VERICEL CORP

Ticker: VCEL CUSIP: 92346J108 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

Note: Option positions (PUT/CALL) are excluded.

Q1 2020

Shares 311,609 Value ($000) $2,857 Avg Close $14.99 Range $6.78 - $19.48

Q4 2019

Shares 564,651 Value ($000) $9,825 Avg Close $17.02 Range $13.40 - $19.57

Q3 2019

Shares 718,359 Value ($000) $10,876 Avg Close $17.49 Range $14.90 - $19.95

Q2 2019

Shares 718,359 Value ($000) $13,570 Avg Close $17.05 Range $14.91 - $19.00

Q1 2019

Shares 548,360 Value ($000) $9,602 Avg Close $18.29 Range $16.04 - $21.01

Q4 2018

Shares 400,000 Value ($000) $6,960 Avg Close $14.96 Range $10.51 - $18.87

Q3 2018

Shares 400,000 Value ($000) $5,660 Avg Close $11.72 Range $8.95 - $14.95

Q2 2018

Shares 400,000 Value ($000) $3,880 Avg Close $12.46 Range $9.25 - $14.75

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	311,609	$2,857	$14.99	$6.78 - $19.48
Q4 2019	564,651	$9,825	$17.02	$13.40 - $19.57
Q3 2019	718,359	$10,876	$17.49	$14.90 - $19.95
Q2 2019	718,359	$13,570	$17.05	$14.91 - $19.00
Q1 2019	548,360	$9,602	$18.29	$16.04 - $21.01
Q4 2018	400,000	$6,960	$14.96	$10.51 - $18.87
Q3 2018	400,000	$5,660	$11.72	$8.95 - $14.95
Q2 2018	400,000	$3,880	$12.46	$9.25 - $14.75