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13D Filing: Etude Capital, LLC and OHA Investment Corp (OHAI)

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Etude Capital 53,000 53,000 53,000 Less%
CapLab Partners 202,000 202,000 202,000 1.0%
Capital Laboratories Inc 202,000 202,000 202,000 1.0%
Steven I. Stein 255,000 255,000 255,000 1.3%
BLR Partners 600,000 600,000 600,000 2.97%
BLRPart 600,000 600,000 600,000 2.97%
BLRGP Inc 600,000 600,000 600,000 2.97%
Fondren Management 600,000 600,000 600,000 2.97%
FMLP Inc 600,000 600,000 600,000 2.97%
The Radoff Family Foundation 450,000 450,000 450,000 2.2%
Bradley L. Radoff 1,390,000 1,390,000 1,390,000 6.9%

Page 1 of 24 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED
IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )1

OHA Investment Corporation

(Name
of Issuer)

Common stock, $.001 par value per share

(Title of Class of Securities)

67091U102

(CUSIP Number)

STEVEN I. STEIN

ETUDE CAPITAL LLC

110 San Antonio ST. STE 1213

Austin, TX 78701

(832) 472-3295

STEVE
WOLOSKY, ESQ.

OLSHAN
FROME WOLOSKY LLP

1325
Avenue of the Americas

New
York, New York 10019

(212)
451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices
and Communications)

September 21, 2017

(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 §§ 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
§ 240.13d-7 for other parties to whom copies are to be sent.

1
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).

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Page 2 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
Etude Capital LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 53,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
53,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
53,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
14 TYPE OF REPORTING PERSON
OO
2

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Page 3 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
CapLab Partners LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 202,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
202,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
202,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
14 TYPE OF REPORTING PERSON
PN
3

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Page 4 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
Capital Laboratories Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 202,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
202,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
202,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
14 TYPE OF REPORTING PERSON
CO
4

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Page 5 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
Steven I. Stein
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 255,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
255,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
255,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
14 TYPE OF REPORTING PERSON
IN
5

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Page 6 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
BLR Partners LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 600,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
600,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.97%
14 TYPE OF REPORTING PERSON
PN
6

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Page 7 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
BLRPart, LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 600,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
600,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.97%
14 TYPE OF REPORTING PERSON
PN
7

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Page 8 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
BLRGP Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 600,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
600,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.97%
14 TYPE OF REPORTING PERSON
CO
8

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Page 9 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
Fondren Management, LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 600,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
600,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.97%
14 TYPE OF REPORTING PERSON
PN
9

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Page 10 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
FMLP Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 600,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
600,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.97%
14 TYPE OF REPORTING PERSON
CO
10

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Page 11 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
The Radoff Family Foundation
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
WC
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 450,000
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER
450,000
10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
450,000
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
14 TYPE OF REPORTING PERSON
CO
11

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Page 12 of 24 – SEC Filing

1 NAME OF REPORTING PERSON
Bradley L. Radoff
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
(b) ☐
3 SEC USE ONLY
4 SOURCE OF FUNDS
AF, PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY

1,390,000

OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING – 0 –
PERSON WITH 9 SOLE DISPOSITIVE POWER

1,390,000

10 SHARED DISPOSITIVE POWER
– 0 –
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,390,000*
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.9%

14 TYPE OF REPORTING PERSON
IN

____________________

* Includes 340,000 Shares owned directly.

12

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Page 13 of 24 – SEC Filing

The following constitutes
the Schedule 13D filed by the undersigned (the “Schedule 13D”).

Item 1. Security and Issuer.

This statement relates
to the Common Stock, $.001 par value per share (the “Shares”), of OHA Investment Corporation, a Maryland corporation
(the “Issuer”). The address of the principal executive offices of the Issuer is 1114 Avenue of the Americas, 27th Floor,
New York, New York 10036.

Item 2. Identity and Background.

