# EDGAR Filing Document

**Accession Number:** 0000751365
**File Stem:** 0001462390-23-000024
**Filing Date:** 2023-2
**Character Count:** 24478
**Document Hash:** cba6975fd1e2241e62617b2688a8abb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001462390-23-000024.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001462390-23-000024

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRCO MFG CORPORATION
- **CENTRAL INDEX KEY:** 0000751365
- **STANDARD INDUSTRIAL CLASSIFICATION:** PUBLIC BUILDING AND RELATED FURNITURE [2531]
- **IRS NUMBER:** 951613718
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-38401
- **FILM NUMBER:** 23624058

**BUSINESS ADDRESS:**
- **STREET 1:** 2027 HARPERS WAY
- **CITY:** TORRANCE
- **STATE:** CA
- **ZIP:** 90501
- **BUSINESS PHONE:** 3105330474

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 44846
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90044
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Minerva Advisors LLC
- **CENTRAL INDEX KEY:** 0001541536
- **IRS NUMBER:** 753088079

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 50 MONUMENT ROAD
- **STREET 2:** SUITE 201
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004
- **BUSINESS PHONE:** (484) 434-2258

**MAIL ADDRESS:**
- **STREET 1:** 50 MONUMENT ROAD
- **STREET 2:** SUITE 201
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004

**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934<br> (Amendment No. 11)\***

## VIRCO MFG. CORPORATION
**Common Stock $.01 par value** 

(Title of Class of Securities)

**927651109**

(CUSIP Number)

**December 31, 2022**

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Rule 13d-1(b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**X**] Rule 13d-1(c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Rule 13d-1(d)

\*The remainder of this cover page shall be filled out for a reporting person'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 disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") 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).

