<SEC-DOCUMENT>0001398344-20-012077.txt : 20200605
<SEC-HEADER>0001398344-20-012077.hdr.sgml : 20200605
<ACCEPTANCE-DATETIME>20200605165511
ACCESSION NUMBER:		0001398344-20-012077
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200605
DATE AS OF CHANGE:		20200605

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	PERIODICALS:  PUBLISHING OR PUBLISHING AND PRINTING [2721]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-16466
		FILM NUMBER:		20947013

	BUSINESS ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462
		BUSINESS PHONE:		610-487-0905

	MAIL ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GATE CITY CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001705447
		IRS NUMBER:				471729190
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		70 WEST MADISON ST.
		STREET 2:		SUITE 1400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		312-214-2361

	MAIL ADDRESS:	
		STREET 1:		70 WEST MADISON ST.
		STREET 2:		SUITE 1400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>fp0054484_sc13d.htm
<TEXT>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO RULE 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13d-2(b)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(AMENDMENT NO. _____)*</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMREP Corporation</P>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Issuer)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Common Stock, par value $0.10 per share</P>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Title of Class of Securities)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">032159105</P>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(CUSIP Number)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Michael Melby</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">c/o Gate City Capital Management, LLC</P>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, Address and Telephone Number of Person Authorized to</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Receive Notices and Communications)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 5, 2020</P>
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  </DIV>
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  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Date of Event Which Requires Filing of This Statement)</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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 &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [&nbsp;&nbsp;]</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Note:</B> Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule.13d-7 for other parties to whom copies are to be sent.</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <TD STYLE="width: 0.25in">*</TD>
    <TD>The remainder of this cover page shall be filled out for a reporting person&rsquo;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.</TD>
   </TR>
  </TABLE>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The information required on the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) 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).</P>
  <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
   <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 33%"> CUSIP NO. 032159105
   </TD>
   <TD STYLE="width: 34%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">Page 2 of 7 Pages</FONT></TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 81%"><FONT STYLE="font-size: 11pt">NAMES OF REPORTING PERSONS<BR>&nbsp;<BR> Gate City Capital Management, LLC </FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;<BR>(a) [ &nbsp;]<BR> (b) [ &nbsp;]</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SEC USE ONLY<BR>&nbsp;<BR>&nbsp;</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SOURCE OF FUNDS<BR>&nbsp;<BR> WC</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR>
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 11pt">CHECK IF DISCOLUSRE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">[ &nbsp;]</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>&nbsp;<BR> Illinois</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
   <TD ROWSPAN="4" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 11pt">NUMBER OF<BR> SHARES<BR> BENEFICIALLY<BR> OWNED BY<BR> EACH<BR> REPORTING<BR> PERSON WITH</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 7%"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 63%"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER<BR>&nbsp;<BR> 1,065,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER<BR>&nbsp;<BR> 0</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER<BR>&nbsp;<BR> 1,455,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER<BR>&nbsp;<BR> 0</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; width: 81%"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<BR>&nbsp;<BR> 1,455,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES<BR>&nbsp;</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;<BR> [ &nbsp;]</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>13</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<BR>&nbsp;<BR> 17.9%</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>14</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON<BR>&nbsp;<BR> IA</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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  <P STYLE="margin: 0pt">&nbsp;</P>
 </DIV>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>
 <TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD STYLE="border: Black 1pt solid; width: 33%">CUSIP NO. 032159105</TD>
   <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">Page 3 of 7 Pages</FONT></TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 11pt"><B>1</B></FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 81%"><FONT STYLE="font-size: 11pt">NAMES OF REPORTING PERSONS S.S. OR <BR> I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS<BR>&nbsp;<BR> Michael Melby </FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>2</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<BR>&nbsp;<BR>&nbsp;</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;<BR> (a) [ &nbsp;]<BR> (b) [ &nbsp;]</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>3</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SEC USE ONLY<BR>&nbsp;<BR>&nbsp;</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>4</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>&nbsp;<BR> United States</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