(a)       This
statement is filed by:

(i) Etude Capital LLC, a Texas limited liability company (“Etude”);
(ii) CapLab Partners LP, a Texas limited partnership (“CapLab”);
(iii) Capital Laboratories Inc., a Texas corporation (“CapGP”), which serves as the general
partner of CapLab;
(iv) Steven I. Stein, who serves as the President of Etude and the President and sole director of CapGP;
(v) BLR Partners LP, a Texas limited partnership (“BLR Partners”);
(vi) BLRPart, LP, a Texas limited partnership (“BLRPart GP”), which serves as the general
partner of BLR Partners;
(vii) BLRGP Inc., a Texas S corporation (“BLRGP”), which serves as the general partner of
BLRPart GP;
(viii) Fondren Management, LP, a Texas limited partnership (“Fondren Management”), which serves
as the investment manager of BLR Partners;
(ix) FMLP Inc., a Texas S corporation (“FMLP”), which serves as the general partner of Fondren
Management;
(x) The Radoff Family Foundation, a Texas non-profit corporation (“Radoff Foundation”);
and
(xi) Bradley L. Radoff, who serves as the sole shareholder and sole director of each of BLRGP and FMLP
and a director of Radoff Foundation.

Each of the
foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” BLR
Partners, BLRPart GP, BLRGP, Fondren, FMLP, Radoff Foundation and Mr. Radoff are referred to as the “BLR Parties”
and Etude, CapLab, CapGP and Mr. Stein are referred to as the “Etude Parties.” Each of the Reporting Persons is
party to that certain Group Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a
joint Schedule 13D.

(b)       The
address of the principal office of each of BLR Partners, BLRPart GP, BLRGP, Fondren Management, FMLP, Radoff Foundation and Mr.
Radoff is 1177 West Loop South, Suite 1625, Houston, TX 77027. The address of the principal office of each of Etude, CapLab, CapGP
and Mr. Stein is 110 San Antonio ST. STE 1213 Austin, TX 78701. The officers and directors of Radoff Foundation and their
principal occupations and business addresses are set forth on Schedule A and are incorporated by reference in this Item 2.

13

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Page 14 of 24 – SEC Filing

(c)       The
principal business of BLR Partners is investing in securities. The principal business of BLRPart GP is serving as the general partner
of BLR Partners. The principal business of BLRGP is serving as the general partner of BLRPart GP. The principal business of Fondren
Management is serving as the investment manager of BLR Partners. The principal business of FMLP is serving as the general partner
of Fondren Management. The principal business of Radoff Foundation is serving charitable purposes. The principal occupation of
Mr. Radoff is serving as the sole shareholder and sole director of each of BLRGP and FMLP and a director of Radoff Foundation.
The principal business of Etude is investing in securities. The principal business of CapLab is investing in securities. The principal
business of CapGP is serving as the general partner of CapLab. The principal occupation of Mr. Stein is serving as President of
Etude and as the President and sole director of CapGP.

(d)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).

(e)       No
Reporting Person, nor any person listed on Schedule A, annexed hereto, has during the last five years, been party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.

(f)       Messrs.
Radoff and Stein are citizens of the United States of America. The citizenship of the persons listed on Schedule A is set forth
therein.

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

The Shares purchased
by BLR Partners and Radoff Foundation were purchased with working capital (which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate
purchase price of the 600,000 Shares owned directly by BLR Partners is approximately $611,989, including brokerage commissions.
The aggregate purchase price of the 450,000 Shares owned directly by Radoff Foundation is approximately $519,887, including brokerage
commissions.

The Shares directly
owned by Mr. Radoff were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms
in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 340,000
Shares directly owned by Mr. Radoff is approximately $417,228, including brokerage commissions.

The Shares purchased
by Etude and CapLab were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms
in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 53,000
Shares owned directly by Etude is approximately $59,644, including brokerage commissions. The aggregate purchase price of the 202,000
Shares owned directly by CapLab is approximately $204,949, including brokerage commissions.

14

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Page 15 of 24 – SEC Filing

Item 4. Purpose of Transaction.

The Reporting Persons
purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented
an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the
Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting
Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of
Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may
deem advisable.

The Issuer’s
lack of scale as a publicly-traded business development company (“BDC”) results in unsustainable overhead and a share
price that persistently trades at a discount to net asset value. Therefore, the Reporting Persons seek to discuss plans with the
Issuer’s Board of Directors (the “Board”) regarding options to maximize shareholder value.

