# EDGAR Filing Document

**Accession Number:** 0001884697
**File Stem:** 0000950170-23-004353
**Filing Date:** 2023-2
**Character Count:** 33442
**Document Hash:** 77db7421dcb9dbc1a622954f451b6917
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-004353.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000950170-23-004353

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Starry Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001884697
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41336
- **FILM NUMBER:** 23666209

**BUSINESS ADDRESS:**
- **STREET 1:** 38 CHAUNCEY STREET, 2ND FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** (203) 260-1064

**MAIL ADDRESS:**
- **STREET 1:** 38 CHAUNCEY STREET, 2ND FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Starry Holdings, Inc.
- **DATE OF NAME CHANGE:** 20210923

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 23, 2023

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STARRY GROUP HOLDINGS, INC.

**(Exact name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-41336 | 87-4759355 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| 38 Chauncy Street**,** Suite 200<br>Boston**,** MA |  | 02111 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (617) 861-8300

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01 Other Events.**

As previously disclosed on February 20, 2023, Starry Group Holdings, Inc. (the "Company"), together with certain of its subsidiaries, commenced voluntary chapter 11 proceedings (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").

On February 23, 2023, the Bankruptcy Court entered an interim order (the "Interim Order") in the Chapter 11 Cases establishing notice and hearing procedures for (1) trading in equity securities of the Company (the "Stock Procedures"), and (2) claiming worthless stock deductions with respect to equity securities of the Company (the "Worthless Stock Deduction Procedures"). Pursuant to the Interim Order, a copy of the notice of the Interim Order (the "Notice of Order") is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The following summary of the Stock Procedures and Worthless Stock Deduction Procedures is qualified in its entirety by reference to the Notice of Order and the Interim Order. As a result of the Interim Order:

<u>Stock Procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any person or entity who is or becomes a beneficial owner of at least 4.5% of all issued and outstanding shares of the common stock of the Company (equal to 7,566,341 shares of common stock, based on approximately 168,140,898 million shares of common stock issued and outstanding as of January 19, 2023) (a "Substantial Shareholder") must file with the Bankruptcy Court a notice of such status on or before the date that is the later of (a) 20 calendar days after the date the Interim Order is entered and (b) five calendar days after the date such person qualifies as a Substantial Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 20 calendar days before effectuating any transfer of equity securities that would result in (a) an increase or decrease in the amount of common stock beneficially owned by a Substantial Shareholder, (b) a person or entity becoming a Substantial Shareholder, or (c) a decrease in the amount of common stock beneficially owned by a Substantial Shareholder that would result in such person or entity no longer being a Substantial Shareholder, such person or entity must file with the Bankruptcy Court a notice of such proposed transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company will have 20 calendar days after receipt of any notice of such proposed transfer to file with the Bankruptcy Court and serve on such Substantial Shareholder or person or entity that may become a Substantial Shareholder, an objection to the transfer and, if the Company does so, such proposed transfer will not be effective unless approved by the Bankruptcy Court. If the Company does not object within such 20-day period, the transfer may proceed solely as set forth in the notice of transfer.

<u>Worthless Stock Deduction Procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any person or entity who is or becomes a beneficial owner of at least 50% of all issued and outstanding shares of the common stock of the Company (a "50-percent Shareholder") must file with the Bankruptcy Court a notice of such status on or before the date that is the later of (a) 20 calendar days after the date the Interim Order is entered and (b) five calendar days after the date such person qualifies as a 50-percent Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 20 calendar days before filing any income tax return, or amendment to such a return, taking any worthlessness deduction with respect to common stock for a tax year ending before the consummation of a debt-for-stock recapitalization (or, if applicable, a chapter 11 sale process), such 50-percent Shareholder must file with the Bankruptcy Court a notice of the intended worthlessness deduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company will have 20 calendar days after receipt of any notice of the intended worthlessness deduction to file with the Bankruptcy Court and serve on such 50-percent Shareholder, an objection to the proposed worthlessness deduction and, if the Company does so, then the filing of the income tax return with such deduction will not be permitted or effective unless approved by the Bankruptcy Court. If the Company does not object within such 20-day period, such deduction will be permitted as set forth in the notice of intent to take a worthless stock deduction.

The Interim Order provides that a final hearing on the motion to establish the Stock Procedures and Worthless Stock Deduction Procedures will be held on March 22, 2023 at 2:00 P.M. (Eastern Time) (the "Final Hearing"), and any objections to the relief granted by the Interim Order must be filed no later than seven days before the Final Hearing (the "Objection Deadline"). If an objection is timely filed and served before the Objection Deadline, such objection will be heard at the Final Hearing, and if no objections are timely filed and served, the Bankruptcy Court will enter a final order.

