UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
NATIONAL HOLDINGS CORPORATION
(Name of Issuer)
Common Stock
(Title of Class of Securities)
636375107
(CUSIP Number)
Marshall S. Geller
St. Cloud Capital Partners, L.P.
10866 Wilshire Boulevard, Suite 1450
Los Angeles, California 90024
(310) 475-2700
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
June 20, 2007
(Date of Event which Requires Filing of this Statement)
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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
*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).
SCHEDULE 13D
(Amendment No. 3)
CUSIP NO. 636375107
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
St. Cloud Capital Partners, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURUANT TO ITEMS
2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 2,321,583*
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,321,583*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
2,321,583*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,321,583*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,321,583*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.12%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IV, PN
--------------------------------------------------------------------------------
* See response to Item 5(a) and Item 5(b).
** Based on 6,521,451 shares of the Company's Common Stock outstanding as of
June 20, 2007, as reported by the Company.
SCHEDULE 13D
(Amendment No. 3)
CUSIP NO. 636375107
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SCGP, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURUANT TO ITEMS
2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0*
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,321,583*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,321,583*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,321,583*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.12%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
* See response to Item 5(a) and Item 5(b).
** Based on 6,521,451 shares of the Company's Common Stock outstanding as of
June 20, 2007, as reported by the Company.
SCHEDULE 13D
(Amendment No. 3)
CUSIP NO. 636375107
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
St. Cloud Capital, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURUANT TO ITEMS
2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0*
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,321,583*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,321,583*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,321,583*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.12%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
* See response to Item 5(a) and Item 5(b).
** Based on 6,521,451 shares of the Company's Common Stock outstanding as of
June 20, 2007, as reported by the Company.
SCHEDULE 13D
(Amendment No. 3)
CUSIP NO. 636375107
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marshall S. Geller
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF, PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURUANT TO ITEMS
2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 65,050*
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,386,633*
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
65,050*
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,386,633*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,386,633*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
29.90%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
* See response to Item 5(a) and Item 5(b).
** Based on 6,521,451 shares of the Company's Common Stock outstanding as of
June 20, 2007, as reported by the Company.
SCHEDULE 13D
(Amendment No. 3)
Item 1. Security and Issuer.
This Amendment No. 3 amends and supplements the statements on Schedule 13D, as
originally filed on January 23, 2006 and amended on September 18, 2006 and
February 22, 2007 (the "Schedule 13D") relating to the common stock, par value
$.02 per share (the "Common Stock"), of National Holdings Corporation, a
Delaware corporation (the "Company" or the "Issuer") and is filed with the
Securities and Exchange Commission on behalf of the following persons: (i) St.
Cloud Capital Partners, L.P.; (ii) SCGP, LLC; (iii) St. Cloud Capital, LLC; and
(iv) Marshall S. Geller. Except as disclosed herein, there has been no change in
the information previously reported in the Schedule 13D. Capitalized terms not
defined herein have the meanings ascribed to them in the Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
Item No. 3 of Schedule 13D is supplemented and amended by inserting the
following at the end thereof:
On June 20, 2007, the Company converted an 11% convertible promissory note held
by St. Cloud Partners into an aggregate of 870,750 shares of the Company's
common stock, par value $0.02 per share (the "Common Stock"). There was no cost
to St. Cloud Partners for this conversion.
Item 4. Purpose of Transaction.
St. Cloud Partners acquired the securities referenced in Item 3 above solely for
the purpose of investment.
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended and supplemented by adding thereto the following:
(a) According to the Company, there were 6,521,451 shares of Common Stock
outstanding as of June 20, 2007. St. Cloud Partners is the beneficial owner of
2,321,583 shares of Common Stock (including 1,133,333 shares of Common Stock
issuable upon conversion of the Company's Series B Convertible Preferred Stock,
255,000 shares of Common Stock issuable upon exercise of the St. Cloud Warrant
and 62,500 shares of Common Stock issuable upon exercise of the Warrant), which
represents 29.12% of the outstanding shares of Common Stock.
Marshall Geller is the direct owner of 65,050 shares of Common Stock. Such
amount includes 10,000 shares issuable upon exercise of a fully-vested stock
option and 6,300 shares held in Mr. Geller's IRA. Also, because Mr. Geller is a
co-founder and senior manager of SCGP, the general partner of St. Cloud
Partners, Mr. Geller may be deemed to own beneficially the 870,750 shares of
Common Stock held by St. Cloud and the 1,450,833 shares of Common Stock issuable
upon conversion and exercise of the Company securities held by St. Cloud
Partners.
(b) St. Cloud Capital Partners, L.P. has the power to direct the vote of
2,321,583 shares of Common Stock and the power to direct the disposition of
2,321,583 shares of Common Stock, assuming conversion and exercise of all
Company securities held by it. In Mr. Geller's capacity as a co-founder and
senior manager of SCGP, Mr. Geller may be deemed to beneficially own the
2,321,583 shares of Common Stock beneficially owned by St. Cloud Partners and/or
SCGP. Mr. Geller also is the direct beneficial owner of 48,750 shares of Common
Stock held in his individual capacity, 6,300 shares of Common Stock held in his
IRA and he holds a fully-vested stock option for an additional 10,000 shares.
(c) Except as set forth in this Statement, there have been no sales or purchases
with respect to the Company's securities effected during the past sixty days by
any of the Reporting Persons listed in (a) above.
(d) Not applicable.
(e) Not applicable.
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.
Dated: June 21, 2007
St. Cloud Capital Partners, L.P.
By: SCGP, LLC
Its: General Partner
By: S/S MARSHALL S. GELLER
------------------------------------
Name: Marshall S. Geller
Title: Senior Managing Member
SCGP, LLC
By: S/S MARSHALL S. GELLER
------------------------------------
Name: Marshall S. Geller
Title: Senior Managing Member
St. Cloud Capital, LLC
By: S/S MARSHALL S. GELLER
------------------------------------
Name: Marshall S. Geller
Title: Senior Managing Director
S/S MARSHALL S. GELLER
----------------------------------------
Marshall S. Geller