<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
----------------------------
Hot Topic, Inc.
(Name of Issuer)
Common Stock
----------------------------
(Title of Class of Securities)
441339 10 8
----------------------------
(CUSIP Number)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
FILED FEBRUARY 17, 1998
(REFLECTING OWNERSHIP AS OF 12/31/97)
Page 1 of 11 Pages
<PAGE> 2
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 2 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SORRENTO VENTURES II, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 287,669
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON -0-
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
287,669
------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
287,669
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.03%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
Page 2 of 11 Pages
<PAGE> 3
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 3 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SORRENTO VENTURES IIB, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 141,419
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON -0-
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
141,419
------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
141,419
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.97%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
Page 3 of 11 Pages
<PAGE> 4
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 4 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SORRENTO ASSOCIATES, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 1,981
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,981
------------------------------------------------
8 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.004%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 11 Pages
<PAGE> 5
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 5 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SORRENTO EQUITY PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON 287,669
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
287,669
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
287,669
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.03%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 5 of 11 Pages
<PAGE> 6
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 6 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
SORRENTO EQUITY PARTNERS II, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON 141,419
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
141,419
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
141,419
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.97%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 6 of 11 Pages
<PAGE> 7
- --------------------------- -------------------------
CUSIP NO.441339 10 8 13G PAGE 7 OF 11 PAGES
- --------------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
ROBERT M. JAFFE TRUST, DATED 10/08/90
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 37,211
SHARES ------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
37,211
------------------------------------------------
8 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,211
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.08%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
ITEM 1.
Page 7 of 11 Pages
<PAGE> 8
ITEM 1.
(a) Name of Issuer: HOT TOPIC, INC.
(b) Address of Issuer's Principal Executive Officers: 3410 POMONA BOULEVARD
POMONA, CA 91766
ITEM 2.
(a) Name of Person Filing:
SORRENTO VENTURES II, L.P.
SORRENTO VENTURES IIB, L.P.
SORRENTO ASSOCIATES, INC., THE GENERAL PARTNER OF SORRENTO
VENTURES
SORRENTO EQUITY PARTNERS, L.P., THE GENERAL PARTNER OF SORRENTO
VENTURES II, L.P.
SORRENTO EQUITY PARTNERS II, L.P., THE GENERAL PARTNER OF
SORRENTO VENTURES IIB, L.P.
ROBERT M. JAFFE TRUST, DATED 10/08/90
(b) Address of Principal Business Office or, if none, Residence:
4370 LA JOLLA VILLAGE DRIVE, STE. 1040
SAN DIEGO, CA 92122 (FOR EACH
OF THE ABOVE ENTITIES)
(c) Place of Organization: STATE OF CALIFORNIA
(FOR EACH OF THE ABOVE ENTITIES)
(d) Title of Class of Securities: COMMON STOCK
(e) CUSIP Number: 441339 10 8
ITEM 3. NOT APPLICABLE.
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned: As of December 31, 1997, each of the
following is the owner of record of the number of shares of Common Stock
set forth next to its name:
<TABLE>
<CAPTION>
SHARES OPTIONS
------- -------
<S> <C> <C>
SORRENTO VENTURES II, L.P.: 281,409 6,260
SORRENTO VENTURES IIB, L.P.: 141,304 115
