# EDGAR Filing Document

**Accession Number:** 0001534242
**File Stem:** 0001534242-25-000010
**Filing Date:** 2025-6
**Character Count:** 29060
**Document Hash:** 9415ea19e13af5f59d71bfc71c6242cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001534242-25-000010.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001534242-25-000010

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Properties Inc.
- **CENTRAL INDEX KEY:** 0001873923
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93118
- **FILM NUMBER:** 251061070

**BUSINESS ADDRESS:**
- **STREET 1:** 2398 E. CAMELBACK ROAD, SUITE 1060
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** (602) 698-1002

**MAIL ADDRESS:**
- **STREET 1:** 2398 E. CAMELBACK ROAD, SUITE 1060
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orion Office REIT Inc.
- **DATE OF NAME CHANGE:** 20210720
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kawa Capital Management, Inc
- **CENTRAL INDEX KEY:** 0001534242

**ORGANIZATION NAME:**
- **EIN:** 260260248
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 SOUTH FEDERAL HIGHWAY
- **STREET 2:** SUITE 2900
- **CITY:** HALLANDALE BEACH
- **STATE:** FL
- **ZIP:** 33009
- **BUSINESS PHONE:** 1 (305) 560-5247

**MAIL ADDRESS:**
- **STREET 1:** 1010 SOUTH FEDERAL HIGHWAY
- **STREET 2:** SUITE 2900
- **CITY:** HALLANDALE BEACH
- **STATE:** FL
- **ZIP:** 33009

### Attached PDF Documents

**Attachment 1:** `Proposal1.pdf`

Docusign Envelope ID: A93E5B55-EA3D-44DA-B2B9-163BA17497AF

kawa

1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | +1 (305) 560-5200 | kawa.com

# STRICTLY PRIVATE AND CONFIDENTIAL

June 20, 2025

Mr. Paul McDowell
Chief Executive Officer, President and Director
Orion Properties Inc.
2398 E. Camelback Road, Suite 1060
Phoenix, AZ 85016

Dear Paul,

On behalf of Kawa Capital Management, Inc. ("Kawa", "we", "us"), we would like to state our strong interest in working with the management and Board of Orion Properties Inc. ("Orion", "ONL", or the "Company") on a strategic transaction with the Company. Based upon our review of publicly available information, we are pleased to submit this non-binding indication of interest (the "Proposal") in connection with a potential acquisition of the Company (the "Transaction").

# Overview of Kawa

Kawa Capital Management, Inc. ("Kawa" or the "Firm") is an alternative asset manager focused on both Liquid Strategies and Private Investments. The Firm was founded in 2007 and has since grown to ~$3 billion in assets under management ("AUM") in 2025. The Firm is minority owned by BTG Pactual, the largest investment bank in Latin America. Kawa's firmwide AUM is currently split approximately 70% / 30% between its Liquid Strategies and Private Investment products. The Firm's liquid strategies are anchored by its flagship multi-strategy credit hedge fund (the Kawa Fund Ltd) with $1.7 billion in AUM, inclusive of a portion of its current position in Orion stock.

Kawa has also spent well over a decade in real estate acquisitions and financings with extensive experience owning and operating single and multi-tenant office, lab, R&amp;D and industrial assets. We believe the Orion portfolio would be a welcome complement to Kawa's current portfolio and are excited to work toward a Transaction. Kawa's overall real estate equity experience includes $3.4 billion in transactions across 13.5 million square feet of geographically diverse footprint. Separately, Kawa's real estate experience includes credit tenant transactions of $8.7 billion across CTLs (Credit Tenant Lease), Sale Leasebacks, and Ground Sale Leasebacks.

As you know, beginning March 7, 2025, we've accumulated a position of approximately 5.47 million shares in the common stock of Orion, representing an approximate 9.7% ownership position (based on the number of outstanding fully diluted common shares reported by the Company in its Quarterly Report on Form 10-Q filed with the SEC on May 7, 2025).

We are pleased to present our Proposal (the "Proposal"), the key terms of which are set forth as follows:

## 1. Indicative Offer

Based on our review of the information to date and subject to the assumptions set forth in this letter, Kawa is prepared to offer $2.50 in cash for each common share of Orion, representing a premium of 30.9% to the closing price of $1.91 as of June 18, 2025 and a premium of 33.7% to the 60-day volume weighted average price of $1.87, subject to negotiation of satisfactory definitive transaction agreements and other matters described herein. We believe this is a highly attractive offer price which provides significant value to shareholders today, eliminating any potential future uncertainty or execution risk.