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.**

<br> CUSIP No. 927651109

---

| | | | |
|:---|:---|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS:** | **NAMES OF REPORTING PERSONS:** | **NAMES OF REPORTING PERSONS:** |
| **1** |  |  |  |
| **1** | Minerva Advisors LLC<br>Minerva Group, LP<br>Minerva GP, LP <br>Minerva GP, Inc. <br>David P. Cohen | Minerva Advisors LLC<br>Minerva Group, LP<br>Minerva GP, LP <br>Minerva GP, Inc. <br>David P. Cohen | Minerva Advisors LLC<br>Minerva Group, LP<br>Minerva GP, LP <br>Minerva GP, Inc. <br>David P. Cohen |
| **1** |  |  |  |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):<br>** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):<br>** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):<br>** |
| **2** | (a) **[ ]** | (a) **[ ]** | (a) **[ ]** |
| **2** | (b) **[ ]** | (b) **[ ]** | (b) **[ ]** |
| **2** |  |  |  |
| **3** | **SEC USE ONLY:** | **SEC USE ONLY:** | **SEC USE ONLY:** |
| **3** |  |  |  |
| **3** |  |  |  |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION:** | **CITIZENSHIP OR PLACE OF ORGANIZATION:** | **CITIZENSHIP OR PLACE OF ORGANIZATION:** |
| **4** |  |  |  |
| **4** | Minerva Advisors LLC - Deleware <br>Minerva Group, LP - Deleware <br>Minerva GP, LP - Deleware <br>Minerva GP, Inc. - Pennsylvania <br>David P. Cohen - U.S. Citizen | Minerva Advisors LLC - Deleware <br>Minerva Group, LP - Deleware <br>Minerva GP, LP - Deleware <br>Minerva GP, Inc. - Pennsylvania <br>David P. Cohen - U.S. Citizen | Minerva Advisors LLC - Deleware <br>Minerva Group, LP - Deleware <br>Minerva GP, LP - Deleware <br>Minerva GP, Inc. - Pennsylvania <br>David P. Cohen - U.S. Citizen |
| **4** |  |  |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **5** | **SOLE VOTING POWER:** |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **5** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **5** | Minerva Advisors LLC\* - 711,368 <br> Minerva Group, LP - 711,368<br> Minerva GP, LP\* - 711,368<br> Minerva GP, Inc.\* - 711,368<br> David P. Cohen\* - 717,542 <br> \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is also the beneficial owner of 6,174 shares of the Issuer owned individually. |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **5** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** |  |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **6** | **SHARED VOTING POWER:** |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **6** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **6** | Minerva Advisors LLC - 217,573 <br> David P. Cohen\*\* - 217,573 <br> \*\*David P. Cohen is deemed a beneficial owner of the 217,573 shares of the Issuer beneficially owned by Minerva Advisors LLC. |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **6** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** |  |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **7** | **SOLE DISPOSITIVE POWER:** |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **7** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **7** | Minerva Advisors LLC\* - 711,368 <br> Minerva Group, LP - 711,368<br> Minerva GP, LP\* - 711,368<br> Minerva GP, Inc.\* - 711,368<br> David P. Cohen\* - 717,542 <br> \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is also the beneficial owner of 6,174 shares of the Issuer owned individually. |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **7** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** |  |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **8** | **SHARED DISPOSITIVE POWER:** |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **8** |  |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **8** | Minerva Advisors LLC - 217,573 <br> David P. Cohen\*\* - 217,573 <br> \*\*David P. Cohen is deemed a beneficial owner of the 217,573 shares of the Issuer beneficially owned by Minerva Advisors LLC. |
| **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **NUMBER OF<br>SHARES<br>BENEFICIALLY<br>OWNED BY<br>EACH<br>REPORTING PERSON<br>WITH:** | **8** |  |
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:** |
| **9** |  |  |  |
| **9** | Minerva Advisors LLC\* - 928,941 <br> Minerva Group, LP - 711,368 <br> Minerva GP, LP\* - 711,368 <br> Minerva GP, Inc.\* - 711,368 <br> David P. Cohen\* - 935,115 \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 6,174 shares of the Issuer owned individually and is also deemed a beneficial owner of the 928,941 shares of the Issuer beneficially owned by Minerva Advisors LLC. | Minerva Advisors LLC\* - 928,941 <br> Minerva Group, LP - 711,368 <br> Minerva GP, LP\* - 711,368 <br> Minerva GP, Inc.\* - 711,368 <br> David P. Cohen\* - 935,115 \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 6,174 shares of the Issuer owned individually and is also deemed a beneficial owner of the 928,941 shares of the Issuer beneficially owned by Minerva Advisors LLC. | Minerva Advisors LLC\* - 928,941 <br> Minerva Group, LP - 711,368 <br> Minerva GP, LP\* - 711,368 <br> Minerva GP, Inc.\* - 711,368 <br> David P. Cohen\* - 935,115 \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 6,174 shares of the Issuer owned individually and is also deemed a beneficial owner of the 928,941 shares of the Issuer beneficially owned by Minerva Advisors LLC. |
| **9** |  |  |  |
| **10** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):** | **CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):** |
| **10** |  |  |  |
| **10** | **[ ]** | **[ ]** | **[ ]** |
| **10** |  |  |  |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):** |
| **11** |  |  |  |
| **11** | Minerva Advisors LLC\* - 5.7% <br> Minerva Group, LP - 4.4% <br> Minerva GP, LP\* - 4.4% <br> Minerva GP, Inc.\* - 4.4% <br> David P. Cohen\* - 5.8% <br> \*Each of these reporting persons is deemed a beneficial owner of the 4.4% of the shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 0.04% of the shares of the Issuer owned individually and is also deemed a beneficial owner of the 5.8% of the shares of the Issuer beneficially owned by Minerva Advisors LLC.<br> Based on the total of 16,210,985 shares of the Issuer's Common Stock outstanding as of December 4, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended October 31, 2022. | Minerva Advisors LLC\* - 5.7% <br> Minerva Group, LP - 4.4% <br> Minerva GP, LP\* - 4.4% <br> Minerva GP, Inc.\* - 4.4% <br> David P. Cohen\* - 5.8% <br> \*Each of these reporting persons is deemed a beneficial owner of the 4.4% of the shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 0.04% of the shares of the Issuer owned individually and is also deemed a beneficial owner of the 5.8% of the shares of the Issuer beneficially owned by Minerva Advisors LLC.<br> Based on the total of 16,210,985 shares of the Issuer's Common Stock outstanding as of December 4, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended October 31, 2022. | Minerva Advisors LLC\* - 5.7% <br> Minerva Group, LP - 4.4% <br> Minerva GP, LP\* - 4.4% <br> Minerva GP, Inc.\* - 4.4% <br> David P. Cohen\* - 5.8% <br> \*Each of these reporting persons is deemed a beneficial owner of the 4.4% of the shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 0.04% of the shares of the Issuer owned individually and is also deemed a beneficial owner of the 5.8% of the shares of the Issuer beneficially owned by Minerva Advisors LLC.<br> Based on the total of 16,210,985 shares of the Issuer's Common Stock outstanding as of December 4, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended October 31, 2022. |
| **11** |  |  |  |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):** |
| **12** |  |  |  |
| **12** | Minerva Advisors LLC - IA <br>Minerva Group, LP - PN <br>Minerva GP, LP - PN<br>Minerva GP, Inc. - CO <br>David P. Cohen - IN | Minerva Advisors LLC - IA <br>Minerva Group, LP - PN <br>Minerva GP, LP - PN<br>Minerva GP, Inc. - CO <br>David P. Cohen - IN | Minerva Advisors LLC - IA <br>Minerva Group, LP - PN <br>Minerva GP, LP - PN<br>Minerva GP, Inc. - CO <br>David P. Cohen - IN |