No Reporting Person
has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of
Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following,
any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis.
Depending on various factors including, without limitation, the Issuer’s financial position, the Reporting Persons’
investment strategies, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions,
the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate
including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions
with stockholders of the Issuer and others about the Issuer and the Reporting Persons’ investment, making proposals to the
Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition) or operations
of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or
similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in
Item 4.

Item 5. Interest in Securities of the Issuer.

The aggregate percentage
of Shares reported owned by each person named herein is based upon 20,172,392 Shares outstanding as of August 10, 2017, which is
the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities
and Exchange Commission on August 10, 2017.

A. Etude
(a) As of the close of business on September 28, 2017, Etude beneficially owned 53,000 Shares.

Percentage: Less than
1%

(b) 1. Sole power to vote or direct vote: 53,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 53,000
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Etude during the past 60 days are set forth in Schedule B and
are incorporated herein by reference.
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Page 16 of 24 – SEC Filing

B. CapLab
(a) As of the close of business on September 28, 2017, CapLab beneficially owned 202,000 Shares.

Percentage:
Approximately 1.0%

(b) 1. Sole power to vote or direct vote: 202,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 202,000
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by CapLab during the past 60 days are set forth in Schedule B and
are incorporated herein by reference.
C. CapGP
(a) CapGP, as the general partner of CapLab, may be deemed the beneficial owner of the 202,000 Shares
owned by CapLab.

Percentage: Approximately
1.0%

(b) 1. Sole power to vote or direct vote: 202,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 202,000
4. Shared power to dispose or direct the disposition: 0
(c) CapGP has not entered into any transactions in the Shares during the past 60 days. The transactions
in the Shares on behalf of CapLab during the past 60 days are set forth in Schedule B and are incorporated herein by reference.
D. Mr. Stein
(a) Mr. Stein, as the President of Etude and the President and sole director of CapGP, may be deemed
the beneficial owner of the (i) 53,000 Shares owned by Etude and (ii) 202,000 Shares owned by CapLab.

Percentage: Approximately
1.3%

(b) 1. Sole power to vote or direct vote: 255,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 255,000
4. Shared power to dispose or direct the disposition: 0
(c) Mr. Stein has not entered into any transactions in the Shares during the past 60 days. The transactions
in the Shares on behalf of Etude and CapLab during the past 60 days are set forth in Schedule B and are incorporated herein by
reference.
E. BLR Partners
(a) As of the close of business on September 28, 2017, BLR Partners beneficially owned 600,000 Shares.

Percentage: Approximately
2.97%

16

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Page 17 of 24 – SEC Filing

(b) 1. Sole power to vote or direct vote: 600,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 600,000
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by BLR Partners during the past 60 days are set forth in Schedule
B and are incorporated herein by reference.
F. BLRPart GP
(a) BLRPart GP, as the general partner of BLR Partners, may be deemed the beneficial owner of the 600,000
Shares owned by BLR Partners.

Percentage: Approximately
2.97%

(b) 1. Sole power to vote or direct vote: 600,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 600,000
4. Shared power to dispose or direct the disposition: 0
(c) BLRPart GP has not entered into any transactions in the Shares during the past 60 days. The transactions
in the Shares on behalf of BLR Partners during the past 60 days are set forth in Schedule B and are incorporated herein by reference.
G. BLRGP
(a) BLRGP, as the general partner of BLRPart GP, may be deemed the beneficial owner of the 600,000
Shares owned by BLR Partners.

Percentage: Approximately
2.97%

(b) 1. Sole power to vote or direct vote: 600,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 600,000
4. Shared power to dispose or direct the disposition: 0
(c) BLRGP has not entered into any transactions in the Shares during the past 60 days. The transactions
in the Shares on behalf of BLR Partners during the past 60 days are set forth in Schedule B and are incorporated herein by reference.
H. Fondren Management
(a) Fondren Management, as the investment manager of BLR Partners, may be deemed the beneficial owner
of the 600,000 Shares owned by BLR Partners.