Docusign Envelope ID: A93E5B55-EA3D-44DA-B2B9-163BA17497AF

kawa

1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | +1 (305) 560-5200 | kawa.com

Our familiarity with Orion and its assets, together with our due diligence has informed the Proposal, and we have made the following key assumptions:

- There are 56,193,665 common shares outstanding (excluding shares issuable upon settlement of outstanding RSUs), representing a common equity value of $140 million based on $2.50 value per share;
- Mortgage debt, inclusive of CMBS, Arch Street JV and San Ramon of $399 million, all of which Kawa intends to assume
- Corporate debt of $132 million to be repaid at closing
- Cash and cash equivalents of $9 million
- Total Company enterprise value of approximately $662 million

## 2. Financing

We expect to fund the acquisition with a combination of equity and debt. Our equity portion will be fully committed at the time of signing from discretionary capital managed by Kawa Capital Management, Inc, which includes the Kawa Fund Ltd with over $600 million in liquid treasury holdings. With respect to the unencumbered portfolio, please see attached the accompanying highly confident letter from Mesirow to provide $150 million of debt financing toward the Transaction. As such, the Transaction will not be subject to any financial contingencies.

## 3. Due Diligence Requirements and Advisors

As mentioned, we have dedicated significant time and resources to underwriting the acquisition of Orion which will allow us to consummate a Transaction in an expedited manner. We have assembled a strong team of advisors to assist us in this process, including Piper Sandler &amp; Co., Inc. ("Piper Sandler") as our financial advisor, and Alston &amp; Bird LLP ("Alston") as our legal counsel, and we are prepared to work with the Orion management team to complete our due diligence expeditiously and with minimal disruptions to the business. We have limited remaining due diligence to include the following:

- Select property tours
- Portfolio summary and property financials
- Customary corporate information such as organizational, tax, accounting, employment and other material items
- Review of relevant and key legal documentation, including mortgage agreements and lease agreements
- Such other information that we and our counsel may request under separate cover

We anticipate concurrent due diligence and negotiation of definitive documentation such that we are prepared to sign and announce a Transaction in an expedited manner.

## 4. Exclusivity

In consideration of the time and expense that Kawa will invest or incur in connection with its evaluation and consummation of a potential Transaction, Orion agrees that, during the Exclusivity Period (as defined below), Orion will not, and will cause its directors, officers, employees, representatives, agents, managers, members and affiliates (together, its "Representatives") not to, directly or indirectly, solicit, initiate, encourage, discuss or pursue, or enter into any agreements or arrangements, with respect to a possible (i) reorganization, dissolution, liquidation, recapitalization or financing of Orion or involving Orion; (ii) merger, consolidation, security exchange or acquisition of Orion; (iii) sale of any material amount of assets of Orion; or (iv) direct or indirect acquisition or purchase of any stock or equity interest of Orion, other than as contemplated by this Proposal (each of the above, an "Alternative Transaction"), or provide any information to any other party in

Docusign Envelope ID: A93E5B55-EA3D-44DA-B2B9-163BA17497AF

kawa

1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | +1 (305) 560-5200 | kawa.com

connection therewith. In addition, Orion will immediately notify Kawa if it or any of its Representatives receives any inquiry or proposal regarding an Alternative Transaction or request for confidential information, including the identity of such other party and terms of such inquiry or request. "Exclusivity Period" means the period starting on the date Orion executes this Proposal and ending 30 days following such date (the "Initial Expiration Time"); provided, that if neither party has given written notice to the other party, prior to the Initial Expiration Time, that it objects to the extension of the Exclusivity Period, the Exclusivity Period shall be automatically extended until the 45th day following the date Orion executes this Proposal.

## 5. Internal Approvals &amp; Conditions

The Proposal has been approved by our Investment Committee, subject only to final approval from our Investment Committee prior to entering a definitive agreement with regards to the Transaction.

## 6. Contacts

If you have any questions about our Proposal, please do not hesitate to contact us or our advisors at Piper Sandler.

**Kawa**

Cristina Baldim, Deputy Chief Executive Officer - cristina@kawa.com

Dan Amer, Managing Director - dan.amer@kawa.com

**Piper Sandler**

Thomas Howland, Managing Director - tom.howland@psc.com

## 7. Disclosures

We are also filing a Schedule 13D, as required under applicable securities law, disclosing our ownership and this Proposal promptly after we deliver this Proposal to you.

