Merger Subs purchase of the Purchased Offer Shares (as defined herein) in connection
with the closing of the Offer was paid using funds contributed by Parent to Merger Sub from the Commitment Amount in accordance with the Equity Commitment Letter.
ITEM 4.
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Purpose of the Transaction.
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This Amendment amends Item 4 of the Original Schedule 13D to include the following after the final paragraph:
Consummation of the Offer and Merger
The
Offer expired at 12:00 a.m., New York City time, on December 23, 2021 (one minute after 11:59 p.m., New York City time, on December 22, 2021) (the Expiration Time). A total of 12,014,916 Shares were validly tendered and
not validly withdrawn pursuant to the Offer as of the Expiration Time, all of which Merger Sub accepted for payment and thereafter purchased for $23.00 per Share (such Shares, the Purchased Offer Shares). Immediately following
consummation of the Offer, the 12,014,916 Purchased Offer Shares directly held by Merger Sub, together with the 1,838,510 Paloma Shares directly held by the Parent, represented in the aggregate approximately 87% of the outstanding Shares.
Consequently, Parent and Merger Sub collectively acquired a sufficient number of Shares to complete the Merger without a vote of the stockholders of the Company, and, on December 23, 2021, the Merger was effected pursuant to the terms of the
Merger Agreement and in accordance with Section 251(h) of the DGCL.
In connection with the Merger, at the Effective Time,
(i) the Company was merged with and into Merger Sub, with Merger Sub surviving as a wholly owned subsidiary of Parent, and (ii) each Share issued and outstanding immediately prior to the Effective Time converted into the right to receive
$23.00 in cash (subject to availability of appraisal rights), without interest and net of any applicable withholding taxes, and were automatically cancelled and retired and ceased to exist, except for (a) Shares then owned by the Parent and
Merger Sub or by any of their affiliates, including the Purchased Offer Shares, and (b) Shares held in treasury by the Company or by any of its wholly owned subsidiaries, which, in each case, were cancelled and retired and ceased to exist
without any consideration delivered in exchange therefor.
Following the consummation of the Merger and other Transactions, all Shares
were delisted from the NYSE American LLC and will be deregistered under the Act.
ITEM 5.
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Interest in Securities of the Issuer.
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This Amendment amends and restates Item 5 of the Original Schedule 13D in its entirety as set forth below:
(a), (b)
The aggregate number and
percentage of Shares beneficially owned by each Reporting Person or with respect to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition is set forth in
Items 7, 8, 9, 10, 11 and 13 of the cover pages to this Schedule 13D relating to such Reporting Person and is incorporated by reference into this Item 5.
(c)
Except as set forth in this Schedule
13D, none of the Reporting Persons or, to their knowledge, any of its directors, executive officers or other control persons named on Schedule A or Schedule B, attached hereto, has effected any transaction in the Shares during the past
60 days.
(d)
Not applicable.
(e)
On December 23, 2021, each of
the Reporting Persons ceased to be the beneficial owner of more than five percent of the Shares.
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