Source and Amount of Funds or Other Consideration .
The Reporting Persons acquired 931,937 shares of Common Stock issuable upon exercise of the 10% Series A Convertible Senior Secured Notes (the “Series A Notes”) and 806,454 shares of Common Stock issuable upon the exercise of the 10% Series B Convertible Senior Secured Notes (the “Series B Notes” and, together with the Series A Notes, the “Notes”) for an aggregate consideration of approximately $39,177,638.
The Avenue Funds obtained the funds necessary to purchase such shares from the existing capital of the Funds.
Item 4.
Purpose of Transaction .
The securities covered by this Schedule 13D were acquired for investment purposes.
Representatives of the Reporting Persons have had and continue to have discussions with the representatives of the Issuer with respect to the Reporting Persons’ investment in the Issuer, the Issuer’s current financial condition, liquidity position and potential financing transactions.
In connection with their investment, the Reporting Persons expect to have additional discussions or meetings from time to time with representatives and advisors of the Issuer, including with respect to the current and future financial position and liquidity of the Issuer and potential financing transactions. The discussions, ideas and proposals referred to above may involve one or more of the events or matters specified in (a) through (j) of Item 4 of Schedule 13D. There is no assurance that the Reporting Persons will or will not take any of the actions set forth above and, if undertaken, the Reporting Persons may modify or terminate any activities at any time.
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