Amendment to Beneficial Ownership Report - Form SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 12)¹

Innovative Food Holdings, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

45772H202

(CUSIP Number)

James C. Pappas

JCP Investment Management, LLC

1177 West Loop South, Suite 1320

Houston, TX 77027

(713) 333-5540

RYAN NEBEL

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

July 17, 2024

(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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 § 240.13d-7 for other parties to whom copies are to be sent.

1 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).

	1		NAME OF REPORTING PERSON
				JCP Investment Partnership, LP
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP	(a) ☐
				(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
				WC, OO
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				TEXAS
NUMBER OF		7		SOLE VOTING POWER
SHARES
BENEFICIALLY					8,134,425
OWNED BY		8		SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH		9		SOLE DISPOSITIVE POWER
					8,134,425
		10		SHARED DISPOSITIVE POWER
					- 0 -
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				8,134,425
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				16.4%
	14		TYPE OF REPORTING PERSON
				PN

	1		NAME OF REPORTING PERSON
				JCP Investment Partners, LP
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP	(a) ☐
				(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
				AF
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				TEXAS
NUMBER OF		7		SOLE VOTING POWER
SHARES
BENEFICIALLY					8,134,425
OWNED BY		8		SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH		9		SOLE DISPOSITIVE POWER
					8,134,425
		10		SHARED DISPOSITIVE POWER
					- 0 -
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				8,134,425
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				16.4%
	14		TYPE OF REPORTING PERSON
				PN

	1		NAME OF REPORTING PERSON
				JCP Investment Holdings, LLC
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP	(a) ☐
				(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
				AF
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				TEXAS
NUMBER OF		7		SOLE VOTING POWER
SHARES
BENEFICIALLY					8,134,425
OWNED BY		8		SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH		9		SOLE DISPOSITIVE POWER
					8,134,425
		10		SHARED DISPOSITIVE POWER
					- 0 -
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				8,134,425
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				16.4%
	14		TYPE OF REPORTING PERSON
				OO

	1		NAME OF REPORTING PERSON
				JCP Investment Management, LLC
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP	(a) ☐
				(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
				AF, OO
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				TEXAS
NUMBER OF		7		SOLE VOTING POWER
SHARES
BENEFICIALLY					9,752,917
OWNED BY		8		SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH		9		SOLE DISPOSITIVE POWER
					9,752,917
		10		SHARED DISPOSITIVE POWER
					- 0 -
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				9,752,917
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				19.6%
	14		TYPE OF REPORTING PERSON
				OO

	1		NAME OF REPORTING PERSON
				James C. Pappas
	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP	(a) ☐
				(b) ☐
	3		SEC USE ONLY
	4		SOURCE OF FUNDS
				AF
	5		CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)	☐
	6		CITIZENSHIP OR PLACE OF ORGANIZATION
				USA
NUMBER OF		7		SOLE VOTING POWER
SHARES
BENEFICIALLY					9,752,917
OWNED BY		8		SHARED VOTING POWER
EACH
REPORTING					- 0 -
PERSON WITH		9		SOLE DISPOSITIVE POWER
					9,752,917
		10		SHARED DISPOSITIVE POWER
					- 0 -
	11		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
				9,752,917
	12		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES	☐
	13		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
				19.6%
	14		TYPE OF REPORTING PERSON
				IN

The following constitutes Amendment No. 12 to the Schedule 13D filed by the undersigned ("Amendment No. 12"). This Amendment No. 12 amends the Schedule 13D as specifically set forth herein.

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Shares owned by JCP Partnership and held in certain accounts managed by JCP Management (the "JCP Accounts") were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business), except as otherwise noted. Of the 8,134,425 Shares beneficially owned by JCP Partnership, 7,916,801 of such Shares have an aggregate purchase price of approximately $3,706,566, excluding brokerage commissions, and 217,624 of such Shares were acquired in connection with an in-kind contribution as further explained in Amendment No. 1 to the Schedule 13D. The aggregate purchase price of the 1,618,492 Shares beneficially owned by the JCP Accounts is approximately $1,733,553, excluding brokerage commissions.

