SC 13G 1 acuitas13G.txt SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. ________)* InfuSystem Holdings, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $0.0001 Par Value -------------------------------------------------------------------------------- (Title of Class of Securities) 45685K102 -------------------------------------------------------------------------------- (CUSIP Number) Lisa Thenell, Chief Compliance Officer Acuitas Investments, LLC 520 Pike Street, Suite 1221, Seattle, WA 98101, 206-299-2073 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) 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) * 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). -------------------------------------------------------------------------------- CUSIP No. 45685K102 13G Page 2 of 5 Pages -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Acuitas Investments, LLC 27-3889854 -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group (See Instructions) (a) |_| (b) |_| -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Washington, USA -------------------------------------------------------------------------------- 5. SOLE VOTING POWER 0 ------------------------------------------------------------- 6. SHARED VOTING POWER NUMBER OF SHARES 1,154,308 BENEFICIALLY ------------------------------------------------------------- OWNED BY EACH 7. SOLE DISPOSITIVE POWER REPORTING PERSON WITH 0 ------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER 1,154,308 -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,154,308 -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) |_| -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 5.6% Based on a total of 20,656,374 shares of the Issuer's Common Stock outstanding as of November 3, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended September 30, 2022. -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) IA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CUSIP No. 45685K102 13G Page 3 of 5 Pages Item 1. (a) Name of Issuer: InfuSystem Holdings, Inc. (b) Address of Issuer's Principal Executive Offices: 3851 West Hamlin Road, Rochester Hills, MI 48309 Item 2. (a) Name of Person Filing: Acuitas Investments, LLC (b) Address of the Principal Office or, if none, residence: 520 Pike Street, Suite 1221, Seattle, WA 98101 (c) Citizenship: Washington, USA (d) Title of Class of Securities: Common Stock, $0.0001 Par Value (e) CUSIP Number: 45685K102 Item 3. If this statement is filed pursuant to SS.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) |_| Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). (e) |X| An investment adviser in accordance with S.240.13d-1(b)(1)(ii)(E); (f) |_| An employee benefit plan or endowment fund in accordance with S.240.13d-1(b)(1)(ii)(F); (g) |_| A parent holding company or control person in accordance with S. 240.13d-1(b)(1)(ii)(G); (h) |_| A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) |_| Group, in accordance with S.240.13d-1(b)(1)(ii)(J). -------------------------------------------------------------------------------- CUSIP No. 45685K102 13G Page 4 of 5 Pages Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 1,154,308 (b) Percent of class: 5.6% Based on a total of 20,656,374 shares of the Issuer's Common Stock outstanding as of November 3, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended September 30, 2022. (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 1,154,308 (iii) Sole power to dispose or to direct the disposition of: 0 (iiii) Shared power to dispose or to direct the disposition of: 1,154,308 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 |_|. Item 6. Ownership of More than Five Percent on Behalf of Another Person. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. Item 8. Identification and Classification of Members of the Group Item 9. Notice of Dissolution of Group Item 10. Certification (a) The following certification shall be included if the statement is filed pursuant to S.240.13d-1(b): By signing below I certify that, to the best of my 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. 45685K102 13G Page 5 of 5 Pages (b) The following certification shall be included if the statement is filed pursuant to S.240.13d-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. 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. 01/11/2023 ------------------------------------------- Date /s/ Lisa Thenell ------------------------------------------- Signature Lisa Thenell, Chief Compliance Officer ------------------------------------------- Name/Title

SEC Form SC 13G filed by InfuSystems Holdings Inc.