Filing Details
- Accession Number:
- 0001013594-20-000149
- Form Type:
- 13D Filing
- Publication Date:
- 2020-02-13 12:54:34
- Filed By:
- Esopus Creek Value Series Fund Lp - Series A
- Company:
- Siga Technologies Inc (OTCMKTS:SIGA)
- Filing Date:
- 2020-02-13
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Esopus Creek Value Series Fund | 0 | 3,472,909 | 0 | 3,472,909 | 3,472,909 | 4.3% |
Rainy Daze | 0 | 603,400 | 0 | 603,400 | 603,400 | Less than 1% |
Esopus Creek Management | 8 | 603,400 | 0 | 603,400 | 603,400 | Less than 1% |
Hutch Master Fund Ltd | 8 | 1,460,000 | 0 | 1,460,000 | 1,460,000 | 1.8% |
Hutch Capital Management | 0 | 1,460,000 | 0 | 1,460,000 | 1,460,000 | 1.8% |
Andrew L. Sole | 145,337 | 4,076,309 | 145,337 | 4,076,309 | 4,221,646 | 5.2% |
Paul Saunders, Jr | 10,000 | 2,730,000 | 10,000 | 2,730,000 | 2,740,000 | 3.4% |
Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 1)1
SIGA Technologies, Inc. | ||
(Name of Issuer) | ||
Common Stock, par value $0.0001 per share | ||
(Title of Class of Securities) | ||
| 826917106 | |
| (CUSIP Number) | |
Martin Sklar, Kleinberg, Kaplan, Wolff & Cohen P.C., 500 Fifth Avenue, New York, NY 10110, (212) 986-6000 | ||
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) | ||
| February 12, 2020 | |
| (Date of Event which Requires Filing of this Statement) | |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box [X].
Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule
13d-7 for other parties to whom copies are to be sent.
(Continued on following pages)
Page 1 of 8 pages
1 The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ).
CUSIP No. | 826917106 | 13D | Page 2 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Esopus Creek Value Series Fund LP – Series A | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| WC | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| Delaware | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| | 0 | | | ||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 3,472,909 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 0 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 3,472,909 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 3,472,909 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
| | | | |||||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| 4.3% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| PN | |
CUSIP No. | 826917106 | 13D | Page 3 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Rainy Daze LLC | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| WC | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| Delaware | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| | 0 | | | ||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 603,400 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 0 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 603,400 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 603,400 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| Less than 1% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| OO | |
CUSIP No. | 826917106 | 13D | Page 4 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Esopus Creek Management LLC | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| AF | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| Delaware | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 603,400 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 0 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 603,400 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 603,400 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| Less than 1% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| OO | |
CUSIP No. | 826917106 | 13D | Page 5 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Hutch Master Fund Ltd. | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| WC | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
| | | | | | |||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| Cayman Islands | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 1,460,000 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 0 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 1,460,000 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 1,460,000 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| 1.8% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| OO | |
CUSIP No. | 826917106 | 13D | Page 6 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Hutch Capital Management LLC | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| AF | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| Delaware | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| | 0 | | | ||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 1,460,000 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 0 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 1,460,000 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 1,460,000 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| 1.8% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| OO | |
CUSIP No. | 826917106 | 13D | Page 7 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Andrew L. Sole | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| AF, OO | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
| | | | | | |||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| United States | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| | 145,337 | | | ||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 4,076,309 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 145,337 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 4,076,309 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 4,221,646 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
| | | | |||||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| 5.2% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| IN | |
CUSIP No. | 826917106 | 13D | Page 8 of 8 | |||||||||||||||||||||
1 | NAME OF REPORTING PERSON | | ||||||||||||||||||||||
| Paul Saunders, Jr. | | | |||||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | (a) | X | | | |||||||||||||||||||
| | (b) | [ ] | | | | ||||||||||||||||||
3 | SEC USE ONLY | | | |||||||||||||||||||||
4 | _______________ SOURCE OF FUNDS* | | | |||||||||||||||||||||
| AF, OO | | | | ||||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) | [ ] | | | | | ||||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | | | | | |||||||||||||||||||
| United States | | | | | |||||||||||||||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | | |||||||||||||||||||||
| | 10,000 | | | ||||||||||||||||||||
| 8 | SHARED VOTING POWER | | | | |||||||||||||||||||
| | 2,730,000 | | | | | ||||||||||||||||||
| 9 | SOLE DISPOSITIVE POWER | | | | | | |||||||||||||||||
| | 10,000 | | | | | | | ||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | | | | | | | | |||||||||||||||
| | 2,730,000 | | | | | | | | |||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | | ||||||||||||||||||||||
| 2,740,000 | | | |||||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | [ ] | | | | |||||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | | ||||||||||||||||||||||
| 3.4% | | ||||||||||||||||||||||
14 | TYPE OF REPORTING PERSON* | | ||||||||||||||||||||||
| IN | |
SCHEDULE 13D
Item 1. Security and Issuer
This Statement on Schedule 13D (“Schedule 13D”) relates to the shares of common stock, par value $0.0001 per share (the “Common Stock ” or “Shares ”) of SIGA Technologies, Inc.,
a Delaware corporation (the “ Company ” or the “Issuer ”), whose principal executive offices are located at 31 East 62nd Street, New York, NY 10065.