The foregoing description of the Interim Order is a summary and does not purport to be complete, and is subject to, and qualified in its entirety by reference to, the Interim Order, a copy which may be obtained by following the instructions in the Notice of Order attached as Exhibit 99.1 hereto.

**Forward-Looking Statements** 

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This Current Report on Form 8-K includes statements that may constitute "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, express or implied forward-looking statements relating to the Chapter 11 Cases, the transactions contemplated under the Restructuring Support Agreement, our ability to continue operating in the ordinary course while the Chapter 11 Cases are pending and the orders and decisions of the Bankruptcy Court. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include risks relating to the timing and outcome of the Chapter 11 Cases and the our filing for relief under chapter 11 of the Bankruptcy Code, our ability to obtain timely approval by the Bankruptcy Court of the motions filed in the Chapter 11 Cases, employee attrition and our ability to retain senior management and other key personnel due to the distractions and uncertainties, our ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 Cases, the Bankruptcy Court's rulings in the Chapter 11 Cases, the length of time that we will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases, risks associated with any third party motions in the Chapter 11 Cases, increased administrative and legal costs related to the chapter 11 process, exposure to potential litigation and inherent risks involved in a bankruptcy process, risks arising from the previous delisting of the Company's Class A Common Stock and warrants to purchase shares of such Class A Common Stock from the New York Stock Exchange, our limited remaining available cash, our potential inability to timely procure additional financing or other strategic options on favorable terms, or at all, the potential adverse effects of the Chapter 11 Cases on our liquidity or results of operations, the consequences of the acceleration of our debt obligations, our potential inability to realize the expected benefits of the previously announced reductions in force and other cost-cutting measures, our inability to (i) timely file our periodic reports or (ii) meet our periodic reporting requirements with the Securities and Exchange Commission (the "SEC") and the risks and uncertainties described in the "Risk Factors" section of our Annual Report on Form 10-K and other filings with the SEC. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Notice of Order, dated as of February 23, 2023</u>](stry-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Starry Group Holdings, Inc. | Starry Group Holdings, Inc. |
| Date: February 24, 2023 | By: | /s/ Chaitanya Kanojia |
|  |  | Name: Chaitanya Kanojia |
|  |  | Title: Chief Executive Officer |

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## Ex-99

**Exhibit 99.1**

**IN THE UNITED STATES BANKRUPTCY COURT<br>FOR THE DISTRICT OF DELAWARE**

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| | | |
|:---|:---|:---|
| ---------------------------------------------------------<br>In re:<br>STARRY GROUP HOLDINGS, INC., et al.,1<br>&nbsp;&nbsp;&nbsp;&nbsp; Debtors.--------------------------------------------------------- | x<br>:<br>:<br>:<br>:<br>:<br>:<br>:<br>x | <br>Chapter 11<br>Case No. 23-10219 (KBO)<br>(Jointly Administered)<br>**Docket Ref. Nos. 6 and 74**<br>|

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**NOTICE OF INTERIM ORDER (I) ESTABLISHING NOTIFICATION<br>PROCEDURES AND APPROVING RESTRICTIONS ON CERTAIN<br>TRANSFERS OF, OR WORTHLESSNESS DEDUCTIONS WITH RESPECT<br><u>TO, STOCK OF THE DEBTORS AND (II) GRANTING RELATED RELIEF</u>**

**TO ALL PERSONS WITH STOCK OWNERSHIP OF THE DEBTORS:**

**PLEASE TAKE NOTICE THAT** on February 20, 2023 (the "**<u>Petition Date</u>**"), the above-captioned debtors and debtors in possession (collectively, the "**<u>Debtors</u>**") commenced voluntary cases under chapter 11 of title 11 of the United States Code (the "**<u>Bankruptcy Code</u>**"). Subject to certain exceptions, section 362 of the Bankruptcy Code operates as a stay of any act to obtain possession of property of the Debtors' estates or of property from the Debtors' estates or to exercise control over property of the Debtors' estates.

**PLEASE TAKE FURTHER NOTICE THAT**, on the Petition Date, the Debtors filed a motion [Docket No. 6] (the "**<u>Motion</u>**")<sup>2</sup> seeking entry of an order pursuant to sections 105, 362, and 541 of the Bankruptcy Code establishing certain procedures (the "**<u>Stock Procedures</u>**" and the "**<u>Worthless Stock Deduction Procedures</u>**") with respect to direct and indirect trading, transfers of, and worthlessness deductions with respect to, stock of Starry Group Holdings, Inc. ("**<u>Starry Group Stock</u>**").

