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Apricus Biosciences, Inc. (APRI) and TOP Ships, Inc. (TOPS) Activist Update

Sabby Management, LLC has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 1,800,000 shares of Apricus Biosciences, Inc. (NASDAQ:APRI). This represents 7.68 percent ownership of the company. Apricus Biosciences, Inc. has declared a standard industrial code (sic) of 2834 which is the “Pharmaceutical Preparations” industry.

Sovereign Holdings Inc. has filed an SC 13D/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,600,016 shares of TOP Ships, Inc. (NASDAQ:TOPS). This represents 13.3 percent ownership of the company. Previously, Sovereign Holdings Inc. had reported owning 14,837,691 shares, indicating a decrease of -82.48 percent.

When a person or group of persons acquires beneficial ownership of more than 5% of a company’s equity securities, they are required to file a Schedule 13D or 13G with the SEC. If these groups intend to influence management into changing the business strategy, they are considered “activist” investors. There is considerable academic research that suggest activist investors contribute to excess returns in equities in the subsequent twelve months after the event.

Investors that acquire 10% or more of a company’s shares, or that gain a board seat, are considered insiders by the SEC and are subject to stricter insider trading filing requirements.

New Activist Investor Filings

Investors that acquire more than 5% of the shares of a company and intend to influence management are considered activist investors and must file a 13D.

Cemtrex, Inc. (CETX) – Zucker Anita G has filed a new SC 13D, reporting a 8.76% ownership stake in Cemtrex.

GDL Fund, The (GDL) – Gamco Investors, Inc. Et Al has filed a new SC 13D, reporting a 8.57% ownership stake in GDL Fund, The.

Original Source Music, Inc. (osmu) – Big Emperor, Ltd. has filed a new SC 13D, reporting a 69.00% ownership stake in Original Source Music.

Original Source Music, Inc. (osmu) – Tsang Chi Hin has filed a new SC 13D, reporting a 69.00% ownership stake in Original Source Music.

Mulesoft, Inc. (MULE) – New Enterprise Associates 14, L.P. has filed a new SC 13D, reporting a 15.30% ownership stake in Mulesoft. This is a decrease of 13.56% from their previous filing.

Amended Activist Investor Filings

Finish Line, Inc. (THE) (FINL) – Sports Direct International plc has filed an amended Schedule 13D/A, reporting a 29.00% ownership stake in Finish Line. This is a decrease of 6.75% from their previous filing.

MutualFirst Financial, Inc. (MFSF) – PL Capital, LLC has filed an amended Schedule 13D/A, reporting a 8.40% ownership stake in MutualFirst Financial. This is a decrease of 14.29% from their previous filing.

Dolby Laboratories, Inc. (DLB) – Dolby Dagmar has filed an amended Schedule 13D/A, reporting a 42.50% ownership stake in Dolby Laboratories. This is a decrease of 0.47% from their previous filing.

TOP Ships, Inc. (TOPS) – Sovereign Holdings Inc. has filed an amended Schedule 13D/A, reporting a 13.30% ownership stake in TOP Ships. This is an increase of 18.75% from their previous filing.

GDL Fund, The (GDL) – Gamco Investors, Inc. Et Al has filed an amended Schedule 13D/A, reporting a 0.00% ownership stake in GDL Fund, The.

CenturyLink, Inc. (CTL) – Temasek Holdings (Private) Ltd has filed an amended Schedule 13D/A, reporting a 9.70% ownership stake in CenturyLink.

Marchex, Inc. (MCHX) – Edenbrook Capital, LLC has filed an amended Schedule 13D/A, reporting a 11.70% ownership stake in Marchex. This is an increase of 9.35% from their previous filing.

New Passive Investor Filings

Investors that acquire more than 5% of the shares of a company but have no intention of influencing management are considered passive investors and must file a 13G.

Zosano Pharma Corporation (ZSAN) – Sabby Management, LLC has filed a new SC 13G, reporting a 5.01% ownership stake in Zosano Pharma.

Citius Pharmaceuticals Inc. (CTXR) – Sabby Management, LLC has filed a new SC 13G, reporting a 6.08% ownership stake in Citius Pharmaceuticals.

Apricus Biosciences, Inc. (APRI) – Sabby Management, LLC has filed a new SC 13G, reporting a 7.68% ownership stake in Apricus Biosciences.

Myovant Sciences Ltd. (MYOV) – Millennium Pharmaceuticals Inc has filed a new SC 13G, reporting a 12.20% ownership stake in Myovant Sciences.

Ampliphi Biosciences Corp. (APHB) – Armistice Capital, Llc has filed a new SC 13G, reporting a 0.00% ownership stake in Ampliphi Biosciences.

Par Technology Corp. (PAR) – ADW Capital Partners, L.P. has filed a new SC 13G, reporting a 6.90% ownership stake in Par Technology.

Liberty Media, Formula One Group Series C (FWONK) – Eminence Capital, Lp has filed a new SC 13G, reporting a 5.40% ownership stake in Liberty Media, Formula One Group Series C.

Gulf Island Fabrication, Inc. (GIFI) – PVAM Perlus Microcap Fund, L.P. has filed a new SC 13G, reporting a 5.20% ownership stake in Gulf Island Fabrication.

Ovascience Inc. (OVAS) – Hirschman Orin has filed a new SC 13G, reporting a 6.20% ownership stake in Ovascience.

Amended Passive Investor Filings

Xenon Pharmaceuticals Inc. (XENE) – Biotechnology Value Fund L P has filed an amended Schedule 13D/A, reporting a 9.99% ownership stake in Xenon Pharmaceuticals. This is a decrease of 49.80% from their previous filing.

International Tower Hill Mines Ltd. (THM) – Electrum Strategic Opportunities Fund Ii L.p. has filed an amended Schedule 13D/A, reporting a 14.30% ownership stake in International Tower Hill Mines. This is an increase of 33.64% from their previous filing.

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