INVESTOR PRESENTATION - January 2022 - cloudfront.net
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INVESTOR PRESENTATION January 2022
Disclaimer
Forward Looking Statements
Certain statements made in this presentation (the “Presentation”) are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”, “continue”, “target”, “milestone”, “expect”,
“estimate”, “plan”, “outlook”, “objective”, “guidance” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including, but
not limited to, statements regarding Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s current views and analysis of
information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Stryve believes, as of the date hereof or as of the date of such information that is
indicated in the Presentation, provide a reasonable basis for the information and statements contained herein. These forward-looking statements involve various known and unknown risks, uncertainties
and other factors, many of which are outside the control of Stryve and its officers, employees, agents and associates. These risks, uncertainties, assumptions and other important factors, which could
cause actual results to differ materially from those described in these forward-looking statements, include: (i) the inability to maintain the listing of Stryve’s Class A common stock on Nasdaq; (ii) the ability
to recognize the anticipated benefits of the Business Combination or meet financial and strategic goals, which may be affected by, among other things, competition, supply chain interruptions, the ability to
pursue a growth strategy and manage growth profitability, maintain relationships with customers, suppliers and retailers and retain its management and key employees; (iii) the risk that retailers will choose
to limit or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue to carry Stryve’s products; (iv) the possibility that Stryve may be
adversely affected by other economic, business, and/or competitive factors; (v) the effect of the COVID-19 pandemic on Stryve; (vi) the possibility that Stryve may not achieve its financial outlook and (vii)
other risks and uncertainties described in the Company’s public filings with the SEC.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those projections and
forward-looking statements are based. looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to
place undue reliance on forward looking statements as a predictor of future performance as projected financial information, cost savings, synergies and other information are based on estimates and
assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information herein speaks only as of (1) the date of this
Presentation, in the case of information about Stryve, or (2) the date of such information, in the case of information from persons other than Stryve. Stryve undertakes no duty to update or revise the
information contained herein. Forecasts and estimates regarding Stryve’s industry and end markets are based on sources that Stryve believes to be reliable, however there can be no assurance these
forecasts and estimates will prove accurate in whole or in part.
Non-GAAP Financial Measures
This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, EBITDA and certain ratios and
other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and
assessing Stryve’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity
or performance under GAAP. Stryve’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are subject to
inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures.
Industry and Market Data
The information contained herein also includes information provided by third parties, such as market research firms. None of Stryve, its affiliates, nor any third parties that provide information to Stryve, such
as market research firms, guarantee the accuracy, completeness, timeliness or availability of any information. None of Stryve, its affiliates, nor any third parties that provide information to Stryve, such as
market research firms, are responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such content. Neither Stryve nor its affiliates give
any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use, and they expressly disclaim any responsibility or liability for direct,
indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with
the use of the information herein.
Trademarks
This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. The use or display of third parties’
trademarks, service marks, trade names, copyrights or products in this Presentation is not intended to, and does not imply, a relationship with Stryve, or an endorsement or sponsorship by or of Stryve.
Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM © or ® symbols, but such references are not
intended to indicate, in any way, that Stryve will not assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and
copyrights.
2
Table of Contents
I. Executive Summary
II. Investment Highlights
III. Company Overview
IV. Financial Overview
V. Appendix
3
I. EXECUTIVE SUMMARY
4
Executive Summary
Stryve Foods is an early-stage healthy food company with the
mission to help Americans eat better and live healthier, happier lives.
• Launched in 2017, Stryve Foods is the leader in air-dried meat snacks in the
United States. Stryve produces and sells across several brands, holds an 89%
market share at retail of air-dried meat and has a robust ecommerce
COMPANY business.(1)
OVERVIEW
• Stryve Foods has just launched Stryve Nutrition products online leading with
collagen and bone broth with a full suite of nutrition products to come in 2022.
• Stryve Foods may launch better for you products in other food categories in the
near future.
Stryve Foods has a highly seasoned management team with 50+ years
CPG experience.
• Co-Founders sold previous sports nutrition businesses for over $400M.
MANAGEMENT • Chief Sales Officer over 25 years at Kellogg’s and scaled Kashi to +$400M in
sales, plus roles at Starbucks and Humm Kombucha.
