FR EA
1010-00002 · Client 1010 · Closing
closing-checklist-base-offering.xlsx DOCUMENT Capital Markets
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Contract analysis Extract to table

[sheet: Cover]

FieldValue
TransactionInitial Public Offering of Common Stock of Arbor Health Technologies Inc.
IssuerArbor Health Technologies Inc., a Delaware corporation
Issuer Address275 Kendall Avenue, Suite 1400, Cambridge, MA 02142
Ticker SymbolARHT (NYSE)
CUSIP039217105
SEC File Number333-276841
SEC CIK Number0001987432
Federal EIN47-3891205
Issuer's CounselCalderwood & Harkness LLP, 125 Broad Street, New York, NY 10004
C&H Responsible PartnerTheodore Langston
C&H Lead AssociateEric Johannsen
C&H Working AssociateClaire Dempsey
Underwriters' CounselMeridian Hale & Quivorn LLP, 51 West 52nd Street, New York, NY 10019
Independent AuditorsKellerman & Associates LLP, 345 Park Avenue, New York, NY 10154
Transfer Agent & RegistrarContinental Share Services, Inc., 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004
Lead Left Bookrunner / RepresentativeWhitfield Barrow & Co., LLC, 383 Madison Avenue, New York, NY 10179
Joint BookrunnerCalloway Pierce Securities LLC, 200 Park Avenue, 40th Floor, New York, NY 10166
Joint BookrunnerVelthorn Capital Partners Inc., 555 California Street, Suite 3000, San Francisco, CA 94104
Co-ManagerPemberton Wallis LLC, 100 Federal Street, 28th Floor, Boston, MA 02110
SecurityCommon Stock, par value $0.001 per share
Base Shares Offered20,000,000 (all primary; no secondary)
Public Offering Price$20.00 per share
Underwriting discount$1.20 per share (6.0%)
Price to Issuer (Net)$18.80 per share
Base Gross Proceeds$400,000,000
Base Underwriting discount (Total)$24,000,000
Base Net Proceeds to Issuer$376,000,000
Overallotment Option3,000,000 additional shares (15% of base offering)
Original Price Range (Jan 22, 2024)$17.00 – $19.00
Revised Price Range (Feb 5, 2024)$18.00 – $20.00
Final IPO Price$20.00 (priced above original range)
Signing DateFebruary 8, 2024
Effectiveness DateFebruary 8, 2024
Final Prospectus Filing DateFebruary 9, 2024 (Rule 424(b)(4))
Closing DateFebruary 13, 2024 (T+3)
Governing Law — Underwriting AgreementNew York
Governing Law — CorporateDelaware
C&H Matter Number1010-00002
Prepared byClaire Dempsey / Eric Johannsen, Calderwood & Harkness LLP
Last UpdatedFebruary 13, 2024

[sheet: Underwriter Allocations]

UnderwriterRoleShares Allocated% of Base OfferingGross Spread per ShareTotal Gross SpreadKey Contact
Whitfield Barrow & Co., LLCLead Left Bookrunner / Representative10,000,00050.0%$1.20$12,000,000Jonathan Pritchett / Sarah Langley-Kwan
Calloway Pierce Securities LLCJoint Bookrunner6,000,00030.0%$1.20$7,200,000Marcus Delgado / Anita Pham
Velthorn Capital Partners Inc.Joint Bookrunner2,400,00012.0%$1.20$2,880,000Robert Acheson
Pemberton Wallis LLCCo-Manager1,600,0008.0%$1.20$1,920,000Elena Vasquez
TOTAL20,000,000100.0%$1.20$24,000,000

[sheet: Conditions Precedent]