Item 2. Identity and Background
(a) This Schedule 13D is being filed by (i) Esopus Creek Value Series Fund LP – Series A, a Delaware limited partnership (“Esopus Creek Fund”), (ii) Rainy Daze LLC, a Delaware limited
liability company (“Rainy Daze”), (iii) Esopus Creek Management LLC, a Delaware limited liability company (“Esopus Creek Management”), (iv) Hutch Master Fund Ltd., a Cayman Islands company limited by shares (“Hutch Master”), (v)
Hutch Capital Management LLC, a Delaware limited liability company (“Hutch Capital”), (vi) Andrew L. Sole, a natural person, (“Mr. Sole” and, together with Esopus Creek Fund, Rainy Daze and Esopus Creek Management, the “Esopus
Reporting Persons”), and (vii) Paul Saunders, Jr., a natural person (“Mr. Saunders” and, together with Hutch Master and Hutch Capital, the “Hutch Reporting Persons”). The Esopus Reporting Persons and the Hutch Reporting Persons
shall collectively be referred to as the “Reporting Persons”)
(b) The principal business address for Esopus Creek Fund, Rainy Daze, Esopus Creek Management and Mr. Sole is 1325 Avenue of the Americas, Suite 2724, New York, New York 10019. The principal business
address for Hutch Capital and Mr. Saunders is 8401 Patterson Avenue, Suite 202, Richmond, Virginia 23229.
(c) Esopus Creek Fund, Rainy Daze, Hutch Master and Mr. Sole each hold the shares of Common Stock of the Issuer that are the subject of this statement. The principal business of each of Esopus Creek
Fund, Rainy Daze and Hutch Master is to invest in securities. The principal business of Esopus Creek Management is serving as an investment manager, including as the investment manager of Rainy Daze. The principal business of Hutch Capital is serving
as an investment manager, including as the investment manager of Hutch Master. Mr. Saunders’s principal occupation is investing, and directing the investment of, assets, including by serving as the managing member of Hutch Capital and as the investment
manager of Hutch Master. Mr. Sole’s principal occupation is investing, and directing the investment of, assets, including by serving as the principal of Esopus Creek Advisors LLC, the General Partner of Esopus Creek Fund, and as the principal of Esopus
Creek Management, an investment manager of Rainy Daze. As a result of the foregoing relationships, (i) Esopus Creek Management may be deemed to beneficially own the Shares held by Rainy Daze, (ii) Hutch Capital may be deemed to beneficially own the
Shares held by Hutch Master, (iii) Mr. Sole may be deemed to beneficially own the Shares held by each of Esopus Creek Fund and Rainy Daze, and an additional 145,337 Shares that he personally owns, and (iv) Mr. Saunders may be deemed to beneficially own
the Shares held by Hutch Master, 1,270,000 Shares that are the subject of powers of attorney in favor of Mr. Saunders, and an additional 10,000 Shares that he personally owns.
(d)-(e) During the last five years, none of the Reporting Persons have been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); or (ii) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such laws.
(f) Esopus Creek Management and Rainy Daze are each Delaware limited liability companies. Esopus Creek Fund is a Delaware limited partnership. Hutch Master is a Cayman Islands company. Hutch Capital
is a Delaware limited liability company. Mr. Sole and Mr. Saunders are citizens of the United States of America.
Item 3. Source and Amount of
Funds or Other Consideration
All of the Shares to which this Statement relates were purchased on behalf of the Reporting Persons using the investment capital of the respective Reporting Person. The aggregate amount of funds used
for the purchase of the securities held by the Esopus Reporting Persons was approximately $8,987,168.00, including commissions. The aggregate amount of funds used for the purchase of the securities held by the Hutch Reporting Persons was approximately
$11,235,673.50, including commissions.
Item 4. Purpose of the
Transaction
The Reporting Persons acquired the securities disclosed herein based on the Reporting Persons’ belief that the securities, when acquired, were undervalued and represented an attractive investment
opportunity.
On February 12, 2020, the Reporting Persons issued a letter to the chief executive officer of the Issuer expressing their views on the Issuer’s use of its cash on
hand (the “Group Letter”). The foregoing is qualified in its entirety by reference to the Group Letter, the body of which is incorporated herein and attached hereto as Exhibit 99.1.
Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Issuer at prices that would
make the purchase or sale of such securities desirable, the Reporting Persons may endeavor from time to time (i) to increase or decrease its position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the
open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable and/or (ii) to enter into transactions that increase or hedge its economic exposure to the securities of the Issuer without
affecting its beneficial ownership.
Except as otherwise disclosed in this Item 4 or the Group Letter, the Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in
subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a periodic basis and
may from time to time engage in discussions with management and the Board and other shareholders and potential shareholders of the Issuer concerning, among other things, the business, operations and future plans of the Issuer. Depending on various
factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the securities of the Issuer, conditions in the securities markets and general economic and industry conditions, the Reporting Persons
may in the future take such actions with respect to their respective investments in the Issuer as they deem appropriate including, without limitation, making proposals concerning changes to the capitalization, ownership structure, Board composition or
operations of the Issuer, purchasing additional securities of the Issuer, selling some or all of its securities of the Issuer, engaging in short selling of or any hedging or similar transaction with respect to the securities of the Issuer, or changing
its intention with respect to any and all matters referred to in this Item 4.
Item 5. Interest in Securities of the Issuer
(a)-(b) The aggregate percentage of shares of Common Stock reported owned is based upon 81,074,280 shares of Common Stock outstanding as of November 1, 2019 as reported in the Issuer’s Form 10-Q
filed with the Securities and Exchange Commission on November 5, 2019.
As of the date hereof, Esopus Creek Fund beneficially owned 3,472,909 Shares, constituting approximately 4.3% of the Shares outstanding. As of the date hereof, Rainy Daze beneficially owned 603,400
Shares, constituting less than 1% of the Shares outstanding. As of the date hereof, Hutch Master beneficially owned 1,460,000 Shares, constituting approximately 1.8% of the Shares outstanding. As of the date hereof, Mr. Saunders owns 10,000 Shares,
constituting less than 1% of the Shares outstanding. As of the date hereof, Mr. Sole owns 145,337 Shares, constituting less than 1% of the Shares outstanding. As of the date hereof, Mr. Saunders holds powers of attorney with respect to 1,270,000
Shares, constituting 1.6% of the Shares outstanding. By virtue of its relationship with Rainy Daze discussed in further detail in Item 2, Esopus Creek Management may be deemed to be the beneficial owner of the Shares owned directly by Rainy Daze. By
virtue of its relationship with Hutch Master discussed in further detail in Item 2, Hutch Capital may be deemed to be the beneficial owner of the Shares owned directly by Hutch Master. By virtue of his relationship with Hutch Master discussed in
further detail in Item 2, Mr. Saunders may be deemed to beneficially own the Shares owned by Hutch Master, as well as the shares he owns directly. By virtue of his relationships with each of Esopus Fund and Esopus Creek Management discussed in further
detail in Item 2, Mr. Sole may be deemed to beneficially own the Shares owned directly by each of Esopus Creek Fund and Rainy Daze, as well as the Shares that he owns directly. Mr. Saunders may be deemed to have beneficial ownership over the Shares
over which he has power of attorney. Esopus Creek Fund and Mr. Sole have shared voting and dispositive power over the shares of Common Stock directly held by Esopus Creek Fund. Rainy Daze, Esopus Creek Management and Mr. Sole have shared voting and
dispositive power over the shares of Common Stock held directly by Rainy Daze. Hutch Master, Hutch Capital and Mr. Saunders have shared voting and dispositive power over the Common Stock held directly by Hutch Master. Mr. Sole has sole voting and
dispositive power over the Common Stock held directly by him. Mr. Saunders has sole voting and dispositive power over the Common Stock held directly by him. Mr. Saunders has shared voting and dispositive power over the shares of Common Stock that are
the subject of powers of attorney in favor of Mr. Saunders.
(c) Except as disclosed on Schedule A attached hereto, none of the Reporting Persons have entered into any transactions involving the Common Stock during the past 60
days.
Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial
owner of the Shares directly owned by the other Reporting Persons. As of the date hereof, the Reporting Persons beneficially own an aggregate of 6,961,646 Shares, constituting approximately 8.6% of the outstanding Shares. Each Reporting Person
disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
(d) Except for the grantor of the above-mentioned powers of attorney in favor of Mr. Saunders no Person is known to the Reporting Persons to have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, any Shares that may be beneficially owned by the Reporting Persons.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
Except as described above, the only agreement that the Reporting Persons have entered into is a joint filing agreement, dated as of February 13, 2020, a copy of which is attached hereto as Exhibit
99.2 and is incorporated herein by reference.
Item 7. Material
to be Filed as Exhibits.
