UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8 )*
Adept Technology, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
006854103
(CUSIP Number)
Kathleen S. Tillotson, Esq., Kopp Investment Advisors, 7701 France Ave. So.,
Suite 500, Edina, MN 55435 (612) 841-0400
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
09/19/00
(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 which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d- 1(b)(3) or (4),
check the following box [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person:
(1) has a previous statement on file reporting beneficial ownership of more
than five percent of the class of securities described in Item 1; and (2)
has filed no amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class. (See Rule 13d-7.))
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 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. 006854103 Page 1 of 4
l) Name of Reporting Person
S.S. or I.R.S. Identification No. of Person
Kopp Investment Advisors, Inc.
I.D. No. 41-1663810
2) Check the appropriate box if a Member of a Group
(a)
(b)
3) SEC Use Only
4) Source of Funds
OO: Client Funds; WC
5) Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
6) Citizenship or Place of Organization
Minnesota
Number of shares 7) Sole Voting Power: 1,005,000
Beneficially Owned
by Each Reporting
Person With: 8) Shared Voting Power: 0
9) Sole Dispositive Power: 780,000
10) Shared Dispositive Power:
1,549,670
11) Aggregate Amount Beneficially Owned by Each Reporting
Person
2,329,670
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares* [ ]
13) Percent of Class Represented by Amount in Row (11)
21.6%
14) Type of Reporting Person IA
SCHEDULE 13D
CUSIP No 006854103 Page 2 of 4
l) Name of Reporting Person
S.S. or I.R.S. Identification No. of Person
Kopp Holding Company
I.D. No. 41-1875362
2) Check the appropriate box if a Member of a Group
(a)
(b)
3) SEC Use Only
4) Source of Funds
Not applicable - indirect beneficial ownership
5) Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
6) Citizenship or Place of Organization
Minnesota
Number of shares 7) Sole Voting Power: 0
Beneficially Owned
by Each Reporting
Person With: 8) Shared Voting Power: 0
9) Sole Dispositive Power: 0
10) Shared Dispositive Power: 0
11) Aggregate Amount Beneficially Owned by Each Reporting
Person
2,329,670
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares* [ ]
13) Percent of Class Represented by Amount in Row (11)
21.6%
14) Type of Reporting Person HC
SCHEDULE 13D
CUSIP No. 006854103 Page 3 of 4
l) Name of Reporting Person
S.S. or I.R.S. Identification No. of Person
Kopp Emerging Growth Fund
I.D. No. 39-1906915
2) Check the appropriate box if a Member of a Group
(a)
(b)
3) SEC Use Only
4) Source of Funds
WC
5) Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) [ ]
6) Citizenship or Place of Organization
Minnesota
Number of shares 7) Sole Voting Power: 0
Beneficially Owned
by Each Reporting
Person With: 8) Shared Voting Power: 0
9) Sole Dispositive Power: 0
10) Shared Dispositive Power: 0
11) Aggregate Amount Beneficially Owned by Each Reporting
Person
640,000
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares* [ ]
13) Percent of Class Represented by Amount in Row (11)
5.9%
14) Type of Reporting Person IV
SCHEDULE 13D
CUSIP No. 006854103 Page 4 of 4
l) Name of Reporting Person
S.S. or I.R.S. Identification No. of Person
LeRoy C. Kopp
2) Check the appropriate box if a Member of a Group
(a)
(b)
3) SEC Use Only
4) Source of Funds
PF, OO
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 States
Number of shares 7) Sole Voting Power: 325,000
Beneficially Owned
by Each Reporting
Person With: 8) Shared Voting Power: 0
9) Sole Dispositive Power: 325,000
10) Shared Dispositive Power: 0
11) Aggregate Amount Beneficially Owned by Each Reporting
Person
2,654,670
12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares* [ ]
13) Percent of Class Represented by Amount in Row (11)
24.6
14) Type of Reporting Person IN
Item 1. Security and Issuer
This statement relates to the common stock, no par value ("Common Stock"), of
Adept Technology, Inc., a California corporation ("Company"), whose principal
executive offices are located at 150 Rose Orchard Way, San Jose, CA 95134.
The approximate aggregate percentage of shares of Common Stock reported
beneficially owned by each person herein is based on 10,802,347 outstanding,
which is the total number of shares of Common Stock outstanding as of
September 15, 2000, as reflected in the Company's preliminary proxy
statement filed with the Securities and Exchange Commission ("Commission")
on September 18, 2000. Unless otherwise indicated, the holdings reported
herein are as of the close of business on September 20,
2000.
Item 2. Identity and Background
(a) This statement is filed by Kopp Investment Advisors, Inc. ("KIA"), with
respect to shares of Common Stock beneficially owned directly by it and held
in discretionary accounts managed by KIA; Kopp Holding Company
("KHC"), solely as the parent corporation of KIA and indirect beneficial
owner of the shares beneficially owned by KIA; Kopp Emerging Growth Fund
("KEGF") with respect to shares owned directly by KEGF; and LeRoy
C. Kopp individually with respect to shares of Common Stock beneficially
owned directly by him and indirectly by him by virtue of his ownership of
all of the stock of KHC. The foregoing persons are hereinafter sometimes
referred to as "Reporting Persons." Certain information concerning the
directors and executive officers of the corporate Reporting Persons is set
forth on Schedule A attached hereto and incorporated herein by reference.
