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 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. 4)1

 

CHF Solutions, Inc.

 (Name of Issuer)

Common Stock, par value $0.0001 per share

 (Title of Class of Securities)

12542Q870

 (CUSIP Number)

October 20, 2020

 (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. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        Bigger Capital 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING        

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
         

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)

  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        3.7%*  
  12   TYPE OF REPORTING PERSON  
         
        PN  

 

* Percentage Ownership assumes the exercise of the Warrants into Common Stock.

2

CUSIP No. 12542Q870

  1   NAME OF REPORTING PERSON  
         
        Bigger Capital 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING        

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
         

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)

  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

65,060 shares of Common Stock

37,367 shares of Common Stock issuable upon exercise of Warrants (See Item 4)

  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        3.7%*  
  12   TYPE OF REPORTING PERSON  
         
        OO  

 

* Percentage Ownership assumes the exercise of the Warrants into Common Stock.

3

CUSIP No. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        District 2 Capital 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING         3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
          3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        Less than one percent.  
  12   TYPE OF REPORTING PERSON  
         
        PN  

  

4

CUSIP No. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        District 2 Capital 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING         3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
          3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        Less than one percent.  
  12   TYPE OF REPORTING PERSON  
         
        PN  

  

5

CUSIP No. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        District 2 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING         3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
          3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        Less than one percent.  
  12   TYPE OF REPORTING PERSON  
         
        OO  

  

6

CUSIP No. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        District 2 Holdings 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         0  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING         3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0  
    8   SHARED DISPOSITIVE POWER  
           
          3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,333 shares of Common Stock issuable upon exercise of Warrants (See Item 4)  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        Less than one percent.  
  12   TYPE OF REPORTING PERSON  
         
        OO  

  

7

CUSIP No. 12542Q870

 

  1   NAME OF REPORTING PERSON  
         
        Michael Bigger  
  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         0 shares of Common Stock  
OWNED BY   6   SHARED VOTING POWER  
EACH          
REPORTING        

65,060 shares of Common Stock*

40,700 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
PERSON WITH   7   SOLE DISPOSITIVE POWER  
         
          0 shares of Common Stock  
    8   SHARED DISPOSITIVE POWER  
           
         

65,060 shares of Common Stock*

40,700 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
  9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
       

65,060 shares of Common Stock*

40,700 shares of Common Stock issuable upon exercise of Warrants (See Item 4)*

  
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     ☐
       
           
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  
         
        3.8%*  
  12   TYPE OF REPORTING PERSON  
         
        IN  

  

* Consists of (i) 65,060 shares of Common Stock owned by Bigger Capital Fund, LP (“Bigger Capital”), and (ii) 37,367 and 3,333 shares of Common Stock issuable upon exercise of Warrants owned by Bigger Capital and District 2 Capital Fund LP, respectively. Percentage Ownership assumes the exercise of the Warrants into Common Stock.

8

CUSIP No. 12542Q870

This Amendment No. 4 to Schedule 13G is being filed to reflect a change in the beneficial ownership since the filing of Amendment No. 3 to Schedule 13G.

Item 1(a).Name of Issuer:

CHF Solutions, Inc., a Delaware corporation (the “Issuer”).

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

12988 Valley View Road
Eden, Prairie, MN 55344

Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office or, if None, Residence
Item 2(c). Citizenship

Bigger Capital Fund, LP (“Bigger Capital”)
2285 Spruce Goose Street
Suite A229
Las Vegas, NV 89135
Citizenship: Delaware

Bigger Capital Fund GP, LLC (“Bigger GP”)
2285 Spruce Goose Street
Suite A229
Las Vegas, NV 89135
Citizenship: Delaware

Michael Bigger
2285 Spruce Goose Street
Suite A229
Las Vegas, NV 89135
Citizenship: USA

District 2 Capital Fund LP (“District 2 CF”)
175 W Carver Street
Huntington, NY 11743
Citizenship: Delaware

District 2 Capital LP (“District 2”)
175 W Carver Street
Huntington, NY 11743
Citizenship: Delaware

District 2 GP LLC (“District 2 GP”)
175 W Carver Street
Huntington, NY 11743
Citizenship: Delaware

9

CUSIP No. 12542Q870

District 2 Holdings LLC (“District 2 Holdings”)
175 W Carver Street
Huntington, NY 11743
Citizenship: Delaware

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

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

Common Stock, $0.0001 par value (the “Common Stock”).

