Edwin Rigaud - 22 Feb 2024 Form 4 Insider Report for PARTS iD, Inc.

Reporting relationship: Director
Issuer ticker: N/A
Reported as of: 22 Feb 2024
Net transaction value: -$650,000
SEC form: 4
Accepted by SEC: 22 Feb 2024, 17:28:03 UTC
Prior SEC filing: 26 Jul 2023
Source filing: View source filing
Reporting owner signature: /s/ Edwin Rigaud

Key filing fact

Edwin Rigaud filed Form 4 for PARTS iD, Inc. on 22 Feb 2024.

Key facts

This page summarizes Edwin Rigaud's Form 4 filing for PARTS iD, Inc..
6 reported transactions and 4 derivative rows are listed below.
Accepted by SEC: 22 Feb 2024, 17:28.

Change

Previous filing in this sequence was filed on 26 Jul 2023.
Current net transaction value: -$650,000.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ID transaction

Class A Common Stock

Disposed to Issuer

Transaction value: $0
Shares: -277,605
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 22 Feb 2024
Ownership: Direct
Footnotes: F1, F2

ID transaction

Class A Common Stock

Disposed to Issuer

Transaction value: $0
Shares: -914,143
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 22 Feb 2024
Ownership: By Sponsor
Footnotes: F1, F2, F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

ID transaction Derivative

Warrant (Right to Purchase)

Disposed to Issuer

Transaction value
Shares: -595,238
Change %: -100%
Price
Shares after: 0
Date: 22 Feb 2024
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 595,238
Exercise price: $0.4200
Footnotes: F1, F2

ID transaction Derivative

Warrant (Right to Purchase)

Disposed to Issuer

Transaction value
Shares: -80,000
Change %: -100%
Price
Shares after: 0
Date: 22 Feb 2024
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount: 80,000
Exercise price: $0.5000
Footnotes: F1, F2

ID transaction Derivative

Convertible Notes

Other

Transaction value: $250,000
Shares
Change %
Price
Shares after: 0
Date: 22 Feb 2024
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount
Exercise price
Footnotes: F1, F2, F4

ID transaction Derivative

Convertible Notes

Other

Transaction value: $400,000
Shares
Change %
Price
Shares after: 0
Date: 22 Feb 2024
Ownership: Direct
Underlying class: Class A Common Stock
Underlying amount
Exercise price
Footnotes: F1, F2, F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Edwin Rigaud is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 4 footnotes

Footnote F1

On December 26, 2023, PARTS iD, Inc. (the "Issuer") and certain subsidiary PARTS iD, LLC (collectively, with the Issuer, the "Debtors"), filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. On February 5, 2024, the Bankruptcy Court entered an order confirming the Debtors' Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization (as amended, modified or supplemented from time to time, the "Plan"), and on February 22, 2024 (the "Effective Date"), the Plan became effective pursuant to its terms and the Debtors emerged from bankruptcy.

Footnote F2

On the Effective Date, all of the Company's previously outstanding shares of Class A common stock, including options, warrants, rights, restricted stock units or other securities or agreements to acquire such common stock, were cancelled and extinguished in accordance with the Plan approved by the Bankruptcy Court.

Footnote F3

Such shares of Class A common stock were held by Legacy Acquisition Sponsor I LLC of which Mr. Rigaud was the managing member and may be deemed to have beneficial ownership of such shares; however, Mr. Rigaud disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

Footnote F4

In accordance with the Plan approved by the Bankruptcy Court, as a holder of Subordinated Secured Note Claims (as defined in the Plan), Mr. Rigaud will be entitled to receive two (2) of the following, provided, however, that no holder of a Subordinated Secured Note Claim will receive, in the aggregate, more than 100% of amount of such holder's Subordinated Secured Note Claim: (A) payment in cash of 55% of such Subordinated Secured Note Claim, (B) such holder's pro rata share from the net recoveries (after payments of fees, litigation financing and taxes) from the Litigation Proceeds (as defined in the Plan) and (C) payment in cash upon the achievement of an EBITDA target to be agreed between the Plan Sponsor (as defined in the Plan) and the Debtors.