Vladimir & Angelica Galkin Jointly Hold 3.81M NEGG Shares (18.6%)

Rhea-AI Filing Summary

Newegg Commerce, Inc. (NEGG) reporting persons Vladimir and Angelica Galkin jointly hold 3,810,000 shares of Common Stock, equal to approximately 18.6% of outstanding shares based on 20,478,394 shares outstanding as of August 19, 2025. The filing amends prior Schedule 13D statements and discloses that the Galkin Revocable Trust originally acquired 2,222,222 shares and transferred those shares to a joint account on July 10, 2025. The Galkins then purchased an additional 1,587,778 shares with personal funds, resulting in aggregate ownership of 3,810,000 shares. Total cash paid to acquire 4,042,385 shares was approximately $82,228,459, and proceeds of $2,387,051 were received from sale of 161,274 shares, producing the current net position. The joint account positions are not held in margin and are not pledged as collateral.

Positive

• Material stake of 18.6% in NEGG, representing 3,810,000 shares, which is significant for shareholder influence
• Clear funding path: disclosure that purchases were funded by trust capital and then personal funds after transfer to a joint account
• Positions are not held in margin and are unpledged, reducing risk of forced liquidation

Negative

• None.

Insights

Financial Analyst

TL;DR: A sizable 18.6% stake by the Galkins is material and could influence shareholder dynamics without use of margin.

The Reporting Persons now beneficially own 3,810,000 shares, representing roughly 18.6% of NEGG based on the issuer's August 19, 2025 share count. The filing documents the funding path: initial trust purchases, a transfer to a joint account, and subsequent purchases using personal capital. The absence of margin or pledged collateral for the joint account reduces counterparty risk related to forced sales. The disclosure amends an extensive schedule history and provides transparent transaction totals paid and proceeds received, which help quantify the economic stake and net purchases over the reporting period.

Corporate Governance Expert

TL;DR: Joint ownership of 18.6% is governance-relevant and may affect voting outcomes; ownership/legal structure is clearly disclosed.

The Schedule 13D/A clarifies that the shares are held jointly by Vladimir and Angelica Galkin with shared voting and dispositive power over 3,810,000 shares. The filing explicitly states no other person has rights to dividends or proceeds from these shares. This clean ownership structure and the disclosure of sources of funds and transfer history satisfy typical transparency expectations under Section 13(d) and are material for board and investor planning given the stake size.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 17)

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)

09/30/2025

(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 3,810,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,810,000.00

11

Aggregate amount beneficially owned by each reporting person

3,810,000.00

12

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

13

Percent of class represented by amount in Row (11)

18.6 %

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 3,810,000 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 3,810,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,810,000.00

11

Aggregate amount beneficially owned by each reporting person

3,810,000.00

12

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

13

Percent of class represented by amount in Row (11)

18.6 %

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 3,810,000 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. 17 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, and as amended by Amendment No. 10 to Schedule 13D filed on August 7, 2025, and as amended by Amendment No. 11 to Schedule 13D filed on August 18, 2025, and as amended by Amendment No. 12 to Schedule 13D filed on August 21, 2025, and as amended by Amendment No. 13 to Schedule 13D filed on September 4, 2025, and as amended by Amendment No. 14 to Schedule 13D filed on September 12, 2025, and as amended by Amendment No. 15 to Schedule 13D filed on September 24, 2025, and as amended by Amendment No. 16 to Schedule 13D filed on September 29, 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 the Original 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. 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. 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 1,587,778 shares of Common Stock, resulting in aggregate ownership of 3,810,000 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) $82,228,459 was paid to acquire 4,042,385 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 3,810,000 shares of Common Stock).
Item 5.	Interest in Securities of the Issuer
(a)	As of the date hereof, each of Vladimir Galkin and Angelica Galkin may be deemed to beneficially own, in the aggregate, 3,810,000 shares of Common Stock, representing approximately 18.6% of the outstanding shares of Common Stock of Issuer.
(b)	The foregoing beneficial ownership percentages reported in this Item 5 are based upon 20,478,394 shares of Common Stock of the Issuer outstanding as of August 19, 2025, as reported in the Issuer's Report on Form 6-K, filed by the Issuer with the Securities and Exchange Commission on August 19, 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:	09/30/2025

Galkin Angelica

Signature:	Angelica Galkin
Name/Title:	Individual
Date:	09/30/2025

FAQ

How many NEGG shares do Vladimir and Angelica Galkin beneficially own?

The Galkins beneficially own 3,810,000 shares, representing approximately 18.6% of NEGG outstanding common stock.

What percentage of NEGG does 3,810,000 shares represent?

The filing states the 3,810,000 shares equal about 18.6% of NEGG based on 20,478,394 shares outstanding as of August 19, 2025.

Were the Galkins' NEGG shares purchased on margin or pledged as collateral?

No. The filing discloses that the joint account positions are not held in a margin account and are not pledged as collateral.

How much cash was paid to acquire NEGG shares reported in the filing?

Approximately $82,228,459 was paid to acquire 4,042,385 shares in total, per the filing.

Did the Galkins sell any NEGG shares during the reported period?

Yes. The filing reports proceeds of $2,387,051 from the sale of 161,274 shares, resulting in the net holding of 3,810,000 shares.

Are there any third parties entitled to dividends or proceeds from the Galkins' NEGG shares?

No. The filing states no person other than a Reporting Person has the right to receive dividends or proceeds from the shares beneficially owned by the Galkins.