Any disclosures with respect to persons other than the Reporting Persons
are made on information and belief after making inquiry to the appropriate
party.
(b) The business address of each of the Reporting Persons and directors
and executive officers is 7701 France Avenue South, Suite 500, Edina,
MN 55435.
(c) The principal business of KIA is that of an investment advisor managing
discretionary accounts owned by numerous third-party clients, including
KEGF, a registered investment company incorporated under Minnesota
law. KHC is a holding company engaged, through subsidiaries, in the
investment industry. The principal occupation of Mr. Kopp is serving as
the president of KHC and KIA.
(d) None of the persons referred to in paragraph (a) above has, during the
last five years, been convicted in a criminal proceeding (excluding traffic
violations and/or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) above has, during the
last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding 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.
(f) KIA and KHC are Minnesota corporations. KEGF is a series of Kopp Funds
Inc., a Minnesota corporation. Mr. Kopp and all other directors and
executive officers of the Reporting Persons are citizens of the United
States.
Item 3. Source and Amount of Funds or Other Consideration
The net investment cost (including commissions, if any) of the shares of
Common Stock directly or indirectly beneficially owned by Mr. Kopp, which
includes shares beneficially owned by the other Reporting Persons, at
September 20, 2000, was $30,859,301.83 The shares beneficially owned by KIA
were purchased with the investment capital of KIA or the investment capital
of the owners of the discretionary accounts. The shares beneficially owned
by KEGF were purchased with the working capital of the mutual fund. The
shares beneficially owned directly by Mr. Kopp were purchased with his
investment capital or the funds of an employee benefit plan or 501(c)(3)
corporation. See Item 5 below.
Item 4. Purpose of Transaction
The Reporting Persons acquired the shares of Common Stock for investment
purposes, and the Reporting Persons intend to evaluate the performance of
such securities as an investment in the ordinary course of business.
The Reporting Persons pursue an investment objective of long term capital
appreciation. In pursuing this investment objective, the Reporting Persons
analyze the management, operations and markets of companies in
which they invest, including the Company, on a continual basis through
analysis of research and discussions with industry and market observers
and with representatives of such companies.
Each Reporting Person that owns shares of Common Stock assesses the
Company's business, financial condition, and results of operations as well
as economic conditions and securities markets in general and those for the
Company's shares in particular. Depending on such assessments, one or more
of such Reporting Persons may acquire additional shares or may sell or
otherwise dispose of all or some of the shares of Common Stock. Such
actions will depend on a variety of factors, including current and
anticipated trading prices for the Common Stock, alternative investment
opportunities, and general economic, financial market, and industry
conditions.
The Reporting Persons understand that prior purchases of shares of Common
Stock, if any, by persons named in Schedule A to this statement were made
for the purpose of each such person's personal investment.
Except as described in this Item 4, none of the Reporting Persons nor
any other person named in Schedule A has any plans or proposals that relate
to, or would result in, any matter required to be disclosed in response to
paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D. The shares
of Common Stock were not acquired for the purpose, nor with the effect, of
changing or influencing the control of the Company. Neither any of the
Reporting Persons nor any client or shareholder thereof is a member of a
"group" for any purpose.
Item 5. Interest in Securities of the Issuer
(a) Through its own investment account, KIA is the direct owner of 140,000
shares. By virtue of limited powers of attorney and/or investment advisory
agreements, KIA is the beneficial owner of 2,189,670 shares, or
20.3%, of the Common Stock. KIA has sole voting power over its investment
account and, by special agreement, over a small percentage of the shares
managed for clients. Under its standard investment agreement, KIA does not
vote its clients' shares. KIA manages and votes shares owned by KEGF. By
virtue of the relationships described in Item 2 of this statement, KHC and
Mr. Kopp have indirect beneficial ownership of the shares beneficially
owned by KIA.
Mr. Kopp's direct beneficial ownership may comprise Common Stock held in
the Kopp Family Foundation ("KFF"), a 501(c)(3) corporation, for which he
serves as a director; held in the LeRoy C. Kopp Individual Retirement
Account ("IRA"); and held directly by him or his wife. The KFF is the
direct owner of 45,000 shares, or .4%, of the Common Stock. The IRA is
the direct owner of 205,000 shares, or approximately 1.9%, of the
Common Stock. Mr. Kopp owns directly 75,000 shares, or approximately
.7%, of the Common Stock. In the aggregate, including the shares
beneficially owned by KIA, Mr. Kopp may be deemed beneficially to own
a total of 2,654,670 shares, or 24.6%, of the Common Stock.
(b) KIA has sole power to vote 1,005,000 shares of the Common Stock.
