ITEM 1. Security and Issuer.
Item 1 of the Schedule 13D is hereby amended and restated in its entirety as follows:
This Amendment No. 7 to Schedule 13D (this Amendment No. 7) amends the Schedule 13D filed on November 14, 2011
(the Original 13D), as amended by Amendment No. 1 to Schedule 13D filed on November 16, 2012 (Amendment No. 1), Amendment No. 2 to Schedule 13D filed on June 5, 2013
(Amendment No. 2), Amendment No. 3 to Schedule 13D filed on October 9, 2013 (Amendment No. 3), Amendment No. 4 to Schedule 13D filed on October 17, 2016,
Amendment No. 5 to Schedule 13D filed on July 25, 2019 (Amendment No. 5) and Amendment No. 6 to Schedule 13D filed on May 7, 2020 (Amendment No. 6, and,
together with the Original 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and Amendment No. 5, the Schedule 13D) and relates to the Common Stock. The principal executive offices of
the Issuer are located at 505 Eagleview Blvd., Suite 212, Exton, PA 19341.
Except as specifically amended by this Amendment No. 7, the disclosure in
the Schedule 13D remains in full force and effect. Capitalized terms used in this Amendment No. 7 but not otherwise defined shall have the meanings given to such terms in the Schedule 13D.
ITEM 2. Identity and Background.
Item 2 of the
Schedule 13D is hereby amended and restated in its entirety as follows:
(a) This Schedule 13D is being filed by Pillar I, Pillar II, Pillar III, Pillar
IV, Pillar V, Pillar 6, Pillar GP, Pillar Foundation, Youssef El Zein and Abude Umari.
(b) The business address of each of the foregoing Reporting
Persons is c/o Pillar Invest Offshore SAL, Starco Center, Bloc B, Third Floor, Omar Daouk Street, Beirut 2020-3313, Lebanon.
(c) Youssef El Zein and
Abude Umare are each directors and controlling stockholders of Pillar GP. Pillar GPs principal business consists of investment management.
(d)
During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons were a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with
respect to such laws.
(f) Youssef El Zein is a citizen of France and the Republic of Lebanon. Abude Umari is a citizen of France and the Republic of
Lebanon.
ITEM 3. Source and Amount of Funds or Other Consideration.
The information set forth in Item 4 hereof is hereby incorporated by reference into this Item 3, as applicable.
ITEM 4. Purpose of Transaction.
Item 4 to this
Schedule 13 D is hereby amended to add the following:
Private Placement
On July 13, 2020, the Company entered into a Securities Purchase Agreement (the Securities Purchase Agreement) with entities controlled
by Pillar Invest Corporation identified therein (each a Purchaser and together the Purchasers), providing for a private placement transaction (the Transaction) exempt from the registration requirements of the
Securities Act of 1933, as amended (the Securities Act), pursuant to which the Company has issued and sold, for $5.1 million of aggregate consideration (the First Closing), (i) 749,993 shares (the Shares) of
the Companys common stock, par value 0.001 (the Common Stock), (ii) pre-funded warrants (the First Pre-Funded Warrants) to purchase up to
2,014,234 shares of Common Stock, at an exercise price of $0.01 per share, in lieu of certain Shares to the extent that purchasing such Shares will cause the Purchasers to beneficially own in excess of 19.99% of the total number of shares of Common
Stock outstanding post transaction, and (iii) warrants (the First Closing Common Warrants) exercisable for 2,764,227 shares of Common Stock, at an exercise price of $2.58 per share. Each Share (or First Pre-Funded Warrant) and the associated First Closing Common Warrant had a combined purchase price of 1.845 ($1.72 per share of Common Stock of First Pre-Funded Warrant plus
$0.125 per First Closing Common Warrant).