Item No.ConditionUA Section ReferenceResponsible PartyStatusDate SatisfiedNotes
1Registration Statement declared effective by SEC; no stop order issued or threatened7(a)C&H / AHTSatisfied2/8/2024Registration Statement on Form S-1 (File No. 333-276841) declared effective February 8, 2024
2Final Prospectus filed with SEC pursuant to Rule 424(b)(4)7(a)C&H / Toppan DonnelleySatisfied2/9/2024Filed February 9, 2024; reflects final pricing at $20.00/share
3No material adverse effect on the Issuer since date of latest financial statements in Registration Statement7(b)AHTSatisfied2/13/2024Confirmed in Officers' Certificate
4Representations and warranties of the Issuer true and correct as of Closing Date7(c)AHTSatisfied2/13/2024Confirmed in Officers' Certificate
5Issuer has performed all covenants and obligations under the Underwriting Agreement required to be performed on or before the Closing Date7(c)AHT / C&HSatisfied2/13/2024Confirmed in Officers' Certificate
6Delivery of Officers' Certificate (CEO and CFO)7(d)AHTSatisfied2/13/2024Signed by Dr. Nathaniel Rourke (CEO) and David Halderman (CFO)
7Delivery of Secretary's Certificate with certified copies of A&R Certificate of Incorporation, A&R Bylaws, and resolutions7(e)AHT (Rachel Moynihan)Satisfied2/13/2024Certified by Rachel Moynihan, General Counsel & Corporate Secretary
8Delivery of opinion of issuer's counsel (Calderwood & Harkness LLP) — validity of shares7(f)C&H (Theodore Langston)Satisfied2/13/2024Shares validly issued, fully paid, non-assessable under DGCL
9Delivery of Delaware law opinion — corporate existence and good standing7(f)C&HSatisfied2/13/2024Valid existence, good standing, corporate power under Delaware law
10Delivery of negative assurance (10b-5) letter of issuer's counsel7(f)C&HSatisfied2/13/2024Customary 10b-5 letter re Registration Statement and Prospectus
11Delivery of tax opinion of issuer's counsel7(f)C&H (Sylvia Hartwell)Satisfied2/13/2024Re: Material U.S. Federal Income Tax Consequences to Non-U.S. Holders
12Delivery of opinion of issuer's counsel — no registration required for lock-up shares7(f)C&HSatisfied2/13/2024Lock-up arrangement does not require Securities Act registration
13Delivery of opinion of underwriters' counsel (Meridian Hale & Quivorn LLP)7(g)Meridian Hale (Graham Neville)Satisfied2/13/2024
14Delivery of comfort letter from independent auditors (Kellerman & Associates LLP) — pricing date7(h)Kellerman (Richard Olander)Satisfied2/8/2024Addressed to underwriters; covers specified financial data
15Delivery of bring-down comfort letter from independent auditors — closing date7(h)Kellerman (Richard Olander / Sonia Melendez)Satisfied2/13/2024Updates pricing-date comfort letter through bring-down cut-off
16Receipt of FINRA no-objections letter7(i)Whitfield Barrow / FINRASatisfied1/30/2024FINRA Corporate Financing Department — no objection to underwriting terms
17NYSE listing approval for shares of common stock under ticker symbol ARHT7(j)AHT / C&HSatisfied2/8/2024NYSE authorized listing subject to official notice of issuance
18Delivery of lock-up agreements from all required signatories (approximately 45 individuals/entities covering ~80,000,000 shares)7(k)C&H / Whitfield BarrowSatisfied2/8/2024180-day lock-up; all 45 signatories executed; lock-up expires August 6, 2024
19Good standing certificate — Delaware Secretary of State7(l)C&HSatisfied2/9/2024Dated within 5 business days of closing
20Good standing certificate — Massachusetts Secretary of the Commonwealth7(l)C&HSatisfied2/9/2024Dated within 5 business days of closing
21DTC eligibility confirmed for AHT common stock (CUSIP 039217105)7(m)Continental Share Services, Inc.Satisfied2/12/2024Book-entry transfer through DTC confirmed
22No market-out or force majeure condition triggered (no suspension of trading on NYSE, no material adverse change in financial markets)7(n)Whitfield BarrowSatisfied2/13/2024No triggering event as of Closing Date
23A&R Certificate of Incorporation filed with Delaware Secretary of State7(o)C&H / AHTSatisfied2/13/2024Filed on Closing Date; authorizes 400,000,000 common / 50,000,000 preferred
24A&R Bylaws adopted and effective7(o)AHTSatisfied2/8/2024Adopted February 8, 2024, effective upon closing

25

[sheet: Closing Deliverables]

