The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The aggregate purchase price of the 3,920,216 Shares owned directly by the Raging Funds is approximately $6,729,798, including brokerage commissions. The Shares owned directly by the Raging Funds were acquired with the working capital of the Raging Funds.
The Raging Funds effect purchases of securities primarily through margin accounts maintained for them with prime brokers, which may extend margin credit to them as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.
Item 5. | Interest in Securities of the Issuer. |
Items 5(a) - (c) are hereby amended and restated to read as follows:
(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 27,479,908 Shares outstanding, which is the total number of Shares outstanding as of March 31, 2012 as reported in the Issuer’s Solicitation Recommendation Statement on Schedule 14D-9 filed with the Securities and Exchange Commission on April 12, 2012.
As of the date hereof, Raging Capital Fund directly owned 1,274,867 Shares, constituting approximately 4.6% of the Shares outstanding. By virtue of their relationships with Raging Capital Fund discussed in further detail in Item 2, each of Raging Capital and Mr. Martin may be deemed to beneficially own the Shares owned by Raging Capital Fund.
As of the date hereof, Raging Capital Fund QP directly owned 2,645,349 Shares, constituting approximately 9.6% of the Shares outstanding. By virtue of their relationships with Raging Capital Fund QP discussed in further detail in Item 2, each of Raging Capital and Mr. Martin may be deemed to beneficially own the Shares owned by Raging Capital Fund QP.
(b) Each of the Raging Funds shares with Raging Capital and Mr. Martin the power to vote and dispose of the Shares directly owned, respectively, by the Raging Funds.
(c) Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons since the filing of the initial Schedule 13D. All of such transactions were effected in the open market.
The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: April 13, 2012
| Raging Capital Fund, LP |
| |
| By: | Raging Capital Management, LLC General Partner |
| |
| By: | /s/ Frederick C. Wasch |
| | Name: | Frederick C. Wasch |
| | Title: | Attorney-in-fact for William C. Martin, Managing Member |
| Raging Capital Fund (QP), LP |
| | |
| By: | Raging Capital Management, LLC General Partner |
| |
| By: | /s/ Frederick C. Wasch |
| | Name: | Frederick C. Wasch |
| | Title: | Attorney-in-fact for William C. Martin, Managing Member |
| Raging Capital Management, LLC |
| |
| By: | /s/ Frederick C. Wasch |
| | Name: | Frederick C. Wasch |
| | Title: | Attorney-in-fact for William C. Martin, Managing Member |
| /s/ Frederick C. Wasch |
| Frederick C. Wasch as Attorney-in-fact for William C. Martin |
SCHEDULE A
Transactions in the Shares Since the Filing of the Initial Schedule 13D
Shares of Common Stock Purchased | Price Per Share($) | Date of Purchase |
RAGING CAPITAL FUND, LP |
65,437 | | 1.7600 | 04/04/2012 |
7,456 | | 1.7600 | 04/05/2012 |
138,796 | | 1.7300 | 04/11/2012 |
RAGING CAPITAL FUND (QP), LP |
136,268 | | 1.7600 | 04/04/2012 |
15,544 | | 1.7600 | 04/05/2012 |
291,304 | | 1.7300 | 04/11/2012 |
RAGING CAPITAL MANAGEMENT, LLC |
| None | |