TEAM
• CFO and COO vast financial experience across accounting, M&A, and process
consulting.
(1) 12-week SPINS data as of 8/8/2021. 5
Executive Summary
PRODUCT AIR-DRIED MEAT SOLD IN SLICES, SLABS, STICKS AND CRISPS
PORTOLIO
TODAY
Air-dried meat
snacks sold across
several brands in a
variety of package
sizes, formats and
flavors
STRYVE NUTRITION
Nutritional foods
and supplements
sold under the
Stryve Nutrition
brand in a variety of
package sizes and
flavors
6
Executive Summary
Stryve Foods products are sold across the US
online and at a diverse set of retailers.
• Ecommerce includes Stryve own websites across four
brands – Stryve, Kalahari, Vacadillos and Braaitime – as
well as Amazon and Thrive Market.
SALES
CHANNELS • Retail includes all classes of trade from natural, grocery,
drug, mass, convenience, and dollar to specialty and
military.
Stryve Foods built and operates the largest
USDA full grant certified air-dried meat facility in
the United States.
Vertical integration is key to investment thesis
VERTICAL and provides:
INTEGRATION
• Margin advantage over peers
• Significant excess capacity with room for expansion
• High barrier to entry for competitors
7
Executive Summary
Quarterly Net Sales Growth
Net Sales Year-over-Year Growth
$9,062
Year-over-year Growth (%)
FINANCIAL
Net Sales (in $000's)
$7,351
$6,834
SNAPSHOT1 104.6%
71.8%
$3,989 58.7%
43.3%
Q4 Q1 Q2 Q3
2020 2021 2021 2021
• Stryve Foods was founded in 2017 and went public through a de-SPAC process
in July of 2021. Its Class A Common Stock is now traded on the Nasdaq under
the symbol, SNAX.
POISED
FOR • The Founders, Management Team, and Original Investors rolled 100% of their
GROWTH previous investments into the new public company.
• By going public, Stryve Foods believes that it now has the access to capital
needed to scale the business.
(1) Unaudited quarterly financial results of Stryve Foods, LLC. 8
II. INVESTMENT
HIGHLIGHTS
9
Investment Highlights
Large growth opportunities aligned with Largest USDA Approved Air-Dried Meat
consumer shift to healthy eating Manufacturing Facility in US
Market $5B $110B Manufacturing >$100M HIGH
Opportunity Capabilities
2022F 2022F Revenues Achievable Barrier to
Meat Snacks Total Snacks with Current Entry
Capacity(2)
+$500B
2022F
Total Food Categories
Growing Across All Classes of Trade
Strong Financial Performance
10+ 31%
105% 104% Omni Channel
Unique E-Commerce % of Q3
Sale Channels Net Sales
Growth in Q3 Net Increase in Q3 Distribution
Financial
Highlights Sales YOY Gross Profit YOY
+30,000 +146%
36% Retail Doors of Increase in C-Store
Q3 2021 Distribution Dollar Velocity YOY(3)
Gross Margin(1)
Sources: Statista as of 1/13/2021, 12-week SPINs data as of 9/5/2021
(1) Calculated off Net Revenue
(2) Modest drying room expansion may be required to reach capacity figure presented. 10
(3) Increase in dollars per store per week at retail of Stryve products in the Convenience channel based on trailing 4-week data as of 9/5/2021 vs. same period over prior yearInvestment Highlights
GLOBAL HEALTH CRISIS CONTINUES TO ACCELERATE DESIRE FOR HEALTHY FOOD OPTIONS
Snacks Consumed Daily Search for Healthy Salty Snacks
Do not snack 1-2 3+
I wish there more
Category 3 64%
20% healthier options
42% 47%
Nutritional information
Category
impacts my choice 2 54%
The ingredients listed
2010 2015 2019 Category 1 51%
impact my choice
47% 39% 7 out of 10 40%
of consumers want of consumers look for natural find better-for-you of consumers say that
snacks low in sugar or organic products snacks appealing attributes like “unprocessed”
and “natural” are important
when selecting a snack
+5% 44% 40% 64%
increase in low-sugar of consumers eat snacks of consumers believe snacks of consumers want to see
snack products YoY instead of meals are part of a healthy diet more better-for-you snacks
on restaurant menus
Sources: IRI 2019 Snacking Survey, IRI 52 weeks ending 12/29/19 v. Year Ago, Lightspeed/Mintel Consumer Survey – Salty Snacks – January 2019, IRI TSV Model, and The J.M. Smucker Co. 11Investment Highlights
WHO WE ARE: STRYVE FOODS IS AN EARLY-STAGE HEALTHY FOOD COMPANY
OUR GROWTH STRATEGY
Choose a food category in need of disruption driven
by consumer insights in healthy eating.
