0001213900-23-100202 SC 13G 1 20240102 20231229 STEPHEN L. GUSTIN SAFEGUARD SCIENTIFICS INC 0000086115 6799 05 Real Estate & Construction 231609753 PA 1231 SC 13G 34 005-19574 231529081 150 NORTH RADNOR-CHESTER ROAD SUITE F-200 RADNOR PA 19087 610 293 0600 150 NORTH RADNOR-CHESTER ROAD SUITE F-200 RADNOR PA 19087 SAFEGUARD INDUSTRIES INC 19810525 SAFEGUARD CORP 19690521 Exploration Capital, LLC 0002003514 843905486 DE 1231 SC 13G 250 EAST 200 SOUTH, FLOOR 16 SALT LAKE CITY UT 84111 (212) 220-4444 250 EAST 200 SOUTH, FLOOR 16 SALT LAKE CITY UT 84111 SC 13G 1 ea190952-13gexploration_safe.htm SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. N/A)* Safeguard Scientifics, Inc. (Name of Issuer) Common Stock, par value $0.10 (Title of Class of Securities) 786449207 (CUSIP Number) December 19, 2023 (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. 786449207 (1) Name of Reporting Person Exploration Capital, 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 (5) Sole Voting Power Number of None shares (6) Shared Voting Power beneficially owned by 852,460 each (7) Sole Dispositive Power reporting person with: None (8) Shared Dispositive Power 852,460 (9) Aggregate Amount Beneficially Owned by Each Reporting Person 852,460 (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares Not Applicable. (11) Percent of Class Represented by Amount in Row (9) 5.1% (12) Type of Reporting Person OO 2 CUSIP No. 786449207 (1) Name of Reporting Person Stephen L. Gustin (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 (5) Sole Voting Power Number of None shares (6) Shared Voting Power beneficially owned by 852,460 each (7) Sole Dispositive Power reporting person with: None (8) Shared Dispositive Power 852,460 (9) Aggregate Amount Beneficially Owned by Each Reporting Person 852,460 (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares Not Applicable. (11) Percent of Class Represented by Amount in Row (9) 5.1% (12) Type of Reporting Person IN 3 ITEM 1(A) NAME OF ISSUER: Safeguard Scientifics, Inc. ITEM 1(B) ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES: 150 N. Radnor Chester Road, Suite F-200 Radnor, PA 19087 ITEM 2 (A) NAME OF PERSON FILING: Exploration Capital, LLC Stephen L. Gustin ITEM 2 (B) ADDRESS OR PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 250 East 200 South, Floor 16 Salt Lake City, UT 84111 ITEM 2 (C) CITIZENSHIP: Exploration Capital, LLC – Delaware Stephen L. Gustin – United States ITEM 2 (D) TITLE OF CLASS OF SECURITIES: Common Stock, $0.10 par value per share (“Common Stock”). ITEM 2 (E) CUSIP Number: 786449207 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO §§ 240.13D-1(B) OR 240.13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: This statement is filed pursuant to Rule 13d-1(c). ITEM 4. OWNERSHIP See the Cover Pages for each Reporting Person. ITEM 5. OWNERSHIP OF 5 PERCENT OR LESS OF A CLASS Not Applicable. ITEM 6. OWNERSHIP OF MORE THAN 5 PERCENT ON BEHALF OF ANOTHER PERSON Not Applicable. 4 ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH 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 Not Applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not Applicable. ITEM 10. CERTIFICATIONS By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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, other than activities solely in connection with a nomination under § 240.14a-11. 5 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: 12/29/2023 Exploration Capital, LLC Signature. /s/ Stephen L. Gustin Stephen L. Gustin Managing Partner Stephen L. Gustin Signature. /s/ Stephen L. Gustin Stephen L. Gustin 6