Exhibit 99.1 | Letter to the Chief Executive Officer of the Issuer, from Esopus Creek Management LLC (and its affiliates) and Hutch Capital Management LLC (and its affiliates) dated February 12, 2020. |
Exhibit 99.2 | Joint Filing Agreement to Schedule 13D by and among Esopus Creek Value Series Fund LP – Series A, Esopus Creek Management, LLC, Rainy Daze LLC, Hutch Master Fund Ltd., Hutch Capital Management LLC, Andrew L. Sole and Paul Saunders, Jr.
dated as of February 13, 2020. |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: February 13, 2020 |
Esopus Creek Value Series Fund LP – Series A
By: Esopus Creek Advisors, LLC, its general partner
By:/s/ Andrew L. Sole
Andrew L. Sole, as Managing Member
Rainy Daze LLC
By: Esopus Creek Management LLC, its investment manager
By: /s/ Andrew L. Sole
Andrew L. Sole, as Managing Member
Esopus Creek Management LLC
By: /s/ Andrew L. Sole
Andrew L. Sole, as Managing Member
Hutch Master Fund Ltd.
By: Hutch Capital Management LLC
By: /s/ Paul Saunders, Jr.
Paul Saunders, Jr., as Managing Member
Hutch Capital Management LLC
By: /s/ Paul Saunders, Jr.
Paul Saunders, Jr., as Managing Member
By:/s/ Andrew L. Sole
Andrew L. Sole, a natural person
By:/s/ Paul Saunders, Jr.
Paul Saunders, Jr., a natural person
SCHEDULE A
Transactions in the Common Stock of the Issuer by Reporting Persons During the Past 60 Days
Date | Buy/Sell | Security | Approximate Price Per Share1 | Amount of Shares Bought/(Sold) |
Hutch Master Fund Ltd. | ||||
01/07/2020 | SELL | Common Stock | $5.14 | (14,700) |
01/08/2020 | SELL | Common Stock | $5.21 | (3,300) |
01/09/2020 | SELL | Common Stock | $5.17 | (9,362) |
01/10/2020 | SELL | Common Stock | $5.14 | (6,800) |
01/13/2020 | SELL | Common Stock | $5.15 | (4,8410 |
01/14/2020 | SELL | Common Stock | $5.14 | (3,200) |
01/15/2020 | SELL | Common Stock | $5.21 | (13,200) |
01/16/2020 | SELL | Common Stock | $5.41 | (24,046) |
01/17/2020 | SELL | Common Stock | $5.35 | (10,195) |
01/21/2020 | SELL | Common Stock | $5.29 | (433) |
01/23/2020 | SELL | Common Stock | $5.22 | (2,400) |
01/24/2020 | SELL | Common Stock | $5.28 | (1,805) |
01/27/2020 | SELL | Common Stock | $5.25 | (1,902) |
01/28/2020 | SELL | Common Stock | $5.21 | (2,500) |
01/29/2020 | SELL | Common Stock | $5.29 | (16,700) |
02/03/2020 | SELL | Common Stock | $5.27 | (122) |
02/03/2020 | BUY | Common Stock | $5.14 | 2,500 |
02/05/2020 | SELL | Common Stock | $5.21 | (2,000) |
02/06/2020 | BUY | Common Stock | $5.02 | 2,500 |
02/07/2020 | BUY | Common Stock | $4.40 | 77,319 |
02/10/2020 | BUY | Common Stock | $4.47 | 20,929 |
02/11/2020 | BUY | Common Stock | $4.52 | 20,983 |
Esopus Creek Value Series Fund LP – Series A | ||||
11/11/2019 | BUY | Common Stock | $5.21 | 2,500 |
11/12/2019 | BUY | Common Stock | $5.00 | 300 |
11/13/2019 | BUY | Common Stock | $5.00 | 2,200 |
11/18/2019 | BUY | Common Stock | $4.87 | 5,000 |
11/27/2019 | BUY | Common Stock | $4.93 | 204 |
12/02/2019 | BUY | Common Stock | $4.75 | 4,600 |
12/03/2019 | BUY | Common Stock | $4.60 | 1,600 |
12/04/2019 | BUY | Common Stock | $4.45 | 4,000 |
12/05/2019 | BUY | Common Stock | $4.32 | 2,172 |
12/06/2019 | BUY | Common Stock | $4.50 | 4,000 |
12/11/2019 | BUY | Common Stock | $4.72 | 1,500 |
02/07/2020 | BUY | Common Stock | $4.33 | 4,000 |
Rainy Daze LLC | ||||
11/12/2019 | SELL | Common Stock | $5.18 | (800) |
12/12/2019 | SELL | Common Stock | $4.68 | (1000) |
01/14/2020 | SELL | Common Stock | $5.09 | (800) |
02/10/2020 | SELL | Common Stock | $4.49 | (6,000) |
1 Including any brokerage fees