+Added: There have been no material changes in risks since December 31, 2021, except as discussed below.
+Added: The military invasion of Ukraine by Russia, and the ensuing sanctions are likely to continue to have an impact on our business.
+Added: We have already stopped shipping our products to Russia and are in the process of winding down a small joint venture in that country which supplied dryer fabrics to local papermakers, resulting in lost sales and possible future write-offs.
+Added: However, we also expect that there could be further indirect impacts.
+Added: For instance, the conflict has already caused disruption in the availability of shipping options between Asia and Europe.
+Added: Supply chain disruptions could make it more difficult to find favorable pricing and reliable sources for the raw materials we need, putting upward pressure on our costs and increasing the risk that we may be unable to acquire the materials or services we need to continue to make and deliver certain products.
+Added: Moreover, these same pressures could hinder our customers’ ability to source materials needed for their own manufacturing efforts, thereby reducing or slowing their demand for our products.
+Added: There can be no assurance that we will be able to pass through these cost increases to our customers or to fully offset them via operational efficiencies.
+Added: If we are unsuccessful in managing such cost increases, they could have a material adverse effect on our business, financial position, results of operations, and liquidity.
For discussion of risk factors, refer to Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021.
−Removed: Other than the following update, there have been no material changes in risks since December 31, 2020.
−Removed: Prior to August 5, 2021, Standish Family Holdings, LLC, J.S.
−Removed: Standish Company, Christine L.
−Removed: Standish, John C.
−Removed: Standish and J.
−Removed: Spencer Standish Discretionary Trust for Christine L.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.