Percentage: Approximately
2.97%

(b) 1. Sole power to vote or direct vote: 600,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 600,000
4. Shared power to dispose or direct the disposition: 0
17

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Page 18 of 24 – SEC Filing

(c) Fondren Management has not entered into any transactions in the Shares during the past 60 days.
The transactions in the Shares on behalf of BLR Partners during the past 60 days are set forth in Schedule B and are incorporated
herein by reference.
I. FMLP
(a) FMLP, as the general partner of Fondren Management, may be deemed the beneficial owner of the 600,000
Shares owned by BLR Partners.

Percentage: Approximately
2.97%

(b) 1. Sole power to vote or direct vote: 600,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 600,000
4. Shared power to dispose or direct the disposition: 0
(c) FMLP has not entered into any transactions in the Shares during the past 60 days. The transactions
in the Shares on behalf of BLR Partners during the past 60 days are set forth in Schedule B and are incorporated herein by reference.
J. Radoff Foundation
(a) As of the close of business on September 28, 2017, Radoff Foundation beneficially owned 450,000
Shares.

Percentage: Approximately
2.2%

(b) 1. Sole power to vote or direct vote: 450,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 450,000
4. Shared power to dispose or direct the disposition: 0
(c) The transactions in the Shares by Radoff Foundation during the past 60 days are set forth in Schedule
B and are incorporated herein by reference.
K. Mr. Radoff
(a) As of the close of business on September 28, 2017, Mr. Radoff directly owned 340,000 Shares. Mr.
Radoff, as the sole shareholder and sole director of each of BLRGP and FMLP and a director of Radoff Foundation, may be deemed
the beneficial owner of the (i) 600,000 Shares owned by BLR Partners and (ii) 450,000 Shares owned by Radoff Foundation.

Percentage: Approximately
6.9%

(b) 1. Sole power to vote or direct vote: 1,390,000
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,390,000
4. Shared power to dispose or direct the disposition: 0
18

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Page 19 of 24 – SEC Filing

(c) The transactions in the Shares by Mr. Radoff and on behalf of BLR Partners and Radoff Foundation
during the past 60 days are set forth in Schedule B and are incorporated herein by reference

The Reporting Persons,
as members of a “group” for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may
be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest therein.

(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.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

On September
29, 2017, the Reporting Persons entered into a Group Agreement (the “Group Agreement”) in which the Reporting
Persons agreed, among other things, to (i) engage in discussions with the Issuer regarding means to enhance stockholder value
and corporate governance, (ii) the joint filing on behalf of each of them of statements on Schedule 13D with respect to
the securities of the Issuer to the extent required by applicable law law and (iii) provide for the division of profits
between the BLR Parties and the Etude Parties as set forth therein. The Group Agreement is attached hereto as Exhibit 99.1
and is incorporated herein by reference.

Other than as described
herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting
Persons and any other person, with respect to the securities of the Issuer.

Item 7. Material to be Filed as Exhibits.
99.1 Group Agreement, dated September 29, 2017.
19

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Page 20 of 24 – SEC Filing

SIGNATURES

After reasonable inquiry
and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement
is true, complete and correct.

Dated: September 29, 2017

Etude Capital LLC
By: /s/ Steven I. Stein
Name: Steven I. Stein
Title: President
CapLab Partners LP
By: Capital Laboratories Inc.
General Partner
By: /s/ Steven I. Stein
Name: Steven I. Stein
Title: President and Sole Director
Capital Laboratories, Inc.
By: /s/ Steven I. Stein
Name: Steven I. Stein
Title: President and Sole Director
/s/ Steven I. Stein
Steven I. Stein
BLR Partners LP
By: BLRPart, LP
General Partner
By: BLRGP Inc.
General Partner
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Sole Director
20

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Page 21 of 24 – SEC Filing

BLRPart, LP
By: BLRGP Inc.
General Partner
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Sole Director
BLRGP Inc.
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Sole Director
Fondren Management, LP
By: FMLP Inc.
General Partner
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Sole Director
FMLP Inc.
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Sole Director
The Radoff Family Foundation
By: /s/ Bradley L. Radoff
Name: Bradley L. Radoff
Title: Director
/s/ Bradley L. Radoff
Bradley L. Radoff
21

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Page 22 of 24 – SEC Filing

SCHEDULE A

Directors and Officers of The Radoff
Family Foundation

Name and Position Principal Occupation Principal Business Address Citizenship

Bradley L. Radoff

Director*

Rose Radoff

Director and Secretary

Director and Secretary

1177 West Loop South

Suite 1625

Houston, TX 77027

United States

Russell Radoff

Director

Medical Doctor

1177 West Loop South

Suite 1625

Houston, TX 77027

United States

*Mr. Radoff is a Reporting Person and, as such, the information
with respect to Mr. Radoff called for by Item 2 of Schedule 13D is set forth therein.

