Avalo Therapeutics disclosed Schedule 13G/A ownership details from reporting persons led by Biotechnology Value Fund and affiliates. The filing lists specific beneficial ownership counts and applies a 9.99% Beneficial Ownership Limitation that restricts conversion of Series C Preferred Stock. The Reporting Persons jointly report holdings tied to convertible Series C Preferred Stock convertible into common shares and attribute aggregated positions through partnership and GP relationships.
The filing states 22,788,452 Shares outstanding as of March 18, 2026 was used to compute percentages and that 726 Series C Preferred shares are convertible into 726,000 Shares (conversion limited to 715,000 Shares by the Beneficial Ownership Limitation). Reported beneficial ownership examples: BVF 1,258,371 Shares (≈5.4%), BVF2 919,912 Shares (≈4.0%), Trading Fund OS 141,562 Shares (<1%).
Positive
None.
Negative
None.
Insights
Group ownership structure and conversion cap define reported stakes and voting/dispositive attribution.
The filing documents how convertible Series C Preferred Stock (726 shares convertible into 726,000 common shares) interacts with a 9.99% Beneficial Ownership Limitation, which currently restricts conversion to 715,000 Shares. Ownership is presented through multiple entities (funds, GPs, holding companies) with several disclaimers of beneficial ownership by intermediary entities.
Watch subsequent filings for changes in conversion activity or any amendment to the Beneficial Ownership Limitation; cash‑flow treatment and conversion timing are not stated in this excerpt.
Percentages are computed using an as‑of outstanding share count plus allowed convertible shares.
The percentages use 22,788,452 Shares outstanding as of March 18, 2026 plus the 715,000 Shares issuable under conversion subject to the ownership cap. Reported aggregated positions attribute up to 2,347,845 Shares (≈9.99%) to certain holding/manager entities, reflecting group treatment under beneficial ownership rules and aggregation among affiliated reporting persons.
Filing language includes standard disclaimers where GPs and managers disclaim beneficial ownership; monitor future Schedule 13 filings if conversions occur or if the outstanding share base changes.
Key Figures
Shares outstanding used:22,788,452 SharesSeries C Preferred shares:726 sharesConversion limited shares:715,000 Shares+4 more
7 metrics
Shares outstanding used22,788,452 Sharesas of March 18, 2026
Series C Preferred shares726 sharesconvertible into 726,000 Shares
Conversion limited shares715,000 Sharesconversion limited by 9.99% Beneficial Ownership Limitation as of March 31, 2026
BVF beneficial ownership1,258,371 Shares≈5.4% of class as of March 31, 2026
BVF2 beneficial ownership919,912 Shares≈4.0% of class as of March 31, 2026
Trading Fund OS beneficial ownership141,562 Shares<1% of class as of March 31, 2026
Aggregated group ownership2,347,845 Shares≈9.99% of class attributed to Partners/BVF Inc./Mr. Lampert
Key Terms
Beneficial Ownership Limitation, Series C Non-Voting Convertible Preferred Stock, Beneficially owned, Attribution Parties
4 terms
Beneficial Ownership Limitationregulatory
"to the extent that after giving effect to such attempted conversion ... would beneficially own ... in excess of 9.99%"
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
Series C Non-Voting Convertible Preferred Stockfinancial
"726 shares of Series C Non-Voting Convertible Preferred Stock convertible into an aggregate of 726,000 shares"
Beneficially ownedregulatory
"BVF beneficially owned 1,258,371 Shares, including 371,000 Shares underlying the Series C Preferred Stock"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Attribution Partieslegal
"such holder, together with its Attribution Parties (as defined in the transaction documents)"
What stake does Biotechnology Value Fund report in AVTX?
The filing reports BVF beneficially owns 1,258,371 Shares, representing approximately 5.4% of the calculated class. This includes 371,000 Shares issuable upon conversion of Series C Preferred Stock as of March 31, 2026.
How many common shares underlie the Series C Preferred described in the filing?
The Reporting Persons and a Partners Managed Account held 726 Series C Preferred shares convertible into 726,000 common Shares, with conversion presently limited to 715,000 Shares by the 9.99% Beneficial Ownership Limitation.
What outstanding share count did the filing use to compute percentages for AVTX?
Percentages are based on a denominator of 22,788,452 Shares outstanding as of March 18, 2026 plus 715,000 Shares issuable upon conversion subject to the ownership limit, per the filing's stated calculation.
Which entities may be deemed to beneficially own aggregated AVTX shares?
The filing states that BVF GP, BVF2 GP, BVF GPH, Partners, BVF Inc., and Mark N. Lampert may be deemed to beneficially own aggregated shares held by affiliated funds and accounts, with specific disclaimers by several intermediaries.
Does the filing state whether conversions or sales have occurred?
The excerpt lists beneficial ownership counts and conversion mechanics, but it does not state any completed conversions or sales; conversion timing and cash‑flow treatment are not described in the provided text.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Avalo Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
05338F306
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BIOTECHNOLOGY VALUE FUND L P
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,258,371.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,258,371.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,258,371.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF I GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,258,371.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,258,371.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,258,371.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BIOTECHNOLOGY VALUE FUND II LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
919,912.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
919,912.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
919,912.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF II GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
919,912.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
919,912.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
919,912.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
Biotechnology Value Trading Fund OS LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
141,562.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
141,562.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
141,562.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF Partners OS Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
141,562.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
141,562.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
141,562.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF GP HOLDINGS LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,178,283.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,178,283.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,178,283.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF PARTNERS L P/IL
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,347,845.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,347,845.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,347,845.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
BVF INC/IL
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,347,845.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,347,845.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,347,845.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
LAMPERT MARK N
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,347,845.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,347,845.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,347,845.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Avalo Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
Item 2.