Item No.CategoryDocument / DeliverableDescriptionResponsible PartyDue DateDelivery StatusDate DeliveredFormatNotes
1Registration & ProspectusRegistration Statement on Form S-1 (Public Filing)Publicly filed January 22, 2024; initial range $17.00 – $19.00; SEC File No. 333-276841C&H / Toppan Donnelley1/22/2024Delivered1/22/2024EDGAR Filing
2Registration & ProspectusAmendment No. 1 to Form S-1/AFiled February 5, 2024; revised range $18.00 – $20.00; updated financial data and capitalizationC&H / Toppan Donnelley2/5/2024Delivered2/5/2024EDGAR FilingRange raised from original $17–$19
3Registration & ProspectusRequest for Acceleration of EffectivenessLetter from AHT to SEC requesting acceleration; includes Tandy representationsC&H2/7/2024Delivered2/7/2024Letter
4Registration & ProspectusSEC Order Declaring Registration Statement EffectiveSEC declared S-1 effectiveSEC2/8/2024Received2/8/2024SEC NoticeNo stop order issued or threatened
5Registration & ProspectusRule 424(b)(4) Final ProspectusFinal prospectus reflecting pricing at $20.00/share; 20,000,000 shares; gross proceeds $400,000,000C&H / Toppan Donnelley2/9/2024Delivered2/9/2024EDGAR FilingUnderwriting discount $1.20/share (6.0%)
6Underwriting AgreementUnderwriting Agreement (Execution Version)Among AHT, Whitfield Barrow & Co. (as Representative), Calloway Pierce Securities, Velthorn Capital Partners, and Pemberton Wallis; 20,000,000 shares at $18.80/share (net); governed by New York lawC&H / Meridian Hale2/8/2024Executed2/8/2024OriginalIncludes 3,000,000 share overallotment option
7Underwriting AgreementPricing Committee ResolutionsBoard resolutions authorizing pricing at $20.00/share, $1.20/share discount, and execution of UAAHT / C&H2/8/2024Executed2/8/2024Certified Copy
8Underwriting AgreementAgreement Among Underwriters (AAU)Among WB (50%), CPS (30%), GCP (12%), PW (8%); management/selling/underwriting fee split 20%/60%/20%Whitfield Barrow / Meridian Hale2/8/2024Executed2/8/2024CopyReviewed by C&H for consistency with UA
9CertificatesOfficers' CertificateCertificate of Dr. Nathaniel Rourke (CEO) and David Halderman (CFO) per Section 7(d) of UA; accuracy of representations, compliance with covenants, no MAEAHT2/13/2024Delivered2/13/2024Original
10CertificatesSecretary's CertificateCertificate of Rachel Moynihan; attaches certified A&R Certificate of Incorporation, A&R Bylaws, Board resolutions, and stockholder resolutionsAHT (Rachel Moynihan)2/13/2024Delivered2/13/2024Original with Exhibits
11CertificatesGood Standing Certificate — Delaware Secretary of StateCertificate of good standing for Arbor Health Technologies Inc. from DelawareC&H2/13/2024Delivered2/9/2024OriginalDated within 5 business days of closing
12CertificatesGood Standing Certificate — Massachusetts Secretary of the CommonwealthCertificate of good standing from MassachusettsC&H2/13/2024Delivered2/9/2024OriginalDated within 5 business days of closing
13Corporate GovernanceAmended and Restated Certificate of IncorporationFiled with Delaware Secretary of State on closing date; 400,000,000 common shares / 50,000,000 preferred shares authorized; $0.001 par value; anti-takeover provisionsC&H / AHT2/13/2024Filed2/13/2024Filed CopyIncludes: no stockholder action by written consent; supermajority (66⅔%) bylaw amendment; exclusive forum (DE Ct. of Chancery); Section 203 applicable; blank check preferred
14Corporate GovernanceAmended and Restated BylawsAdopted 2/8/2024, effective upon closing; advance notice provisions (90–120 day window); classified board (Class I, II, III); indemnification provisionsC&H / AHT2/13/2024Delivered2/13/2024Certified Copy
15Corporate GovernanceBoard Resolutions — IPO AuthorizationResolutions authorizing IPO, S-1 filing, engagement of underwriters, adoption of governance documents, equity plans, and related mattersAHT / C&H2/13/2024Delivered2/13/2024Certified CopyOriginally adopted ~October 2023; reaffirmed January 2024
16Corporate GovernanceStockholder Written Consent — IPO AuthorizationConsent of CSP Fund IV, RGE Fund III, Dr. Rourke, Ms. Tsujimoto, and other holders approving A&R Certificate, equity plans, and related mattersAHT / C&H2/13/2024Delivered2/13/2024Certified CopyMajority of outstanding shares represented
