Amended Statement of Beneficial Ownership (sc 13d/a)
November 15 2017 - 5:24PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 2)
1
Papa Murphy’s Holdings, Inc.
(Name
of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
698814100
(CUSIP Number)
Misada
Capital Flagship Fund LP
200
S.
Dwight Place
Englewood
,
NJ 07631
(201)
564-1187
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices
and Communications)
November 14, 2017
(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box
¨
.
Note:
Schedules
filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.
See
§ 240.13d-7 for other parties to whom copies are to be sent.
1
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.
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 (“Act”) 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
).
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1
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NAME OF REPORTING PERSON
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Misada Capital Flagship Fund LP
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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WC
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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DELAWARE
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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-0-
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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1,559,233
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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-0-
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10
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SHARED DISPOSITIVE POWER
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1,559,233
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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1,559,233
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.2%
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14
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TYPE OF REPORTING PERSON
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PN
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1
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NAME OF REPORTING PERSON
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Misada Capital Holdings LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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WC
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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DELAWARE
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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- 0 -
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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1,559,233
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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- 0 -
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10
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SHARED DISPOSITIVE POWER
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1,559,233
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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1,559,233
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.2%
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14
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TYPE OF REPORTING PERSON
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OO
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1
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NAME OF REPORTING PERSON
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Noah A. Elbogen
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) ☐
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(b) ☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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UNITED STATES OF AMERICA
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NUMBER OF
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7
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SOLE VOTING POWER
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SHARES
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BENEFICIALLY
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7,175
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OWNED BY
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8
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SHARED VOTING POWER
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EACH
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REPORTING
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1,559,233
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PERSON WITH
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9
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SOLE DISPOSITIVE POWER
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7,175
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10
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SHARED DISPOSITIVE POWER
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1,559,233
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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1,566,408
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.2%
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14
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TYPE OF REPORTING PERSON
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IN
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The following constitutes
Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule
13D as specifically set forth herein.
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Item 3.
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Source and Amount of Funds or Other Consideration
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Item 3 is hereby amended
and restated to read as follows:
The Shares purchased by each
of Misada Capital Flagship Fund and Misada Capital Holdings LLC were purchased with working capital (which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase
price of the 1,559,233 Shares directly owned by Misada Capital Flagship Fund and Misada Capital Holdings LLC is approximately $7,926,987,
including brokerage commissions. The 7,175 Shares directly owned by Noah A. Elbogen were purchased with personal funds and the
aggregate purchase price was approximately $31,721, including brokerage commissions.
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Item 4.
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Purpose of Transaction
.
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Item 4 is hereby
amended to add the following:
On November 14, 2017,
Misada Capital Holdings LLC entered into a non-disclosure agreement with the Issuer (the “NDA”) to facilitate continued
discussions between the Reporting Persons and the Issuer regarding certain matters, including, but not limited to, the Issuer’s
Board composition and corporate governance. Pursuant to the NDA, Misada agreed to certain standstill provisions during the
pendency of the discussions. The NDA expires on December 14, 2017, unless terminated earlier by either Misada or the Issuer
on one business day’s written notice.
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Item 5.
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Interest in Securities of the Issuer
.
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Item 5 is hereby amended
and restated to read as follows:
The aggregate percentage
of Shares reported owned by each Reporting Person is based upon 16,965,461 Shares outstanding, which is the total number of Shares
outstanding as of November 3, 2017, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on November 8, 2017.
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A.
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Misada Capital Flagship Fund
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(a)
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As of the close of business on November 15, 2017, Misada Capital Flagship Fund directly owned 1,559,233
Shares.
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Percentage: Approximately
9.2%
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(b)
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1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 1,559,233
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,559,233
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(c)
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The transactions in the Shares by Misada Capital Flagship Fund since the previous Schedule 13D
filing are set forth in Schedule A and are incorporated herein by reference.
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B.
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Misada Capital Holdings LLC
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(a)
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Misada Capital Holdings LLC, as the general partner of Misada Capital Flagship Fund, may be deemed
the beneficial owner of the 1,559,233 Shares owned by Misada Capital Flagship Fund.
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Percentage: Approximately
9.2%
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(b)
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1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 1,559,233
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 1,559,233
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(c)
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Misada Capital Holdings LLC has not entered into any transactions in the Shares since the previous
Schedule 13D filing. The transactions in the Shares on behalf of Misada Capital Flagship Fund since the previous Schedule 13D filing
are set forth in Schedule A and are incorporated herein by reference.
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(a)
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As of the close of business on November 15, 2017, Mr. Noah A. Elbogen directly owned 7,175 Shares.
Mr. Elbogen, as managing member of Misada Capital Holdings LLC, may be deemed the beneficial owner of the 1,559,233 Shares owned
directly by Misada Capital Flagship Fund and of the same 1,559,233 Shares owned indirectly by Misada Capital Holdings LLC.
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Percentage: Approximately
9.2%
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(b)
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1. Sole power to vote or direct vote: 7,175
2. Shared power to vote or direct vote: 1,559,233
3. Sole power to dispose or direct the disposition: 7,175
4. Shared power to dispose or direct the disposition: 1,559,233
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(c)
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Mr. Noah A. Elbogen has not entered into any transactions in the Shares since the previous Schedule
13D filing. The transactions in the Shares on behalf of Misada Capital Flagship Fund since the previous Schedule 13D filing are
set forth in Schedule A and are incorporated herein by reference.
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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. Each Reporting
Person disclaims beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.
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(d)
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No person other than the Reporting Persons is known to have the right to receive, or the power
to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
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SIGNATURES
After reasonable inquiry
and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: November 15, 2017
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Misada Capital Flagship Fund LP
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By:
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Misada Capital Holdings LLC
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By:
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/s/ Noah A. Elbogen
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Name:
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Noah A. Elbogen
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Title:
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Managing Partner
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Misada Capital Holdings LLC
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By:
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Noah A. Elbogen
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By:
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/s/ Noah A. Elbogen
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Name:
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Noah A. Elbogen
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Title:
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Managing Member
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/s/ Noah A. Elbogen
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NOAH A. ELBOGEN
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SCHEDULE A
Transactions in the Shares of
the Issuer Since the Previous Schedule 13D Filing
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Nature of the Transaction
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Securities
Purchased/(Sold)
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Price Per
Share($)
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Date of
Purchase / Sale
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Misada
Capital Flagship Fund LP
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Purchase of Common Stock
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23,299
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5.2404
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09/18/2017
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Purchase of Common Stock
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15,000
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5.5488
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09/20/2017
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Purchase of Common Stock
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6,806
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5.6493
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09/22/2017
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Purchase of Common Stock
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12,600
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5.7798
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09/25/2017
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Purchase of Common Stock
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9,803
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5.9239
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09/26/2017
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Purchase of Common Stock
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33,628
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5.9680
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09/27/2017
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Purchase of Common Stock
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41,557
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6.0751
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09/28/2017
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Purchase of Common Stock
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18,500
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6.0062
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09/29/2017
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Purchase of Common Stock
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5,000
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5.6997
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10/02/2017
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