SCHEDULE: Greycroft Funds Disclose 9.99% Stake in MNTN Inc.

Greycroft Partners II, L.P. and Greycroft Growth III, L.P. along with their general partners, have disclosed a collective beneficial ownership of 9.99% in MNTN, Inc.'s Class A Common Stock as of June 30, 2025.

Summary

• Greycroft Partners II, L.P. (GCP II) and Greycroft Growth III, L.P. (GCG III), along with their respective general partners, Greycroft Managers II, LLC (GCP II GP) and Greycroft Growth III, LLC (GCG III GP), collectively hold a significant stake in MNTN, Inc.
• As of June 30, 2025, the Reporting Persons collectively beneficially owned 4,607,957 shares of MNTN, Inc.'s Class A Common Stock.
• This collective ownership represents 9.99% of the outstanding Class A Common Stock, calculated based on 43,579,379 Class A shares outstanding and 2,546,314 Class B shares convertible into Class A.
• GCP II directly holds 5,044,866 shares of Class B common stock.
• GCG III directly holds 2,061,643 shares of Class A common stock and 130,631 shares of Class B common stock.
• Each Class B common stock share is convertible into one Class A common stock share, subject to a restriction that prevents the Reporting Persons from exceeding 9.99% ownership of Class A common stock upon conversion.
• The Reporting Persons expressly disclaim forming a 'group' for the purposes of the Exchange Act.

Sentiment

Score: 6

Explanation: The filing is neutral in tone, as expected for a Schedule 13G. The disclosure of a significant institutional stake by Greycroft could be viewed positively by the market as a vote of confidence, but it is a factual reporting of existing ownership rather than a new investment announcement.

Positives

• Significant institutional investor confidence demonstrated by Greycroft's substantial 9.99% beneficial ownership in MNTN, Inc.
• The investment structure, including Class B shares convertible to Class A, provides flexibility for Greycroft while adhering to ownership limitations.

Negatives

• The 9.99% conversion restriction on Class B shares limits Greycroft's immediate ability to increase its voting power beyond this threshold through conversion.

Risks

• The Conversion Restriction limits the Reporting Persons' ability to convert all their Class B shares into Class A shares if it would result in ownership exceeding 9.99% of the outstanding Class A common stock.

Industry Context

This filing indicates continued investment by venture capital/growth equity firms in technology or media companies, typical for firms like Greycroft. It suggests MNTN, Inc. is a company of interest for institutional investors.

Comparison to Industry Standards

• Greycroft's investment strategy often involves early-stage to growth-stage technology companies, aligning with typical venture capital and growth equity firm mandates.
• A 9.99% stake is a significant minority position, common for institutional investors seeking influence without triggering full control provisions or extensive reporting requirements that come with larger stakes (e.g., 10% or more).
• The use of Class B common stock convertible to Class A, with a conversion restriction, is a common mechanism in corporate finance to manage voting power and ownership percentages, often seen in companies with dual-class share structures.

Corporate Governance

Related Party Transactions

• The filing details the beneficial ownership of MNTN, Inc. shares by Greycroft Partners II, L.P. and Greycroft Growth III, L.P., and their respective general partners. This establishes a significant relationship between these entities and MNTN, Inc.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially signaling confidence in the company. The 9.99% ownership limit on Class A conversion ensures no single entity immediately gains control through this specific mechanism.
• Management: Awareness of a large institutional holder like Greycroft may influence strategic decisions, though the 13G filing itself does not indicate active management involvement beyond investment.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of beneficial ownership by Greycroft entities in MNTN, Inc. While the disclosure of a nearly 10% stake by a reputable institutional investor like Greycroft can be interpreted as a vote of confidence, the filing itself does not contain financial performance data, strategic updates, or forward-looking guidance necessary to assess the company's intrinsic value or future prospects. Therefore, based solely on this ownership disclosure, a seasoned investor would likely maintain their current position (hold) and await further financial or operational updates before making a definitive buy or sell decision.

Keywords

MNTN Inc., Greycroft Partners, Greycroft Growth, Schedule 13G, beneficial ownership, Class A Common Stock, Class B Common Stock, institutional investment, SEC filing, equity stake