<SEC-DOCUMENT>0001011438-21-000212.txt : 20210907
<SEC-HEADER>0001011438-21-000212.hdr.sgml : 20210907
<ACCEPTANCE-DATETIME>20210907172027
ACCESSION NUMBER:		0001011438-21-000212
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210907
DATE AS OF CHANGE:		20210907
GROUP MEMBERS:		DEREK C. SCHRIER
GROUP MEMBERS:		IC GP, LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stagwell Inc
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53561
		FILM NUMBER:		211240068

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC Stagwell Holdings Inc
		DATE OF NAME CHANGE:	20210729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC PARTNERS INC
		DATE OF NAME CHANGE:	20040206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Indaba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001524362
		IRS NUMBER:				271639439
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129
		BUSINESS PHONE:		(415) 680-1180

	MAIL ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Indaba Capital Management, LLC
		DATE OF NAME CHANGE:	20110627
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>form_sc13g-stagwell.htm
<TEXT>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SCHEDULE 13G</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">(Amendment No.&#160; )*</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>Stagwell Inc.</u></div>
    <div style="text-align: center; font-size: 12pt;">(Name of Issuer)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;"><u>Class A Common Stock, par value $0.001 per share</u></div>
    <div style="text-align: center; font-size: 12pt;">&#160;(Title of Class Securities)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">
      <div style="font-family: 'Times New Roman',Times,serif;"><u>85256A109</u></div>
    </div>
    <div style="text-align: center; font-size: 12pt;">(CUSIP Number)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">&#160;</div>
    <div style="text-align: center; font-size: 12pt;"><u>N/A</u></div>
    <div style="text-align: center; font-size: 12pt;">(Date of Event Which Requires Filing of this Statement)</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
    <div style="font-size: 12pt;">&#160;</div>
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            <div style="font-size: 12pt;">&#160;</div>
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            <div style="font-size: 12pt;">&#160;</div>
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            <div style="font-size: 12pt;">&#160;</div>
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            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt;">&#9746;</div>
          </td>
          <td style="width: 54%; vertical-align: top;">
            <div style="font-size: 12pt;">Rule 13d-1(b)</div>
          </td>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt;">&#9744;</div>
          </td>
          <td style="width: 54%; vertical-align: top;">
            <div style="font-size: 12pt;">Rule 13d-1(c)</div>
          </td>
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        <tr>
          <td style="width: 41%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt;">&#9744;</div>
          </td>
          <td style="width: 54%; vertical-align: top;">
            <div style="font-size: 12pt;">Rule 13d-1(d)</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which
      would alter the disclosure provided in a prior cover page.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) 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).</div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z15c9891df1aa48cca448bed06e1a7f3f">

        <tr>
          <td colspan="4" style="width: 32.48%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">CUSIP No. 85256A109</div>
          </td>
          <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center; font-size: 12pt;">SCHEDULE 13G</div>
          </td>
          <td colspan="2" style="width: 33.74%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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          <td style="width: 13.27%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.06%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="5" style="width: 68.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">1</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">NAME OF REPORTING PERSONS.</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Indaba Capital Management, L.P.</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">2</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">Check the Appropriate Box if a Member of a Group (See Instructions)</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">(a) [&#160;&#160;&#160;]</div>
            <div style="font-size: 12pt;">(b) [X]</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">3</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">SEC Use Only</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">4</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">Citizenship or Place of Organization</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Delaware</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="width: 28.57%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">NUMBER OF SHARES BENEFICIALLY</div>
            <div style="text-align: center; font-size: 12pt;">OWNED BY EACH REPORTING</div>
            <div style="text-align: center; font-size: 12pt;">PERSON WITH</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
            <div style="text-align: center; font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="3" style="width: 18.35%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">5&#160;&#160;&#160;&#160;&#160; Sole Voting Power
              <div>&#160;</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
            </div>
          </td>
          <td colspan="2" style="width: 42.85%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <br>
          </td>
          <td style="width: 10.22%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">6&#160;&#160;&#160;&#160;&#160;&#160;Shared Voting Power
              <div>&#160;</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
            </div>
          </td>
          <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;"><br>
            </div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;"><br>
            </div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">7&#160;&#160;&#160;&#160;&#160; Sole Dispositive Power
              <div>&#160;</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
            </div>
          </td>
          <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <br>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">8&#160;&#160;&#160;&#160;&#160; Shared Dispositive Power
              <div>&#160;</div>
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
            </div>
          </td>
          <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
            <br>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">9</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Aggregate Amount Beneficially Owned by Each Reporting Person</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">9,377,399</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">10</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [&#160; ]</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">11</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Percent of Class Represented by Amount in Row (9)</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">12.1% (1)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">12</div>
          </td>
          <td colspan="7" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Type of Reporting Person (See Instructions)</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">IA, PN</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.27%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 15.3%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.06%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="5" style="width: 68.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze10435b4d1db462cb8b356b4db63190d">

