FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Manko Joseph M. Jr.	2. Issuer Name and Ticker or Trading Symbol

SAFEGUARD SCIENTIFICS INC [ SFE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)	
(Last)         (First)         (Middle)

1717 ARCH STREET, 39TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY)

5/4/2020		
(Street)

PHILADELPHIA, PA 19103
(City)       (State)       (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock, $0.10 par value 	 	 	 	  	 	 	 	9612 	D 	 	
Common Stock, $0.10 par value 	 	 	 	  	 	 	 	304722 	I 	Horton Capital Management, LLC (1)	
Common Stock, $0.10 par value 	 	 	 	  	 	 	 	707845 	I 	Sierra Capital Investments, L.P. (2)	
Common Stock, $0.10 par value 	5/4/2020 	 	P	  	15000 	A	$6.9530 (4)	80728 	I 	Horton Capital Partners Fund, LP (3)	
Common Stock, $0.10 par value 	5/5/2020 	 	P	  	15000 	A	$6.7508 (5)	95728 	I 	Horton Capital Partners Fund, LP (3)	
Common Stock, $0.10 par value 	5/6/2020 	 	P	  	10000 	A	$6.2554 (6)	105728 	I 	Horton Capital Partners Fund, LP (3)	

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					

Explanation of Responses:	
(1) 	Securities held in certain accounts jointly managed by Horton Capital Management, LLC ("HCM") and Maplewood Advisors IM, LLC ("MAIM") (collectively, the "Managed Accounts"). The Reporting Person, solely by virtue of his position as the managing member of HCM, which together with MAIM, act as the investment advisers to the Managed Accounts, may be deemed to beneficially own the securities held in the Managed Accounts for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"). The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.	
(2) 	Securities owned directly by Sierra Capital Investments, L.P. ("Sierra"). The Reporting Person, solely by virtue of his position as the managing member of HCM, which together with MAIM, serve as the investment managers of Sierra, and as the managing member of Horton Capital Partners, LLC ("HCP"), which together with Maplewood Global Partners, LLC, serve as the general partners of Sierra, may be deemed to beneficially own the securities directly held by Sierra for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.	
(3) 	Securities owned directly by Horton Capital Partners Fund, LP ("HCPF"). The Reporting Person, solely by virtue of his position as the managing member of HCM, which serves as the investment manager of HCPF, and as the managing member of HCP, which serves as the general partner of HCPF, may be deemed to beneficially own the securities directly held by HCPF for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.	
(4) 	The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.80 to $7.045. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.	
(5) 	The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.42 to $7.07. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.	
(6) 	The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.05 to $6.61. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Manko Joseph M. Jr.
1717 ARCH STREET
39TH FLOOR
PHILADELPHIA, PA 19103	X				

Signatures		
/s/ Joseph M. Manko Jr.		5/6/2020	
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.