Page 8 of 10 – SEC Filing
Item 4. Purpose of Transaction
(a)-(j) The Reporting Persons purchased the Common Stock for investment purposes. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and in connection therewith, may have discussions
with the Issuer, which may include discussions regarding the corporate governance, financial condition, strategic transactions and/or operations of the Issuer.
The Reporting Persons may from time to time and at any time in the future, depending on various factors, including, without limitation, the
outcome of any discussions referenced above, other investment opportunities available to the Reporting Persons, conditions in the securities markets and general economic and industry conditions, take such actions with respect to their investment in
the Issuer as they deem appropriate at the time including but not limited to: (i) acquiring additional Common Stock and/or other equity, debt, notes, other securities, including but not limited to derivative or other instruments that are based
upon or relate to the value of the Common Stock or the Issuer (collectively, Securities) in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) nominating or
recommending candidates to serve on the board of directors of the Issuer; (iv) discussing the various potential alternatives and strategies regarding the Issuer with others, including but not limited to interested market and industry
participants; (v) entering into agreements or understandings with other shareholders of the Issuer with respect to the voting, holding and/or disposition of Securities; or (vi) proposing or considering any one or more of the actions
described in subsections (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a), (b) The aggregate number of shares of Common Stock to which this Schedule 13D relates is 2,874,021 shares. Based upon 51,701,442 shares outstanding as of March 9, 2016, as reported in the Issuers annual report on
Form 10-K filed March 29, 2016 for the fiscal year ended December 31, 2015, the Reporting Persons shares of Common Stock represent approximately 5.559% of the Issuers outstanding Common Stock.
Each of the Reporting Persons may be deemed the beneficial owner of the Common Stock reported herein. Each of the Reporting Persons have the
shared power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Common Stock reported herein.
(c) The trading dates, number of shares of Common Stock purchased or sold, and the price per share for all transactions by the Reporting Persons in the Common Stock within the last 60 days, all of which were brokered
transactions effected in the open market (unless otherwise noted), are set forth below.
Reporting Person
Trade Date Purchased (Sold) Price / Share Master
3/9/2016 (50,000 ) $ 3.27 Master
3/10/2016 (52,045 ) $ 3.19 Master
3/11/2016 (19,688 ) $ 3.29 Master
3/14/2016 (28,267 ) $ 3.28 Master
3/15/2016 (7,400 ) $ 3.26 Master
3/21/2016 (13,635 ) $ 3.24 Master
3/22/2016 (23,016 ) $ 3.21 Master
4/5/2016 150,000 $ 3.29 Master
4/6/2016 18,000 $ 3.34 Master
4/7/2016 25,000 $ 3.32 Master
4/8/2016 10,000 $ 3.35 Master
4/11/2016 32,000 $ 3.45 Master
4/12/2016 2,520 $ 3.50 Master
4/12/2016 20,000 $ 3.50 Master
4/13/2016 40,000 $ 3.79 Master
4/14/2016 26,000 $ 3.90 Master
4/19/2016 134,790 $ 4.15 Master
4/20/2016 49,659 $ 4.15 Master
4/21/2016 19,303 $ 4.15
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| Item 4. | Purpose of Transaction |
| (a)-(j) | The Reporting Persons purchased the Common Stock for investment purposes. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and in connection therewith, may have discussions with the Issuer, which may include discussions regarding the corporate governance, financial condition, strategic transactions and/or operations of the Issuer. |
The Reporting Persons may from time to time and at any time in the future, depending on various factors, including, without limitation, the
outcome of any discussions referenced above, other investment opportunities available to the Reporting Persons, conditions in the securities markets and general economic and industry conditions, take such actions with respect to their investment in
the Issuer as they deem appropriate at the time including but not limited to: (i) acquiring additional Common Stock and/or other equity, debt, notes, other securities, including but not limited to derivative or other instruments that are based
upon or relate to the value of the Common Stock or the Issuer (collectively, Securities) in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) nominating or
recommending candidates to serve on the board of directors of the Issuer; (iv) discussing the various potential alternatives and strategies regarding the Issuer with others, including but not limited to interested market and industry
participants; (v) entering into agreements or understandings with other shareholders of the Issuer with respect to the voting, holding and/or disposition of Securities; or (vi) proposing or considering any one or more of the actions
described in subsections (a) through (j) of Item 4 of Schedule 13D.
| Item 5. | Interest in Securities of the Issuer |
| (a), (b) | The aggregate number of shares of Common Stock to which this Schedule 13D relates is 2,874,021 shares. Based upon 51,701,442 shares outstanding as of March 9, 2016, as reported in the Issuers annual report on Form 10-K filed March 29, 2016 for the fiscal year ended December 31, 2015, the Reporting Persons shares of Common Stock represent approximately 5.559% of the Issuers outstanding Common Stock. |
Each of the Reporting Persons may be deemed the beneficial owner of the Common Stock reported herein. Each of the Reporting Persons have the
shared power to vote or to direct the vote of (and the power to dispose or direct the disposition of) the Common Stock reported herein.
| (c) | The trading dates, number of shares of Common Stock purchased or sold, and the price per share for all transactions by the Reporting Persons in the Common Stock within the last 60 days, all of which were brokered transactions effected in the open market (unless otherwise noted), are set forth below. |
| Reporting Person | Trade Date | Purchased (Sold) | Price / Share | |||||||
| Master | 3/9/2016 | (50,000 | ) | $ | 3.27 | |||||
| Master | 3/10/2016 | (52,045 | ) | $ | 3.19 | |||||
| Master | 3/11/2016 | (19,688 | ) | $ | 3.29 | |||||
| Master | 3/14/2016 | (28,267 | ) | $ | 3.28 | |||||
| Master | 3/15/2016 | (7,400 | ) | $ | 3.26 | |||||
| Master | 3/21/2016 | (13,635 | ) | $ | 3.24 | |||||
| Master | 3/22/2016 | (23,016 | ) | $ | 3.21 | |||||
| Master | 4/5/2016 | 150,000 | $ | 3.29 | ||||||
| Master | 4/6/2016 | 18,000 | $ | 3.34 | ||||||
| Master | 4/7/2016 | 25,000 | $ | 3.32 | ||||||
| Master | 4/8/2016 | 10,000 | $ | 3.35 | ||||||
| Master | 4/11/2016 | 32,000 | $ | 3.45 | ||||||
| Master | 4/12/2016 | 2,520 | $ | 3.50 | ||||||
| Master | 4/12/2016 | 20,000 | $ | 3.50 | ||||||
| Master | 4/13/2016 | 40,000 | $ | 3.79 | ||||||
| Master | 4/14/2016 | 26,000 | $ | 3.90 | ||||||
| Master | 4/19/2016 | 134,790 | $ | 4.15 | ||||||
| Master | 4/20/2016 | 49,659 | $ | 4.15 | ||||||
| Master | 4/21/2016 | 19,303 | $ | 4.15 | ||||||
