Pixel Holdings, Inc. merged with Shutterstock in 2013, I believe (sorry, don't have my notes with me, but I believe it was 2013). So, if we think about how the RM and swaps have been done here, we see that this all looks very similar to how Shutter went from privately held under Holdings to a publicly traded company.
We can only go off of published reports and filings, but if you search the Share Exchange agreement for "February" you should find discussion of the Holdings/VC2 swap. I can pull it up in a bit and post it if you have trouble locating it.
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