CUSIP No. 032037103
The Reporting Persons may engage in discussions with the Issuer and Issuer’s management
and board of directors, other stockholders of the Issuer and other persons that may relate to governance and board composition, management, operations, business, assets, capitalization, financial condition, strategic plans and the future of the
Issuer. The Reporting Persons may also take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D and may discuss such actions with the Issuer and Issuer’s management and the board of
directors, other stockholders of the Issuer and other persons.
The Reporting Persons intend to review their investments in the Issuer on
a continuing basis. Depending on various factors and subject to the obligations described herein, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the board, price levels of shares of
Common Stock, other investment opportunities available to the Reporting Persons, concentration or performance of other investments of the Reporting Persons, market conditions and general economic and industry conditions, the Reporting Persons may
take such actions with respect to their investments in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock or other financial instruments related to the Issuer or selling some or all of
their beneficial or economic holdings, engaging in hedging or similar transactions with respect to the securities relating to the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of
Schedule 13D.
On July 21, 2020, the Issuer filed an amendment to their registration statement on Form
S-1/A with the Securities and Exchange Commission for a proposed rights offering (the “Rights Offering”) to its stockholders of record as of August 17, 2020.
Pursuant to the Rights Offering, each stockholder of the Issuer will have the right to purchase units at a subscription price of $1.5624 per
unit (or $3.50 per whole share of common stock and Series A warrants to purchase a whole share of common stock). Each unit will consist of 0.4464 shares of common stock and a Series A warrant exercisable to acquire 0.4464 shares of common stock at
an exercise price of $2.5668 (or $5.75 per whole share of common stock under the Series A warrants). Shares of common stock and Series A warrants comprising the units may only be purchased as a unit but will be issued separately (the
“Subscription Rights”).
Pursuant to the Subscription Rights, stockholders will have the right to purchase a number of units
equal to the number of shares of common stock the stockholders hold as of the record date. Should the stockholders exercise the Subscription Rights in full, they will have the right, or over-subscription privilege, to purchase additional units for
which other rights holders do not subscribe.
The Reporting Persons intend to participate in the Rights Offering and exercise the
Subscription Rights. However, they reserve the right to not participate in the Rights Offering or exercise the Subscription Rights in light of their continuing analysis, discussions and evaluation.
As of the date of this statement, aside from those described in this Item 4, the Reporting Persons do not have any plan or proposal which
relates to or could result in:
(a) the acquisition by any person of additional securities of the Issuer, or the disposition of
securities of the Issuer;
(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the
Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;
(d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number
or term of directors or to fill any existing vacancies on the board;
(e) any material change in the present capitalization or
dividend policy of the Issuer;
(f) any other material change in the Issuer’s business or corporate structure;
(g) changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of
the Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to
cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;