BOSTON--(BUSINESS WIRE)--
Wayfair Inc. (NYSE:W), one of the world’s largest online destinations
for home furnishings and décor, announced that as of December 31, 2014
the number of shares of Class A common stock outstanding was 37,002,874.
This is an increase from the 12,650,000 shares of Class A common stock
outstanding previously reported by Wayfair in its Form 10-Q quarterly
report.
The increase in number of shares of Class A common stock outstanding is
reflective of share conversions by holders of Class B common stock to
Class A common stock, primarily voluntary conversions by certain large
investors.
Michael Fleisher, Chief Financial Officer, explained the conversions,
“As a result of concerns we heard from public investors regarding the
low number of shares in Class A we asked our private equity investors to
voluntarily convert their Class B shares to Class A shares. We believe
this conversion addresses the concern that the artificially low Class A
share count relative to the total shares outstanding may be limiting
additional investments by stockholders due to internal fund reporting
requirements.”
By increasing the number of shares of Class A common stock outstanding,
it is expected that public investors who report their Wayfair holdings
based on the percentage of shares of a class outstanding will now report
a smaller percentage and not approach self-imposed guidelines based on
the percentage of shares of a class outstanding.
Class A and Class B common stock have identical rights with the
exception of voting rights. Class B common stock is convertible at any
time into Class A common stock at the option of the holder.
About Wayfair
Wayfair Inc. offers an extensive selection of home furnishings and décor
across all styles and price points. The Wayfair family of brands
includes:
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Wayfair.com, an online destination for all things home
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Joss & Main, an online flash sales site offering inspiring home design
daily
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AllModern, a go-to online source for modern design
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DwellStudio, a design house for fashion-forward modern furnishings
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Birch Lane, a collection of classic furnishings and timeless home décor
Wayfair is headquartered in Boston, Massachusetts, with additional
locations in New York, Ogden, Utah, Hebron, Kentucky, Galway, Ireland,
London, Berlin and Sydney.
Source: Wayfair Inc.