Item 4.

Purpose of Transaction.

Item 4 is hereby amended to add the following:

On July 17, 2024, JCP Management, on behalf of the JCP Accounts, entered into a stock purchase agreement (the "Stock Purchase Agreement") with SV Asset Management, LLC ("SV Asset Management"), as further described in Item 6 below, which disclosure is incorporated herein by reference.

Item 5.

Interest in Securities of the Issuer.

Items 5(a) - (c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 49,693,803Shares outstanding as of May 13, 2024, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2024.

A.	JCP Partnership

(a)	As of the date hereof, JCP Partnership beneficially owned 8,134,425 Shares.

Percentage: Approximately 16.4%

(b)	1. Sole power to vote or direct vote: 8,134,425 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 8,134,425 4. Shared power to dispose or direct the disposition: 0

B.	JCP Partners

(a)	JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of the 8,134,425 Shares owned by JCP Partnership.

Percentage: Approximately 16.4%

(b)	1. Sole power to vote or direct vote: 8,134,425 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 8,134,425 4. Shared power to dispose or direct the disposition: 0

C.	JCP Holdings

(a)	JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of the 8,134,425 Shares owned by JCP Partnership.

Percentage: Approximately 16.4%

(b)	1. Sole power to vote or direct vote: 8,134,425 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 8,134,425 4. Shared power to dispose or direct the disposition: 0

D.	JCP Management

(a)

As of the date hereof, 1,618,492 Shares were beneficially owned by the JCP Accounts. JCP Management, as the investment manager of JCP Partnership and the JCP Accounts, may be deemed the beneficial owner of the (i) 8,134,425 Shares owned by JCP Partnership and (ii) 1,618,492 Shares beneficially owned by the JCP Accounts.

Percentage: Approximately 19.6%

(b)	1. Sole power to vote or direct vote: 9,752,917 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 9,752,917 4. Shared power to dispose or direct the disposition: 0

E.	Mr. Pappas

(a)	Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the beneficial owner of the (i) 8,134,425 Shares owned by JCP Partnership and (ii) 1,618,492 Shares beneficially owned by the JCP Accounts.

Percentage: Approximately 19.6%

(b)	1. Sole power to vote or direct vote: 9,752,917 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 9,752,917 4. Shared power to dispose or direct the disposition: 0

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

(c)

Except as otherwise disclosed herein, there have been no transactions in securities of the Issuer by the Reporting Persons during the past 60 days. Pursuant to the Stock Purchase Agreement, JCP Management, on behalf of the JCP Accounts, agreed to purchase 1,250,000 Shares from SV Asset Management at a price of $1.20 per Share.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

On July 17, 2024, JCP Management, on behalf of the JCP Accounts, entered into the Stock Purchase Agreement with SV Asset Management. Pursuant to the Stock Purchase Agreement, JCP Management agreed to purchase 1,250,000 Shares from SV Asset Management at a price of $1.20 per Share. The Stock Purchase Agreement contains customary representations, warranties and covenants of the parties thereto. The transaction is expected to close in the near future.

The foregoing description of the Stock Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Stock Purchase Agreement attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.

Material to be Filed as Exhibits.

Item 7 is hereby amended to add the following exhibit:

99.1	Stock Purchase Agreement, dated July 17, 2024.

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: July 19, 2024

	JCP Investment Partnership, LP
	By:	JCP Investment Management, LLC Investment Manager
	By:	/s/ James C. Pappas
		Name:	James C. Pappas
		Title:	Managing Member

	JCP Investment Partners, LP
	By:	JCP Investment Holdings, LLC General Partner
	By:	/s/ James C. Pappas
		Name:	James C. Pappas
		Title:	Sole Member

	JCP Investment Holdings, LLC
	By:	/s/ James C. Pappas
		Name:	James C. Pappas
		Title:	Sole Member

	JCP Investment Management, LLC
	By:	/s/ James C. Pappas
		Name:	James C. Pappas
		Title:	Managing Member

	/s/ James C. Pappas
	James C. Pappas

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