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. )*
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)
[ ] 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 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 Capital Group SPC, Ltd.(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
Cayman Islands
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NUMBER OF
SHARES 5 SOLE VOTING POWER
BENEFICIALLY 19,420,000(2)
OWNED BY -------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 0
WITH -------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
19,420,000(2)
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,420,000(2)
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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
8.4%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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(1) On October 1, 2003, SDS Merchant Fund, L.P., a Delaware limited partnership,
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.
(2) Represents the number of shares of common stock of the issuer issuable upon
the conversion of preferred stock and upon the exercise of warrants held by SDS
Capital Group SPC, Ltd.
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CUSIP No. 693262206 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 Management, 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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NUMBER OF
SHARES 5 SOLE VOTING POWER
BENEFICIALLY 0
OWNED BY -------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 19,420,000
WITH -------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
19,420,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,420,000
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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
8.4%
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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 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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NUMBER OF
SHARES 5 SOLE VOTING POWER
BENEFICIALLY 0
OWNED BY -------------------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 19,420,000
WITH -------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
19,420,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,420,000
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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
8.4%
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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 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 Capital Group SPC, Ltd. (the "Reporting Person")
RK Consulting (Cayman) Ltd.
P.O. Box 174865
Cayman Corporate Center
27 Hospital Road
Georgetown, Grand Cayman
Cayman Islands
Cayman Islands corporation
SDS Management, LLC (the "Investment Manager")
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
Delaware limited liability company
Mr. Steven Derby ("Mr. Derby")
Sole Managing Member of the Investment Manager
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 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 February 5, 2004:
1. The Reporting Person.
(a) Amount beneficially owned: 19,420,000 shares of common
stock.
(b) Percent of Class: 8.4%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 19,420,000
(ii) shared power to vote or direct the vote: 0
(iii) sole power to dispose or direct the disposition
of: 19,420,000
(iv) shared power to dispose or direct the disposition
of: 0
2. The Investment Manager - same as Mr. Derby, see below.
3. Mr. Derby.
(a) Amount beneficially owned: 19,420,000 shares of common
stock.
(b) Percent of Class: 8.4%
(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:
19,420,000
(iii) sole power to dispose or direct the disposition
of: 0
(iv) shared power to dispose or direct the disposition
of: 19,420,000
On October 1, 2003, SDS Merchant Fund, L.P., a Delaware
limited partnership, assigned and transferred all of the
shares of common stock of the issuer beneficially owned by SDS
Merchant Fund, L.P. to the Reporting Person.
The 19,420,000 shares of common stock of the issuer are
issuable upon the conversion of preferred stock and the
exercise of warrants held by the Reporting Person.
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CUSIP No. 693262206 13G Page 7 of 9 Pages
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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.
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 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 CAPITAL GROUP SPC, LTD.
By: SDS Management, LLC
its Investment Manager
By: /s/ Steven Derby
---------------------------------
Name: Steven Derby
Title: Managing Member
SDS MANAGEMENT, LLC
By: /s/ Steven Derby
---------------------------------
Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
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Steven Derby
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CUSIP No. 693262206 13G Page 9 of 9 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
This Agreement is filed as an exhibit to this Schedule 13G being filed
by SDS Capital Group SPC, Ltd., SDS Management, 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 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 CAPITAL GROUP SPC, LTD.
By: SDS Management, LLC
its Investment Manager
By: /s/ Steven Derby
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Name: Steven Derby
Title: Managing Member
SDS MANAGEMENT, LLC
By: /s/ Steven Derby
---------------------------------
Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
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Steven Derby