Enter new category through acquisition or greenfield
expansion to solve that specific consumer need
uniquely.
Build omnichannel distribution across retail and e-
commerce.
Use metric focused marketing to build consumer trust
and brand loyalty that drives strong consumer repeat
and customer lifetime value.
Vertically integrate the category to drive high
margins, speed to market and private label
capabilities.
12Investment Highlights
LARGE MARKET OPPORTUNITY FOR GROWTH
• Today Stryve is focused on the $110B snack category but recognizes its brands’ TTL SNACKING PLUS
potential to compete across other food categories which could greatly expand total OTHER FOOD
addressable market to +$500B. CATEGORIES
• Stryve Foods current products align with +$500B
several consumer macro trends:
• Healthy eating NUTRITION AND
• Real ingredients
• High protein SUPPLEMENTS
• Low sugar/low carb
• Convenient $56B
• Snacking on the rise
• Growth of ecommerce
CHIPS
• Going public has generated significant MEAT SNACKS
inbound interest from likeminded brands
$5B COOKIES
seeking a strategic partner with a shared
vision
NUTRITIONAL CRACKERS
SUPPLEMENTS
BARS
FUNCTIONAL
FOODS
BREADS &
GRAINS
(1) Statista - Market sizes estimates.
13Investment Highlights
AIR-DRIED MEAT VERTICAL INTEGRATION
Stryve’s manufacturing facility is the largest USDA approved air-dried meat manufacturing facility in the US, allowing
the Company to scale with minimal additional capital expenditures.
$100M Largest USDA Approved >$10M SQF Level II
Facility Capacity(1) Air-Dried Meat Manufacturing Facility Invested into Facility Food Safety Certification
Regulation Creates Barriers to Entry
• USDA has been extremely restrictive on approving facilities
• Importation of processed meat is prohibited limiting
international competition
• Management is aware of only one air-dried meat facility
capable of commercial production – a facility that is one-
third the size of Stryve’s
Flexibility & Value Protection
• Excess capacity for contract or private label customers
creates value floor for investors assessing downside risk
• Scarcity of manufacturing capacity for air dried beef in
the U.S. makes Stryve’s facility a uniquely valuable asset
• 18 acres of land surrounding the building allows for
future expansion
(1) Modest drying room expansion may be required to reach capacity figure presented. Building was designed to facilitate future expansion to optimize capital expenditure
14Investment Highlights
STRONG OMNI CHANNEL DISTRIBUTION FOOTPRINT
Online
Grocery
Mass
Club
Convenience
Dollar and Drug
MISC – Specialty
Retailers, Gyms Airport,
Military
15Investment Highlights
STRYVE FOODS’ PRODUCTS ARE HIGHLY DIFFERENTIATED
High Protein
16 grams/ounce
High Sugar Low Sugar
10 grams/ounce 0 grams/ounce
Low Protein
5 grams/ounce
16Investment Highlights
LARGE OPPORTUNITIES FOR FUTURE GROWTH
E-Commerce Stryve Foods’ e-commerce businesses are rapidly growing and provide the Company strong margins, attractive
Explosion cash conversion, and the ability to dynamically test new product and brand ideas.
Retail Expansion Stryve has a large opportunity to further penetrate traditional retail channels. This growth will not only be driven by
& Penetration adding new retailers, but also through additional placements with existing retail partners.
Stryve produces private label products today for several retailers. New private label accounts can quickly absorb
Private Label excess plant capacity and provide meaningful volumes with no marketing investment required by Stryve to support
consumer sales.
Entering New Stryve Foods has just launched the Stryve Nutrition line and recognizes the potential of its brands to compete in
broader food categories.
Food Categories
International While Stryve plans to prioritize its domestic growth, we could look to opportunistically expand internationally
especially in categories like supplements sold under our Stryve Nutrition brand, which have high demand
Demand internationally.
