SCHEDULE: Strive Inc. Amends 13D, Updates Key Shareholder Holdings

Strive, Inc. filed an amended Schedule 13D, reflecting updated beneficial ownership percentages and the departure of Anson Frericks from the reporting group.

Summary

• Amendment No. 1 to the Schedule 13D for Strive, Inc. was filed on November 17, 2025.
• Anson Frericks has delivered a written notice of termination as a party to the Shareholders Agreement and has ceased to be a member of the reporting group for purposes of the Securities Exchange Act of 1934.
• The filing updates beneficial ownership percentages for the remaining reporting persons, reflecting the issuance of shares of Class A Common Stock in connection with the conversion of certain pre-funded warrants of the Issuer.
• Vivek Ramaswamy is the largest beneficial owner with 113,877,929 shares, representing 15.2% of Class A Common Stock (assuming conversion of Class B).
• Matthew Cole, CEO of the Issuer, transferred a portion of the Class B Common Stock he acquired in connection with the Merger to Virtuous Industries LLC and Liberty Pier Foundation, both controlled affiliates of Mr. Cole.

Sentiment

Score: 5

Explanation: Neutral. The filing provides factual updates on beneficial ownership and shareholder group composition without indicating positive or negative operational or financial developments for the company.

Positives

• The filing provides updated and clarified beneficial ownership information for key shareholders, enhancing transparency for investors.

Negatives

• The departure of Anson Frericks from the shareholder group, which was party to a Shareholders Agreement, could indicate a shift in alignment or strategy among significant stakeholders, though no specific reasons were provided.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future operations or financial performance.

Industry Context

This filing primarily concerns changes in beneficial ownership and shareholder group composition, rather than operational or financial performance, and thus has limited direct relation to broader industry trends or competitors.

Comparison to Industry Standards

• Not applicable as this filing pertains to beneficial ownership changes and not operational or financial results that can be benchmarked against industry standards or comparable companies.

Corporate Governance

Related Party Transactions

• Matthew Cole, CEO of Strive, Inc., transferred a portion of his Class B Common Stock, acquired in connection with the Merger, to Virtuous Industries LLC and Liberty Pier Foundation, which are controlled affiliates of Mr. Cole.

Stakeholder Impact

• Shareholders: The updated beneficial ownership percentages provide clarity on the holdings of key individuals and entities, which can influence perceptions of control and stability.
• Management: The departure of Anson Frericks from the shareholder group may alter the dynamics among significant shareholders and management.

Next Steps

• The filing does not explicitly mention future actions, events, or milestones beyond the ongoing reporting requirements for beneficial ownership.

Key Dates

Recommendation

This filing is an amendment to a Schedule 13D, primarily updating beneficial ownership percentages and reporting a change in the composition of a shareholder group. It does not contain information about the company's operational performance, financial health, or strategic direction that would warrant a 'buy' or 'sell' recommendation. The departure of Anson Frericks from the reporting group is a governance-related event that could be interpreted in various ways, but without further context or stated reasons, it's difficult to assess its long-term impact on the company's value. Therefore, a 'hold' recommendation is appropriate as investors should await further operational or financial disclosures before making a definitive investment decision.

Keywords

Strive Inc., Schedule 13D, Beneficial Ownership, Vivek Ramaswamy, Shareholder Group, Class A Common Stock, Corporate Governance, SEC Filing, Ownership Update