Sec Form 13D Filing - Barc Investments LLC filing for AMBASE CORP (ABCP) - 2024-04-01

(2)

Based on 40,737,751 shares of the Company's common stock issued and outstanding as of February 29, 2024, as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the issuance and sale of 44,200,460 shares of common stock in a private placement by the Company completed on April 1, 2024 as disclosed in the Company’s Current Report on Form 8-K as filed with the SEC on April 1, 2024.

This Amendment No. 2 to Schedule 13D (this “Amendment”) is being filed as an amendment to the initial statement on Schedule 13D relating to the Common Stock, $0.01 par value per share (“Common Stock”) of AmBase Corporation, a Delaware corporation (the “Issuer” or “AmBase”) as filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2009, as amended by Amendment No. 1 to Schedule 13D as filed with the SEC on March 8, 2024 (as so amended, the “Schedule 13D”).  The principal executive office of AmBase is located at 7857 West Sample Rd., Suite 134, Coral Springs, Florida 33065. The Schedule 13D is hereby further amended and supplemented as follows:

Item 3.

Source and Amount of Funds and Other Considerations.

Item 3 of the Schedule 13D is amended and supplemented as follows:

On March 16, 2009, BARC Investments acquired 16,000,000 shares of AmBase Common Stock from Richard A. Bianco, who is the father of Alessandra F. Bianco, Christina A. Bianco, and Richard A. Bianco, Jr., the three managing members of BARC Investments.  The aggregate purchase price of the Shares was $1,200,000 and such Shares were acquired with BARC Investments’ working capital.

 

On February 28, 2024, AmBase commenced a private placement offering (the “Equity Offering”) of 44,200,460 shares (the “Shares”). The Shares are being offered and sold only to existing stockholders of record of the Company as of February 28, 2024 (the “Record Date”).  Each qualifying stockholder will be permitted to purchase up to his, her or its pro rata share of the Shares in the Equity Offering, based on the amount of shares of Common Stock owned by such stockholder as of the Record Date, in an amount equal to up to one hundred and eight and one-half percent (108.5%) of the number of shares of Common Stock beneficially owned by such stockholder as of the Record Date.

 

In connection with the Equity Offering, on April 1, 2024, BARC Investments completed the purchase of 42,950,460 Shares in the Equity Offering pursuant to a Standby Purchase Agreement that BARC Investments entered into with AmBase on February 28, 2024 (the “Standby Purchase Agreement”) for a purchase price of $0.20 per share The Shares purchased by BARC Investments in the Equity Offering were acquired with BARC Investments’ working capital.

 

 

Item 5 of the Schedule 13D is amended and supplemented as follows:

 

All of the percentages of beneficial ownership of the Reporting Persons set forth in this Schedule 13D are based on 40,737,751 shares of the Company's common stock issued and outstanding as of February 29, 2024, as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the issuance and sale of 44,200,460 shares of common stock in a private placement by the Company completed on April 1, 2024 as disclosed in the Company’s Current Report on Form 8-K as filed with the SEC on April 1, 2024.

As of April 1, 2024, BARC Investments beneficially owned 58,950,460 shares of the Common Stock of the Issuer, representing approximately 69.4% of the Issuer’s outstanding shares of Common Stock.  Alessandra F. Bianco, Christina A. Bianco, and Richard A. Bianco, Jr., as managing members of BARC Investments, share voting and dispositive power with respect to shares held by BARC Investments. Pursuant to Rule 13d-4, each of Alessandra F. Bianco, Christina A. Bianco, and Richard A. Bianco, Jr. disclaims beneficial ownership of the shares beneficially owned by BARC Investments to the extent he or she does not have a pecuniary interest in such shares.

All of the shares of Common Stock of the Issuer were acquired by BARC Investments for investment purposes.

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SIGNATURE

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

EXHIBIT INDEX

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