Page 11 of 13 – SEC Filing
CUSIP No. 52110H 100
General
The Reporting Persons acquired the Preferred Stock and Warrants for investment purposes, and such purposes were made in the Reporting Persons ordinary
course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Preferred Stock and Warrants at times, and in such manner (including pursuant to hedging
transactions), as they deem advisable to benefit from changes in market prices of the Preferred Stock, changes in the Issuers operations, business strategy or prospects, or from a sale or merger of the Issuer. To evaluate such alternatives,
the Reporting Persons routinely will monitor the Issuers operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as alternative investment
opportunities, liquidity requirements of the Reporting Persons and other investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons may discuss such matters with management or
directors of the Issuer, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and discussions may materially
affect, and result in, the Reporting Persons modifying their ownership of the Preferred Stock and Warrants, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in the
Issuers operations, governance or capitalization, or in proposing one or more of the other actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to formulate other plans and/or
make other proposals, and take such actions with respect to their investment in the Issuer, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional shares of Preferred Stock
and Warrants or dispose of all shares of Preferred Stock and Warrants beneficially owned by them, in public market or privately negotiated transactions. The Reporting Persons may at any time reconsider and change their plans or proposals relating to
the foregoing.
| Item 5. | Interest in Securities of the Issuer. |
| (a) | (b) | The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 8,471,885 shares of Common Stock outstanding, as set forth in the Issuers Current Report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2018. |
| (c) | Except as set forth in Item 4 hereof, the Reporting Persons have not effected any transactions in the Common Stock in the sixty (60) days preceding the date of this Schedule 13D. |
| (d) | Except as set forth in Item 6 hereof, no person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock reported herein. |
| (e) | Not applicable. |
The information in Items 4 and 6 hereof is incorporated by reference herein.
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
CCM
is an investment adviser whose clients, including CCP and the Separate Account, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. CC is the general partner of CCP.
Gray and Shackelton are the managers of CC and CCM.
The Reporting Persons are parties to an agreement with respect to the joint filing of this Schedule
13D and any amendments hereto. A copy of such agreement is attached as Exhibit 1 to this Schedule 13D and is incorporated by reference herein.
The
information in Item 4 is incorporated by reference herein.
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