        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">(1)&#160;&#160;</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="font-size: 12pt;">Calculation of the foregoing percentage is based on 77,563,885 Class A Subordinate Voting Shares of MDC Partners Inc. outstanding as of July 23, 2021, as disclosed in Stagwell Inc.&#8217;s (the &#8220;Issuer&#8221;) Form 10-Q filed
              with the Securities and Exchange Commission (&#8220;SEC&#8221;) on August 5, 2021, which were subsequently converted into 77,563,885 shares of Class A Common Stock of the Issuer.</div>
          </td>
        </tr>

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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <td style="width: 32.48%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">CUSIP No. 85256A109</div>
          </td>
          <td style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="text-align: center; font-size: 12pt;">SCHEDULE 13G</div>
          </td>
          <td style="width: 33.74%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 13.27%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 15.3%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 3.06%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 68.38%; vertical-align: middle;">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">1</div>
            </td>
            <td colspan="3" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">NAME OF REPORTING PERSONS.</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">IC GP, LLC</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">2</div>
            </td>
            <td colspan="3" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">Check the Appropriate Box if a Member of a Group (See Instructions)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">(a) [&#160;&#160;&#160;]</div>
              <div style="font-size: 12pt;">(b) [X]</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">3</div>
            </td>
            <td colspan="3" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">SEC Use Only</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">4</div>
            </td>
            <td colspan="3" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">Citizenship or Place of Organization</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Delaware</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td colspan="2" rowspan="4" style="width: 28.57%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">NUMBER OF SHARES BENEFICIALLY</div>
                <div style="text-align: center; font-size: 12pt;">OWNED BY EACH REPORTING</div>
                <div style="text-align: center; font-size: 12pt;">PERSON WITH</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
                <div style="text-align: center; font-size: 12pt;">&#160;</div>
              </td>
              <td colspan="3" style="width: 18.35%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;">5&#160;&#160;&#160;&#160;&#160; Sole Voting Power
                  <div>&#160;</div>
                  <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
                </div>
              </td>
              <td colspan="2" style="width: 42.85%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <br>
              </td>
            </tr>
            <tr>
              <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;">6&#160;&#160;&#160;&#160;&#160;&#160;Shared Voting Power
                  <div>&#160;</div>
                  <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
                </div>
              </td>
              <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;"><br>
                </div>
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;"><br>
                </div>
                <div style="font-size: 12pt;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;">7&#160;&#160;&#160;&#160;&#160; Sole Dispositive Power
                  <div>&#160;</div>
                  <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
                </div>
              </td>
              <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <br>
                <div style="font-size: 12pt;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td colspan="3" style="width: 19.21%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <div style="font-size: 12pt;">8&#160;&#160;&#160;&#160;&#160; Shared Dispositive Power
                  <div>&#160;</div>
                  <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
                </div>
              </td>
              <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
                <div style="font-size: 12pt;">&#160;</div>
                <br>
                <div style="font-size: 12pt;">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">9</div>
            </td>
            <td colspan="4" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Aggregate Amount Beneficially Owned by Each Reporting Person</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">9,377,399</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">10</div>
            </td>
            <td colspan="4" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [&#160; ]</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">11</div>
            </td>
            <td colspan="4" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Percent of Class Represented by Amount in Row (9)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">12.1% (1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">12</div>
            </td>
            <td colspan="4" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Type of Reporting Person (See Instructions)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">OO, HC</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd3d4a2ee00444450b005806c1db30c0c">

