Juniper Investment Company, LLC - Nov 30, 2022 Form 4 Insider Report for LINCOLN EDUCATIONAL SERVICES CORP (LINC)

Role
10%+ Owner
Signature
Juniper Investment Company, LLC, By: /s/ John A. Bartholdson, Managing Member of Juniper Investment Company, LLC
Stock symbol
LINC
Transactions as of
Nov 30, 2022
Transactions value $
$8
Form type
4
Date filed
12/1/2022, 04:26 PM
Previous filing
Dec 6, 2021
Next filing
Mar 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LINC Common Stock Other $3.5M +1.48M +168.48% $2.36 2.36M Nov 30, 2022 Juniper Targeted Opportunity Fund, L.P. F1, F2, F3, F4
transaction LINC Common Stock Other $7.7M +3.26M $2.36 3.26M Nov 30, 2022 Juniper Targeted Opportunities, L.P. F1, F2, F3, F4
holding LINC Common Stock 14K Nov 30, 2022 Juniper Multi-Strategy Fund, L.P. F3, F4
holding LINC Common Stock 38.5K Nov 30, 2022 John A. Bartholdson F5
holding LINC Common Stock 16.4K Nov 30, 2022 Alexis P. Michas F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LINC Series A Convertible Preferred Stock Other -$3.5M -3.5K -100% $1,000.00 0 Nov 30, 2022 Common Stock 1.48M $2.36 Juniper Targeted Opportunity Fund, L.P F1, F2, F3, F4, F7, F8
transaction LINC Series A Convertible Preferred Stock Other -$7.7M -7.7K -100% $1,000.00 0 Nov 30, 2022 Common Stock 3.26M $2.36 Juniper Targeted Opportunities, L.P. F1, F2, F3, F4, F7, F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Mandatory conversion by the Issuer of its Series A Convertible Preferred Stock into shares of its Common Stock exempt under SEC Rule 16b-6(b).
F2 Each share of Series A Convertible Preferred Stock was converted into 423.729 shares of Common Stock for an effective price of $2.36 per share of Common Stock.
F3 Juniper Investment Company, LLC ("Juniper Investment") is the investment manager of Juniper Targeted Opportunity Fund, L.P. ("Juniper Opportunity Fund") and Juniper Targeted Opportunities, L.P. ("Juniper Opportunities LP") and Juniper Multi-Strategy Fund, L.P. ("Juniper Multi-Strategy") and may be deemed to beneficially own the securities held by them. Alexis P. Michas and John A. Bartholdson ("Managing Members") are the managing members of Juniper Investment, Juniper HF Investors II, LLC (the general partner of the Juniper Opportunity Fund) and Juniper TO Investors, LLC (the general partner of Juniper Opportunities LP) and Juniper HF Investors, LLC (the general partner of Juniper Multi-Strategy), through which the Managing Members may be deemed to have an indirect beneficial ownership with respect to the shares held by Juniper Opportunity Fund, Juniper Opportunities LP and Juniper Multi-Strategy.
F4 (Footnote 3 continued). Each Reporting Person disclaims beneficial ownership of all interests reported herein except to the extent of such Reporting Person's pecuniary interests.
F5 Represents securities held of record by John A. Bartholdson. Mr. Bartholdson is a director of the Issuer.
F6 Represents securities held of record by Alexis P. Michas.
F7 11/14/2019 - The date on which the Series A Preferred Stock was issued.
F8 None.