17Corporate GovernanceAudit Committee CharterAdopted effective upon IPO; Members: Carolyn Whittemore (Chair), Dr. Samuel Obadina, Howard Feng; NYSE Section 303A.07 / Rule 10A-3 compliantAHT / C&H2/13/2024Delivered2/13/2024Adopted Copy
18Corporate GovernanceCompensation Committee CharterAdopted effective upon IPO; Members: Dr. Samuel Obadina (Chair), Diana Coltrane, Carolyn Whittemore; NYSE Section 303A.05 compliantAHT / C&H2/13/2024Delivered2/13/2024Adopted Copy
19Corporate GovernanceNominating and Corporate Governance Committee CharterAdopted effective upon IPO; Members: Leonard marsh (Chair), Howard Feng, Dr. Samuel Obadina; NYSE Section 303A.04 compliantAHT / C&H2/13/2024Delivered2/13/2024Adopted Copy
20Corporate GovernanceCorporate Governance GuidelinesAdopted effective upon IPO; board composition, independence, stock ownership guidelinesAHT / C&H2/13/2024Delivered2/13/2024Adopted Copy
21Corporate GovernanceCode of Business Conduct and EthicsAdopted effective upon IPO; applicable to all employees, officers, and directorsAHT / C&H2/13/2024Delivered2/13/2024Adopted Copy
22Legal Opinions — Issuer's CounselC&H Legal Opinion — Validity of SharesOpinion of Calderwood & Harkness (Theodore Langston) to underwriters: 20,000,000 shares validly issued, fully paid, non-assessable under DGCLC&H2/13/2024Delivered2/13/2024Original
23Legal Opinions — Issuer's CounselC&H Delaware Law Opinion — Corporate Existence and Good StandingValid existence, good standing, corporate power under Delaware law; duly qualified in Massachusetts and other required jurisdictionsC&H2/13/2024Delivered2/13/2024Original
24Legal Opinions — Issuer's CounselC&H Negative Assurance Letter (10b-5 Letter)Negative assurance re Registration Statement and Prospectus; customary 10b-5 formatC&H2/13/2024Delivered2/13/2024Original
25Legal Opinions — Issuer's CounselC&H Legal Opinion — Tax MattersTax opinion (Sylvia Hartwell) re U.S. federal income tax consequences to Non-U.S. Holders; filed as exhibit to Registration StatementC&H (Sylvia Hartwell)2/13/2024Delivered2/13/2024Original
26Legal Opinions — Issuer's CounselC&H Legal Opinion — No Registration Required for Lock-Up SharesLock-up arrangement does not constitute sale/offer requiring Securities Act registrationC&H2/13/2024Delivered2/13/2024Original
27Legal Opinions — Issuer's CounselC&H Secretary's Certificate Opinion Reliance LetterLetter authorizing Meridian Hale & Quivorn to rely on C&H opinions, subject to customary limitationsC&H2/13/2024Delivered2/13/2024Original
28Legal Opinions — Underwriters' CounselMeridian Hale & Quivorn OpinionOpinion of Meridian Hale & Quivorn LLP (Graham Neville) addressed to underwritersMeridian Hale2/13/2024Delivered2/13/2024Original
29Comfort LettersComfort Letter — Pricing Date (Kellerman & Associates)Addressed to underwriters; dated February 8, 2024; covers specified financial data in Registration Statement; circle-up procedures; negative assurance on subsequent changesKellerman (Richard Olander / Sonia Melendez)2/8/2024Delivered2/8/2024Original
30Comfort LettersBring-Down Comfort Letter — Closing Date (Kellerman & Associates)Updates pricing-date comfort letter; confirms no material changes through bring-down cut-off dateKellerman2/13/2024Delivered2/13/2024Original
31Lock-Up AgreementsForm of Lock-Up Agreement (45 executed copies)180-day lock-up from February 8, 2024 (expires August 6, 2024); in favor of Whitfield Barrow as Representative; covers ~80,000,000 pre-IPO shares; exceptions for estate planning, pre-existing 10b5-1 plans, open market post-IPO acquisitions, and up to 10% for tax withholding on vesting RSUsC&H / Whitfield Barrow2/8/2024All 45 Executed2/8/2024OriginalsSee Lock-Up Execution Tracker tab for full signatory list
32Lock-Up AgreementsLock-Up Side Letter re: 10b5-1 Plan ExceptionLetter from Whitfield Barrow confirming parameters for pre-existing 10b5-1 plans for Dr. Nathaniel Rourke and Margaret TsujimotoWhitfield Barrow2/8/2024Delivered2/8/2024Original
