SCHEDULE 13G/A: Millstreet Capital Management Discloses 10.95% Passive Stake in Ascend Wellness Holdings

Millstreet Capital Management LLC, along with its managing members Brian D. Connolly and Craig M. Kelleher, has disclosed a passive beneficial ownership of 10.95% in Ascend Wellness Holdings, Inc.'s Class A Common Stock.

Summary

• Millstreet Capital Management LLC, Brian D. Connolly, and Craig M. Kelleher collectively reported beneficial ownership of 22,363,044 shares of Ascend Wellness Holdings, Inc.'s Class A Common Stock.
• This ownership represents 10.95% of the Class A Common Stock outstanding.
• The percentage is calculated based on 204,313,808 shares of Class A Common Stock outstanding as of December 24, 2024, as stated in the company's Current Report on Form 8-K dated December 27, 2024.
• The shares are held with shared voting and shared dispositive power by the reporting persons.
• Millstreet Capital Management LLC acts as an investment manager to private investment vehicles, and Mr. Connolly and Mr. Kelleher are its Managing Members.
• The acquisition and holding of these securities are stated to be in the ordinary course of business and not for the purpose or effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a standard passive ownership disclosure (Schedule 13G) and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or prospects. It merely reports a significant ownership stake.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant passive investment by an institutional investor in Ascend Wellness Holdings, Inc., a company operating in the cannabis industry. Such disclosures are common for investment firms accumulating substantial, non-controlling stakes in publicly traded companies, reflecting their investment strategy rather than direct operational involvement or strategic shifts within the industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake (10.95%) by Millstreet Capital Management LLC and its principals may be viewed positively by other shareholders, indicating institutional confidence or interest in Ascend Wellness Holdings, Inc. It also provides transparency regarding major ownership positions.

Key Dates

Keywords

Ascend Wellness Holdings, Millstreet Capital Management, Beneficial Ownership, Schedule 13G, Class A Common Stock, Investment Adviser, Passive Investment, SEC Filing, Cannabis Industry