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. 2)*
P-COM, Inc.
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(Name of Issuer)
Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
693262206
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(CUSIP Number)
October 1, 2003
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(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)
[X] 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 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).
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CUSIP No. 693262206 SCHEDULE 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SDS Merchant Fund, L.P. (1)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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(1) On October 1, 2003, SDS Merchant Fund, L.P. assigned and transferred all of
the shares of common stock of the issuer beneficially owned by SDS Merchant
Fund, L.P. to SDS Capital Group SPC, Ltd., a Cayman Islands corporation.
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CUSIP No. 693262206 SCHEDULE 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SDS Capital Partners, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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CUSIP No. 693262206 SCHEDULE 13G Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mr. Steven Derby
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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CUSIP No. 693262206 SCHEDULE 13G Page 5 of 9 Pages
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ITEM 1(a). NAME OF ISSUER:
P-COM, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
3175 S. Winchester Boulevard
Campbell, California 95008
ITEM 2(a). NAME OF PERSON FILING.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
ITEM 2(c). CITIZENSHIP.
SDS Merchant Fund, L.P. (the "Reporting Person")
c/o SDS Capital Partners, LLC
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
Delaware limited partnership
SDS Capital Partners, LLC (the "General Partner")
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
Delaware limited liability company
Mr. Steven Derby ("Mr. Derby")
Sole Managing Member of the General Partner
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
United States citizen
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.0001 per share
ITEM 2(e). CUSIP NUMBER:
693262206
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:
Not Applicable
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CUSIP No. 693262206 SCHEDULE 13G Page 6 of 9 Pages
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ITEM 4. OWNERSHIP.
The following is information regarding the aggregate number
and percentage of the class of securities of the issuer
identified in Item 1 as of October 1, 2003:
1. The Reporting Person.
(a) Amount beneficially owned: 0 shares of common stock.
(b) Percent of Class: 0%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
(ii) shared power to vote or direct the vote: 0
(iii) sole power to dispose or direct the
disposition of: 0
(iv) shared power to dispose or direct the
disposition of: 0
2. The General Partner - same as Mr. Derby, see below.
3. Mr. Derby.
(a) Amount beneficially owned: 0 shares of common stock.
(b) Percent of Class: 0%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
(ii) shared power to vote or direct the vote: 0
(iii) sole power to dispose or direct the
disposition of: 0
(iv) shared power to dispose or direct the
disposition of: 0
On October 1, 2003, the Reporting Person assigned and
transferred all of the shares of common stock of the issuer
beneficially owned by the Reporting Person to SDS Capital
Group SPC, Ltd., a Cayman Islands corporation.
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].
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CUSIP No. 693262206 SCHEDULE 13G Page 7 of 9 Pages
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ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not Applicable
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. CERTIFICATION.
Certification pursuant to Rule 13d-1(c):
By signing below I certify that, to the best of my 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.
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CUSIP No. 693262206 SCHEDULE 13G Page 8 of 9 Pages
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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: February 6, 2004
SDS MERCHANT FUND, L.P.
By: SDS Capital Partners, LLC,
its General Partner
By: /s/ Steven Derby
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Name: Steven Derby
Title: Managing Member
SDS CAPITAL PARTNERS, LLC
By: /s/ Steven Derby
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Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
------------------------------------
Steven Derby
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CUSIP No. 693262206 SCHEDULE 13G Page 9 of 9 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
This Agreement is filed as an exhibit to this Amendment No. 2 to
Schedule 13G being filed by SDS Merchant Fund, L.P., SDS Capital Partners, LLC
and Mr. Steven Derby in compliance with Rule 13d-1(k) of the Securities and
Exchange Commission, which requires an agreement in writing indicating that this
Amendment No. 2 to Schedule 13G to which this Agreement is attached is filed on
behalf of the below-named companies, that they are each responsible for the
timely filing of the Schedule 13G and any amendments thereto and for the
completeness and accuracy of the information concerning such persons contained
therein.
This Agreement may be executed in counterparts, each of which when so
executed and delivered shall be deemed an original and all of which taken
together shall constitute but one and the same instrument.
Dated: February 6, 2004
SDS MERCHANT FUND, L.P.
By: SDS Capital Partners, LLC,
its General Partner
By: /s/ Steven Derby
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Name: Steven Derby
Title: Managing Member
SDS CAPITAL PARTNERS, LLC
By: /s/ Steven Derby
------------------------------------
Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
------------------------------------
Steven Derby