33Transfer Agent / DTCDTC Eligibility LetterLetter from Continental Share Services confirming AHT common stock (CUSIP 039217105) eligible for DTC deposit and book-entry transferContinental Share Services, Inc.2/13/2024Delivered2/12/2024Original
34Transfer Agent / DTCForm of Common Stock CertificateSpecimen certificate; CUSIP 039217105; includes restrictive legends for lock-up sharesContinental Share / C&H2/13/2024Delivered2/13/2024Specimen
35RegulatoryFINRA No-Objections LetterFINRA Corporate Financing Department confirmation of no objection to underwriting termsWhitfield Barrow / FINRA2/13/2024Received1/30/2024LetterFINRA CRD (Whitfield Barrow): 7924
36RegulatoryNYSE Listing Approval LetterNYSE authorization to list AHT common stock under ticker ARHT, subject to official notice of issuanceAHT / NYSE2/13/2024Received2/8/2024Letter
37Stockholder AgreementsAmended and Restated Registration Rights AgreementEffective upon IPO; demand rights (2 demands), piggyback rights, S-3 shelf rights after 12 months; 180-day standstill coterminous with lock-up; parties: AHT, CSP Fund IV, RGE Fund IIIC&H2/13/2024Executed2/13/2024Original
38Stockholder AgreementsTermination Agreement re: Investors' Rights AgreementConfirms termination of A&R Investors' Rights Agreement (dated October 22, 2020) upon Qualified IPO (>$200M gross proceeds on national exchange); IPO gross proceeds $400M on NYSE qualifiesC&H2/13/2024Executed2/13/2024OriginalParties: AHT, CSP Fund IV, RGE Fund III, founders
39Stockholder AgreementsTermination Agreement re: Voting AgreementConfirms termination of A&R Voting Agreement upon IPOC&H2/13/2024Executed2/13/2024OriginalParties: AHT, CSP Fund IV, RGE Fund III, Dr. Rourke, Ms. Tsujimoto, others
40Equity Plans2024 Equity Incentive PlanAdopted by Board January 15, 2024; effective upon IPO; 10,300,000 shares reserved (10% of 103,000,000 post-IPO outstanding); 3% annual evergreenAHT / C&H2/13/2024Effective2/13/2024Adopted CopyAuthorizes ISOs, NQSOs, RSAs, RSUs, SARs, performance awards
41Equity Plans2024 Employee Stock Purchase Plan (ESPP)Adopted January 15, 2024; effective upon IPO; 2,060,000 shares reserved (2% of post-IPO outstanding); 15% discount; semi-annual offering periods; Section 423 qualifiedAHT / C&H2/13/2024Effective2/13/2024Adopted Copy
42Credit FacilityFirst Amendment to Credit AgreementDated January 18, 2024; among AHT, Keypoint National Bank, N.A. (Agent), Stonemill Capital Bank (Lender); amends change of control definition, adds permitted equity issuance carve-out for IPO; $150M facility; SOFR + 200 bps; maturity March 15, 2027C&H1/18/2024Executed1/18/2024Executed CopyCovenants: Total Net Leverage ≤ 3.50x; Fixed Charge Coverage ≥ 1.25x
43Credit FacilityPayoff Letter — Keypoint National BankConfirms outstanding balance of ~$65,000,000; per diem interest; wire instructions; lien release mechanics upon receipt of payoff from IPO proceedsKeypoint National Bank, N.A.2/13/2024Delivered2/12/2024OriginalRepayment from IPO net proceeds
44D&O InsuranceD&O Insurance Binder / Evidence of CoverageNorthbridge Specialty Insurance Company — primary layer $50,000,000 per occurrence/aggregate; Side A/B/C; Policy No. NSI-IPO-2024-00473; premium $1,875,000/yr; effective February 8, 2024. Excess: Pinnacle Re Assurance Ltd. ($25M xs $50M), Atlas Guard Insurance Company ($25M xs $75M). Total tower: $100,000,000AHT (Rachel Moynihan)2/13/2024Delivered2/8/2024Binder
45Funds FlowCross-Receipt (Base Closing)Cross-receipt between AHT and Whitfield Barrow (as Representative) confirming delivery of 20,000,000 shares against payment of $376,000,000 (= $400,000,000 gross proceeds less $24,000,000 underwriting discount)AHT / Whitfield Barrow / C&H2/13/2024Executed2/13/2024OriginalWire transfer to AHT operating account at Keypoint National Bank
46Funds FlowWire Transfer Confirmation — IPO ProceedsConfirmation of receipt of $376,000,000 net proceeds by AHTKeypoint National Bank / AHT2/13/2024Confirmed2/13/2024Bank Confirmation
47Funds FlowWire Transfer Confirmation — Keypoint Facility PayoffConfirmation of repayment of ~$65,000,000 outstanding balance on revolving credit facilityAHT / Keypoint National Bank2/13/2024Confirmed2/13/2024Bank ConfirmationLien release to follow per payoff letter terms

