0000902664-23-001529 SC 13G 1 20230213 20230213 SAFEGUARD SCIENTIFICS INC 0000086115 6799 231609753 PA 1231 SC 13G 34 005-19574 23614890 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 CONTRARIAN CAPITAL MANAGEMENT, L.L.C. 0001050417 931183419 DE 1231 SC 13G 411 WEST PUTNAM AVENUE SUITE 425 GREENWICH CT 06830 2038628201 411 WEST PUTNAM AVENUE SUITE 425 GREENWICH CT 06830 CONTRARIAN CAPITAL MANAGEMENT LLC 19971126 SC 13G 1 p23-0307sc13g.htm SAFEGUARD SCIENTIFICS INC SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* Safeguard Scientifics, Inc. (Name of Issuer) Common Stock, par value $0.10 (Title of Class of Securities) 786449207 (CUSIP Number) December 31, 2022 (Date of Event Which Requires Filing of This Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: x Rule 13d-1(b) ¨ Rule 13d-1(c) ¨ Rule 13d-1(d) (Page 1 of 6 Pages) ______________________________ *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 13G Page 2 of 6 Pages 1 NAME OF REPORTING PERSON Contrarian Capital Management, L.L.C. 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 1,199,204 SHARES BENEFICIALLY 6 SHARED VOTING POWER OWNED BY -0- EACH REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH: 1,199,204 8 SHARED DISPOSITIVE POWER -0- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,199,204 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN ¨ SHARES 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.4% 12 TYPE OF REPORTING PERSON IA CUSIP No. 786449207 13G Page 3 of 6 Pages Item 1(a). NAME OF ISSUER The name of the issuer is Safeguard Scientifics, Inc. (the "Company"). Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES The Company’s principal executive offices are located at 150 North Radnor-Chester Road, Suite F-200, Radnor, PA, 19087. Item 2(a). NAME OF PERSON FILING This statement is filed by Contrarian Capital Management, L.L.C. (the "Reporting Person"). The Reporting Person, a registered investment adviser engaged in the management of institutional client accounts, serves as investment manager to and has voting and investment discretion over certain investment vehicles and managed accounts. The managing member of the Reporting Person is Jon R. Bauer. The filing of this statement should not be construed as an admission that the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of the Common Shares reported herein. Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE 411 West Putnam Avenue, Suite 425 Greenwich, CT 06830 Item 2(c). CITIZENSHIP The Reporting Person is a limited liability company organized in Delaware. Item 2(d). TITLE OF CLASS OF SECURITIES Common Stock, par value $0.10 ("Common Stock") Item 2(e). CUSIP NUMBER 786449207 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act; (b) ¨ Bank as defined in Section 3(a)(6) of the Act; (c) ¨ Insurance company as defined in Section 3(a)(19) of the Act; (d) ¨ Investment company registered under Section 8 of the Investment Company Act of 1940; CUSIP No. 786449207 13G Page 4 of 6 Pages (e) x 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 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. OWNERSHIP The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for the Reporting Person and is incorporated herein by reference. The percentages set forth herein are calculated based upon 16,322,214 shares of Common Stock outstanding as of October 31, 2022 as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 filed with the Securities and Exchange Commission on November 4, 2022 . 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 See Item 2. 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. CUSIP No. 786449207 13G Page 5 of 6 Pages Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable. Item 9. NOTICE OF DISSOLUTION OF GROUP Not applicable. Item 10. CERTIFICATION The Reporting Person hereby makes the following certification: By signing below the Reporting Person certifies that, to the best of its 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. CUSIP No. 786449207 13G Page 6 of 6 Pages SIGNATURES 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, 2023 CONTRARIAN CAPITAL MANAGEMENT L.L.C. /s/ Jon R. Bauer Name: Jon R. Bauer Title: Managing Member