   <TD ROWSPAN="4" STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 11pt">NUMBER OF<BR> SHARES<BR> BENEFICIALLY<BR> OWNED BY<BR> EACH<BR> REPORTING<BR> PERSON WITH</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 7%"><FONT STYLE="font-size: 11pt"><B>5</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 63%"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER<BR>&nbsp;<BR> 1,065,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>6</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER<BR>&nbsp;<BR> 0</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>7</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER<BR>&nbsp;<BR> 1,455,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>8</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER<BR>&nbsp;<BR> 0</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-size: 11pt"><B>9</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; width: 81%"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<BR>&nbsp;<BR> 1,455,649</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>10</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES<BR>&nbsp;</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;<BR> [ &nbsp;]</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>11</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9<BR>&nbsp;<BR> 17.9%</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>12</B></FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON<BR>&nbsp;<BR> IN</FONT></TD>
   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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   <TD STYLE="text-align: center; border: Black 1pt solid; width: 33%"> CUSIP NO. 032159105</TD>
   <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">Page 4 of 7 Pages</FONT></TD>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This Schedule 13D reflects, that as of June 5, 2020, the Reporting Persons are disclosing their beneficial ownership in the Issuer on Schedule 13D instead of Schedule 13G. The Reporting Persons previously disclosed their beneficial ownership in the Issuer on Schedule 13G and its subsequent amendments filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), with the most recent amendment filed on February 14, 2020.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This Schedule 13D (this &quot;Schedule 13D&quot;) is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the &quot;Management Company&quot;) and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the &quot;Funds&quot;). This Schedule 13D relates to Common Shares (the &quot;Common Shares&quot;) of AMREP Corporation (the &quot;Issuer&quot;) held by the Funds.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 1. SECURITY AND ISSUER</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This Statement relates to the COMMON STOCK, PAR VALUE $0.10 of AMREP Corporation having its principal executive offices at 620 West Germantown Pike, Suite 175, Plymouth Meeting, Pennsylvania 19462</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 2. IDENTITY AND BACKGROUND</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)-(c) and (f) The names of the persons jointly filing this statement on Schedule 13D (the &ldquo;Reporting Persons&rdquo;) are Gate City Capital Management, LLC, an Illinois limited liability company and Michael Melby, Managing Member of Gate City Capital Management, LLC. Mr. Melby is a United States citizen and is the controlling member of Gate City Capital Management, LLC.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The address of each of the Reporting Persons is 425 S. Financial Place, Suite 910A, Chicago, IL 60605.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The principal business of Gate City Capital Management, LLC is to serve as an adviser to certain private investment funds and managed accounts. Mr. Melby&rsquo;s principal occupation is serving as the Portfolio Manager of Gate City Capital Management, LLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(d)&ndash;(e) During the last five years, none of the Reporting Persons have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a 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.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The source and amount of funds used by the Reporting Persons in making their purchase of the shares of Common Stock owned by each of them in the aggregate was $8,964,081 from working capital.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
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   <TD STYLE="text-align: center; border: Black 1pt solid; width: 33%"> CUSIP NO. 032159105</TD>
   <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">Page 5 of 7 Pages</FONT></TD>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>ITEM 4. PURPOSE OF TRANSACTION</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Reporting Person purchased the Common Stock based on the Reporting Person&rsquo;s belief that the Common Stock, when purchased, were undervalued and did not adequately reflect the potential value of the Company&rsquo;s underlying business and assets. 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 Common Stock desirable, the Reporting Person may endeavor to increase or decrease its position in the Issuer through, among other things, the purchase or sale of Common Stock on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable. The Reporting Person may engage in short selling or hedging or similar transactions with respect to the Common Stock, on such terms and at such times as the Reporting Person may deem advisable.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Reporting Person does not have 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 Person intends to review its investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer&rsquo;s financial position and investment strategy, the price levels of the shares, conditions in the securities markets and general economic and industry conditions, the Reporting Person may in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, continuing to engage in communications with management and the Board of the Issuer, engaging in discussions with shareholders of the Issuer and others about the Issuer and the Reporting Person&rsquo;s investment, making other proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure or operations of the Issuer, purchasing additional shares, selling some or all of its shares, engaging in short selling of or any hedging or similar transaction with respect to the Common Stock, or changing its intention with respect to any and all matters referred to in Item 4.