Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 77

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 77
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 interest to effect the business combination, particularly when the entity was newly created by one or more parties to a business combination. After careful consideration, BlueTriton has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances. In identifying BlueTriton as the accounting acquirer, the companies took into account many factors including: (i) the relative voting rights in the combined entity after the business combination, (ii) the combining entity whose single owner or organized group of owners holds the largest minority voting interest in the combined entity, (iii) the composition of the governing board of directors of the combined entity, (iv) the composition of the senior management of the combined entity, (v) if one of the combining entities is significantly larger than the other combining entity or entities, (vi) which entity initiated the business combination, (vii) whether the new company formed as a result of the business combination transfers cash or other assets or incurs liabilities as consideration in the transaction, and (viii) other qualitative factors. Although no single factor was the sole determinant, the primary factors that resulted in BlueTriton being designated as the accounting acquirer were the voting rights and ownership interest; the composition of the Board; the relative size and estimated market value of the businesses; and the background of the business combination which indicates that BlueTriton was the initiator of the business combination. Summary of Pro Forma Ownership The following table summarizes the pro forma ownership of Fully Diluted Shares following the Transaction:

|                                                                                   |     | % |       |   |
| Shares held by the former BlueTriton shareholders                                 |     |   |  57.0 | % |
| Shares held by former Primo Shareowners and former holders of Primo Equity Awards |     |   |  43.0 | % |
| Pro Forma Shares                                                                  |     |   | 100.0 | % |

Additional Shares that could be issued in the future and that are considered in the above ownership percentages:

| Exercisable currently or immediately following the closing of the 
 Transaction                                                       |     |           |
| Primo Brands Replacement Options                                  |     | 1,194,877 |
| Exercisable upon vesting                                          |     |           |
| Primo Brands Conversion RSUs                                      |     | 2,494,926 |
| Primo Brands Replacement RSUs                                     |     |   793,040 |

44

| Unaudited Pro Forma Condensed Combined Balance Sheet