        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">(1)&#160;&#160;</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="font-size: 12pt;">Calculation of the foregoing percentage is based on 77,563,885 Class A Subordinate Voting Shares of MDC Partners Inc. outstanding as of July 23, 2021, as disclosed in the Issuer&#8217;s Form 10-Q filed with the SEC on
              August 5, 2021, which were subsequently converted into 77,563,885 shares of Class A Common Stock of the Issuer.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0fd219f8fd5441ac81d9a4bc5fff5ed9">

        <tr>
          <td style="width: 32.48%; vertical-align: top;">
            <div style="font-size: 12pt;">CUSIP No. 85256A109</div>
          </td>
          <td style="width: 33.78%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">SCHEDULE 13G</div>
          </td>
          <td style="width: 33.74%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.48%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 33.78%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 33.74%; vertical-align: top; border-bottom: #000000 4px double;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">1</div>
            </td>
            <td colspan="6" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">NAME OF REPORTING PERSONS.</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">
                <div>Derek C. Schrier</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">2</div>
            </td>
            <td style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;" colspan="6">
              <div style="font-size: 12pt;">Check the Appropriate Box if a Member of a Group (See Instructions)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">(a) [&#160;&#160;&#160;]</div>
              <div style="font-size: 12pt;">(b) [X]</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">3</div>
            </td>
            <td style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;" colspan="6">
              <div style="font-size: 12pt;">SEC Use Only</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">4</div>
            </td>
            <td style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;" colspan="6">
              <div style="font-size: 12pt;">Citizenship or Place of Organization</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Delaware</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="3" style="width: 28.57%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">NUMBER OF SHARES BENEFICIALLY</div>
              <div style="text-align: center; font-size: 12pt;">OWNED BY EACH REPORTING</div>
              <div style="text-align: center; font-size: 12pt;">PERSON WITH</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
              <div style="text-align: center; font-size: 12pt;">&#160;</div>
            </td>
            <td colspan="2" style="width: 18.35%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">5&#160;&#160;&#160;&#160;&#160; Sole Voting Power
                <div>&#160;</div>
                <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
              </div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 19.21%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">6&#160;&#160;&#160;&#160;&#160;&#160;Shared Voting Power
                <div>&#160;</div>
                <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
              </div>
            </td>
            <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;"><br>
              </div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;"><br>
              </div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 19.21%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">7&#160;&#160;&#160;&#160;&#160; Sole Dispositive Power
                <div>&#160;</div>
                <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</div>
              </div>
            </td>
            <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
              <br>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
            <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 28.57%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
            <td colspan="2" style="width: 19.21%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);" rowspan="1"><font style="font-size: 12pt;">8&#160;&#160;&#160;&#160;&#160; Shared Dispositive Power </font>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9,377,399</div>
            </td>
            <td colspan="2" style="width: 33.78%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);" rowspan="1">&#160;</td>
            <td style="width: 23.51%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">9</div>
            </td>
            <td colspan="6" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Aggregate Amount Beneficially Owned by Each Reporting Person</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">9,377,399</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">10</div>
            </td>
            <td colspan="6" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [&#160; ]</div>
              <div style="font-size: 12pt;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">11</div>
            </td>
            <td colspan="6" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Percent of Class Represented by Amount in Row (9)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">12.1% (1)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13.27%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">12</div>
            </td>
            <td colspan="6" style="width: 86.73%; vertical-align: top; border-bottom: #000000 4px double;">
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">Type of Reporting Person (See Instructions)</div>
              <div style="font-size: 12pt;">&#160;</div>
              <div style="font-size: 12pt;">IN, HC</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z289182109a2a49bebb9c26dfb803312b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.7%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">(1)&#160;&#160;</div>
            </td>
            <td style="width: 92.3%; vertical-align: top;">
              <div style="font-size: 12pt;">Calculation of the foregoing percentage is based on 77,563,885 Class A Subordinate Voting Shares of MDC Partners Inc. outstanding as of July 23, 2021, as disclosed in the Issuer&#8217;s Form 10-Q filed with the SEC on
                August 5, 2021, which were subsequently converted into 77,563,885 shares of Class A Common Stock of the Issuer.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;"><font style="font-size: 12pt;"><u>Schedule 13G</u></font> </div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">&#160;Item 1.</div>
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        <tr>
          <td style="width: 6.31%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.31%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 27.84%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 10.12%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.32%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 1.26%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.32%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.57%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 30.36%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.31%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.31%; vertical-align: top;">
