Item 1A. Risk Factors
Item 1A. Risk Factors
For discussion of risk factors, refer to Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020. Other than the following update, there have been no material changes in risks since December 31, 2020.
Prior to August 5, 2021, Standish Family Holdings, LLC, J.S. Standish Company, Christine L. Standish, John C. Standish and J. Spencer Standish Discretionary Trust for Christine L. Standish U/A/D 6/21/83 (the “Standish Trust” and collectively, the “Standish Family”) held in the aggregate shares of the Company’s common stock entitling them to cast approximately 34.5 percent of the combined votes entitled to be cast by all stockholders of the Company. As of August 10, 2021, all shares of the Company’s Class B common stock held by the Standish Family had been converted into an equal number of shares of the Company’s Class A common stock (the “Conversion”), and the Standish Family then sold 1,566,644 shares of our Class A Common Stock through a secondary offering. The Standish Family now holds only 58,179 shares of our Class A Common Stock, representing less than 1% of the combined votes entitled to be cast by all stockholders of the Company, effectively eliminating the risk outlined in our Annual Report on Form 10-K for the year ended December 31, 2020.
As of October 15, 2021, we had 32,379,723 shares of Class A Common stock outstanding and 1,154 shares of Class B Common stock outstanding, each of which is convertible at any time into an equal number of Class A Common stock. In addition, Class A Common Stock is issuable on exercise of upon exercise of outstanding stock options or the vesting of outstanding equity awards, and certain shares are reserved for future issuance under our equity compensation plans.
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