SC 13D/A 1 sc13da.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A (Amendment No. 2) Under the Securities Exchange Act of 1934 VELOCITY EXPRESS CORPORATION (Name of Issuer) COMMON STOCK, [$.004 PAR VALUE] (Title of Class of Securities) 92257T103 (CUSIP Number) EXETER CAPITAL PARTNERS IV, L.P. 10 EAST 53RD STREET, 32ND FLOOR NEW YORK, NY 10022 (212) 872-1175 ATTN: KURT BERGQUIST (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) VARIOUS (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 ss.ss.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). ---------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON EXETER CAPITAL PARTNERS I.V., L.P. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) I.R.S. IDENTIFICATION NO. 13-3967549 ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [x] ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) OO (SEE ITEM 3) ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE ----------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 951,901 EACH REPORTING PERSON ------------------------------------------ WITH 8 SHARED VOTING POWER 0 ------------------------------------------ 9 SOLE DISPOSITIVE POWER 951,901 ------------------------------------------ 10 SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 951,901 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.94% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) PN ----------------------------------------------------------------------------- - 2 - ---------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON EXETER IV ADVISORS, L.P. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) [ ] (b) [x] ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) OO (SEE ITEM 3) ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE ----------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 951,901 EACH REPORTING PERSON ------------------------------------------ WITH 8 SHARED VOTING POWER 0 ------------------------------------------ 9 SOLE DISPOSITIVE POWER 951,901 ------------------------------------------ 10 SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 951,901 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.94% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) PN ----------------------------------------------------------------------------- - 3 - ---------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON EXETER IV ADVISORS, INC. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) [ ] (b) [x] ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) OO (SEE ITEM 3) ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE ----------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 951,901 EACH REPORTING PERSON ------------------------------------------ WITH 8 SHARED VOTING POWER 0 ------------------------------------------ 9 SOLE DISPOSITIVE POWER 951,901 ------------------------------------------ 10 SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 951,901 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.94% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) CO ----------------------------------------------------------------------------- - 4 - ---------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON KEITH R. FOX S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) [ ] (b) [x] ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) OO (SEE ITEM 3) ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED KINGDOM ----------------------------------------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 951,901 EACH REPORTING PERSON ------------------------------------------ WITH 8 SHARED VOTING POWER 0 ------------------------------------------ 9 SOLE DISPOSITIVE POWER 951,901 ------------------------------------------ 10 SHARED DISPOSITIVE POWER 0 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 951,901 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.94% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN ----------------------------------------------------------------------------- - 5 - EXPLANATORY NOTE ---------------- This Amendment No. 2 amends the information reported in Amendment No. 1 to Schedule 13D filed on November 14, 2006 (the "November 2006 13D/A"), relating to the common stock, par value $.004 per share (the "Common Stock"), of Velocity Express Corporation, a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at One Morningside Drive North, Bldg. B, Suite 300, Westport, Connecticut 06880. Terms not otherwise defined herein shall have the meanings given to them in the Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) As of the date of this Statement, Exeter may be deemed the beneficial owner of 951,901 shares of Common Stock, which represents approximately 3.94% of the Issuer's Common Stock (based on 24,141,162 shares of Common Stock outstanding as of November 16, 2006 as represented in the Issuer's Quarterly Report on Form 10-Q, filed with the Commission on November 21, 2006). Since the filing by the Reporting Person of the November 2006 13D/A, the Reporting Person has sold 1,513,517 shares of Common Stock, all in open market, broker transactions, as follows: DATE SHARES SOLD PRICE (PER SHARE) ---- ----------- ----------------- 12/11/2006 104,300 $1.4857 12/12/2006 246,836 $1.3513 12/13/2006 213,069 $1.3500 12/14/2006 125,490 $1.3544 12/15/2006 6,500 $1.4000 12/18/2006 6,587 $1.3500 12/19/2006 129,600 $1.3500 12/20/2006 8,200 $1.3500 12/21/2006 111,400 $1.3100 12/22/2006 101,600 $1.3100 12/27/2006 10,643 $1.3500 01/03/2006 77,941 $1.4329 01/04/2006 8,000 $1.4503 01/05/2006 5,100 $1.4602 01/08/2006 7,356 $1.4500 01/09/2006 100 $1.4500 01/12/2006 50,000 $1.5025 01/16/2006 33,580 $1.5500 01/17/2006 167,215 $1.5642 01/18/2006 100,000 $1.5663 (b) The information contained on the cover pages hereto is hereby incorporated by reference to this Item 5(b). (c) Except as described herein, Exeter has not effected any transactions with respect to the Issuer within the past sixty days. - 6 - (d) Not Applicable. (e) On January 17, 2007, Exeter ceased to be a beneficial owner of more than five percent of securities of the Issuer. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit A Joint Filing Agreement (filed herewith). - 7 - SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: February 15, 2007 EXETER CAPITAL PARTNERS IV, L.P. BY: EXETER IV ADVISORS, L.P., ITS GENERAL PARTNER By: /s/ Keith R. Fox ----------------------------- Name: Keith R. Fox Title: Principal EXETER IV ADVISORS, L.P. BY: EXETER IV ADVISORS, INC., ITS GENERAL PARTNER By: /s/ Keith R. Fox ----------------------------- Name: Keith R. Fox Title: Principal EXETER IV ADVISORS, INC. By: /s/ Keith R. Fox ----------------------------- Keith R. Fox KEITH R. FOX /s/ Keith R. Fox ----------------------------- - 8 - EXHIBIT A --------- JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1)(iii) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the common stock, par value $.004 per share, of Velocity Express Corporation, and further agree that this Joint Filing Agreement be included as an exhibit to the Schedule 13D. Each party to this Joint Filing Agreement expressly authorizes each other party to file on its behalf any and all amendments to such statements. In evidence thereof, the undersigned, being duly authorized, hereby execute this agreement this 15th day of February, 2007. EXETER CAPITAL PARTNERS IV, L.P. BY: EXETER IV ADVISORS, L.P., ITS GENERAL PARTNER By: /s/ Keith R. Fox ----------------------------- Name: Keith R. Fox Title: Principal EXETER IV ADVISORS, L.P. BY: EXETER IV ADVISORS, INC., ITS GENERAL PARTNER By: /s/ Keith R. Fox ----------------------------- Name: Keith R. Fox Title: Principal EXETER IV ADVISORS, INC. By: /s/ Keith R. Fox ----------------------------- Keith R. Fox KEITH R. FOX /s/ Keith R. Fox ----------------------------- Keith R. Fox - 9 -