UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

     
  Wheeler Real Estate Investment Trust, Inc.  
  (Name of Issuer)  
     
  Common stock, par value $0.01 per share  
  (Title of Class of Securities)  
     
  963025606  
  (CUSIP Number)  
     
  Bradley J. Schafer
900 North Third Street
Minneapolis, MN 55401
Telephone Number: (612) 359-5840		  
  (Name, Address and Telephone Number of Person Authorized to  
  Receive Notices and Communications)  
     
  June 15, 2022  
  (Date of Event which Requires Filing of this Statement)  
     

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

 

CUSIP No. 963025606 13D Page 2 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  SR Equity Ventures, LLC
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  WC    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  Minnesota    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   0
   
8 SHARED VOTING POWER
  80,127 (1)
   
9 SOLE DISPOSITIVE POWER
  0
   
10 SHARED DISPOSITIVE POWER
  80,127 (1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  80,127 (1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  0.82%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  PN    
       

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 3 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Bradley J. Schafer
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   580,449(1)(2)
   
8 SHARED VOTING POWER
  80,127 (1)(2)
   
9 SOLE DISPOSITIVE POWER
  580,449(1)(2)
   
10 SHARED DISPOSITIVE POWER
  80,127 (1)(2)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  660,576(1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  6.79%(1)(2)(3)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    
       

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Does not include (i) 400 shares Series B Convertible Preferred Stock, no par value per share, of the Issuer (the “Series B Preferred”) or (ii) 1,200 shares of Series D Cumulative Convertible Preferred Stock, no par value per share, of the Issuer (the “Series D Preferred”). The shares of Series B Preferred are subject to (y) a mandatory conversion based upon certain trading day volume-weighted average closing prices of the Shares and (z) an optional conversion, at any time, at the discretion of the Series B Preferred holder, and each, if triggered, will result in each share of Series B Preferred converting into Shares at a conversion price equal to $40.00 per Share. The shares of Series D Preferred are subject to an optional conversion, at any time, at the discretion of the holder of the Series D Preferred, whereby each share of Series D Preferred is converted into Shares at an initial conversion rate of $16.96 per Share. See the Amended and Restated Articles of Incorporation, Supplementary Articles, and Bylaws of the Issuer, each, as amended and restated from time to time, for applicable conversion mechanisms set forth in the foregoing.

 

(3) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 4 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Steven G. Norcutt
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   64,040
   
8 SHARED VOTING POWER
  80,127(1)
   
9 SOLE DISPOSITIVE POWER
  64,040
   
10 SHARED DISPOSITIVE POWER
  80,127(1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  144,167 (1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  1.48%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 5 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  N. Christopher (Kit) Richardson
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   34,549
   
8 SHARED VOTING POWER
  80,127(1)
   
9 SOLE DISPOSITIVE POWER
  34,549
   
10 SHARED DISPOSITIVE POWER
  80,127(1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  114,676 (1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  1.18%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 6 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Evan C. Richardson
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   3,500
   
8 SHARED VOTING POWER
  80,127(1)
   
9 SOLE DISPOSITIVE POWER
  3,500
   
10 SHARED DISPOSITIVE POWER
  80,127(1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  83,627(1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  0.86%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022

 

 

 

 

CUSIP No. 963025606 13D Page 7 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Gregory J. Springer
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   0
   
8 SHARED VOTING POWER
  80,127(1)
   
9 SOLE DISPOSITIVE POWER
  0
   
10 SHARED DISPOSITIVE POWER
  80,127(1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  80,127(1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  0.82%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 8 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  David Smith
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  PF    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  United States    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   60,000 (1)
   
8 SHARED VOTING POWER
  0 (1)
   
9 SOLE DISPOSITIVE POWER
  60,000 (1)
   
10 SHARED DISPOSITIVE POWER
  0(1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  60,000(1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  0.62%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc., are the sole members of Ventures, and, as such, control the management and operations of Ventures. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 9 of 11 Pages

 

1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Schafer Richardson, Inc.
   
