SEC Form 4 · accession 0001144204-16-127901

Axar Acquisition Corp. · AXAR

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Officer — CEO and Executive Chairman · Director · 10% Owner

Period of report

Oct 7, 2016

Accepted (ET)

Oct 12, 2016 · 8:29 pm EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0001615892

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F1,F2	Oct 7, 2016	P$0	5,947,827	—	A	7,297,827	I	See footnote

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Private Placement Warrants (right to buy)^F1,F2,F3,F4	$12.50	Oct 7, 2016	P	6,550,000	A	—	—	Common Stock	6,550,000	6,550,000	I

F1Pursuant to the terms of the Agreement, dated September 16, 2016 (as amended on September 27, 2016), by and among Axar Master Fund, Ltd., AR Capital, LLC and the Issuer, Axar Master Fund, Ltd. purchased such shares of Common Stock and Private Placement Warrants from AR Capital, LLC for (i) $10.00 in cash and (ii) upon the closing of a business combination by the Issuer, an additional $1,000,000 in cash.
F2The reported securities are held directly by Axar Master Fund, Ltd. Axar Capital Management, LP serves as investment manager to Axar Master Fund, Ltd. Axar GP, LLC is the sole general partner of Axar Capital Management, LP. Mr. Axelrod is the sole member of Axar GP, LLC and is the managing partner, portfolio manager and majority control person of Axar Capital Management, LP. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F3The warrants will become exercisable 30 days after the completion of the Issuer's initial business combination.
F4The warrants will expire five years after the date on which they first became exercisable, at 5:00 p.m., New York time, or earlier upon redemption or liquidation.