Friday, May 25, 2018 4:26:50 PM
The bill will eventually come due.
As another company did that I am also in, it would be nice to see the BoD force the conversion of all warrants and Series A shares to common shares so all of our interests are aligned.
Interesting that Legion Partners Asset Management, LLC own no common shares.
Series A Preferred Stock
The following table sets forth, as of February 28, 2018, the beneficial ownership of the Series A Preferred Stock by the Company’s directors, by the named executive officers included in the Summary Compensation Table set forth below, by the Company’s current directors and executive officers as a group, and by the beneficial owner of more than five percent of the Series A Preferred Stock. Other than the shares of Series A Preferred Stock beneficially owned by Messrs. Moschner and Reilly, there were no shares of Series A Preferred Stock beneficially owned as of February 28, 2018 by the Company’s directors, by the named executive officers included in the Summary Compensation Table set forth below, or by the current directors and executive officers as a group. Except as indicated below, the Company believes that the beneficial owners of the Series A Preferred Stock listed below, based on information furnished by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable.
Name of Beneficial Owner
Number of Shares of
Series A
Preferred Stock (1)
Percent of
Class
Albin F. Moschner
4,000
*
William J. Reilly, Jr.
500
*
Legion Partners Asset Management, LLC
44,250
(2)
9.94
%
All Current Directors and Executive Officers As a Group (10 Persons)
4,500
1
%
*Less than one percent (1%)
(1)
Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and derives from either voting or investment power with respect to securities. The percentage of Series A Preferred Stock beneficially owned is based on 445,063 shares issued and outstanding as of February 28, 2018.
(2)
Based upon a Schedule 13D/A filed on November 4, 2016 with the Securities and Exchange Commission, each of the following persons has shared voting and dispositive power over 44,250 shares of Series A Preferred Stock, or 9.94% of the 445,063 shares of Series A Preferred Stock issued and outstanding as of February 28, 2018: Legion Partners Asset Management, LLC; Legion Partners, LLC, Legion Partners Holdings, LLC; Christopher S. Kiper; Bradley S. Vizi; and Raymond White. Of the aforementioned 44,250 shares, Legion Partners, L.P. I has shared voting and dispositive power over 37,054 shares, or 8.33% of the shares of Series A Preferred Stock issued and outstanding as of February 28, 2018, and Legion Partners, L.P. II has shared voting and dispositive power over 7,196 shares, or 1.62% of the shares of Series A Preferred Stock issued and outstanding as of February 28, 2018. The business address of each of the foregoing persons is 9401 Wilshire Boulevard, Suite 705, Beverly Hills, California 90212.
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