---

<u>**SCHEDULE 13G**</u><br>

---

| | |
|:---|:---|
| **Item 1(a)**  | **Name of Issuer.** |
|  | VIRCO MFG. CORPORATION |
| **Item 1(b)**  | **Address of Issuer's Principal Executive Offices.** |
|  | 2027 Harpers Way <br>Torrance, CA 90501 |
| **Item 2(a)**  | **Name of Person Filing.** |
|  | Minerva Advisors LLC<br>Minerva Group, LP<br>Minerva GP, LP <br>Minerva GP, Inc. <br>David P. Cohen |
| **Item 2(b)**  | **Address of Principal Business Office or, if none, Residence.** |
|  | 50 Monument Road, Suite 201 <br>Bala Cynwyd, PA 19004 |
| **Item 2(c)**  | **Citizenship.** |
|  | David P. Cohen is a U.S. Citizen. <br>Minerva Advisors LLC, Minerva Group, LP, and Minerva GP, LP are organized under Delaware law. <br>Minerva GP, Inc. is organized under Pennsylvania law. |
|  | David P. Cohen is a U.S. Citizen. <br>Minerva Advisors LLC, Minerva Group, LP, and Minerva GP, LP are organized under Delaware law. <br>Minerva GP, Inc. is organized under Pennsylvania law. |
| **Item 2(d)**  | **Title of Class of Securities.** |
|  | Common Stock $.01 par value |
| **Item 2(e)**  | **CUSIP Number.** |
|  | 927651109 |

---

---

| | | |
|:---|:---|:---|
| **Item 3** | **This statement is not filed pursuant to Rules 13d-1(b), 13d-2(b) or 13d-2(c).** | **This statement is not filed pursuant to Rules 13d-1(b), 13d-2(b) or 13d-2(c).** |
| **Item 4** | **Ownership**. | **Ownership**. |
|  | (a) | **Amount beneficially owned:** Minerva Advisors LLC\* - 928,941 <br> Minerva Group, LP - 711,368 <br> Minerva GP, LP\* - 711,368 <br> Minerva GP, Inc.\* - 711,368 <br> David P. Cohen\* - 935,115 <br>\*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 6,174 shares of the Issuer owned individually and is also deemed a beneficial owner of the 928,941 shares of the Issuer beneficially owned by Minerva Advisors LLC.<br>|
|  | (b) | **Percent of Class:**<br> Minerva Advisors LLC\* - 5.7% <br> Minerva Group, LP - 4.4% <br> Minerva GP, LP\* - 4.4% <br> Minerva GP, Inc.\* - 4.4% <br> David P. Cohen\* - 5.8% <br> \*Each of these reporting persons is deemed a beneficial owner of the 4.4% of the shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 0.04% of the shares of the Issuer owned individually and is also deemed a beneficial owner of the 5.8% of the shares of the Issuer beneficially owned by Minerva Advisors LLC.<br> Based on the total of 16,210,985 shares of the Issuer's Common Stock outstanding as of December 4, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended October 31, 2022.<br>|
|  | (c) | **Number of Shares as to which the person has:** (i) Sole power to vote or to direct the vote: Minerva Advisors LLC\* - 711,368 <br> Minerva Group, LP - 711,368<br> Minerva GP, LP\* - 711,368<br> Minerva GP, Inc.\* - 711,368<br> David P. Cohen\* - 717,542 <br> \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is also the beneficial owner of 6,174 shares of the Issuer owned individually.<br>(ii) Shared power to vote or to direct the vote: <br> Minerva Advisors LLC - 217,573 <br> David P. Cohen\*\* - 217,573 <br> \*\*David P. Cohen is deemed a beneficial owner of the 217,573 shares of the Issuer beneficially owned by Minerva Advisors LLC.<br> (iii) Sole power to dispose or to direct the disposition of: Minerva Advisors LLC\* - 711,368 <br> Minerva Group, LP - 711,368<br> Minerva GP, LP\* - 711,368<br> Minerva GP, Inc.\* - 711,368<br> David P. Cohen\* - 717,542 <br> \*Each of these reporting persons is deemed a beneficial owner of the 711,368 shares of the Issuer held by Minerva Group, LP. David P. Cohen is also the beneficial owner of 6,174 shares of the Issuer owned individually.<br>|
|  |  | (iv) Shared power to dispose or to direct the disposition of: <br> Minerva Advisors LLC - 217,573 <br> David P. Cohen\*\* - 217,573 <br> \*\*David P. Cohen is deemed a beneficial owner of the 217,573 shares of the Issuer beneficially owned by Minerva Advisors LLC.<br>|
| **Item 5** | **Ownership of Five Percent or Less of a Class.** | **Ownership of Five Percent or Less of a Class.** |
|  | Not applicable. | Not applicable. |
| **Item 6** | **Ownership of More Than Five Percent on Behalf of Another Person.** | **Ownership of More Than Five Percent on Behalf of Another Person.** |
|  | Not applicable. | Not applicable. |
| **Item 7** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported On By the Parent Holding Company or Control Person.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported On By the Parent Holding Company or Control Person.** |
|  | Not applicable. | Not applicable. |
| **Item 8** | **Identification and Classification of Members of the Group.** | **Identification and Classification of Members of the Group.** |
|  | Not applicable. | Not applicable. |
| **Item 9** | **Notice of Dissolution of Group.** | **Notice of Dissolution of Group.** |
|  | Not applicable. | Not applicable. |
| **Item 10** | **Certification.** | **Certification.** |
|  | By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. | By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. |

