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.
¨
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).
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1.
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NAMES
OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ancora Advisors, LLC
33-1099773
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)
¨
(b)
¨
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS (see instructions)
00
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
¨
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
State of Nevada, United
States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH
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7.
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SOLE VOTING POWER
988,513
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8.
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SHARED VOTING POWER
00,000
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9.
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SOLE DISPOSITIVE POWER
988,513
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10.
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SHARED DISPOSITIVE POWER
00,000
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
988,513
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(see instructions)
¨
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.20%
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14.
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TYPE OF REPORTING PERSON (see instructions)
00
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1.
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NAMES
OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Frederick DiSanto
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)
¨
(b)
¨
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS (see instructions)
00
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
¨
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
United
States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH
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7.
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SOLE VOTING POWER
570
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8.
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SHARED VOTING POWER
00,000
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9.
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SOLE DISPOSITIVE POWER
570
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10.
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SHARED DISPOSITIVE POWER
00,000
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
570
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(see instructions)
¨
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.003%
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14.
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TYPE OF REPORTING PERSON (see instructions)
IN
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Item 1. Security and Issuer.
This statement relates
to the shares of Common Stock of PFSWEB INC. The address of the issuer is 505 MILLENNIUM DRIVE ALLEN, TX 75013.
Item 2. Identity and Background.
This statement is filed on behalf of Ancora Advisors, LLC. Ancora Advisors, LLC is registered as an investment advisor
with the SEC under the Investment Advisors Act, as amended. Ancora Advisors, LLC is the investment advisor to the Ancora Trust,
which includes the Ancora Income Fund, Ancora Equity Fund, Ancora Special Opportunity Fund, Ancora/Thelen Small-Mid Cap Fund,
and Ancora MicroCap Fund (Ancora Family of Mutual Funds), which are registered with the SEC as investment companies under
the Investment Company Act, as amended.
Ancora Advisors, LLC has the power to dispose of the shares owned by the investment clients for which it acts as advisor,
including Merlin Partners, the AAMAF LP, Birchwald Partners LP, Ancora Catalyst Fund LP and the Ancora Family of Mutual Funds. Ancora Advisors disclaims beneficial
ownership of such shares, except to the extent of its pecuniary interest therein.
During the last five years the Reporting Person has not been convicted in a criminal proceeding, nor been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction, as a result of which he was or is subject
to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
Item 3. Source or Amount of Funds or
Other Consideration.
Ancora Advisors owns no Shares directly but Ancora Advisors may be deemed to own (within the meaning of Rule 13(d)(3) of the
Securities Exchange Act of 1934) Shares purchased for or transferred to the accounts of investment management clients. Ancora
Advisors disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.
Merlin Partners,
AAMAF LP, Birchwald Partners LP, Ancora Catalyst Fund LP, Ancora Family of Mutual Funds, Employees of Ancora Advisors, LLC
and Owners of Ancora Advisors, LLC. have used available and uncommitted cash to purchase shares of the Issuer.
Item 4. Purpose of Transaction.
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued
and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities
available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares
desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things,
the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times
as the Reporting Persons may deem advisable.
No Reporting Person has any present plan or proposal which would relate to or
result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or
such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting
Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including,
without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions
with stockholders of the Issuer and others about the Issuer and the Reporting Persons' investment, making proposals to the
Issuer concerning changes to the capital allocation strategy, capitalization, ownership structure, including a sale of the
Issuer as a whole or in parts, board structure (including board composition) or operations of the Issuer, purchasing additional
Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect
to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.
Item 5. Interest in Securities of the
Issuer.
The following list
sets forth the aggregate number and percentage (based on 19,020,005 Shares of Common Stock outstanding on November 6,
2017) of outstanding shares of Common Stock owned beneficially by the
Reporting Persons:
Name
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No. Of Shares
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Percent of Class
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Ancora Owners/Employees (1)
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570
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0.00
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Ancora Funds & Partnerships (2)
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789,365
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4.15
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Ancora Advisors SMA (3)
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199,148
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1.05
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TOTAL
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989,083
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5.20
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(1) These Shares are owned by the owners and employees of Ancora Advisors, LLC.
(2) These Shares are owned by the Ancora Family
of Mutual Funds and/or Investment Partnerships, including Merlin Partners, the AAMAF LP, Birchwald Partners LP, Ancora Catalyst
Fund LP, for which it is also the General Partner, of which Ancora Advisors
acts as the discretionary portfolio manager.
(3) These Shares are owned by investment clients of Ancora Advisors. Ancora Advisors
does not own these shares directly, but by virtue of Ancora Advisors Investment Management Agreement with the investment clients
of Ancora Advisors, each may be deemed to beneficially own Shares by reason of their power to dispose of such Shares. Ancora
Advisors disclaims beneficial ownership of such Shares.
Item 6. Contracts, Arrangements,
Understandings or Relationships with Respect to Securities of the Issuer.
Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting
Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
Item 7. Material to Be Filed as
Exhibits.
Exhibit A:
"Relevant Transactions in Shares" During the past 60 days.
Date of Transaction
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Buy/Sell
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Amount of Security
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Price Per Shares
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9/27/2017
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BUY
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3,509
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$ 8.21
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9/28/2017
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BUY
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8,668
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$ 8.00
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9/29/2017
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BUY
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11,224
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$ 8.28
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10/2/2017
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BUY
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130
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$ 8.78
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10/4/2017
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BUY
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3,000
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$ 8.71
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10/5/2017
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BUY
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32,689
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$ 8.67
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10/6/2017
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BUY
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15,270
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$ 8.32
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10/20/2017
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BUY
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11,090
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$ 8.34
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10/26/2017
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BUY
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11,377
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$ 8.00
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11/1/2017
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BUY
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7,200
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$ 8.14
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11/8/2017
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BUY
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19,482
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$ 7.93
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11/9/2017
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BUY
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132,140
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$ 6.95
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11/10/2017
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BUY
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6,800
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$ 6.99
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11/13/2017
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BUY
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154,817
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$ 6.94
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11/14/2017
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BUY
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29,000
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$ 7.01
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11/15/2017
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BUY
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21,600
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$ 6.72
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11/16/2017
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BUY
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59,360
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$ 6.70
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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.
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Ancora Advisors, LLC
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/s/ Frederick DiSanto
Frederick DiSanto
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Chairman and Chief Executive
Officer
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November 17, 2017
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