This Schedule 13D/A is being filed by Sphinx Investment Corp. (“Sphinx”), Maryport Navigation Corp. (“Maryport”)
and George Economou (“Economou,” and collectively with Sphinx and Maryport, the “Reporting Persons”). The Reporting Persons may constitute a “group” for reporting purposes of Rule 13d-5 under the Securities Exchange Act of 1934, as
amended (the “Act”), with respect to their respective beneficial ownership of the Shares.
Except as specifically amended and supplemented by this Amendment No. 4 (“Amendment No. 4”), and by
Amendment No. 3 filed on February 27, 2019, Amendment No. 2 filed on December 22, 2016 and Amendment No. 1 filed on March 29, 2016, all other provisions of the Schedule 13D filed by the Reporting Persons on August 18, 2010 (the “Original
Schedule 13D”) remain in full force and effect. The Original Schedule 13D together with each of the Amendments thereto is referred to herein as the “Schedule 13D”. Capitalized terms used herein and not otherwise defined shall have
the same meanings ascribed to them in the Schedule 13D.
This Amendment No. 4 is being filed to report changes to Item 3 and Item 5 as a result of the acquisition by
Sphinx of additional Shares of the Issuer, as described in Item 3.
Item 3. Source and Amount of Funds or Other Consideration
This Amendment No. 4 amends Item 3 to the Schedule 13D by adding the following:
On November 22, 2019, the Issuer announced a public offering of 9,000,000 Shares of its common stock offered pursuant to a
prospectus supplement and accompanying base prospectus filed with the SEC on such date. In connection with such public offering, Sphinx purchased an aggregate of 1,135,000 Shares for an aggregate consideration of $6,810,000. The source of funds
used by Sphinx to purchase the foregoing Shares is its working capital.
Item 5. Interest in Securities
of the Issuer
This Amendment No. 4 amends and restates Item 5 to the Schedule 13D as set forth below:
In connection with the Issuer’s debt refinancing consummated on August 10, 2018, the Issuer issued to its lenders an aggregate of
99,342,271 Shares, representing 47.5% of the Issuer’s issued and outstanding common stock immediately after giving effect to such issuance, and as a result, the interests of existing holders of the Issuer’s common stock, including the Reporting
Persons, were ratably diluted.
Effective as of the opening of trading on May 2, 2019, the Issuer effected a one-for-fourteen reverse stock split of its issued
and outstanding common stock, which reduced the number of outstanding Shares of common stock from 213,324,455 to 15,237,456 immediately after giving effect to such reverse stock split and affected the interests of all existing holders of the
Issuer’s common stock, including the interests of the Reporting Persons.
(a) As of the date hereof, Sphinx owns, and Maryport and Economou may be deemed beneficial owners of 2,679,400 Shares, or 10.99% of the outstanding Shares.