Form 4: Series U of UM Partners, LLC Exchanges Common Units for Class A Common Stock in Utz Brands, Inc.

Series U of UM Partners, LLC exchanged 1,700,000 Common Company Units and Class V Common Stock for 1,700,000 shares of Class A Common Stock in Utz Brands, Inc. on January 13, 2025.

Summary

• On January 13, 2025, Series U of UM Partners, LLC exchanged 1,700,000 Common Company Units together with the surrender and cancellation of the same number of Class V Common Stock for 1,700,000 shares of Class A Common Stock of Utz Brands, Inc.
• The transaction was executed pursuant to the Third Amended and Restated Limited Liability Company Agreement of Utz Brands Holdings, LLC.
• Following the transaction, Series U of UM Partners, LLC directly owns 3,400,000 shares of Class A Common Stock and 47,046,650 shares of Class V Common Stock.
• The Common Company Units represent non-voting limited liability company interests of Utz Brands Holdings, LLC and can be exchanged for Class A Common Stock on a one-for-one basis.

Sentiment

Score: 5

Explanation: The document describes a routine transaction. It is neither particularly positive nor negative.

Positives

• The exchange of Common Company Units for Class A Common Stock simplifies the capital structure of Utz Brands, Inc.

Industry Context

This transaction is a routine exchange of units for common stock, which is common for companies with an Up-C structure like Utz Brands. It doesn't necessarily indicate a change in the company's prospects or strategy.

Comparison to Industry Standards

• Up-C structures are often used by companies that go public via SPAC mergers, like Utz Brands did.
• The exchange mechanism is governed by the LLC Agreement, which is typical for these structures.
• Comparable companies with similar structures include those that have also gone public via SPAC and have pre-existing equity holders.

Stakeholder Impact

• The transaction has a minimal impact on stakeholders as it is simply an exchange of units for common stock.

Key Dates