Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: On March 31, 2025, Stagwell Media delivered to the Issuer a Notice of Exercise of Exchange Right, pursuant to which Stagwell Media exercised in full its right to exchange all of its 151,648,741 shares of Class C Common Stock, par value $0.00001 per share, of the Issuer ("Class C Common Stock"), together with all of its corresponding economic interests in Stagwell Global LLC, the Issuer's operating subsidiary ("OpCo"), for an equal number of shares of Class A Common Stock (the "Exchange"), which it intends to subsequently distribute to its limited partners, in accordance with its organizational documents. The Exchange was completed on April 2, 2025. After giving effect to the Exchange, Stagwell Media beneficially owns zero shares of Class C Common Stock. Thus, the Exchange eliminated the structure under which Stagwell Media held economic interests in OpCo and shares of Class C Common Stock, together with a right to exchange those economic interests and shares for Class A Common Stock, but the Exchange did not involve any change to the voting power of the Issuer beneficially owned by Stagwell Media prior to the Exchange, and did not involve any change in the number of shares of Class A Common Stock that Stagwell Media had the right to receive upon consummation of the Exchange.