17III. COMPANY OVERVIEW
18Our Mission & History
OUR MISSION:
Help Americans eat better and live healthier, happier lives.
2018 2019 2020 2021 Future
Stryve brand is Vertical integration at scale Retail distribution greatly Vacadillos Carne Seca Stryve anticipates meaningful
built and launched achieved as Madill plant expands brand is built & launched growth through the expansion
opens of distribution, products, and
Biltong USA and Ecommerce explodes Continued marketing, categories over time
Braaitime manufacturing Stryve becomes #1 biltong innovation and distribution
operations and brands brand in the US Kalahari Biltong, the #2 biltong gains across all brands
acquired brand, acquired in December
Launch of Stryve Nutrition
announced
19Seasoned Management Team
EXTENSIVE LEADERSHIP, MANUFACTURING AND CPG SALES EXPERIENCE
Joe Oblas Co-Founder & Co-CEO
▪ Prior to co-founding Stryve, Joe founded and successfully exited ProSupps, one of the fastest growing
sports nutrition brands. He also co-founded Juice Stop which grew to 150 stores in 22 states prior to
exiting the business.
Alex Hawkins Chief Operating Officer and Chief Financial Officer
▪ Prior to joining Stryve, Alex was an operationally focused Principal investor at Rosewood Private
Investments, leading $400M of transactions. He is a CFA Charterholder and previously spent time in asset
management and process consulting.
Bruce Boettner Chief Sales Officer
▪ Prior to joining Stryve, Bruce served as VP of Sales at Humm Kombucha and previously spent 14+
years at Kashi, where he served as sales lead and scaled revenue to >$400M.
Warren Pala Chief Manufacturing Officer
▪ Warren founded Braaitime, one of Stryve’s early acquisitions. He pioneered commercial biltong production
in the United States working closely with the USDA in the development of biltong specific standards.
Ted Casey Chairman & Special Advisor
▪ Prior to co-founding Stryve, Ted spent 16+ years as CEO of vertically-integrated Dymatize Nutrition, a
company he founded and ultimately sold to Post in one of the largest sports nutrition exits in history
20Stryve’s Core Brands Today
21Product Overview
OUR AIR-DRIED MEATS COME IN SEVERAL FORMATS, FLAVORS AND PACKAGE SIZES
Air Dried
Sliced Biltong Meat Sticks Meat Crisps Carne Seca
Biltong Slabs Chili Bites
South African North American Latin American
22Product Differentiation
AIR DRIED MEAT HAS MORE PROTEIN, NO SUGAR AND NOTHING ARTIFICIAL VS JERKY AND TASTES GREAT
Protein Sugar Carbs No Nitrates,
per oz per oz per oz Nothing Artificial
✓ More Protein Per Oz.
✓
Manufacturing process gives air-dried beef 40-50% more
protein per oz. compared to traditional jerky 16g 0g 0g
✓ Zero Sugar
Traditional jerkies have up to 10g of sugar per oz
✓ All Natural, Never Cooked “ZERO SUGAR”
14g 0g 0g X
Natural curing process is accomplished with beef, vinegar
and spices
✓ No Nitrates or Nitrites
11g 6g 6g X
Other jerkies use nitrates or nitrites to preserve color and
flavor
✓ No Preservatives
11g 5g 6g X
Shelf-stable with a 15-month shelf-life
✓ Paleo and Keto Friendly
Air-dried meat is perfect for those on paleo and keto diets
9g 4g 6g X
given its all-natural, high-protein nature
8g 9g 9g X
Source: Company websites 23Our Target Consumers
STRYVE AND KALAHARI BRING NEW USERS TO MEAT SNACKS: HEALTHY SNACK SEEKERS
Fit & Focused Disciplined & Dieters Families in Motion Runners Cyclists
Median Age: 40 47 39 34 45
Gender: Skews female Skews female Mixed Mixed Skews male
Family: More likely to have kids Avg. likelihood to have kids More likely to have kids More likely to have kids Avg. likelihood to have kids
Median HHI: $86K $70K $73K $99K $87K
HSS Segment: 44 million 31 million 58 million 26 million 24 million
% Users: 22% 23% 29% 24% 24%
Source: MRI-Simmons 2018 Consumer Segmentation.