## 8. Governing Law

The Proposal shall be governed by the laws of the state of New York without giving effect to choice of law principals that would require application of the laws of any other jurisdiction. This Proposal may be executed by one or more counterparts (including by facsimile, pdf or other electronic delivery) which, when taken together, shall represent a fully executed Proposal. Each party expressly agrees that suit to enforce any provision of this Proposal or to obtain any remedy with respect hereto shall be brought exclusively in either a federal or state court located in the city, county and state of New York.

## 9. Non-Binding Effect

Notwithstanding anything in this Proposal to the contrary, except with respect to the covenants contained in Section 4 (Exclusivity), Section 8 (Governing Law) and in this Section 9, none of the provisions in this Proposal are intended to create a binding obligation of any party hereto. This Proposal does not constitute an offer, an agreement of purchase and sale, or other binding commitment of either party hereto. Neither party hereto is obligated to enter into or perform any agreement regarding the proposed Transaction unless and until definitive agreements are negotiated, approved and executed and, in such event, only to the extent set forth in any such definitive agreements.

[Signature page follows]

Docusign Envelope ID: A93E5B55-EA3D-44DA-B2B9-163BA17497AF

kawa

1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | +1 (305) 560-5200 | kawa.com

We remain excited about this opportunity and trust that our Proposal and work done to date demonstrate our seriousness and enthusiasm for pursuing the Transaction, as it has our full attention and focus. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.

Sincerely,

Kawa Capital Management, Inc.

![img-0.jpeg](img-0.jpeg)

Daniel Ades

CEO and Chief Investment Officer

Countersigned and accepted on ______________, 2025:

Orion Properties Inc.

Paul McDowell

CEO, President and Director

Mesirow

353 North Clark Street, Chicago, Illinois 60654

312.595.6000 = mesirowfinancial.com

# Financing Commitment Letter

June 18, 2025

To: Mr. Daniel Ades
CEO and CIO
Kawa Capital Management, Inc
1010 S. Federal Hwy, Ste. 2900
Hallandale Beach, FL 33009

Dear Daniel,

You have informed Mesirow Financial, Inc ("Mesirow") that Kawa Capital Management, Inc ("Kawa" or the "Company") intends to submit an indicative bid for the proposed acquisition (the "Acquisition") of Orion Properties Inc ("Orion").

In connection with our evaluation of the proposed Transactions (as defined below), we have reviewed the preliminary information provided to us by the Company. Based on the above referenced information and taking into account current market conditions, we are pleased to inform you that, as of the date hereof, we are highly confident that funded debt financing of up to $150MM toward the unencumbered assets, can be arranged by us via the capital markets to consummate the Acquisition and refinance existing debt of the Company (the "Financing" and together with the Acquisition, the "Transactions").

It should be noted that Mesirow's comments about the feasibility of the Financing does not constitute or give rise to (i) any legal obligation on the part of Mesirow, or any of its affiliates, to arrange, underwrite or provide, or commit to arrange, underwrite or provide, the Financing or any other financing for the Transactions or otherwise; or (ii) any representations or warranties in respect of any of the foregoing. Any such obligations or liabilities would arise only under separate written agreements in form and substance satisfactory to Mesirow.

This letter is confidential and is delivered to you on the understanding that neither this letter nor any of its terms or substance has been or shall be disclosed, directly or indirectly, by you to any other person without our prior written consent except you may disclose this letter: (i) to your directly involved officers, financial advisors, accountants and lawyers, (ii) subject to their acknowledgment that they may not rely on this letter, to the Orion's Board of Directors, the senior managers of the Orion, and the Orion's financial advisors and lawyers and (iii) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in which case you agree to inform us promptly in advance of disclosure thereof); provided that in the case of clause (i) and clause (ii) such disclosure shall be on a confidential and need-to-know basis only.

We appreciate the opportunity to work with you on this important transaction. Should you have any questions or require any clarification, please do not hesitate to contact Mesirow team.

