SCHEDULE 13D
Explanatory Note: This Amendment No. 16 to Schedule 13D (this Amendment No. 16) 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. 4), Amendment No. 5 to Schedule 13D filed on July 25, 2019 (Amendment No. 5), Amendment No. 6 to Schedule 13D filed on
May 7, 2020 (Amendment No. 6), Amendment No. 7 to Schedule 13D filed on August 17, 2020 (Amendment No. 7), Amendment No. 8 to Schedule 13D filed on
December 30, 2020 (Amendment No. 8), Amendment No. 9 to Schedule 13D filed on April 1, 2021 (Amendment No. 9), Amendment No. 10 to Schedule 13D filed on
June 7, 2021 (Amendment No. 10), Amendment No. 11 to Schedule 13D filed on June 24, 2022 (Amendment No. 11), Amendment No. 12 to Schedule 13D filed on
July 1, 2022 (Amendment No. 12), Amendment No. 13 to Schedule 13D filed on October 5, 2022 (Amendment No. 13), Amendment No. 14 to Schedule 13D filed on
January 30, 2023 (Amendment No. 14), and Amendment No. 15 to Schedule 13D filed on April 10, 2023 (together with the Original 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment No. 10, Amendment No. 11, Amendment No. 12, Amendment No. 13, Amendment No. 14,
and Amendment No. 16 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. 16, the disclosure in the Schedule 13D remains in full force and effect. Capitalized terms used in
this Amendment No. 16 but not otherwise defined shall have the meanings given to such terms in the Schedule 13D.
ITEM 5. Interest in
Securities of the Issuer.
(a) (b)
The following
sets forth, as of the date of this Amendment No. 16, the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as
to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition of, as of the
date hereof, based on 8,423,504 shares of Common Stock outstanding at June 29, 2023.
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Reporting Person |
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Amount beneficially owned |
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Percent of class |
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Sole power to vote or to direct the vote |
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Shared power to vote or to direct the vote |
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Sole power to dispose or to direct the disposition |
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Shared power to dispose or to direct the disposition |
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Pillar 6 |
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571,588 |
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6.7 |
% |
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0 |
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571,588 |
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0 |
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571,588 |
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Pillar Foundation |
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571,588 |
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6.7 |
% |
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0 |
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571,588 |
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0 |
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571,588 |
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Pillar GP |
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571,588 |
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6.7 |
% |
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0 |
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571,588 |
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0 |
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571,588 |
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Abude Umari |
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736,482 |
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8.7 |
% |
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164,894 |
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571,588 |
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164,894 |
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571,588 |
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Youssef El Zein |
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573,135 |
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6.7 |
% |
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1,547 |
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571,588 |
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1,547 |
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571,588 |
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(c) Except as set forth in the table below, no transactions in the Common Stock were effected by the Reporting Persons during
the past 60-day period.
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Reporting Person |
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Date |
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Amount of Securities |
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Price per Share |
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Where and How Effected |
Abude Umari |
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May 15, 2023 |
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45,609 |
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$ |
1.57 |
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Acquired in the Open Market |
Abude Umari |
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May 16, 2023 |
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45,441 |
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$ |
1.49 |
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Acquired in the Open Market |
Abude Umari |
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May 17, 2023 |
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26,965 |
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$ |
1.42 |
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Acquired in the Open Market |
Abude Umari |
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July 12, 2023 |
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3,605 |
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$ |
1.58 |
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Sold in the Open Market |
Abude Umari |
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July 13, 2023 |
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2,213 |
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$ |
1.54 |
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Sold in the Open Market |
(d) No persons other than the Reporting Persons and their investment clients have the right to participate in the receipt of
dividends from, or the proceeds from the sale of, the shares of Common Stock covered hereby.
(e) Not Applicable.
ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Item 4 to this Schedule 13D is hereby amended to add the following:
As previously disclosed, Pillar Foundation was a party to a Warrant to Purchase Common Stock of the Company issued in July 2020 (the July 2020 Warrant
Agreement). Pursuant to its terms, the July 2020 Warrant Agreement automatically expired on July 13, 2023, and as such, Pillar Foundations right to exercise up to 162,601 Common Warrants expired.