Common Stock and 822 restricted stock units that will vest on March 31, 2018. Mr. Martin is the record holder of options to purchase 31,250 shares of Class A Common Stock that are currently exercisable.

 

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.

CUSIP No. 05988J103

    Schedule 13G    Page 10 of 13

 

ITEM 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

Not applicable.

 

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

Not applicable.

 

ITEM 9. Notice of Dissolution of Group.

Not applicable.

 

ITEM 10. Certification.

Not applicable.

CUSIP No. 05988J103

    Schedule 13G    Page 11 of 13

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:    February 13, 2018

 

Carmichael Investment Partners, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Investment Partners II, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Investment Partners III, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Partners LLC
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Bandwidth LLC
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner

CUSIP No. 05988J103

    Schedule 13G    Page 12 of 13

 

Brian D. Bailey
By:  

/s/ Brian D. Bailey

Kevin J. Martin
By:  

/s/ Kevin J. Martin

CUSIP No. 05988J103

    Schedule 13G    Page 13 of 13

LIST OF EXHIBITS

 

Exhibit No.

   

Description

99    Joint Filing Agreement.

 

EX-99

Exhibit 99

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other on behalf of each of them of such a statement on Schedule 13G with respect to the common stock beneficially owned by each of them of Bandwidth Inc. This Joint Filing Agreement shall be included as an Exhibit to such Schedule 13G.

IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of the 13th day of February, 2018.

 

Carmichael Investment Partners, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Investment Partners II, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Investment Partners III, LLC
By: Carmichael Bandwidth LLC, its managing member
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Carmichael Partners LLC
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner

Carmichael Bandwidth LLC
By:  

/s/ Brian D. Bailey

Name: Brian D. Bailey
Title: Managing Partner
Brian D. Bailey
By:  

/s/ Brian D. Bailey

Kevin J. Martin
By:  

/s/ Kevin J. Martin