Steel Partners Gets Permission 30% of BW

Item 4. Purpose of Transaction.

Item 4 is hereby amended to add the following:

On March 2, 2018, the Reporting Persons requested that the Board of the Issuer adopt a resolution exempting the Reporting Persons from the limitations of Section 203 of the Delaware General Corporation Law. The Reporting Persons have been advised that the Board of the Issuer has granted such exemption up to an aggregate beneficial ownership by the Reporting Persons of 30% of the outstanding Shares. In addition, the Reporting Persons are exploring potential options with respect to the Issuer, including (a) negotiating a confidentiality agreement with the Issuer with respect to Steel Holdings’ prior proposal to acquire all of the Shares not owned by Steel Holdings or its subsidiaries and (b) participating in the Issuer’s proposed rights offering (including any backstop thereof).

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