Item 2(e).CUSIP Number:

12542Q870

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) / / A non-U.S. institution in accordance with Rule 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: ____

 

10

CUSIP No. 12542Q870

Item 4.Ownership
(a)Amount beneficially owned:

As of October 28, 2020, Bigger Capital beneficially owned 65,060 shares of Common Stock, and 37,367 shares of Common Stock issuable upon the exercise of Warrants which have an exercise price of $29.826 per share (the “Warrants”).

Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the 65,060 shares of Common Stock and 37,367 shares of Common Stock issuable upon exercise of Warrants beneficially owned by Bigger Capital.

As of October 28, 2020, District 2 CF beneficially owned 3,333 shares of Common Stock issuable upon the exercise of Warrants with an exercise price of $29.826 owned by District 2 CF.

District 2, as the investment manager of District 2 CF, may be deemed to beneficially own the 3,333 shares of Common Stock issuable upon exercise of the Warrants beneficially owned by District 2 CF.

District 2 GP, as the general partner of District 2 CF, may be deemed to beneficially own the 3,333 shares of Common Stock issuable upon exercise of the Warrants beneficially owned by District 2 CF.

District 2 Holdings, as the managing member of District 2 GP, may be deemed to beneficially own the 3,333 shares of Common Stock issuable upon exercise of the Warrants beneficially owned by District 2 CF.

Mr. Bigger, as the managing member of Bigger GP and the managing member of District 2 Holdings, may be deemed to beneficially own the (i) 65,060 shares of Common Stock beneficially owned by Bigger Capital, (ii) 40,700 shares of Common Stock issuable upon exercise of Warrants owned by Bigger Capital, and (iii) 3,333 shares of Common Stock issuable upon exercise of Warrants owned by District 2 CF.

The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person. Each of Bigger GP and Mr. Bigger disclaims beneficial ownership of the shares of Common Stock beneficially owned by Bigger Capital. Each of District 2, District 2 GP, District 2 Holdings and Mr. Bigger disclaims beneficial ownership of the shares of Common Stock beneficially owned by District 2 CF, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.

(b)Percent of class:

The following percentages are based on 2,735,937 shares of Common Stock outstanding as of August 21, 2020 (after reflecting a 30 for one reverse stock split), as represented in the Company’s Definitive Proxy Statement filed on September 11,2020 with the Securities Exchange Commission. In addition, the foregoing reflects with respect to (i) Bigger Capital and Bigger GP, the exercise of Warrants to Purchase 37,367 shares (ii) District 2 CF, District 2, District 2 GP and District 2 Holdings, the exercise of Warrants to purchase 100,000 shares and (iii) with respect to Mr. Bigger, the exercise of the Warrants reflected in (i) and (ii).

11

CUSIP No. 12542Q870

As of the close of business on October 28, 2020, (i) each of Bigger Capital and Bigger GP may be deemed to beneficially own approximately 3.7% of the outstanding shares of Common Stock, (ii) each of District 2 CF, District 2, District 2 GP, and District 2 Holdings may be deemed to collectively beneficially own less than one percent of the outstanding shares of Common Stock, and (iii) Mr. Bigger may be deemed to own approximately 3.8% of the outstanding shares of Common Stock.

(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.

If this statement is being filed to report the fact that as of the date hereof the Reporting Person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [X].

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. Previously filed.

Item 9.Notice of Dissolution of Group.

Not Applicable.

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.

12

CUSIP No. 12542Q870

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: October 29, 2020

Bigger Capital Fund, LP   Bigger Capital Fund GP, LLC
     
By: Bigger Capital Fund GP, LLC, its general partner   By:

/s/ Michael Bigger

        Michael Bigger
By:

/s/ Michael Bigger

     Managing Member
  Michael Bigger      
  Managing Member      
     

/s/ Michael Bigger

      Michael Bigger
District 2 Capital Fund LP      
         
By: District 2 GP LLC, its general partner   District 2 Capital LP
         
By:

/s/ Michael Bigger

   By:

/s/ Michael Bigger

  Michael Bigger     Michael Bigger
  Managing Member     Managing Member
         
         
District 2 GP LLC   District 2 Holdings LLC
         
By:

/s/ Michael Bigger

   By:

/s/ Michael Bigger

  Michael Bigger     Michael Bigger
  Managing Member     Managing Member

 

13