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*    
  (see instructions) (a) x
    (b) ¨
       
3 SEC USE ONLY    
       
       
4 SOURCE OF FUNDS* (see instructions)    
  WC    
       
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED    
  PURSUANT TO ITEMS 2(d) OR 2(e)   ¨
       
       
6 CITIZENSHIP OR PLACE OF ORGANIZATION    
  Minnesota    

 

    7 SOLE VOTING POWER

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH:

   0 (1)
   
8 SHARED VOTING POWER
  80,127 (1)
   
9 SOLE DISPOSITIVE POWER
  0(1)
   
10 SHARED DISPOSITIVE POWER
  80,127 (1)

 

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
  80,127 (1)  
       
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  (see instructions)   ¨
       
       
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)    
  0.82%(1)(2)    
       
14 TYPE OF REPORTING PERSON* (see instructions)    
  IN    

 

(1) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures.

 

(2) Based on 9,723,093 of Shares outstanding as of May 9, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2022, filed on May 11, 2022.

 

 

 

 

CUSIP No. 963025606 13D Page 10 of 11 Pages

 

The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

 

Item 1. Security and Issuer.

 

This statement relates to the common stock, par value $0.01 per share (the “Shares”), of Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 2529 Virginia Beach Blvd., Virginia Beach, Virginia 23452.

 

This Schedule 13D is being jointly filed by SR Equity Ventures, LLC, a Minnesota limited liability company (“Ventures”), Bradley Schafer (“Schafer”), Steven Norcutt (“Norcutt”), N. Christopher (Kit) Richardson (“Kit Richardson”), Evan Richardson (“E. Richardson”), Gregory J. Springer, (“Springer”), Schafer Richardson, Inc., a Minnesota corporation (“SR, Inc.”) and David Smith (“Smith” and together with Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc., collectively, the “SR Group”), and relates to an aggregate of 822,665 shares of common stock, par value $0.01 per share, of the Issuer. Schafer may also be deemed to beneficially own (i) 400 shares of Series B Preferred and (ii) 1,200 shares of Series D Preferred, as set forth above on Schafer’s cover page to this Schedule 13D, but such shares are not included within the aggregate number of Shares held by the Reporting Persons set forth in the immediately preceding sentence. Each of the Series B Preferred and Series D Preferred is registered pursuant to Section 12 of the Exchange Act, but neither is entitled to voting rights except as required by law.

 

Item 3. Source and Amount of Funds or Other Consideration.

 

As of the date of this Amendment No. 1, the total cost for purchasing the Shares reported as owned by the Reporting Persons, excluding brokerage commissions, is approximately $1,777,356.42 in the aggregate. The source of these funds was working capital or personal funds, as applicable, as set forth above.

 

Item 5. Interest in Securities of the Issuer.

 

(a)

The Reporting Persons beneficially own in the aggregate 822,655 Shares, which represents approximately 8.46% of the Issuer’s outstanding Shares. The aggregate number and percentage (based on) of outstanding Shares owned beneficially by each Reporting Person are set forth on the respective cover page of this Schedule 13D on which each such Reporting Person is named, all of which are incorporated into this response by reference.

 

Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc. are the sole members of Ventures, and, as such, control the management and operations of Ventures. Therefore, Ventures may be deemed to share voting and dispositive power with regard to the Shares held by Ventures with each of Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and Schafer Richardson, Inc., a Minnesota corporation (“SR, Inc.”). Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures. Smith is not a member of Ventures, and, therefore, does not share the voting and dispositive power with regard to the Shares held by Ventures. The voting and dispositive power of each of Ventures, the members of the SR Group and Smith in Item 1, all of which are incorporated into this response by reference.