            <div style="font-size: 12pt;">(a)</div>
          </td>
          <td style="width: 27.84%; vertical-align: top;">
            <div style="font-size: 12pt;">Name of Issuer</div>
          </td>
          <td colspan="6" style="width: 29.17%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 30.36%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 12.63%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="4" style="width: 46.85%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">Stagwell Inc. (the &#8220;Issuer&#8221;)</div>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 30.36%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 6.31%; vertical-align: top;">
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          <td style="width: 6.31%; vertical-align: top;">
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          <td colspan="7" style="width: 57.01%; vertical-align: top;">
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          <td style="width: 30.36%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td colspan="2" style="width: 12.63%; vertical-align: top;">
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            <div style="font-size: 12pt;">One World Trade Center, Floor 65, New York, NY 10007 <br>
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          </td>
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    <div style="font-size: 12pt; font-weight: bold;">Item 2.</div>
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        <tr>
          <td style="width: 6.24%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.26%; vertical-align: middle;">
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          <td style="width: 15%; vertical-align: middle;">
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          <td style="width: 1.24%; vertical-align: middle;">
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          <td style="width: 1.24%; vertical-align: middle;">
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          <td style="width: 1.24%; vertical-align: middle;">
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          <td style="width: 3.76%; vertical-align: middle;">
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          <td style="width: 1.26%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 6.26%; vertical-align: middle;">
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          </td>
          <td style="width: 1.24%; vertical-align: middle;">
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          <td style="width: 6.24%; vertical-align: middle;">
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          <td style="width: 1.24%; vertical-align: middle;">
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          <td style="width: 47.52%; vertical-align: middle;">
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          <td style="width: 1.26%; vertical-align: middle;">
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        <tr>
          <td style="width: 6.24%; vertical-align: top;">
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          <td colspan="7" style="width: 30%; vertical-align: top;">
            <div style="font-size: 12pt;">Name of Person Filing</div>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 1.26%; vertical-align: top;">
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          <td colspan="2" style="width: 12.5%; vertical-align: top;">
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          </td>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 1.26%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 6.24%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 6.26%; vertical-align: top;">
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          <td colspan="11" style="width: 86.24%; vertical-align: top;">
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          <td style="width: 1.26%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td colspan="2" style="width: 12.5%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 1.26%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 6.24%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 6.26%; vertical-align: top;">
            <div style="font-size: 12pt;">(c)</div>
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          <td colspan="2" style="width: 12.5%; vertical-align: top;">
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          <td colspan="11" style="width: 86.24%; vertical-align: top;">
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            <div style="font-size: 12pt;">The Investment Manager is a Delaware limited partnership, IC GP is a Delaware limited liability company and the Managing Member is a United States citizen.</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 1.26%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 6.24%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 6.26%; vertical-align: top;">
            <div style="font-size: 12pt;">(d)</div>
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            <div style="font-size: 12pt;">Title of Class Securities:</div>
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            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 1.26%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td colspan="2" style="width: 12.5%; vertical-align: top;">
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          </td>
          <td colspan="11" style="width: 86.24%; vertical-align: top;">
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            <div style="font-size: 12pt;">Class A Common Stock, par value $0.001 per share (&#8220;Shares&#8221;)</div>
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 1.26%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 6.24%; vertical-align: top;">
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          <td style="width: 6.26%; vertical-align: top;">
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          <td colspan="6" style="width: 23.74%; vertical-align: top;">
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          <td colspan="5" style="width: 62.5%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 1.26%; vertical-align: top;">
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        <tr>
          <td colspan="2" style="width: 12.5%; vertical-align: top;">
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          <td style="width: 15%; vertical-align: top;">
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            <div style="font-size: 12pt;">85256A109</div>
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          <td colspan="10" style="width: 71.24%; vertical-align: middle;">
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          </td>
          <td style="width: 1.26%; vertical-align: top;">
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          <td style="width: 9%; vertical-align: middle;">
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          <td style="width: 91%; vertical-align: middle;">
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          <td style="width: 9%; vertical-align: top;">
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          <td style="width: 91%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:</div>
          </td>
        </tr>