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>ITEM 5. INTEREST IN SECURITIES OF THE ISSUER</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) The Reporting Person beneficially owns in the aggregate 1,455,649 shares of Common Stock, which represents approximately 17.9% of the Company&rsquo;s outstanding shares of Common Stock. The percentage ownership of shares of Common Stock set forth in this Statement is based on 8,136,904 shares of Common Stock issued and outstanding as of March 5, 2020 as reported in the Company&rsquo;s Form 10-Q filed with the SEC on March 9, 2020.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) The Reporting Person has the sole power to vote or to direct the voting of 1,065,649 of such shares described in Item 5(a) above. The Reporting Person has the sole power to dispose or direct the disposition of all such shares described in Item 5(a) above. The Reporting Person does not have shared power to vote or to direct the vote of any such shares described in Item 5(a) above, and does not have shared power to dispose or direct the disposition of any such shares described in Item 5(a) above.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c) The Reporting Person effected the following transactions in the Stock in open market transactions on the dates indicated, and such transactions are the only transactions in the Stock by the Reporting Person during the sixty days prior to and including June 5, 2020 (date range: April 7, 2020 through June 5, 2020):</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
   <TD STYLE="width: 20%; text-align: justify"><FONT STYLE="font-size: 11pt">4/7/2020</FONT></TD>
   <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-size: 11pt">Bought 3,270 shares at $4.272</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top; background-color: White">
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">4/8/2020</FONT></TD>
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bought 6,000 shares at $4.143</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">4/9/2020</FONT></TD>
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bought 8,330 shares at $4.244</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top; background-color: White">
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">4/17/2020</FONT></TD>
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bought 15,000 shares at $4.115</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">4/29/2020</FONT></TD>
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bought 551 shares at $4.289</FONT></TD>
  </TR>
  <TR STYLE="vertical-align: top; background-color: White">
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">5/29/2020</FONT></TD>
   <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bought 9,465 shares at $4.21</FONT></TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d) Not applicable.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e) Not applicable.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT TO SECURITES OF THE ISSUER</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Person and any other person with respect to the securities of the Issuer.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>ITEM 7. MATERIAL TO BE FILED AS EXHIBITS</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Joint Filing Agreement attached below.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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   <TD STYLE="text-align: center; border: Black 1pt solid; width: 33%"> CUSIP NO. 032159105</TD>
   <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">Page 6 of 7 Pages</FONT></TD>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Signature</B></FONT></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">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.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
 <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD COLSPAN="2"><FONT STYLE="font-size: 11pt"><B>Gate City Capital Management, LLC</B></FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="width: 50%">&nbsp;</TD>
   <TD STYLE="width: 5%">&nbsp;</TD>
   <TD STYLE="width: 35%">&nbsp;</TD>
   <TD STYLE="width: 10%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="fp0054484_01.jpg" ALT="" STYLE="height: 48; width: 127"></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Michael Melby</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Managing Member</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="fp0054484_01.jpg" ALT="" STYLE="height: 48; width: 127"></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Michael Melby</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">June 5, 2020</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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   <TD STYLE="text-align: center; border: Black 1pt solid; width: 33%"> CUSIP NO. 032159105</TD>
   <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>13D</B></FONT></TD>
   <TD STYLE="border: Black 1pt solid; width: 33%; text-align: center"><FONT STYLE="font-size: 11pt">Page 7 of 7 Pages</FONT></TD>
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B>JOINT FILING AGREEMENT</B></P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the requirements of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and subject to the limitations set forth therein, the parties set forth below agree to jointly file the Schedule 13D to which this joint filing agreement is attached, and have duly executed this joint filing agreement as of the date set forth below.</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Date: June 5, 2020</P>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>
 <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD COLSPAN="2"><FONT STYLE="font-size: 11pt"><B>Gate City Capital Management, LLC</B></FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD STYLE="width: 50%">&nbsp;</TD>
   <TD STYLE="width: 5%">&nbsp;</TD>
   <TD STYLE="width: 35%">&nbsp;</TD>
   <TD STYLE="width: 10%">&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="fp0054484_01.jpg" ALT="" STYLE="height: 48; width: 127"></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Michael Melby</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Managing Member</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="fp0054484_01.jpg" ALT="" STYLE="height: 48; width: 127"></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">Michael Melby</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
  </TR>
  <TR STYLE="vertical-align: top">
   <TD>&nbsp;</TD>
   <TD><FONT STYLE="font-size: 11pt">Date: </FONT></TD>
   <TD><FONT STYLE="font-size: 11pt">June 5, 2020</FONT></TD>
   <TD>&nbsp;</TD>
  </TR>
 </TABLE>
 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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