Page 38 old After completion of the Spin-Off, there will be approximately 20,805,860 Libsyn shares of its common stock outstanding, based upon the number of shares of FAB’s common stock outstanding on January 31, 2016. Of these shares, 12,911,460 will be freely transferable without restriction under the Securities Act new After completion of the Spin-Off, there will be approximately 20,805,860 Libsyn shares of its common stock outstanding, based upon the number of shares of FAB’s common stock outstanding on June 30, 2016. Of these shares, 18,136,503 will be freely transferable without restriction under the Securities Act