We have received numerous inquiries regarding $RDBX FF. Our preliminary review of the underlying data has not uncovered any errors in the estimate provided by S&P Global. Here’s what we have reviewed so far.
There were 12.62M Class A shares outstanding as of March 31, 2022, according to the most recent 10-Q. Class B shares do not trade publicly and therefore are excluded from FF.
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The largest holder is Seaport Global Asset Management, the SPAC sponsor that took #Redbox public in October 2021. The 10-K lists 10.43M shares held.
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But that total includes 6.06M shares that are underlying warrants that are not exercisable. When excluding those shares, Seaport’s holdings are 4.36M.
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The next largest holder of Class A shares is private equity firm Apollo, which acquired $RDBX in 2016. Apollo’s ownership is disclosed under Redwood Holdco, which it owns and controls. Apollo/Redwood holds 1.76M Class A shares and 32.77M Class B shares.
Standard General holds 979K, Feis holds 820K, Balyasny/Atlas holds 750K. All of these strategic 5% holders collectively hold 8.67M Class A shares.
(table above)
It’s unclear why insider holdings are not detailed in the 10-K as they should be, but we can turn to Form 4 filings instead. CEO Galen Smith’s most recent Form 4 from December shows 576K shares.
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Likewise for former CFO Kavita Suthar and his 345.6K shares.
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Same for Chief Strategy and Digital Officer Jason Kwong and his 345.6K shares.
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COO Michael Chamberlain holds 172.8K.
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CTO Stephen Lavin holds 172.8K.
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These are the largest insider holdings and total 1.61M. Excluding just the holdings noted in this thread already brings FF down to 2.34M. Excluding other smaller holdings then brings $RDBX FF down to 1.95M, which we believe is the correct estimate.
If you think we missed anything, let us know (respectfully) and we are always happy to look again in order to get the most accurate data on ORTEX.
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