 

The Share numbers and percentages set forth in this Item 5(a) do not include (i) 400 shares of Series B Preferred or (ii) 1,200 shares of Series D Preferred, or the number of Shares into which each is convertible, controlled by Schafer. Further information regarding the shares of Series B Preferred and Series D Preferred is set forth on Schafer’s cover page to this Schedule 13D, all of which are incorporated into this response by reference.

       
(b) Ventures is a member-managed limited liability company. Schafer, Norcutt, Kit Richardson, E. Richardson, Springer and SR, Inc., are the sole members of Ventures, and, as such, control the management and operations of Ventures. Smith is not a member of Ventures. The voting and dispositive power of the SR Group and its members is described in Items 1 and 5(a), all of which is incorporated into this response by reference.
       
(c) All of the transactions in the Shares effected by the Reporting Persons during the past 60 days are set forth on Schedule A attached hereto. No other transactions by any Reporting Persons other than those transactions set forth below have occurred during the past 60 days.
       
(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares beneficially owned by any Reporting Person. The voting and dispositive power of Ventures and the members of the SR Group is described in Items 1 and 5(a), all of which is incorporated into this response by reference.
       
(e) Not applicable.  

 

 

 

 

CUSIP No. 963025606 13D Page 11 of 11 Pages

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

  SR EQUITY VENTURES, LLC
   
Dated: June 27, 2022 By: /s/ Bradley J. Schafer
    Name: Bradley J. Schafer
    Its: President
   
  By: /s/ Bradley J. Schafer
    Name: Bradley J. Schafer
   
  By: /s/ Steven G. Norcutt
    Name: Steven G. Norcutt
   
  By: /s/ N. Christopher Richardson
    Name: N. Christopher Richardson
   
  By: /s/ Evan C. Richardson
    Name: Evan C. Richardson
   
  By: /s/ Gregory J. Springer
    Name: Gregory J. Springer
   
  By: /s/ David Smith
    Name: David Smith
   
  Schafer Richardson, Inc.  
   
  By: /s/ Bradley J. Schafer
    Name: Bradley J. Schafer
    Its: President

 

 

 

 

Schedule A

 

Shares purchased by Fidelity on behalf of IRA brokerage account of Bradley J. Schafer

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
06/21/2022   640   $2.33   Open Market
06/22/2022   2,400   $2.36   Open Market
06/22/2022   2,500   $2.33   Open Market
06/23/2022   3,100   $2.3870   Open Market
06/23/2022   3,150   $2.3948   Open Market

 

Shares purchased by Fidelity on behalf of the brokerage account of Bradley J. Schafer

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
04/18/2022   1,000   $2.30   Open Market
04/20/2022   1,000   $2.44   Open Market
04/20/2022   1,000   $2.44   Open Market
04/21/2022   300   $2.40   Open Market
04/21/2022   700   $2.40   Open Market
04/21/2022   1,000   $2.38   Open Market
04/21/2022   1,000   $2.35   Open Market
04/21/2022   1,000   $2.35   Open Market
04/22/2022   1,000   $2.42   Open Market
04/22/2022   1,000   $2.40   Open Market
04/22/2022   2,000   $2.35   Open Market
04/25/2022   100   $2.27   Open Market
04/25/2022   1,000   $2.23   Open Market
04/25/2022   1,900   $2.27   Open Market
04/25/2022   2,000   $2.29   Open Market
04/25/2022   2,000   $2.25   Open Market
04/25/2022   3,000   $2.27   Open Market
04/26/2022   100   $2.21   Open Market
04/26/2022   100   $2.19   Open Market
04/26/2022   547   $2.16   Open Market
04/26/2022   1,900   $2.22   Open Market
04/26/2022   1,900   $2.21   Open Market
04/26/2022   2,000   $2.24   Open Market
04/26/2022   2,000   $2.22   Open Market
04/26/2022   2,000   $2.22   Open Market
04/26/2022   2,000   $2.21   Open Market
04/27/2022   5   $2.20   Open Market
04/27/2022   100   $2.26   Open Market
04/27/2022   100   $2.26   Open Market
04/27/2022   1,753   $2.24   Open Market
04/27/2022   1,900   $2.26   Open Market
04/27/2022   1,900   $2.26   Open Market
04/27/2022   2,000   $2.26   Open Market
04/27/2022   2,000   $2.24   Open Market
04/27/2022   2,000   $2.23   Open Market