(a)
Name of person filing:
Biotechnology Value Fund, L.P. ("BVF")
BVF I GP LLC ("BVF GP")
Biotechnology Value Fund II, L.P. ("BVF2")
BVF II GP LLC ("BVF2 GP")
Biotechnology Value Trading Fund OS LP ("Trading Fund OS")
BVF Partners OS Ltd. ("Partners OS")
BVF GP Holdings LLC ("BVF GPH")
BVF Partners L.P. ("Partners")
BVF Inc.
Mark N. Lampert ("Mr. Lampert")
Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
Biotechnology Value Fund, L.P.
44 Montgomery St., 40th Floor
San Francisco, California 94104
BVF I GP LLC
44 Montgomery St., 40th Floor
San Francisco, California 94104
Biotechnology Value Fund II, L.P.
44 Montgomery St., 40th Floor
San Francisco, California 94104
BVF II GP LLC
44 Montgomery St., 40th Floor
San Francisco, California 94104
Biotechnology Value Trading Fund OS LP
PO Box 309 Ugland House
Grand Cayman, KY1-1104
Cayman Islands
BVF Partners OS Ltd.
PO Box 309 Ugland House
Grand Cayman, KY1-1104
Cayman Islands
BVF GP Holdings LLC
44 Montgomery St., 40th Floor
San Francisco, California 94104
BVF Partners L.P.
44 Montgomery St., 40th Floor
San Francisco, California 94104
BVF Inc.
44 Montgomery St., 40th Floor
San Francisco, California 94104
Mark N. Lampert
44 Montgomery St., 40th Floor
San Francisco, California 94104
(c)
Citizenship:
Biotechnology Value Fund, L.P.
Delaware
BVF I GP LLC
Delaware
Biotechnology Value Fund II, L.P.
Delaware
BVF II GP LLC
Delaware
Biotechnology Value Trading Fund OS LP
Cayman Islands
BVF Partners OS Ltd.
Cayman Islands
BVF GP Holdings LLC
Delaware
BVF Partners L.P.
Delaware
BVF Inc.
Delaware
Mark N. Lampert
United States
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(e)
CUSIP No.:
05338F306
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of the close of business on March 31, 2026, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held an aggregate of 726 shares of Series C Non-Voting Convertible Preferred Stock (the "Series C Preferred Stock") convertible into an aggregate of 726,000 shares of the Issuer's Common Stock, $0.001 par value per share (the "Shares"). Each share of Series C Preferred Stock is initially convertible into, and will convert automatically into, 1,000 Shares, subject to the Beneficial Ownership Limitation (as defined below). The Issuer shall not effect any conversion of any Series C Preferred Stock and a holder of Series C Preferred Stock shall not have the right to convert any portion of its Series C Preferred Stock to the extent that, after giving effect to such attempted conversion, such holder, together with its Attribution Parties (as defined in the transaction documents), would beneficially own a number of Shares in excess of 9.99% of the outstanding Shares (the "Beneficial Ownership Limitation"). As of March 31, 2026, the Beneficial Ownership Limitation limits the conversion of the Series C Preferred Stock held by the Reporting Persons and the Partners Managed Account to 715,000 out of 726,000 Shares underlying the Series C Preferred Stock held by them.
As of the close of business on March 31, 2026 (i) BVF beneficially owned 1,258,371 Shares, including 371,000 Shares underlying the Series C Preferred Stock held by it; (ii) BVF2 beneficially owned 919,912 Shares, including 309,000 Shares underlying the Series C Preferred Stock held by it; and (iii) Trading Fund OS beneficially owned 141,562 Shares, including 33,000 Shares underlying the Series C Preferred Stock held by it.
BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,258,371 Shares beneficially owned by BVF.
BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 919,912 Shares beneficially owned by BVF2.
Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 141,562 Shares beneficially owned by Trading Fund OS.
BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,178,283 Shares beneficially owned in the aggregate by BVF and BVF2.
Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 2,347,845 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 28,000 Shares held in the Partners Managed Account, which includes 2,000 Shares underlying the shares of Series C Preferred Stock held in the Partners Managed Account and excludes 11,000 Shares underlying the shares of Series C Preferred Stock held in the Partners Managed Account.
BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 2,347,845 Shares beneficially owned by Partners.
Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 2,347,845 Shares beneficially owned by BVF Inc.
The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)
Percent of class:
The following percentages are based upon a denominator that is the sum of (i) 22,788,452 Shares outstanding as of March 18, 2026, as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2026 and (ii) 715,000 Shares issuable upon the conversion of certain Series C Preferred Stock owned by the Reporting Persons, as applicable.
As of the close of business on March 31, 2026, (i) BVF beneficially owned approximately 5.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 4.0% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 5.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 4.0% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 9.3% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.99% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on August 23, 2024.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