Sincerely,

Mesirow Financial, Inc

![img-1.jpeg](img-1.jpeg)

Mesirow

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Orion Properties Inc.**

*(Name of Issuer)*

**Common Stock of Beneficial Interest, $0.001 par value per share**

*(Title of Class of Securities)*

**68629Y103**

*(CUSIP Number)*

**Jeremy M. Traster**<br>1010 S Federal Highway<br>Suite 2900<br>Hallandale Beach FL 33009<br>3055605236

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/12/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **68629Y103** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kawa Capital Management, Inc** | Name of reporting person<br>**Kawa Capital Management, Inc** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5474027.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5474027.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5474027.00** | Aggregate amount beneficially owned by each reporting person<br>**5474027.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.7%** | Percent of class represented by amount in Row (11)<br>**9.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock of Beneficial Interest, $0.001 par value per share

**(b) Name of Issuer:**
Orion Properties Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2398 E. CAMELBACK ROAD, SUITE 1060, PHOENIX, AZ, 85016

This statement on Schedule 13D (this "Schedule 13D") relates to the common stock of beneficial interest, $0.001 par value per share (the "Common Shares"), of Orion Properties Inc., a Maryland real estate investment trust (the "Issuer"), whose principal executive office is located at 2398 E. Camelback Road, Suite 1060, Phoenix, AZ 85016.

**Item 4. Purpose of Transaction**

The Reporting Person purchased the Common Shares of the Issuer it beneficially owns for investment purposes in its regular course of business. As with other investments, the Reporting Person continuously evaluates the Issuer, including but not limited to its businesses, results of operations, and prospects. On June 20, 2025, the Reporting Person sent an acquisition proposal to the Issuer, a copy of which is filed as Exhibit 7.01 to this Schedule 13D (the "Proposal"), incorporated by reference herein. The Proposal provides that it does not constitute an offer, an agreement of purchase and sale, or other binding commitment of either party, and neither party is obligated to enter into or perform any agreement regarding the Proposal unless and until definitive agreements are negotiated, approved and executed.

The Reporting Person intends to engage in discussions with the Issuer and its representatives concerning the Proposal and enter into negotiations with the Issuer, potential financing sources, and advisors with respect thereto. The Reporting Person may enter into confidentiality or similar agreements with the Issuer to facilitate the exchange of information with the Issuer in connection with any such negotiations. There can be no certainty or guarantee as to whether discussions will occur or any outcome of such discussions thereof. The Reporting Person may determine to accelerate or terminate discussions with the Issuer concerning the Proposal, change the terms of or withdraw the Proposal, take any action to facilitate or increase the likelihood of consummation of the Proposal or change its intentions with respect to any such matters at any time and without prior notice. The Reporting Person may take additional steps as they may deem appropriate to further the Proposal or otherwise support its investment in the Issuer, including but not limited to entering into financing commitments and other agreements, arrangements and understandings concerning the Proposal.

While the Reporting Person intends to pursue the transaction described in the Proposal, in connection with its investment in the Issuer, the Reporting Person may, subject to applicable law and regulation, possible agreements or contractual obligations, further purchase, hold, vote, trade, dispose of or otherwise deal in the Common Shares at times, and in such manner, as they deem advisable to benefit from, among other things: (1) changes in the market price of the Common Shares; (2) material changes in the Issuer's assets, operations, business strategy or prospects; or (3) the sale or merger of the Issuer. To evaluate such alternatives, the Reporting Person will continue to closely monitor the Issuer's operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as other economic, securities markets and investment considerations. The Reporting Person may discuss such matters with the management or Board of the Issuer, industry analysts, existing or potential strategic partners, financing sources, competitors, other shareholders, investment and financing professionals, and other third parties. Such evaluations and discussions may materially affect, and result in, among other things, the Reporting Person (1) consummating the transaction contemplated by the Proposal; (2) modifying their ownership of the Common Shares; (3) proposing changes in the Issuer's operations, governance or capitalization; or (4) pursuing one or more of the other actions described in any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D.

In addition to the information disclosed in this Schedule 13D, the Reporting Person reserves the right to: (1) engage in discussions with other shareholders, potential sources of financing, advisors, and other relevant parties; (2) formulate other plans and proposals; (3) take any actions with respect to their investment in the Issuer, including any or all of the actions set forth in any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D; and (4) subject to applicable law and regulation, agreements or contractual obligations, acquire additional Common Shares or dispose of some or all of the Common Shares they beneficially own, either through the open market, privately negotiated transactions or otherwise. The Reporting Person may at any time reconsider and/or change their plans or proposals relating to the foregoing.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate number of the Common Share class of the Issuer owned by the Reporting Person is 5,474,027 shares, including shares held in non discretionary accounts.  Due to the Reporting Person's relationship with such accounts, it has opted to include those Common Shares in an abundance of caution given the Reporting Person can influence and direct the vote of the Common Shares. The aggregate number of Common Shares represent 9.7% of the outstanding Common Shares of the Issuer as of the date of this filing. The information with respect to the percentage of the outstanding Common Shares of the Issuer beneficially owned by the Reporting Person is calculated based on the last reported outstanding Common Shares information from the Form 10 Q filed by the Issuer on May 7, 2025, reporting 56,193,655 Common Shares outstanding as of May 2, 2025.