 

A-1

 

 

Shares purchased by Fidelity on behalf of the brokerage account of Bradley J. Schafer

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
04/28/2022   2,000   $2.25   Open Market
04/28/2022   2,000   $2.24   Open Market
04/28/2022   2,000   $2.18   Open Market
04/29/2022   300   $2.23   Open Market
04/29/2022   300   $2.23   Open Market
04/29/2022   651   $2.21   Open Market
04/29/2022   1,349   $2.21   Open Market
04/29/2022   1,400   $2.23   Open Market
04/29/2022   2,000   $2.22   Open Market
05/02/2022   1,924   $2.22   Open Market
05/02/2022   2,000   $2.22   Open Market
05/03/2022   185   $2.23   Open Market
05/03/2022   1,815   $2.24   Open Market
05/04/2022   2,000   $2.22   Open Market
05/05/2022   100   $2.29   Open Market
05/05/2022   200   $2.30   Open Market
05/05/2022   937   $2.30   Open Market
05/05/2022   1,063   $2.31   Open Market
05/05/2022   1,900   $2.30   Open Market
05/05/2022   2,000   $2.29   Open Market
05/06/2022   2,000   $2.30   Open Market
05/06/2022   2,000   $2.29   Open Market
05/06/2022   2,000   $2.28   Open Market
05/06/2022   2,000   $2.28   Open Market
05/09/2022   690   $2.26   Open Market
05/09/2022   1,310   $2.27   Open Market
05/09/2022   2,000   $2.34   Open Market
05/09/2022   2,000   $2.32   Open Market
05/09/2022   2,000   $2.30   Open Market
05/09/2022   2,000   $2.30   Open Market
05/09/2022   2,000   $2.28   Open Market
05/09/2022   2,000   $2.25   Open Market
05/09/2022   2,000   $2.25   Open Market
05/10/2022   1   $2.09   Open Market
05/10/2022   64   $2.05   Open Market
05/10/2022   213   $2.08   Open Market
05/10/2022   442   $2.10   Open Market
05/10/2022   2,558   $2.10   Open Market
05/10/2022   2,787   $2.08   Open Market
05/11/2022   700   $2.09   Open Market
05/11/2022   1,300   $2.10   Open Market
05/11/2022   2,000   $2.09   Open Market
05/11/2022   2,000   $2.07   Open Market
05/12/2022   123   $2.05   Open Market
05/12/2022   960   $2.08   Open Market
05/12/2022   2,000   $2.10   Open Market
05/12/2022   2,000   $2.09   Open Market
05/13/2022   20   $2.03   Open Market
05/13/2022   2,000   $2.08   Open Market

 

A-2

 

 

Shares purchased by Fidelity on behalf of the brokerage account of Bradley J. Schafer

