SEC Form 4/A · accession 0001209191-17-048525
EMERGENT CAPITAL, INC. · EMGC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
This is an amendment (Form 4/A). It replaces an earlier filing for the same period.
Reporting owner
Andrew Dakos
Director
Period of report
Jul 28, 2017
Accepted (ET)
Aug 11, 2017 · 11:48 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001494448
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Warrants (right to buy) purchase Common StockF2,F4,F5,F1,F3 | $0.20 | Jul 28, 2017 | A | 960,000 | A | — | Jul 28, 2025 | Common Stock | 960,000 | 960,000 | I |
| Warrants (right to buy) purchase Common StockF2,F4,F6,F1,F3 | $0.20 | Jul 28, 2017 | A | 640,000 | A | — | Jul 28, 2025 | Common Stock | 640,000 | 640,000 | I |
Explanation of responses
- F1Subject to adjustment in accordance with Article 3 of the warrants.
- F2The number of warrants acquired was miscalculated on the original Form 4.
- F3The warrants will vest at later times based on the conversion of the issuer's outstanding senior unsecured convertible notes outstanding as of July 28, 2017 (the "Outstanding Convertible Notes") into shares of the issuer's common stock on a 1 to 1 basis; provided that upon the earliest date on which (x) at least 50% of the aggregate principal amount of the Outstanding Convertible Notes are converted into shares of the issuer's common stock, or (y) all of the Outstanding Convertible Notes are no longer outstanding, then all remaining shares of the issuer's common stock under the warrants shall vest and become immediately exercisable.
- F4At the election of Emergent Capital, Inc., these securities were issued for no consideration in connection with the closing of certain recapitalization transactions.
- F5The securities are held by certain private investment funds. Bulldog Investors, LLC ("BI") has sole voting and investment power with respect to such securities. The reporting person is a principal of BI and of the general partners of each of such investment fund, and is a limited partner in certain such funds. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. These totals do not include securities that are owned by certain clients of BI since the reporting person has no pecuniary interest therein. The warrants are subject to a conversion limitation imposed by Florida State law that voids any conversion of such warrants into shares of common stock to the extent that the holder would, after such exercise, directly or indirectly own 10% or more of the shares of common stock unless such holder has first applied for and obtained regulatory approval from the Florida Office of Insurance Regulation.
- F6The securities are held by various entities and individuals. BI or certain of its principals has voting and investment power with respect to such securities. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. The warrants are subject to a conversion limitation imposed by Florida State law that voids any conversion of such warrants into shares of common stock to the extent that the holder would, after such exercise, directly or indirectly own 10% or more of the shares of common stock unless such holder has first applied for and obtained regulatory approval from the Florida Office of Insurance Regulation.