Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
As part of the Separation, on July 14, 2025, Liberty Broadband and its subsidiaries completed an internal reorganization in order for Liberty Broadband to transfer 100% of the outstanding equity interests in GCI, LLC and its subsidiaries to the Company in exchange for Company stock, including 10,000 shares of its non-voting preferred stock, par value $0.01 per share, and the assumption by the Company of certain liabilities related to the GCI Business. As part of the Separation, the Company also effected a reclassification of its existing common stock into a sufficient number of shares of Series A GCI Group common stock, Series B GCI Group common stock and Series C GCI Group common stock to complete the divestiture of the Company pursuant to the Distribution. The issuance and sale of the securities was made in reliance on the exemption provided by Section 4(a)(2) of the Securities Act for the offer and sale of securities not involving a public offering .
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