Page 6 of 8 – SEC Filing
| Item 4. | Ownership. |
(a) and (b):
(i) As
of close of business on April 27, 2017, each of the Reporting Persons may be deemed to have
beneficial ownership of 3,059,007 shares of Common Stock, which consists of (i) 1,630,435 shares
of Common Stock issuable upon exercise of a warrant held by Intracoastal (“Intracoastal Warrant 1”), and
(ii) 1,428,572 shares of Common Stock issuable upon exercise of a second warrant held
by Intracoastal (“Intracoastal Warrant 2”), and all such shares of Common Stock in the
aggregate represent beneficial ownership of approximately 5.2% of the Common Stock, based
on (1) 55,466,492 shares of Common Stock outstanding as of March 31, 2017 as reported by the Issuer,
plus (2) 1,630,435 shares of Common Stock issuable upon exercise of Intracoastal
Warrant 1, and (3) 1,428,572 shares of Common Stock issuable upon exercise of
the Intracoastal Warrant 2. The foregoing excludes 497,768 shares of Common Stock in the aggregate issuable upon exercise of
other warrants held by Intracoastal (the “Other Intracoastal Warrants”) because each of the Other
Intracoastal Warrants contains a blocker provision under which the holder thereof does not have the right to exercise such
Other Intracoastal Warrant to the extent that such exercise would result in beneficial ownership by the holder thereof,
together with any persons whose beneficial ownership of the Common Stock would or could be aggregated with
such holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934, of more than 4.99% of the Common
Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of
3,556,775 shares of Common Stock.
(c)
Number of shares as to which
each Reporting Person has:
(1) Sole power to vote or to direct the vote: 0 .
(2) Shared power to vote or to direct the vote: 3,059,007
.
(3) Sole power to dispose or to direct the disposition of
0 .
(4) Shared power to dispose or to direct the disposition of
3,059,007 .
| 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.
| Item 8. | Identification and Classification of Members of the Group |
Not applicable.
| Item 9. | Notice of Dissolution of Group |
Not applicable.
| Item 10. | Certification |
By signing below I certify that,
to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection
with a nomination under §240.14a-11.
| Page 6 of 8 |
