Avellan entered into the transaction with an unaffiliated dealer through a wholly-owned special purpose vehicle ("SPV") via a variable prepaid forward contract. Avellan's entry into the Forward Contract did not involve the sale of any shares of the Company's Class A common stock beneficially owned by Avellan at the time the Forward Contract was entered into and had no effect on Avellan's voting and Board of Directors rights.
The non-dilutive transaction represents approximately 3.2% of Avellan's (on an as-converted basis) total holdings in the Company and less than 1% of the Company's (on an as-converted basis) total shares of Class A common stock outstanding as of November 12, 2024, respectively.
Avellan has informed the Company that he currently has no plans to convert his common units of AST & Science LLC or sell any of the shares of the Company's Class A common stock he beneficially owns and intends to continue as a long-term shareholder of the Company.