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
05/13/2022   3,000   $2.06   Open Market
05/13/2022   3,000   $2.05   Open Market
05/20/2022   2,000   $2.04   Open Market
05/20/2022   2,000   $2.03   Open Market
05/23/2022   300   $2.08   Open Market
05/23/2022   3,000   $2.01   Open Market
05/24/2022   964   $2.08   Open Market
05/25/2022   1,200   $2.12   Open Market
05/25/2022   1,800   $2.07   Open Market
05/25/2022   25   $2.21   Open Market
05/25/2022   2,000   $2.32   Open Market
05/26/2022   25   $2.21   Open Market
05/26/2022   2,000   $2.32   Open Market
05/27/2022   17   $2.29   Open Market
05/31/2022   198   $2.25   Open Market
05/31/2022   16   $2.30   Open Market
05/31/2022   1   $2.28   Open Market
05/31/2022   1,556   $2.31   Open Market
06/01/2022   2,000   $2.30   Open Market
06/01/2022   725   $2.32   Open Market
06/02/2022   2,000   $2.33   Open Market
06/02/2022   1,937   $2.30   Open Market
06/03/2022   3,000   $2.44   Open Market
06/06/2022   2,000   $2.58   Open Market
06/06/2022   2,000   $2.62   Open Market
06/06/2022   400   $2.61   Open Market
06/06/2022   300   $2.62   Open Market
06/07/2022   2,000   $2.62   Open Market
06/07/2022   3,000   $2.60   Open Market
06/07/2022   2,000   $2.62   Open Market
06/08/2022   800   $2.59   Open Market
06/08/2022   2,000   $2.64   Open Market
06/08/2022   200   $2.64   Open Market
06/09/2022   1,000   $2.62   Open Market
06/09/2022   2,500   $2.65   Open Market
06/09/2022   3,000   $2.58   Open Market
06/09/2022   3,000   $2.54   Open Market
06/09/2022   2,500   $2.56   Open Market
06/10/2022   3,000   $2.56   Open Market
06/10/2022   5,000   $2.44   Open Market
06/10/2022   5,000   $2.38   Open Market
06/10/2022   567   $2.37   Open Market
06/10/2022   1,250   $2.40   Open Market
06/15/2022   718   $2.28   Open Market
06/15/2022   200   $2.31   Open Market
06/15/2022   648   $2.33   Open Market
06/17/2022   2,500   $2.33   Open Market
06/17/2022   2,500   $2.32   Open Market
06/17/2022   2,500   $2.32   Open Market

 

A-3

 

 

Shares purchased by Fidelity on behalf of the brokerage account of Bradley J. Schafer

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
06/21/2022   3,000   $2.35   Open Market
06/21/2022   3,000   $2.39   Open Market
06/21/2022   3,000   $2.39   Open Market
06/21/2022   3,000   $2.40   Open Market
06/21/2022   900   $2.37   Open Market
06/21/2022   3,000   $2.38   Open Market
06/21/2022   3,000   $2.37   Open Market
06/21/2022   3,000   $2.38   Open Market
06/21/2022   1,500   $2.34   Open Market
06/22/2022   3,000   $2.37   Open Market
06/22/2022   3,000   $2.36   Open Market
06/22/2022   3,000   $2.39   Open Market
06/22/2022   3,000   $2.38   Open Market
06/23/2022   5,000   $2.36   Open Market
06/23/2022   5,000   $2.40   Open Market
06/23/2022   5,000   $2.40   Open Market
06/23/2022   5,000   $2.40   Open Market
06/23/2022   5,000   $2.38   Open Market
06/23/2022   6,000   $2.40   Open Market
06/23/2022   4,000   $2.37   Open Market
06/23/2022   5,000   $2.37   Open Market
06/23/2022   2,500   $2.38   Open Market
06/24/2022   4,000   $2.36   Open Market
06/24/2022   5,000   $2.39   Open Market
06/24/2022   5,000   $2.38   Open Market
06/24/2022   5,000   $2.35   Open Market
06/24/2022   6,000   $2.34   Open Market
06/24/2022   6,000   $2.35   Open Market
06/24/2022   6,000   $2.34   Open Market
06/24/2022   6,000   $2.35   Open Market
06/24/2022   5,000   $2.36   Open Market
06/24/2022   6,000   $2.37   Open Market
06/24/2022   8,000   $2.37   Open Market
06/24/2022   8,000   $2.38   Open Market
06/24/2022   8,000   $2.37   Open Market
06/24/2022   4,500   $2.37   Open Market

 