SORRENTO ASSOCIATES, INC.: 1,981 -0-
SORRENTO EQUITY PARTNERS, L.P.: 281,409 6,260
SORRENTO EQUITY PARTNERS II, L.P.: 141,304 115
ROBERT M. JAFFE TRUST, DATED 10/08/90 37,211 -0-
(b) Percent of Class:
SORRENTO VENTURES II, L.P.: 6.03%
SORRENTO VENTURES IIB, L.P.: 2.97%
SORRENTO ASSOCIATES, INC.: 0.004%
SORRENTO EQUITY PARTNERS, L.P.: 6.03%
SORRENTO EQUITY PARTNERS II, L.P.: 2.97%
ROBERT M. JAFFE TRUST, DATED 10/08/90 0.08%
</TABLE>
Page 8 of 11 Pages
<PAGE> 9
<TABLE>
<S> <C> <C>
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
SORRENTO VENTURES II, L.P.: 287,669
SORRENTO VENTURES IIB, L.P.: 141,410
SORRENTO ASSOCIATES, INC.: 1,981
SORRENTO EQUITY PARTNERS, L.P.: -0-
SORRENTO EQUITY PARTNERS II, L.P.: -0-
ROBERT M. JAFFE TRUST, DATED 10/08/90 37,211
(ii) shared power to vote or to direct the vote:
SORRENTO VENTURES II, L.P.: -0-
SORRENTO VENTURES IIB, L.P.: -0-
SORRENTO ASSOCIATES, INC.: -0-
SORRENTO EQUITY PARTNERS, L.P.: 287,669
SORRENTO EQUITY PARTNERS II, L.P.: 141,410
ROBERT M. JAFFE TRUST, DATED 10/08/90 -0-
(iii) sole power to dispose or to direct the disposition of:
SORRENTO VENTURES II, L.P.: 287,669
SORRENTO VENTURES IIB, L.P.: 141,410
SORRENTO ASSOCIATES, INC.: 1,981
SORRENTO EQUITY PARTNERS, L.P.: -0-
SORRENTO EQUITY PARTNERS II, L.P.: -0-
ROBERT M. JAFFE TRUST, DATED 10/08/90 37,211
(iv) shared power to dispose or to direct the disposition of:
SORRENTO VENTURES II, L.P.: 287,459
SORRENTO VENTURES IIB, L.P.: 141,304
SORRENTO ASSOCIATES, INC.: -0-
SORRENTO EQUITY PARTNERS, L.P.: 287,669
SORRENTO EQUITY PARTNERS II, L.P.: 141,410
ROBERT M. JAFFE TRUST, DATED 10/08/90 -0-
</TABLE>
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
NOT APPLICABLE.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
NOT APPLICABLE.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
NOT APPLICABLE.
Page 9 of 11 Pages
<PAGE> 10
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NOT APPLICABLE.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE.
ITEM 10. CERTIFICATION
NOT APPLICABLE
EXHIBIT A: Joint Filing Statement
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.
Date: February 17, 1998
-------------------------------
SORRENTO VENTURES II, L.P. SORRENTO VENTURES IIB, L.P.
By: Its General Partner, By: Its General Partner
Sorrento Equity Partners L.P. Sorrento Equity Partners II, L.P.
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President, Sorrento Associates, Inc. President, Sorrento Associates, Inc.
- --------------------------------------- -------------------------------------
Name/Title Name/Title
SORRENTO ASSOCIATES, INC. ROBERT M. JAFFE TRUST, DATED 10/08/90
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President Trustee
- --------------------------------------- -------------------------------------
Name/Title Name/Title
SORRENTO EQUITY PARTNERS, L.P. SORRENTO EQUITY PARTNERS II, L.P.
By: Its General Partner By: Its General Partner
Sorrento Associates, Inc. Sorrento Associates, Inc.
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President, Sorrento Associates, Inc. President, Sorrento Associates, Inc.
- --------------------------------------- -------------------------------------
Name/Title Name/Title
Page 10 of 11 Pages
<PAGE> 11
EXHIBIT A
JOINT FILING STATEMENT
Pursuant to Rule 13d-1(f)(1), we, the undersigned, hereby express our
agreement that the attached Schedule 13G is filed on behalf of each of us.
Date: February 17, 1998
-------------------------------
SORRENTO VENTURES II, L.P. SORRENTO VENTURES IIB, L.P.
By: Its General Partner, By: Its General Partner
Sorrento Equity Partners L.P. Sorrento Equity Partners II, L.P.
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President, Sorrento Associates, Inc. President, Sorrento Associates, Inc.
- --------------------------------------- -------------------------------------
Name/Title Name/Title
SORRENTO ASSOCIATES, INC. ROBERT M. JAFFE TRUST, DATED 10/08/90
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President Trustee
- --------------------------------------- -------------------------------------
Name/Title Name/Title
SORRENTO EQUITY PARTNERS, L.P. SORRENTO EQUITY PARTNERS II, L.P.
By: Its General Partner By: Its General Partner
Sorrento Associates, Inc. Sorrento Associates, Inc.
By: /s/ Robert M. Jaffe By: /s/ Robert M. Jaffe
----------------------------------- ---------------------------------
President, Sorrento Associates, Inc. President, Sorrento Associates, Inc.
- --------------------------------------- -------------------------------------
Name/Title Name/Title
Page 11 of 11 Pages