The Reporting Person previously filed the Schedule 13G on May 13, 2025 reporting their beneficial ownership of 3,096,547 Common Shares, representing approximately 5.5% of such class. Between the date of the event that required filing of Schedule 13G and the date of this Schedule 13D filing, the Reporting Person acquired beneficial ownership of an additional 2,377,480 Common Shares, representing approximately 4.2% of such class. This Schedule 13D reports all of the Common Shares previously reported on Schedule 13G and the additional Common Shares acquired, bringing the total aggregate listed above.

**(b)**
The Reporting Person shares the power to vote or direct the vote and dispose of or direct the disposition of the 5,474,027 Common Shares referred to in this Schedule 13D.

**(c)**
The Reporting Person effected no transactions in the Common Shares of the Issuer other than those set forth in the following table:

Nature of Transaction	       Securities Purchased*	Price Per Share ($)	Date of Transaction
Purchase of Common Shares	             85,131	                        $2.228	6/11/2025
Purchase of Common Shares	             61,504	                        $2.153	6/10/2025
Purchase of Common Shares	             2,403	                                $2.072	6/9/2025
Purchase of Common Shares	             65,869	                        $2.099	6/6/2025
Purchase of Common Shares	             40,416	                        $2.029	6/5/2025
Purchase of Common Shares	             10,442	                        $2.048	6/4/2025
Purchase of Common Shares	             24,775	                        $2.013	6/3/2025
Purchase of Common Shares	             60,011	                        $1.921	6/2/2025
Purchase of Common Shares	             60,197	                        $1.778	5/30/2025
Purchase of Common Shares	             73,980	                        $1.809	5/29/2025
Purchase of Common Shares	             50,351	                        $1.858	5/28/2025
Purchase of Common Shares	             51,223	                        $1.856	5/27/2025
Purchase of Common Shares	             77,067	                        $1.759	5/23/2025
Purchase of Common Shares	             29,371	                        $1.677	5/22/2025
Purchase of Common Shares	             82,752	                        $1.703	5/21/2025
Purchase of Common Shares	             31,260	                        $1.779	5/20/2025
Purchase of Common Shares	             97,800	                        $1.863	5/19/2025
Purchase of Common Shares	             127,412	                        $1.965	5/16/2025
Purchase of Common Shares	             55,513	                        $1.958	5/15/2025
Purchase of Common Shares	             166,408	                        $1.962	5/14/2025
Purchase of Common Shares	             57,702	                        $2.142	5/13/2025
Purchase of Common Shares	             114,455	                        $2.117	5/12/2025
Purchase of Common Shares	             37,524	                        $1.947	5/9/2025
Purchase of Common Shares	             213,226	                        $1.902	5/8/2025
Purchase of Common Shares	             67,881	                        $1.977	5/7/2025
Purchase of Common Shares	             54,378	                        $1.988	5/6/2025
Purchase of Common Shares	             42,942	                        $1.962	5/6/2025
Purchase of Common Shares	             41,324	                        $1.956	5/2/2025
Purchase of Common Shares	             35,255	                        $1.849	5/1/2025
Purchase of Common Shares	             21,428	                        $1.768	4/30/2025

*Represents transactions made on the open market by the Reporting Person. Other than disclosed on the table above, there were no transactions in the Common Shares of the Issuer by the Reporting Person during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information described under Item 3 regarding the source of funds used by the Reporting Person to purchase the Common Shares reported in this Schedule 13D and the information regarding the Proposal described under Item 4 are incorporated herein by reference in their entirety.

Except as provided herein, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any other person with respect to any securities of the Issuer, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies, or a pledge or contingency, the occurrence of which would give another person voting power over the securities of the Issuer.

### SIGNATURE

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.

**Reporting Person:** Kawa Capital Management, Inc

**Signature:** /s/Daniel Ades

**Name/Title:** Daniel Ades, Director

**Date:** 06/20/2025