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Page 23 of 24 – SEC Filing

SCHEDULE B

Transactions in the Shares During the Past
Sixty Days

 

Shares of Common
Stock Purchased/(Sold)

Price Per

Share($)

Date of

Purchase/Sale

 

BLR
Partners LP

57,737 0.9640 09/12/2017
22,901 1.0180 09/13/2017
409,800 1.0140 09/14/2017
109,562 1.0740 09/15/2017

RADOFF
FAMILY FOUNDATION

110,438 1.0740 09/15/2017
44,562 1.1630 09/19/2017
10,000 1.1550 09/20/2017
58,100 1.1300 09/21/2017
208,900 1.2000 09/22/2017
18,000 1.2030 09/25/2017

BRADLEY
L. RADOFF

85,800 1.2020 09/25/2017
123,600 1.2100 09/26/2017
31,500 1.2590 09/27/2017
99,100 1.2600 09/28/2017

etude
capital llc

2,526 1.0000 09/14/2017
5,000 1.0793 09/15/2017
5,000 1.0800 09/15/2017
3,400 1.0795 09/18/2017
2,000 1.0800 09/18/2017
247 1.0900 09/18/2017
100 1.0900 09/18/2017
10,000 1.1000 09/18/2017
5,000 1.1500 09/19/2017
9,948 1.1796 09/19/2017
400 1.1800 09/19/2017
800 1.1800 09/19/2017
7,928 1.1896 09/19/2017
651 1.2000 09/21/2017

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Page 24 of 24 – SEC Filing

CAPLAB
PARTNERS LP

250 0.9800 09/05/2017
750 0.9600 09/05/2017
2,000 0.9600 09/05/2017
2,000 0.9600 09/05/2017
5,000 0.9600 09/05/2017
10,000 0.9500 09/06/2017
5,000 0.9400 09/06/2017
100 0.9650 09/07/2017
100 0.9699 09/07/2017
1,200 0.9700 09/07/2017
100 0.9900 09/07/2017
100 0.9979 09/07/2017
5,000 0.9650 09/07/2017
1,000 0.9600 09/07/2017
10,000 0.9600 09/07/2017
5,000 0.9600 09/08/2017
2,400 0.9550 09/08/2017
10,000 0.9400 09/11/2017
2,500 0.9226 09/11/2017
100 0.9298 09/11/2017
5,552 0.9399 09/12/2017
4,448 0.9499 09/12/2017
10,000 0.9499 09/12/2017
10,000 0.9500 09/12/2017
5,000 0.9500 09/12/2017
10,000 0.9750 09/12/2017
10,000 0.9730 09/12/2017
100 0.9730 09/12/2017
1,000 1.0100 09/14/2017
10,000 1.0000 09/14/2017
162 0.9800 09/14/2017
10,000 1.0000 09/14/2017
600 1.0400 09/15/2017
3,176 1.0500 09/15/2017
5,000 1.0500 09/15/2017
5,000 1.0500 09/15/2017
100 1.0700 09/18/2017
100 1.0800 09/18/2017
2,000 1.0900 09/18/2017
3,000 1.0900 09/18/2017
1,800 1.0900 09/18/2017
2,525 1.1000 09/18/2017
100 1.1100 09/18/2017
6,500 1.1291 09/19/2017
6,500 1.1299 09/19/2017
900 1.1400 09/19/2017
600 1.2000 09/19/2017
237 1.2238 09/19/2017
3,400 1.0800 09/21/2017
6,300 1.0995 09/21/2017
3,700 1.1198 09/21/2017
200 1.2100 09/26/2017
2,999 1.1800 09/27/2017
4,200 1.2200 09/27/2017
4,201 1.2400 09/28/2017
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