| The information contained in Item 3 above and Item 6 below is incorporated herein by reference. On July 28, 2020, pursuant to the Merger Agreement, Quintana merged with and into Krypton, with Quintana surviving as an indirect wholly owned subsidiary of the Issuer (the “Merger”). In connection with and prior to the Merger, the Issuer effected a reverse stock split of its Common Stock at a ratio of 1-for-5, effective upon market open on July 28, 2020. The acquisition of the Common Stock as described under Item 3 is solely for investment purposes. The Reporting Persons evaluate their investments in the Common Stock on a continual basis. The Reporting Persons have no plans or proposals as of the date of this filing which, other than as expressly set forth in this Schedule 13D, relate to, or would result in, any of the actions enumerated in Item 4 of the instructions to Schedule 13D. The Reporting Persons reserve the right to be in contact with members of the Issuer’s management, the members of the Issuer’s Board of Directors, other significant stockholders and others regarding alternatives that the Issuer could employ to increase stockholder value. The Reporting Persons reserve the right to effect transactions that would change the number of shares of Common Stock it may be deemed to beneficially own. The Reporting Persons further reserve the right to act in concert with any other stockholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to the Issuer’s management, the Issuer’s Board of Directors, the Issuer’s stockholders, and others. |
(a, b) | As of the date of this filing and based upon 8,228,507 Common Shares issued and outstanding:
Geveran may be deemed to be the beneficial owner of 446,000 shares of Common Stock, constituting 5.4% of the Common Stock outstanding. Geveran has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or to direct the vote of 446,000 shares of Common Stock. Geveran has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power to dispose or to direct the disposition of 446,000 shares of Common Stock.
Famatown may be deemed to be the beneficial owner of 193,800 shares of Common Stock, constituting 2.4% of the Common Stock outstanding. Geveran has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or to direct the vote of 193,800 shares of Common Stock. Geveran has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power to dispose or to direct the disposition of 193,800 shares of Common Stock.
Greenwich Holdings, through Geveran and Famatown, may be deemed to be the beneficial owner of 639,800 shares of Common Stock, constituting 7.8% of the Common Stock outstanding. Greenwich Holdings has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or to direct the vote of 639,800 shares of Common Stock. Greenwich Holdings has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power to dispose or to direct the disposition of 639,800 shares of Common Stock.
C.K. Limited, through Greenwich Holdings, may be deemed to be the beneficial owner of 639,800 Shares of Common Stock, constituting 7.8% of Common Stock outstanding. C.K. Limited has the sole power to vote or direct the vote of 0 shares of Common Stock and the shared power to vote or to direct the vote of 639,800 shares of Common Stock. C.K. Limited has the sole power to dispose or direct the disposition of 0 shares of Common Stock and the shared power to dispose or to direct the disposition of 639,800 shares of Common Stock.
As of the date hereof, Mr. Fredriksen may be deemed to beneficially own 639,800 shares of Common Stock through his indirect influence over Geveran, Famatown and Greenwich Holdings, the shares of which are indirectly held in the Trusts, constituting in the aggregate 7.8% of the outstanding Common Stock. The beneficiaries of the Trusts are certain members of Mr. Fredriksen’s family. Mr. Fredriksen disclaims beneficial ownership of the 639,800 shares of Common Stock beneficially owned by Geveran, Famatown and Greenwich Holdings, except to the extent of his voting and dispositive interests in such shares of Common Stock. Mr. Fredriksen has no pecuniary interest in the 639,800 shares of Common Stock beneficially owned by Geveran, Famatown and Greenwich Holdings. |