Red Flags Detected

• ⚠ Controlled Company (new) — The company will be a controlled company under NYSE rules, allowing it to rely on exemptions from independent director and committee requirements.
• ⚠ Super-voting (new) — Class C shares carry ten votes per share and are held exclusively by LILP Controlling Partners, giving them approximately 87% of voting power.
• ⚠ Related-party Redemptions (new) — $180M of offering proceeds will redeem LILP units from insiders, including $125M to directors and executive officers.
• ⚠ Special Dividend to Insiders (new) — A $70.4M special dividend will be paid to pre-IPO LILP unit holders immediately before the offering, funded partly by debt.
• ⚠ Tax Receivable Agreement (new) — The company must pay 85% of certain tax benefits to pre-IPO owners, with a potential termination payment of $214.8M.
• ⚠ Immediate Dilution (new) — New investors pay $19.00 per share but receive only $0.73 in pro forma net tangible book value, an immediate dilution of $18.27 per share.