WASHINGTON, D.C. 20549
(Amendment No. 3)*
U.S. Well Services, Inc.
Christopher D. Moore
Angelo, Gordon & Co, L.P.
Tel. No.: (212) 692-2009
2300 N. Field Street
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D/A,
and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box ☐
* Based on the 77,093,277 shares of Class A Common Stock, $0.0001 par value per share (“Class A Common Stock”), of the Issuer outstanding as
of March 28, 2022, as reported in the Issuer’s Form PRE 14A, filed with the SEC on April 6, 2022, plus the 114,285 shares of Class A Common Stock upon the exercise
or conversion of the Public Warrants (as defined below) beneficially owned.
* Based on the 77,093,277 shares of Class A Common Stock outstanding as of March 28, 2022, as reported in the Issuer’s Form PRE 14A, filed
with the SEC on April 6, 2022, plus the 114,285 shares of Class A Common Stock upon the exercise or conversion of the Public Warrants beneficially owned.
* Based on the 77,093,277 shares of Class A Common Stock outstanding as of March 28, 2022, as reported in the Issuer’s
Form PRE 14A, filed with the SEC on April 6, 2022, plus the 114,285 shares of Class A Common Stock upon the exercise or conversion of the Public Warrants
beneficially owned.
* Based on the 77,093,277 shares of Class A Common Stock outstanding as of March 28, 2022, as reported in the Issuer’s Form PRE 14A, filed
with the SEC on April 6, 2022, plus the 114,285 shares of Class A Common Stock upon the exercise or conversion of the Public Warrants beneficially owned.
AMENDMENT NO. 3 TO SCHEDULE 13D
This Amendment No. 3 to Schedule 13D amends and supplements the Schedule 13D filed by (i) Angelo, Gordon & Co., L.P., a Delaware limited partnership
(“Angelo Gordon”), (ii) AG GP LLC (formerly AG Partners, LLC), a Delaware limited liability company (“AG GP”), (iii) JAMG LLC a Delaware limited liability company (“JAMG”), (iv) Josh Baumgarten, (v) Adam Schwartz, and (vi) AG Energy Funding, LLC, a
Delaware limited liability company (“AG Energy Funding”) with the Securities and Exchange Commission (the “SEC”) on September 17, 2021, as amended by Amendment No. 1 filed on November 17, 2021 and Amendment No. 2 filed on April 27, 2022 (the
“Schedule 13D”).
This Amendment No. 3 amends and supplements the Schedule 13D as specifically set forth herein.
All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Information given in
response to each item shall be deemed incorporated by reference in all other items, as applicable.
Item 4 of the Schedule 13D is supplemented as follows:
This Amendment No. 3 is being filed to report that the Reporting Persons are no longer beneficial owners of more than 5% of the Issuer’s Class A Common Stock
as a result of the satisfaction of the conditions relating to the Note Purchase Agreement and the sale of 5,198 Series A Preferred Shares and 2,666,669 warrants exercisable for 761,905 shares of the Issuer’s Class A Common Stock. Both transactions
closed on April 29, 2022, and the Cash Note, Exchange Note, the 5,198 Series A Preferred Shares and the 2,666,669 warrants were transferred to THRC Holdings, LP or its affiliate on that date for aggregate consideration of
$49,521,572.74.
Item 5(a) - (b) is amended and restated to read as follows:
(a) - (b) Items 7 through 11 and 13 of each of the cover pages
of this Schedule 13D are incorporated herein by reference. Such information is based on the sum of (i) 77,093,277 shares of Class A Common Stock outstanding as of
March 28, 2022, as reported in the Issuer’s Form PRE 14A, filed with the SEC on April 6, 2022, plus (ii) in the case of Angelo Gordon, AG GP, and Messrs. Baumgarten and Schwartz, the 114,285 shares of Class A Common Stock underlying the Public
Warrants held by other investment funds managed by Angelo Gordon (such investment funds, the “Other Accounts” and, collectively with AG Energy Funding, the “Accounts”).
Angelo Gordon, in its capacity as manager of the Accounts, has sole power to vote and dispose of 114,285 shares of Class A Common Stock
underlying the Public Warrants held by the Other Accounts. As the general partner of Angelo Gordon, AG GP may be deemed to have the sole power to vote and dispose of 114,285 shares of Class A Common Stock underlying the Public Warrants held by the
Other Accounts. As the co-managing member of AG GP and the co-chief executive officer of Angelo Gordon, Mr. Baumgarten may be deemed to have shared power to vote and dispose of 114,285 shares of Class A Common Stock underlying the Public Warrants
held by the Other Accounts. As the co-managing member of AG GP and the co-chief executive officer of Angelo Gordon, Mr. Schwartz may be deemed to have shared power to vote and dispose of 114,285 shares of Class A Common Stock underlying the Public
Warrants held by the Other Accounts. AG Energy Funding has the sole power to vote 0 shares of Class A Common Stock and the shared power to dispose of 0 shares of Class A Common Stock. The Public Warrants are currently exercisable into 114,285 shares
of Class A Common Stock.
(c) Transactions in the shares of Class A Common Stock by the Reporting Persons during the last sixty days are referenced in Item 4, which is
incorporated herein by reference.
(d) Not Applicable.
(e) On April 29, 2022, the Reporting Persons ceased to be the beneficial owners of more than 5% of the Issuer’s Class A Common Stock.
Item 6 of this Schedule 13D is supplemented and superseded, as the case may be, as follows:
The disclosure in Item 4 is incorporated by reference herein. The Purchase Agreement is incorporated by reference herein.
Signature
After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 2, 2022