---

------

<u>**SIGNATURE**</u>

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| **MINERVA ADVISORS LLC** | **MINERVA ADVISORS LLC** | **MINERVA ADVISORS LLC** |
| Date: February 6, 2023 | Date: February 6, 2023 | Date: February 6, 2023 |
| By: | David P. Cohen, President | David P. Cohen, President |
|  | By: | /s/ Beth N. Lowson |
|  |  | Name: Beth N. Lowson |
|  |  | Title: Attorney-In-Fact |
|  |  | DarrowEverett LLP |
|  |  | 450 Seventh Avenue |
|  |  | Suite 1802 |
|  |  | New York, NY 10123 |
| **MINERVA GROUP, LP** | **MINERVA GROUP, LP** | **MINERVA GROUP, LP** |
| Date: February 6, 2023 | Date: February 6, 2023 | Date: February 6, 2023 |
| By: | MINERVA GP, LP, its General Partner | MINERVA GP, LP, its General Partner |
|  |  | MINERVA GP, INC., its General Partner |
|  |  | David P. Cohen, President |
|  | By: | /s/ Beth N. Lowson |
|  |  | Name: Beth N. Lowson |
|  |  | Title: Attorney-In-Fact |
|  |  | DarrowEverett LLP |
|  |  | 450 Seventh Avenue |
|  |  | Suite 1802 |
|  |  | New York, NY 10123 |
| **MINERVA GP, LP** | **MINERVA GP, LP** | **MINERVA GP, LP** |
| Date: February 6, 2023 | Date: February 6, 2023 | Date: February 6, 2023 |
| By: | MINERVA GP, INC., its General Partner | MINERVA GP, INC., its General Partner |
|  |  | David P. Cohen, President |
|  | By: | /s/ Beth N. Lowson |
|  |  | Name: Beth N. Lowson |
|  |  | Title: Attorney-In-Fact |
|  |  | DarrowEverett LLP |
|  |  | 450 Seventh Avenue |
|  |  | Suite 1802 |
|  |  | New York, NY 10123 |
| **MINERVA GP, INC.** | **MINERVA GP, INC.** | **MINERVA GP, INC.** |
| Date: February 6, 2023 | Date: February 6, 2023 | Date: February 6, 2023 |
| By: | David P. Cohen | David P. Cohen |
|  | By: | /s/ Beth N. Lowson |
|  |  | Name: Beth N. Lowson |
|  |  | Title: Attorney-In-Fact |
|  |  | DarrowEverett LLP |
|  |  | 450 Seventh Avenue |
|  |  | Suite 1802 |
|  |  | New York, NY 10123 |
| **DAVID P. COHEN** | **DAVID P. COHEN** | **DAVID P. COHEN** |
| Date: February 6, 2023 | Date: February 6, 2023 | Date: February 6, 2023 |
|  | By: | /s/ Beth N. Lowson |
|  |  | Name: Beth N. Lowson |
|  |  | Title: Attorney-In-Fact |
|  |  | DarrowEverett LLP |
|  |  | 450 Seventh Avenue |
|  |  | Suite 1802 |
|  |  | New York, NY 10123 |

---

------

<u>**POWER OF ATTORNEY**</u><br>

The undersigned does hereby constitute and appoint DarrowEverett LLP, a Rhode Island limited liability partnership, and each of its representatives, signing singly, with full power of substitution, as the true and lawful attorney of the undersigned, and authorizes and designates each of them to sign on behalf of the undersigned, and to file filings and any amendments thereto made by or on behalf of the undersigned in respect of the beneficial ownership of equity securities held by the undersigned, directly, indirectly or beneficially, pursuant to Sections 13(d), 13(f), 13(g) and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations thereunder. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities to comply with Sections 13(d), 13(f), 13(g) or 16 of the Exchange Act. <br>

This Power of Attorney shall remain in full force and effect until withdrawn by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 8th day of February, 2022.

---

| | |
|:---|:---|
| By: | /s/ David P. Cohen |
|  | David P. Cohen |

---