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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
P-COM, Inc.
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(Name of Issuer)
Common Stock, $0.0001 par value per share
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(Title of Class of Securities)
693262206
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(CUSIP Number)
December 22, 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 Statement
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
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 ("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).
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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.
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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 19,420,000
SHARES -------------------------------------------------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
19,420,000
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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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*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
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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 19,420,000
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
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 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 19,420,000
REPORTING -------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
-------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
19,420,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,420,000
--------------------------------------------------------------------------------
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 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), 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. As of December 22, 2003:
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 General Partner - 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
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.
Not Applicable.
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CUSIP No. 693262206 SCHEDULE 13G Page 7 of 9 Pages
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Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below, the Reporting Person certifies that, to the best
of its 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 the Reporting Person's
knowledge and belief, the Reporting Person certifies that the information set
forth in this statement is true, complete and correct.
Dated: December 31, 2003
SDS MERCHANT FUND, L.P.
By: SDS Capital Partners, LLC,
its General Partner
By: /s/ Drew E. Gillanders
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Name: Drew E. Gillanders
Title: Partner
SDS CAPITAL PARTNERS, LLC
By: /s/ Drew E. Gillanders
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Name: Drew E. Gillanders
Title: Partner
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Steven Derby*
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* Signature to be provided via amendment
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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 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 the 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.
Dated: December 31, 2003
SDS MERCHANT FUND, L.P.
By: SDS Capital Partners, LLC,
its General Partner
By: /s/ Drew E. Gillanders
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Name: Drew E. Gillanders
Title: Partner
SDS CAPITAL PARTNERS, LLC
By: /s/ Drew E. Gillanders
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Name: Drew E. Gillanders
Title: Partner
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Steven Derby*
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* Signature to be provided via amendment