[SCHEDULE 13D/A] Newegg Commerce, Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 10 to Schedule 13D filed 08/07/2025 reports that Vladimir Galkin and Angelica Galkin jointly beneficially own 3,500,000 shares of Newegg Commerce, Inc. (Common Stock), representing approximately 18.0% of outstanding shares based on 19,478,394 shares outstanding as of 12/31/2024.

Per the filing, 2,222,222 shares were originally acquired by the Galkin Revocable Trust and transferred to a joint account on July 10, 2025; the Galkins then purchased an additional 1,277,781 shares with their investment capital. The filing discloses aggregate cash flows of approximately $69,661,194 paid to acquire 3,661,274 shares and $2,387,051 received from sale of 161,274 shares, resulting in a net holding of 3,500,000 shares. The joint holders report shared voting and dispositive power over these shares and state the joint-account positions are not held in margin or pledged.

Exhibits: Schedule A and Joint Filing Agreement.

Positive

• Reported ownership of 3,500,000 shares representing approximately 18.0% of NEGG outstanding shares.
• Joint-account positions are not pledged and are not held in a margin account, per the filing.

Negative

• Initial acquisitions involved margin account borrowings by the Galkin Revocable Trust and the filing states it is not possible to determine the amounts of margin originally used.
• Sale of 161,274 shares for $2,387,051 reduced gross purchases to a net holding of 3,500,000 shares.

Insights

Financial Analyst

TL;DR: Galkins report a material 18.0% stake (3.5M shares) in NEGG after transfers and open-market purchases.

The filing documents a substantial, concentrated stake: 3,500,000 shares representing ~18.0% of NEGG on a reported 19,478,394-share base. Aggregate cash outlay and proceeds are disclosed, showing gross purchases of 3,661,274 shares for approximately $69.66M and proceeds of $2.39M from sales of 161,274 shares. The joint-account positions are stated as not pledged and not held in margin, which reduces near-term financing risk. Absence of stated intentions or plans in the amendment leaves market implications ambiguous; the position is material but not accompanied by disclosed strategic or operational demands.

Corporate Governance Expert

TL;DR: A joint 18% stake with shared voting/dispositive power creates meaningful governance leverage for the Galkins.

The Schedule 13D/A is jointly filed by spouses with shared voting and dispositive authority over 3.5M shares, which is large enough to be influential in shareholder votes or in prompting engagement with management or the board. The filing includes the transfer of trust-held shares into a joint account and subsequent open-market purchases funded by the reporting persons. Exhibits listed (Schedule A and a Joint Filing Agreement) formalize the reporting structure. The amendment does not disclose specific governance intentions or planned actions, but the ownership scale is materially significant for investor oversight and board-related outcomes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

Newegg Commerce, Inc.

(Name of Issuer)

Common Shares par value $0.43696

(Title of Class of Securities)

G6483G100

(CUSIP Number)

Vladimir Galkin
10900 NW 97th Street, #102,
Miami, FL, 33178
(310) 880-6330

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/07/2025

(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.

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).

SCHEDULE 13D

CUSIP No. G6483G100

1

Name of reporting person

Galkin Vladimir

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,500,000.00

11

Aggregate amount beneficially owned by each reporting person

3,500,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The shares of Common Stock are held jointly by Vladimir Galkin and Angelica Galkin, husband and wife. Vladimir Galkin and Angelica Galkin have shared voting power and dispositive power over 3,500,000 shares of Common Stock.

SCHEDULE 13D

CUSIP No. G6483G100

1

Name of reporting person

Galkin Angelica

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,500,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,500,000.00

