13G Filing: Archon Capital Management and Vericel Corp (VCEL)

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Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a)   Amount beneficially owned:

Archon Capital Management LLC: 2,481,324

Constantinos Christofilis: 2,481,324

Strategos Fund, L.P.: 1,698,960

(b)   Percent of class:

Archon Capital Management LLC: 7.56%

Constantinos Christofilis: 7.56%

Strategos Fund, L.P.: 5.18%

(c)   Number of shares as to which Archon Capital Management LLC has:
(i) Sole power to vote or to direct the vote 0 ,
(ii)   Shared power to vote or to direct the vote 2,481,324 ,
(iii) Sole power to dispose or to direct the disposition of 0 ,
(iv)   Shared power to dispose or to direct the disposition of 2,481,324 .
Number of shares as to which Constantinos Christofilis has:
(i) Sole power to vote or to direct the vote 0 ,
(ii)   Shared power to vote or to direct the vote 2,481,324 ,
(iii) Sole power to dispose or to direct the disposition of 0 ,
(iv)   Shared power to dispose or to direct the disposition of 2,481,324 .
Number of shares as to which Strategos Fund, L.P. has:
(i) Sole power to vote or to direct the vote 0 ,
(ii)   Shared power to vote or to direct the vote 1,698,960 ,
(iii) Sole power to dispose or to direct the disposition of 0 ,
(iv)   Shared power to dispose or to direct the disposition of 1,698,960 .
Instruction:  For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

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