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The Reporting Persons are filing this Schedule
13D/A to report a change in their respective beneficial ownership percentages of the Shares, as indicated in Item 5 below. In that
regard, on June 8, 2020, the Issuer and the Master Fund entered into two agreements (together, the “Warrant Amendment Agreements”)
to increase the beneficial ownership limitations in respect of the 20,757,576 currently exercisable warrants of the Issuer held
by the Master Fund (collectively, the “Warrants”). Previously, the Warrants were subject to blocker provisions that
prevented the Master Fund from exercising the Warrants if it would have been more than a 4.99% or 9.99% (as applicable) beneficial
owner of the Shares following any such exercise. Pursuant to the Warrant Amendment Agreements, all of the Warrants are currently
subject to a blocker provision that prevents the Master Fund from exercising the Warrants if it would be more than a 19.99% beneficial
owner of the Shares following any such exercise.
Mr. Boyd and Keith Maher, a Managing Director
at Armistice Capital, currently serve as members of the Issuer’s board of directors (the “Board”).
The Reporting Persons purchased the Shares
for investment in the ordinary course of their investment activities based on the Reporting Persons’ belief that the Shares,
when purchased, were undervalued and represented an attractive investment opportunity. The Reporting Persons intend to review their
investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s
financial position, the price levels of the Shares, 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 investment in the Issuer as they deem appropriate
including, without limitation, engaging in communications with management and/or the Board, engaging in discussions with stockholders
of the Issuer and others about the Issuer and the Reporting Persons’ investment, reshaping the Issuer's corporate strategy,
recommending business development transactions, proposing changes to management, operations and the structure of the Board (including
the composition of the Board), purchasing additional Shares, selling some or all of their Shares, engaging in short selling of
or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters
referred to in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
Except as otherwise set forth herein, the Reporting
Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs
(a) – (j) of Item 4 of Schedule 13D. However, subject to market conditions and in compliance with applicable securities laws,
the Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of
Shares they may be deemed to beneficially own in open-market or privately negotiated transactions, on such terms and at such times
as the Reporting Persons may deem advisable.
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