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          <td style="width: 12.79%; vertical-align: middle;">
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          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 12.79%; vertical-align: top;">
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          <td style="width: 7.7%; vertical-align: top;">
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160;]</div>
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          <td style="width: 2.56%; vertical-align: top;">
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          <td style="width: 74.38%; vertical-align: top;">
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    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 7.7%; vertical-align: top;">
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
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          <td style="width: 2.56%; vertical-align: top;">
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          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</div>
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        </tr>

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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 7.7%; vertical-align: top;">
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</div>
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        </tr>

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    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160; &#160;</div>
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          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(d)</div>
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
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          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8).</div>
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        </tr>

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          <td style="width: 12.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.57%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.31%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.11%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">
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          <td style="width: 3.57%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;[X]</div>
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          <td style="width: 2.31%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 74.11%; vertical-align: top;">
            <div style="font-size: 12pt;">An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).</div>
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        </tr>

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    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za39a8b7093784046b2d9bee9346fd61f">

        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(f)</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).</div>
          </td>
        </tr>

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    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 12.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.57%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.31%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.11%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: top;">
            <div style="font-size: 12pt;">(g)</div>
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          <td style="width: 3.57%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;[X]</div>
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          <td style="width: 2.31%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 74.11%; vertical-align: top;">
            <div style="font-size: 12pt;">A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).</div>
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        </tr>

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    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(h)</div>
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).</div>
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        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(i)</div>
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
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          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(j)</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J).</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt;">(k)</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">[&#160; ]</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 2.56%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 74.38%; vertical-align: top;">
            <div style="font-size: 12pt;">Group, in accordance with Rule 13d-1(b)(1)(ii)(K).</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

