| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | FIAC | Common shares | Award | +5.02M | 5.02M | Nov 6, 2024 | Direct | F1, F2 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | FIAC | Class B common stock | Disposed to Issuer | $0 | -591K | -100% | $0.00 | 0 | Nov 6, 2024 | Class A common stock | 591K | $0.00 | Direct | F1, F2 |
| transaction | FIAC | Private placement warrants | Conversion of derivative security | -11.2M | -50% | 11.2M | Nov 6, 2024 | Class A common stock | 11.2M | Direct | F2, F3, F4 | |||
| transaction | FIAC | Private placement warrants | Conversion of derivative security | +11.2M | 11.2M | Nov 6, 2024 | Common shares | 10.9M | Direct | F2, F3, F4 |
| Id | Content |
|---|---|
| F1 | In connection with the consummation of the business combination between the issuer and DevvStream Holdings Inc. (the "Business Combination") on November 6, 2024, (i) the reporting person forfeited 575,000 Class B ordinary shares, par value $0.0001 per share, of the issuer ("Class B Shares"), (ii) 15,558 Class B Shares were converted into 15,079 common shares ("New PubCo Common Shares") of the post-Business Combination company (the "New PubCo"), and (iii) 5,000,531 New PubCo Common Shares were issued to the reporting person in exchange for the Class A ordinary shares, par value $0.0001 per share, of the issuer and the Class B Shares that the reporting person transferred on October 29, 2024. Does not include any New PubCo Common Shares upon exercise of any of the New PubCo Private Warrants (as defined below) held by the reporting person. |
| F2 | The reporting person is controlled by a four-member board of managers composed of Carl Stanton, Ernest Lyles, Howard Sanders and Wray Thorn. Each manager has one vote, and the approval of a majority of the managers is required to approve an action of the reporting person. Under the so-called "rule of three," if voting and dispositive decisions regarding an entity's securities are made by three or more individuals, and a voting or dispositive decision requires the approval of a majority of those individuals, then none of the individuals is deemed a beneficial owner of the entity's securities. This is the situation with regard to the reporting person. Based upon the foregoing analysis, no individual manager of the reporting person exercises voting or dispositive control over any of the securities held by the reporting, even those in which such manager holds a pecuniary interest. Accordingly, none of them will be deemed to have or share beneficial ownership of such securities. |
| F3 | 11,200,000 private placement warrants of the issuer held by the reporting person at the time of the closing of the Business Combination will be assumed by New PubCo and converted into 11,200,000 warrants of New PubCo ("New PubCo Private Warrant") with each New PubCo Private Warrant being exercisable for 0.9692 New PubCo Common Share on a cashless basis or for cash at $11.86 per share (subject to additional adjustments pursuant to the terms of the New PubCo Private Warrants). The issuance of 10,855,040 New PubCo Common Shares assumes that each of the New PubCo Private Warrants is exercised for cash. Pursuant to the terms of the New PubCo Private Warrant, the exercise price of the New PubCo Private Warrants is adjustable if certain capital raising transactions meet certain requirements in connection with a business |
| F4 | (Continued from footnote 3) combination and shall be adjusted to an exercise price that is equal to 115% of the higher of the Market Value and the New Issued Price. "Market Value" as used in the foregoing shall mean the volume-weighted average trading price of the New PubCo Common Shares during the twenty (20) trading day period starting on the trading day prior to the day on which the issuer consummated the Business Combination. "Newly Issued Price" as used in the foregoing shall mean the issue price or effective issue price (as determined in good faith by the board of directors of the issuer), at which the issuer issued additional Class A Shares or securities convertible into or exercisable or exchangeable for Class A Shares for capital raising purposes in connection with the closing of the Business Combination. |