[sheet: Lock-Up Execution Tracker]

No.Signatory NameTitle / RoleAffiliationShares Subject to Lock-Up% of Pre-IPO OutstandingLock-Up Start DateLock-Up Expiration DateDate SignedReceived by Whitfield Barrow10b5-1 Plan in PlaceNotes
1Brindoval Trelvon Partners Fund IV, L.P.Pre-IPO SponsorBrindoval Trelvon Partners28,000,00035.0%2/8/20248/6/20242/6/2024ConfirmedNoLead pre-IPO sponsor; Series B & D investor; designees Leonard marsh and Diana Coltrane on Board
2Ridgeline Growth Equity Fund III, LLCPre-IPO InvestorRidgeline Growth Equity16,000,00020.0%2/8/20248/6/20242/6/2024ConfirmedNoSeries C investor; designee Howard Feng on Board
3Dr. Nathaniel RourkeCo-Founder, Chairman & CEOArbor Health12,800,00016.0%2/8/20248/6/20242/5/2024ConfirmedYesPre-existing 10b5-1 plan — covered by side letter
4Margaret "Meg" TsujimotoCo-Founder & CTOArbor Health9,600,00012.0%2/8/20248/6/20242/5/2024ConfirmedYesPre-existing 10b5-1 plan — covered by side letter
5David HaldermanCFOArbor Health2,400,0003.0%2/8/20248/6/20242/5/2024ConfirmedNo
6Dr. Priya SubramanianChief Medical OfficerArbor Health1,600,0002.0%2/8/20248/6/20242/5/2024ConfirmedNo
7Rachel MoynihanGeneral Counsel & Corporate SecretaryArbor Health1,200,0001.5%2/8/20248/6/20242/5/2024ConfirmedNo
8Leonard marshManaging Partner; AHT Board MemberBrindoval Trelvon Partners00.0%2/8/20248/6/20242/6/2024ConfirmedNoShares held by CSP Fund IV; personal lock-up as director
9Diana ColtranePartner; AHT Board MemberBrindoval Trelvon Partners00.0%2/8/20248/6/20242/6/2024ConfirmedNoShares held by CSP Fund IV; personal lock-up as director
10Howard FengManaging Director; AHT Board MemberRidgeline Growth Equity00.0%2/8/20248/6/20242/6/2024ConfirmedNoShares held by RGE Fund III; personal lock-up as director
11Carolyn WhittemoreIndependent DirectorArbor Health Board00.0%2/8/20248/6/20242/6/2024ConfirmedNoIndependent director; no pre-IPO shares (RSU grants under 2024 Plan)
12Dr. Samuel ObadinaIndependent DirectorArbor Health Board00.0%2/8/20248/6/20242/6/2024ConfirmedNoIndependent director; no pre-IPO shares (RSU grants under 2024 Plan)
13Other pre-IPO holders (employees, advisors, former employees) — 33 individualsVariousArbor Health8,400,00010.5%2/8/20248/6/2024Various (2/3–2/7/2024)All ConfirmedVariousAggregate for remaining 33 signatories; individual schedules on file
TOTAL45 Signatories80,000,000100.0%All 45 Confirmed

[sheet: Post-IPO Capitalization]

HolderPre-IPO SharesPre-IPO %Shares Issued in Base OfferingOverallotment Shares (if exercised)Post-IPO Shares (fully diluted with greenshoe)Post-IPO % (fully diluted with greenshoe)Lock-Up Subject
Brindoval Trelvon Partners Fund IV, L.P.28,000,00035.00%0028,000,00027.18%Yes
Ridgeline Growth Equity Fund III, LLC16,000,00020.00%0016,000,00015.53%Yes
Dr. Nathaniel Rourke12,800,00016.00%0012,800,00012.43%Yes
Margaret Tsujimoto9,600,00012.00%009,600,0009.32%Yes
David Halderman2,400,0003.00%002,400,0002.33%Yes
Dr. Priya Subramanian1,600,0002.00%001,600,0001.55%Yes
Rachel Moynihan1,200,0001.50%001,200,0001.17%Yes
Other pre-IPO holders (employees, advisors, former employees)8,400,00010.50%008,400,0008.16%Yes
Public (IPO + greenshoe)00.00%20,000,0003,000,00023,000,00022.33%No
TOTAL80,000,000100.00%20,000,0003,000,000103,000,000100.00%