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    <div style="margin-top: 10pt; margin-bottom: 10pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 4.</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="margin-left: 9pt; font-size: 12pt; font-weight: bold;">Ownership</div>
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">(a) Amount beneficially owned:</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">As of the date hereof, the Reporting Persons beneficially owned the Shares referenced in Item 9 of the cover page pertaining to each Reporting Person and such Item 9 disclosure is incorporated herein by reference.</div>
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    <div style="font-size: 12pt;">The Shares beneficially owned by the Reporting Persons are directly held by Indaba Capital Fund, L.P. (the &#8220;Fund&#8221;), a private investment fund for which the Investment Manager serves as investment manager.&#160;&#160;Pursuant to an
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    <div style="font-size: 12pt;">&#160;&#160;</div>
    <div style="font-size: 12pt;">(b) Percent of class:</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">Incorporated by reference to Item 11 of the cover page pertaining to each Reporting Person.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="font-size: 12pt;">(c) Number of shares to which the person has:</div>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">(i) Sole power to vote or to direct the vote:</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z175592c647164bbba8b4043fa1f23671">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">Incorporated by reference to Item 5 of the cover page pertaining to each Reporting Person.</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9afb5f8085bd4d62b7643b02589c93fb">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">(ii) Shared power to direct the vote:</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb235d97d0eb441d49e1aa8cd0d5b8c9f">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">Incorporated by reference to Item 6 of the cover page pertaining to each Reporting Person.</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc81381f7cb8745588869c89616269640">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">(iii) Sole power to dispose or to direct the disposition of:</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">Incorporated by reference to Item 7 of the cover page pertaining to each Reporting Person.</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9ab37b5cc962472ea058be03ee3db9a1">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">(iv) Shared power to dispose or to direct the disposition of:</div>
          </td>
        </tr>

    </table>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z030dc82ad5474087b900af6dbb8b7856">

        <tr>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 88.46%; vertical-align: top;">
            <div style="font-size: 12pt;">Incorporated by reference to Item 8 of the cover page pertaining to each Reporting Person.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd10dae6bdf294dac912876e7186e6232">

        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 5.</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="text-indent: 9pt; font-size: 12pt; font-weight: bold;">Ownership of Five Percent or Less of a Class.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt;">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class securities, check the following [&#160;&#160; ].</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div><br>
    </div>
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        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 6.</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="text-indent: 9pt; font-size: 12pt; font-weight: bold;">Ownership of More than Five Percent on Behalf of Another Person.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt;">The Shares beneficially owned by the Reporting Persons are directly held by the Fund, for which the Investment Manager serves as investment manager.&#160;&#160;&#160;</div>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 92.3%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 7.</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="margin-left: 9pt; font-size: 12pt; font-weight: bold;">Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Not applicable.</div>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 7.7%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 92.3%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 8.</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="margin-left: 9pt; font-size: 12pt; font-weight: bold;">Identification and Classification of Members of the Group.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3d6fb09047b64ba69e8cafa994ebc281">

        <tr>
          <td style="width: 37.18%; vertical-align: middle;">
            <div style="font-size: 12pt;">Not applicable.</div>
          </td>
          <td style="width: 62.82%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z2e13fab594a94581827054c53a2141e9">

        <tr>
          <td style="width: 7.7%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 9.</div>
          </td>
          <td style="width: 92.3%; vertical-align: top;">
            <div style="margin-left: 9pt; font-size: 12pt; font-weight: bold;">Notice of Dissolution of Group.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Not applicable.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z25e37cdec3884d49968c3b4e3bc8759c">

        <tr>
          <td style="width: 8%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 92%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">Item 10.</div>
          </td>
          <td style="width: 92%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160; Certification:</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="font-size: 12pt;">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose
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    <div style="text-align: center; font-size: 12pt;">SIGNATURE</div>
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    <div style="font-size: 12pt;">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.</div>
    <div><br>
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    <div style="font-size: 12pt;">Date:&#160; September 7, 2021</div>
    <div style="font-size: 12pt;">&#160;</div>
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        <tr>
          <td style="width: 49.64%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="2" style="width: 39.24%; vertical-align: top;">
            <div style="font-size: 12pt;">INDABA CAPITAL MANAGEMENT, L.P.</div>
          </td>
          <td style="width: 11.12%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.64%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td colspan="2" style="width: 39.24%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 11.12%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.64%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.72%; vertical-align: top;">
            <div style="font-size: 12pt;">By:</div>
          </td>
          <td style="width: 35.52%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;IC GP, LLC, its general partner</div>
          </td>
          <td style="width: 11.12%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.64%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 3.72%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 35.52%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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