Item 8.01. Other Events.

In accordance with the terms of the Senior Secured Convertible Notes due April 1, 2019 (the “Notes”), during the period beginning on November 10, 2016 and ending at 4:00 pm ET on November 21, 2016, the Company offered to the holders of the Notes (each, a “Holder”) a temporary reduction of the conversion price of the Notes to 50% of the lowest volume-weighted average price of the Company’s Class A common stock during the five days preceding the submission of a conversion notice per share of Class A common stock. As a result, Holders have converted an aggregate of approximately $0.7 million of principal and interest due under the Notes at conversion prices between $0.345 and $0.3839 per share of Class A common stock and the Company has issued 2,008,183 shares of Class A common stock as of November 16, 2016. The Company expects to continue to offer the Holders the ability to convert the remaining amounts owed under the Notes at a reduced fixed conversion price as deemed appropriate and in the Company’s interest. Such reduced fixed conversion price likely will be equal to or lower than the conversion price described above (but in no event will the conversion price be less than the $0.25 minimum conversion price set forth in the Notes).

As of November 16, 2016, Holders have converted an aggregate of $8.8 million of principal and interest under the Notes, and the Company has issued 7,974,909 shares of Class A common stock at conversion prices between $0.345 and $1.74 per share. After giving effect to the conversions made as of November 16, 2016, there remains outstanding Notes with an aggregate principal amount of approximately $1.9 million. The following table updates previously reported information about the total number of shares of the Company's Class A common stock issuable under the Notes if the Company elects to convert all remaining principal and interest under the Notes into shares of Class A common stock in lieu of paying cash. The following table assumes that from the date hereof: (a) installment payments of principal and interest are timely made on the last business day of every month beginning on October 31, 2016; (b) no such regularly scheduled installment payments are accelerated or deferred; (c) the indicated conversion price remains the same until the Notes are paid in full; (d) the Holders do not convert the Notes at their election; and (e) no event of default occurs. This table is provided for illustrative purposes only, as it is unlikely that these assumptions will be fully accurate at all relevant times. The Company's ability to convert principal, interest and any other amounts owed under the Notes into shares of Class A common stock in lieu of paying cash is contingent on the Company's satisfying certain equity conditions set forth in the Notes. There can be no assurance that the Company will be able to satisfy such equity conditions.