Shares purchased by Fidelity on behalf of SR Equity Ventures, LLC

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
05/16/2022   39   $2.08   Open Market
05/16/2022   200   $2.10   Open Market
05/16/2022   300   $2.08   Open Market
05/16/2022   301   $2.05   Open Market
05/16/2022   1,800   $2.10   Open Market
05/16/2022   2,000   $2.09   Open Market
05/16/2022   2,161   $2.08   Open Market
05/17/2022   100   $2.04   Open Market
05/17/2022   2,900   $2.04   Open Market
05/17/2022   3,000   $2.04   Open Market
05/18/2022   278   $2.02   Open Market
05/18/2022   300   $2.04   Open Market
05/18/2022   300   $2.04   Open Market
05/18/2022   1,622   $2.04   Open Market
05/18/2022   2,500   $2.04   Open Market
05/18/2022   2,500   $2.03   Open Market
05/19/2022   9   $2.05   Open Market
05/19/2022   1,991   $2.05   Open Market
05/19/2022   2,000   $2.03   Open Market
06/13/2022   4,000   $2.34   Open Market
06/13/2022   3,500   $2.39   Open Market
06/13/2022   3,475   $2.38   Open Market
06/13/2022   3,000   $2.35   Open Market
06/13/2022   2,099   $2.34   Open Market
06/13/2022   701   $2.33   Open Market
06/13/2022   668   $2.32   Open Market
06/13/2022   600   $2.32   Open Market
06/13/2022   600   $2.33   Open Market
06/13/2022   300   $2.31   Open Market
06/13/2022   100   $2.32   Open Market
06/13/2022   82   $2.32   Open Market
06/13/2022   25   $2.37   Open Market
06/15/2022   2,500   $2.29   Open Market

 

A-4

 

 

Shares purchased by Fidelity on behalf of SR Equity Ventures, LLC

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
06/15/2022   1,701   $2.29   Open Market
06/15/2022   659   $2.25   Open Market
06/15/2022   600   $2.27   Open Market
06/15/2022   600   $2.32   Open Market
06/15/2022   100   $2.27   Open Market
06/15/2022   99   $2.32   Open Market
06/16/2022   2,500   $2.30   Open Market
06/16/2022   2,500   $2.30   Open Market
06/16/2022   2,500   $2.35   Open Market
06/16/2022   1,713   $2.27   Open Market
06/16/2022   790   $2.29   Open Market
06/16/2022   300   $2.28   Open Market
06/16/2022   300   $2.29   Open Market
06/16/2022   132   $2.25   Open Market
06/16/2022   100   $2.27   Open Market
06/16/2022   32   $2.26   Open Market
06/17/2022   4,000   $2.32   Open Market
06/17/2022   3,000   $2.31   Open Market
06/17/2022   3,000   $2.35   Open Market
06/17/2022   2,500   $2.35   Open Market
06/17/2022   2,500   $2.37   Open Market
06/17/2022   1,810   $2.35   Open Market
06/17/2022   1,250   $2.32   Open Market
06/17/2022   1,190   $2.34   Open Market
06/21/2022   300   $2.36   Open Market

 

Shares purchased by David Smith

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
05/10/2022   100   $1.99   Open Market
05/10/2022   2,000   $1.90   Open Market
05/10/2022   2,000   $2.00   Open Market
05/10/2022   2,000   $2.0899   Open Market
05/11/2022   982   $2.08   Open Market
05/11/2022   2,000   $2.08   Open Market
05/11/2022   2,000   $2.08   Open Market
05/11/2022   2,000   $2.08   Open Market
05/12/2022   336   $2.08   Open Market
05/13/2022   2,000   $2.06   Open Market
05/16/2022   2,000   $2.07   Open Market
05/17/2022   2,000   $2.01   Open Market
05/18/2022   2   $2.00   Open Market
05/19/2022   580   $2.0399   Open Market
05/20/2022   2,000   $2.00   Open Market
06/10/2022   2,000   $2.32   Open Market
06/21/2022   2,000   $2.35   Open Market

