1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. ๐ Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. ๐ Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
STUB
Event Date
2025-09-17
Sector
Consumer
Subsector
Hotels, Restaurants & Leisure
Offer Range
โ
Shares Offered
34.04M
Shares Outstanding Pre-IPO
305.36M
305.36M
โ
Implied Upside vs Midpoint
$00.00Description
โ
Post-IPO economic shares by class.
| Class | Shares | % Economic |
|---|---|---|
Redeemable Preferred Stock Voting rights per certificate of incorporation; converts to Class A at IPO ยท Converts to Class A at various conversion prices per series (Series I, J, M, N, O outstanding as of June 30, 2025) | 590.48K | 0.2% |
Redeemable Common Stock Same as Class A common stock; reclassifies to permanent Class A at IPO ยท 1-for-1 reclassification to Class A at IPO | 1.54M | 0.5% |
Class A Common Stock (listed) 1 vote per share | 274.15M | 89.8% |
Class B Common Stock Multiple votes per share (high-vote); held by founder Eric H. Baker and related parties ยท Converts to Class A upon transfer or sunset conditions | 24.75M | 8.1% |
Class C Common Stock Reclassifies to Class A (1 vote per share) upon IPO completion ยท 1-for-1 reclassification to Class A at IPO | 4.33M | 1.4% |
| Total economic shares | 305.36M | 100% |