Pursuant to the limited powers of attorney granted to KIA by its clients,
which generally are terminable immediately upon notice, KIA in effect
shares with the majority of its clients the power to dispose of the Common
Stock owned by them. KIA has sole power to dispose of 780,000 shares.
In effect Mr. Kopp has sole power to dispose of and to vote the Common
Stock beneficially owned directly by him.
(c) The identity of the Reporting Person, type of transaction, date, number
of shares, and price per share (excluding commission) for all transactions
in the Common Stock by the Reporting Persons within the past 60 days
are set forth on Schedule B attached hereto and incorporated by reference
herein. Substantially all trades by the Reporting Persons are done in the
over-the-counter market.
(c) With the exception of the clients of KIA and the employees of KHC,
no person other than each respective record owner of shares of Common Stock
is known to have the right to receive or the power to direct the receipt
of dividends from or the proceeds of the sale of such shares of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Except as otherwise expressly disclosed herein, there are no contracts,
arrangements, understandings, or relationships (legal or otherwise) among
the persons named in Item 2 hereof or between such persons and any
other person with respect to the Common Stock. The filing of this Schedule
shall NOT be construed as an admission that a Reporting Person is a
beneficial owner of any shares of Common Stock for any purpose,
including for purposes of Sections 13, 14 or 16 of the Securities Exchange
Act of 1934, as amended from time to time.
Item 7. Material to Be Filed as Exhibits
Exhibit 1 - A written agreement relating to the filing of this statement
pursuant to Rule 13d-1(f).
Signatures
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete, and correct.
Dated: September 26, 2000
KOPP INVESTMENT ADVISORS, INC.
BY:
TITLE: Chief Financial Officer
KOPP HOLDING COMPANY
BY:
TITLE: Chief Financial Officer
KOPP FUNDS, INC.
BY:
TITLE: President
LEROY C. KOPP
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing with all other
Reporting Persons (as such term is defined in the Schedule 13D) on behalf
of each of them of a statement on Schedule 13D (including amendments thereto)
with respect to the Common Stock (as defined) and to the attachment of this
agreement to the Schedule 13D as Exhibit 1 thereto. IN WITNESS WHEREOF,
the undersigned hereby execute this Agreement this 26 day of
September 2000.
KOPP INVESTMENT ADVISORS, INC.
BY:
TITLE: President
KOPP HOLDING COMPANY
BY:
TITLE: President
KOPP FUNDS, INC.
BY:
TITLE: President
LEROY C. KOPP
Schedule A
List of Directors, Executive Officers, and Control Persons
LeRoy C. Kopp, individually, and as sole director and president of Kopp
Investment Advisors, Inc. and Kopp Holding Company
John P. Flakne as chief financial officer of KIA, KEGF, and KHC
Kathleen S. Tillotson as Executive Vice President of KEGF
Kopp Investment Advisors - Schedule B
Daily Trade Report
" July 21, 2000 through September 19, 2000 "
Trade Reporting
Date Person Activity Quantity Symbol Price
09-18-00 KIA SELL 200 adtk 51.75
09-14-00 KIA SELL 200 adtk 54.62
09-14-00 KIA SELL 500 adtk 49.25
09-11-00 KIA SELL 500 adtk 48.87
09-11-00 KIA SELL 200 adtk 48.87
09-11-00 KIA SELL 100 adtk 48.94
09-08-00 KIA SELL 100 adtk 50.50
09-08-00 KIA SELL 250 adtk 50.50
09-08-00 KIA SELL 300 adtk 50.50
09-08-00 KIA SELL 300 adtk 50.50
09-08-00 KIA SELL 100 adtk 50.50
09-08-00 KIA SELL 250 adtk 50.50
09-08-00 KIA SELL 100 adtk 50.50
09-07-00 KIA SELL 500 adtk 54.31
09-06-00 KIA SELL 200 adtk 49.75
09-05-00 KIA SELL 300 adtk 49.75
09-05-00 KIA SELL 100 adtk 49.75
09-01-00 KIA SELL 100 adtk 50.06
09-01-00 KIA SELL 200 adtk 50.06
08-31-00 KIA SELL 200 adtk 49.25
08-30-00 KIA SELL 500 adtk 45.62
08-29-00 KIA SELL 500 adtk 44.12
08-24-00 KIA SELL 500 adtk 40.56
08-21-00 CTRL SELL 4500 adtk 34.43
08-21-00 CTRL SELL 500 adtk 34.69
08-18-00 CTRL SELL 2500 adtk 32.81
08-18-00 CTRL SELL 2500 adtk 32.75
08-17-00 CTRL SELL 5000 adtk 32.87
08-15-00 CTRL SELL 5000 adtk 31.00
08-14-00 CTRL SELL 5000 adtk 31.62
08-11-00 KIA SELL 500 adtk 33.06
07-31-00 KIA SELL 200 adtk 28.37
07-31-00 KIA SELL 300 adtk 28.37
07-26-00 KIA SELL 200 adtk 35.00
07-24-00 KIA SELL 1000 adtk 37.25
