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. The Reporting Persons may communicate with members of management of the Issuer and the board of directors of the Issuer (the "Board"), current or prospective shareholders, or other third parties regarding a variety of matters relating to the Issuer, which may include, among other things, the Issuer's corporate governance, including, changes to Board composition [(including, without limitation, proposing or nominating director candidates to the Board)], strategic transactions, alternatives, direction and plans, [including transactions in which the Reporting Persons may seek to participate and potentially engage in,] business, management, operations, ownership, capital structure and allocation, and may take steps regarding the foregoing and/or take action to bring about changes to increase shareholder value as well as pursue other plans or proposals that relate to or could result in any of the matters set forth in clauses (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons may also take steps to explore and prepare for various plans and actions, and propose actions or transactions, before forming an intention to engage in such plans or actions or proceed with such transactions. 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 Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in clauses (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, results and strategic direction, actions taken by the Issuer's management team and the Board, price levels of the Shares, conditions in the securities markets, general economic and industry conditions, and other investment opportunities available to the Reporting Persons, 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, 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, including swaps and other derivative transactions, any of the actions discussed herein, or changing their intention with respect to any and all matters referred to in Item 4.