24Our Target Consumers
VACADILLOS BRINGS NEW CONSUMERS TO MEAT SNACKS: HISPANICS
Hispanic Millennials
Age: 25-40
Gender: Both
Family: No kids
Size: 62 million total
Hispanics in US
Source: US Census 2020.
25Brand Differentiation
STRYVE FOODS BRANDS ARE DIFFERENTIATED AND TARGETED TO DIFFERENT CONSUMERS
ORIGINAL
Channing Tatum
HATCH GREEN CHILE
16.9M followers
TRADITIONAL AMERICAN FLAVORS: ORIGINAL HICKORY PEPPERED TERIYAKI SPICY SPICY
Jimmy Chin
2.9M Followers
SPICY PERI SOUTHWEST ROSEMARY
GLOBALLY INSPIRED FLAVORS: ORIGINAL GARLIC ROSEMARY ORIGINAL
PERI VERDE CITRUS
TRUFFLE
Ana Regalado
Salty Cucina
2.2M Tik Tok Followers
INDULGENT, SPICY FLAVORS: CHILE LIME HABANERO SCORPION REAPER 26Retail Footprint Has Room To Grow
Grow Penetration in Existing Channels Expand SKUs on Shelf
% ACV = Max All Commodity Volume Number of Stryve SKUs on Retail Shelf (Q3’21)
90 4
83 83
70 70
51
2 2 2 2 2 2
29 31
1
12 12 12
5
MULO FOOD CONV NATURAL
Stryve "BFY" Category Total Meat Snacks
Source: 12-week SPINs ending 8/8/2021.
(1) MULO includes Food (Grocery), Drug, and Mass retailers. FOOD includes Grocery retailers. 27
(2) “Better For You” Competitor group includes: Chef’s Cut, Chomps, Country Archer, Epic, Krave and Perky Jerky.Strong Marketing Strategy and Execution
Build Awareness Drive Trial Support Repeat
Over 315k email addresses
Channing Tatum Justin Herbert
16.9m followers 471k followers
Chari Hawkins 28
354k followersIV. FINANCIAL OVERVIEW
29Financial Performance
INVESTMENT IN PEOPLE, INFRASTRUCTURE, MARKETING AND VERTICAL INTEGRATION PAY SIGNIFICANT
DIVIDENDS AS REVENUES GROW
First Nine Months Financial Results3
2019 2020 2021
Fiscal Year Fiscal Year YTD 9/30
(audited) (audited) (unaudited) Attractive Unit
Economics
Sales, net 10,769,623 17,002,052 23,247,568
Cost of Goods Sold 13,309,087 11,097,868 13,734,845
Gross Profit (Loss) (2,539,464) 5,904,184 9,512,722
Gross Margin (%) (23.6%) 34.7% 40.9%
Platform Built
Operating Expenses 19,557,763 20,176,252 29,285,781
for Operating Leverage
Other Income/(Expense)1 (1,335,391) (3,274,703) (259,891)
Net Loss (23,432,618) (17,546,771) (20,032,950)
Margin (% of Sales) (217.6%) (103.2%) (86.2%)
Interest expense 1,335,391 3,301,818 2,715,068
Potential for
Income tax expense (benefit) - - - Significantly
Depreciation and amortization 1,089,744 1,290,128 1,193,846 Improved Margins as
EBITDA (21,007,483) (12,954,825) (16,124,036) the Company
Margin (% of Sales) (195.1%) (76.2%) (69.4%) Continues to Scale2
First nine months of 2021 showed improved EBITDA margins despite
incurring significant non-recurring expenses related to the Business
Combination
Notes:
(1) Includes ~$1.7M of PPP Loan Forgiveness recognized as a gain in Q1 2021 as well as ~$0.5M of gain recognized upon the extinguishment of certain indebtedness.