 

A-5

 

 

06/22//2022   2,000   $2.35   Open Market
06/23/2022   2,000   $2.35   Open Market
06/23/2022   1,428   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   250   $2.35   Open Market
06/24/2022   100   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   4,070   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   71   $2.35   Open Market
06/24/2022   200   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   71   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   71   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   71   $2.35   Open Market
06/24/2022   101   $2.35   Open Market
06/24/2022   1,862   $2.35   Open Market
06/24/2022   2,490   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   90   $2.35   Open Market
06/24/2022   90   $2.35   Open Market
06/24/2022   70   $2.35   Open Market
06/24/2022   20   $2.35   Open Market
06/24/2022   350   $2.35   Open Market
06/24/2022   100   $2.35   Open Market
06/24/2022   300   $2.35   Open Market
06/24/2022   190   $2.35   Open Market
06/24/2022   47   $2.34   Open Market
06/24/2022   86   $2.34   Open Market
06/24/2022   100   $2.34   Open Market
06/24/2022   82   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   100   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   23   $2.34   Open Market
06/24/2022   300   $2.34   Open Market
06/24/2022   1,881   $2.34   Open Market
06/24/2022   35   $2.34   Open Market
06/24/2022   59   $2.34   Open Market
06/24/2022   91   $2.34   Open Market
06/24/2022   200   $2.34   Open Market
06/24/2022   200   $2.34   Open Market
06/24/2022   300   $2.34   Open Market
06/24/2022   2,000   $2.34   Open Market
06/24/2022   381   $2.34   Open Market

 

A-6

 

 

Shares purchased by the Schwab brokerage account of Steven G. Norcutt

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
04/22/2022   2,500   $2.55   Open Market
04/25/2022   2,000   $2.29   Open Market
04/26/2022   300   $2.21   Open Market
04/26/2022   100   $2.21   Open Market
04/26/2022   100   $2.21   Open Market
04/26/2022   100   $2.20   Open Market
04/26/2022   100   $2.21   Open Market
04/26/2022   600   $2.21   Open Market
04/26/2022   700   $2.21   Open Market
05/20/2022   106   $2.04   Open Market
05/20/2022   100   $2.04   Open Market
05/20/2022   700   $2.04   Open Market
05/20/2022   100   $2.04   Open Market
05/20/2022   300   $2.04   Open Market
05/20/2022   100   $2.04   Open Market
05/20/2022   50   $2.04   Open Market
05/20/2022   100   $2.04   Open Market
05/20/2022   100   $2.04   Open Market
05/20/2022   99   $2.04   Open Market
05/20/2022   158   $2.04   Open Market
05/20/2022   87   $2.04   Open Market
06/02/2022   2,500   $2.35   Open Market
06/06/2022   1,300   $2.59   Open Market
06/06/2022   1,125   $2.59   Open Market
06/06/2022   75   $2.58   Open Market
06/06/2022   500   $2.59   Open Market
06/22/2022   2,500   $2.40   Open Market
06/23/2022   2,500   $2.38   Open Market

 

Shares purchased by the E*Trade brokerage account of Steven G. Norcutt

 

Date  Number of Shares
Purchased		   Price Per Share   Where and How
Transaction Effected and
Party
05/04/2022   1,000   $2.215   Open Market
05/04/2022   300   $2.23   Open Market
05/09/2022   4,116   $2.285   Open Market
05/09/2022   884   $2.2875   Open Market
05/10/2022   5,000   $2.1219   Open Market
05/23/2022   808   $2.1081   Open Market
05/23/2022   400   $2.1098   Open Market
05/23/2022   479   $2.11   Open Market
05/23/2022   400   $2.1099   Open Market
05/23/2022   413   $2.10   Open Market

 

A-7

 

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