I3 Verticals, Inc. (IIIV)

[YanksGhost]

IIIV IPO'd 7.6475 M common voting class "A" shares in June. Founders own 18.6525 common shares that have not been converted to "A" shares which is what we investors own and what everybody, including founders, will eventually own. A similar conveyance was used when Square went public. (this explains the sealed Edgar filings for SQ recently; shorts love to scream management is selling their stake when, in reality, they are just converting warrants to "A" shares).

This explains where the $600 M market cap figure is determined. It includes the founder shares that are outstanding, just not converted to "A" shares, yet.