11

Aggregate amount beneficially owned by each reporting person

3,500,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The shares of Common Stock are held jointly by Vladimir Galkin and Angelica Galkin, husband and wife. Vladimir Galkin and Angelica Galkin have shared voting power and dispositive power over 3,500,000 shares of Common Stock.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares par value $0.43696
(b)	Name of Issuer: Newegg Commerce, Inc.
(c)	Address of Issuer's Principal Executive Offices: 17560 ROWLAND STREET, CITY OF INDUSTRY, CALIFORNIA , 91748.
Item 1 Comment: This Amendment No. 10 amends the Schedule 13D filed on July 1, 2025 (the "Original Schedule 13D, and as amended by Amendment No. 1 filed on July 10, 2025, and as amended by Amendment No. 2 to Schedule 13D filed on July 14, 2025, and as amended by Amendment No. 3 to Schedule 13D filed on July 15, 2025, and as amended by Amendment No. 4 to Schedule 13D filed on July 16, 2025, and as amended by Amendment No. 5 to Schedule 13D filed on July 17, 2025, and as amended by Amendment No. 6 to Schedule 13D filed on July 18, 2025, and as amended by Amendment No. 7 to Schedule 13D filed on July 29, 2025, and as amended by Amendment No. 8 to Schedule 13D filed on August 4, 2025, and as amended by Amendment No. 9 to Schedule 13D filed on August 6, 2025, as amended the "Schedule 13D"). This statement of beneficial ownership on Schedule 13D is jointly filed by Vladimir Galkin and Angelica Galkin, husband and wife, each a citizen of the United States of America (collectively, the "Reporting Persons" and individually, a "Reporting Person"), with respect to the shares of the common stock, par value $0.43696 per share (the " Common Stock"), of Newegg Commerce, Inc., a British Virgin Islands corporation (the " Issuer"), is hereby amended to furnish the additional information set forth herein. The address of the principal executive offices of the Issuer is 21688 Gateway Center Drive, Suite 300, Diamond Bar, CA 91765. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Originally, the Galkin Revocable Trust used cash from its capital account and margin account borrowings made in the ordinary course of business to make the purchases of 2,222,222 shares of Common Stock. Provided, however, on July 10, 2025, the Galkin Revocable Trust transferred 2,222,222 shares of Common Stock (representing all of its shares of Common Stock) to a joint account held by Vladimir Galkin and Angelica Galkin (together, the Galkins). Thereafter, the Galkins used their own investment capital to purchase an additional 1,277,781 shares of Common Stock, resulting in aggregate ownership of 3,500,000 shares of Common Stock. The positions held in the Galkins' joint account are not held in a margin account or pledged as collateral security for the repayment of debit balances in the account. A total of approximately i) $69,661,194 was paid to acquire 3,661,274 shares of Common Stock; and ii) $2,387,051 was received as payment for the sale of 161,274 shares of Common Stock reported herein (resulting in ownership of an aggregate net total of 3,500,000 shares of Common Stock). (Since other securities were held in the margin accounts of the Galkin Revocable Trust, it is not possible to determine the amounts, if any, of margin used originally to purchase the shares of Common Stock reported herein.)
Item 5.	Interest in Securities of the Issuer
(a)	(a) As of the date hereof, each of Vladimir Galkin and Angelica Galkin may be deemed to beneficially own, in the aggregate, 3,500,000 shares of Common Stock, representing approximately 18.0% of the outstanding shares of Common Stock of Issuer.
(b)	The foregoing beneficial ownership percentages reported in this Item 5 are based upon 19,478,394 shares of Common Stock of the Issuer outstanding as of December 31, 2024, as reported in the Issuer's Annual Report on Form 20-F for the year ended December 31, 2024, and filed by the Issuer with the Securities and Exchange Commission on April 28, 2025.
(c)	See Rows 7-10 of the cover page for information regarding the power to vote or direct the vote and the power to dispose or direct the disposition of the shares of Common Stock by each of the Reporting Persons.
(d)	All the transactions involving shares of Common Stock effected during the past sixty (60) days by any of the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference. Except as otherwise noted below, all such transactions were purchases and sales of shares of Common Stock effected in the open market, and the table includes commissions paid in per share prices.
(e)	Not Applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	No person other than a Reporting Person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock beneficially owned by the Reporting Persons.
Item 7.	Material to be Filed as Exhibits.
	1. Schedule A 2. Joint Filing Agreement

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.

Galkin Vladimir

Signature:	Vladimir Galkin
Name/Title:	Individual
Date:	08/07/2025

Galkin Angelica

Signature:	Angelica Galkin
Name/Title:	Individual
Date:	08/07/2025

FAQ

How many NEGG shares do Vladimir and Angelica Galkin report owning?

They report beneficial ownership of 3,500,000 shares, representing approximately 18.0% of outstanding common stock (based on 19,478,394 shares as of 12/31/2024).

When was Amendment No. 10 to the Schedule 13D filed?

The event date shown on the filing is 08/07/2025; the amendment references the Original Schedule 13D filed on July 1, 2025 and prior amendments through August 6, 2025.

What source of funds and transaction history does the filing disclose?

Originally the Galkin Revocable Trust used cash and margin borrowings to acquire 2,222,222 shares which were transferred to a joint account on July 10, 2025; the Galkins then purchased an additional 1,277,781 shares with their investment capital.

How much was paid to acquire the reported shares and were there any sales?

The filing discloses approximately $69,661,194 paid to acquire 3,661,274 shares and $2,387,051 received from sale of 161,274 shares, resulting in a net ownership of 3,500,000 shares.

Are any exhibits filed with this amendment?

Yes. The filing lists Schedule A and a Joint Filing Agreement as exhibits.