Company: IIIV
Filing Date: 2025-03-21
Form Type: CORRESP
Source: 0001728688-25-000076
Chunk: 1

Company: i3 Verticals, Inc.
Filing Date: 2025-03-21
Form: CORRESP
Chunk 1
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s, LLC held by management and certain other investors who acquired such units prior to the time of our initial public offering in 2018. The common units may be redeemed or exchanged for Class A common stock on a one-for-one basis at any time as described below.

As background, i3 Verticals, Inc. is a holding company that does not have any significant assets other than its ownership of common units in i3 Verticals, LLC. Additionally, i3 Verticals, Inc. has two classes of common stock: (i) its Class A common stock, which confers both voting and economic rights in i3 Verticals, Inc. to the holders thereof, and (ii) its Class B common stock, which confers voting rights in i3 Verticals, Inc., but does not confer any economic rights, to the holders thereof. Further, the holders of the Class B common stock of i3 Verticals, Inc. own an equal number of common units in i3 Verticals, LLC, and hold their economic rights through such ownership of common units. As of the date hereof, i3 Verticals, Inc. owns approximately 73% of the common units of i3 Verticals, LLC, and the holders of Class B common stock own approximately 27% of the common units of i3 Verticals, LLC. In addition, i3 Verticals, Inc. serves as the managing member of i3 Verticals, LLC.

Consistent with our organizational documents, we maintain (1) a one-to-one ratio between the number of outstanding shares of Class A common stock of i3 Verticals, Inc., and the number of common units of i3 Verticals, LLC held by i3 Verticals, Inc., and (2) a one-to-one ratio between the number of outstanding shares of Class B common stock of i3 Verticals, Inc. and the number of common units of i3 Verticals, LLC held by holders of such Class B common stock. In addition, the holders of Class B common stock may cause their common units in i3 Verticals, LLC and corresponding shares of Class B common stock to be redeemed (or to otherwise be exchanged) for shares of Class A common stock on a one-for-one basis at the discretion of such holders (that is, any such

United States Securities and Exchange Commission

March 21, 2025

Page 3

holder would receive a number of shares of Class A common stock equal to the number of common units surrendered by such