(2) These statements represent management’s estimates and are subject to change are not a guarantee of performance. Many factors outside the control of the Company, including inflationary 30
pressures can affect realization of the illustrative statements.2021 Third Quarter – Key Stats
SIGNIFICANT SALES GROWTH, IMPRESSIVE GROSS MARGINS, AND CONTINUED EXPANSION ALL POINT TO
INCREASED CONSUMER ADOPTION OF OUR PRODUCTS AND BRANDS
$9.1M 105%
Net Revenue1 Increase over Q3’201
$3.25M 104%
Gross Profit1 Increase over Q3’201
$2.8M 50%
Net Sales Attributable
Increase over Q3’201
to DTC E-Commerce1
$5.4M 198%
Net Sales Attributable Increase over Q3’201
to Wholesale Accounts1
Key Takeaways
✓ Category size, platform expansion, and demand for innovative products pave the way for long-term growth
✓ Vertical integration supports attractive margins and scalability
✓ Direct-to-Consumer and consumable products provide recurring base
✓ Fixed vs. variable cost structure supports significant operating leverage
31
(1) Unaudited data from the three months ended September 30, 2021, and 2020.Private Placement – January 2022
On January 7, 2022, the Company announced a private placement of 10,294,118 shares of Class A
common stock (the “Common Stock”) or, in lieu of Common Stock, pre-funded warrants (the “Pre-
Funded Warrants”) and accompanying common stock purchase warrants (the “Common Stock
Purchase Warrants”) immediately exercisable to purchase up to 10,294,118 shares of Common
Stock for a period of five years at an exercise price of $3.60 per share (the “Offering”).
OFFERING
SUMMARY The Common Stock and Common Stock Purchase Warrants will be sold at a combined purchase
price of $3.40. The Company expects to receive gross proceeds from the Offering of approximately
$35 million before deducting placement agent fees and estimated offering expenses.
The Offering is expected to close on or about January 11, 2022, subject to the satisfaction of
customary closing conditions.
The Company intends to use the net proceeds from the Offering for working capital to support
near term growth, capital expansion projects, including potentially increasing manufacturing
capacity and adding manufacturing capabilities by building or procuring other manufacturing
facilities and making other process improvements, and general corporate purposes, including
marketing and sales initiatives and potentially repaying debt. Certain select uses include:
USE OF
PROCEEDS • Support of recently announced distribution gains at Costco, 7-Eleven, and Walmart
among others – including significant investments in inventory and launch support
• Supporting the advancement of plans regarding secondary facility and expansion of
overall manufacturing capacity in an effort to ensure adequate runway beyond 2022
32V. APPENDIX
33Stryve Foods, Inc. Share Count (as of January 11, 2022)1
Security Outstanding Securities Notes
Class A Common Stock 11,130,689
• The Class V Common Stock provides the stockholder with voting rights, but not
economic rights, and the Class B Units provide the holder with economic, but not
voting rights. A set of one Class B Unit and one share of Class V Common Stock is
Class V Common Stock/Underlying Class B Units2 11,502,355 exchangeable for one share of Class A Common Stock.
• Class V Common Stock and Class B Units were issued as consideration under the
Business Combination Agreement to Stryve Foods Holdings, LLC, which includes
as its members Stryve’s founders, management, and original investors.
Total Outstanding Shares 22,633,044
• Public/Private warrants exercisable for the purchase of shares at $11.50 per share
Public Warrants 10,800,000
exercise price.
• The Company can force the redemption of Public warrants (on a cash or cashless
basis) if the price of the underlying shares reaches $18.00 per share for 20 trading
Private Warrants3 197,500 days during a 30-day trading period.
• Public/Private warrants expire on July 20, 2026.
• To be issued in connection with the Offering.
Common Stock Purchase Warrants 10,294,118 • Common stock purchase warrants will be exercisable for the purchase of shares
at $3.60 per share exercise price and will expire on January 11, 2027.
Pre-Funded Warrants 8,597,184 • Pre-funded warrants
Total Warrants 29,888,802
• The total authorized shares under Stryve’s Omnibus Equity Incentive Plan is
approximately 2.6 million shares of Class A Common Stock. 815,434 shares in the
Equity Incentive Plan -
form of restricted stock and restricted stock units have been issued under
Stryve’s Omnibus Equity Incentive Plan as of January 11, 2022.
Total Fully Diluted Shares (as-converted basis) 52,521,846
(1) Assuming the Offering closes as anticipated on or about January 11, 2022.
(2) Number of shares is subject to adjustment under the Business Combination Agreement by +/- 1% relating to the post-closing net working capital true-up.
(3) Private warrants have the same terms as the public warrants, but are not redeemable by the Company.
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