**PLEASE TAKE FURTHER NOTICE THAT** on February 23, 2023, the United States Bankruptcy Court for the District of Delaware (the "**<u>Court</u>**") entered an interim order [Docket No. 74] (the "**<u>Interim Order</u>**") approving the Stock Procedures and Worthless Stock Deduction Procedures. A final hearing on the Motion is scheduled on March 22, 2023 at 2:00 p.m. (Eastern Time) (the "**<u>Final Hearing</u>**"). Any objections to the relief granted in the Interim Order must be filed with the Court and served on proposed counsel for the Debtors **SO AS TO BE ACTUALLY RECEIVED** no later than seven days before the Final Hearing (the "**<u>Objection Deadline</u>**").

<sup>[1]</sup> The debtors in these cases, along with the last four digits of each debtor's federal tax identification number, are: Starry Group Holdings, Inc. (9355); Starry, Inc. (9616); Connect Everyone LLC (5896); Starry Installation Corp. (7000); Starry (MA), Inc. (2010); Starry Spectrum LLC (N/A); Testco LLC (5226); Starry Spectrum Holdings LLC (9444); Widmo Holdings LLC (9208); Vibrant Composites Inc. (8431); Starry Foreign Holdings Inc. (3025); and Starry PR Inc. (1214). The debtors' address is 38 Chauncy Street, Suite 200, Boston, Massachusetts 02111.

<sup>[2]</sup> Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Motion.

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**PLEASE TAKE FURTHER NOTICE THAT** if an objection is timely filed, served, and received before the Objection Deadline, such objection will be heard at the Final Hearing on the Motion. If no objections are timely filed and served in accordance with the procedures set forth herein, proposed counsel to the Debtors will file a certification of counsel to that effect attaching a final form of order and the Court may enter a final order granting the Motion without further notice and in advance of the Final Hearing.

**PLEASE TAKE FURTHER NOTICE THAT**, pursuant to the Interim Order, the following Stock Procedures and Worthless Stock Deduction Procedures are in effect:

<u>Stock Procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a.</u>Any purchase, sale, or other transfer of Starry Group Stock in violation of these Stock Procedures (including the notice requirements set forth herein and in the Interim Order) will be null and void ab initio as an act in violation of the automatic stay under sections 362 and 105(a) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>b.</u><u>Notice of Substantial Stock Ownership</u>. Any Person that Beneficially Owns, at any time on or after the Petition Date, at least 7,566,341 shares of Starry Group Stock (representing approximately 4.5 percent of all issued and outstanding shares of Starry Group Stock) (a "**<u>Substantial Stockholder</u>**") must file with the Court and serve on (i) Starry Group Holdings, Inc. (Attn: Courtney Norton (Email: cnorton@starry.com)); (ii) proposed counsel to the Debtors, (1) Latham & Watkins LLP, (A) 355 South Grand Avenue, Suite 100, Los Angeles, California 90071 (Attn: Ted A. Dillman, Jeffrey T. Mispagel, and Nicholas J. Messana, Esq. (Emails: ted.dillman@lw.com, jeffrey.mispagel@lw.com, and nicholas.messana@lw.com)) and (B) 330 North Wabash Avenue, Suite 2800, Chicago, Illinois 60611 (Attn: Jason B. Gott, Esq. (Email: jason.gott@lw.com)), and (2) Young Conaway Stargatt & Taylor, LLP, Rodney Square, 1000 North King Street, Wilmington, Delaware 19801 (Attn: Kara Hammond Coyle, Joseph M. Mulvihill, and Timothy R. Powell (Emails: kcoyle@ycst.com, jmulvihill@ycst.com, and tpowell@ycst.com)); (iii) counsel to ArrowMark Agency Services LLP as DIP Agent and Prepetition Agent, (1) Sheppard, Mullin, Richter & Hampton LLP, (A) 333 South Hope Street, 43<sup>rd</sup> Floor, Los Angeles, California 90071 (Attn: Kyle J. Mathews (KMathews@sheppardmullin.com)) and (B) 321 North Clark Street, 32<sup>nd</sup> Floor, Chicago, Illinois 60654 (Attn: Bryan V. Uelk (BUelk@sheppardmullin.com) and Catherine Jun (CJun@sheppardmullin.com)), and (2) Potter Anderson & Corroon LLP, Hercules Plaza, 1313 North Market Street, 6th Floor, P.O. Box 951, Wilmington, Delaware 19801 (Attn: L. Katherine Good (Email: kgood@potteranderson.com)); (iv) counsel to any statutory committee appointed in the Chapter 11 Cases, if any (each, an "**<u>Official Committee</u>**"); and (v) the Office of the United States Trustee for the District of Delaware, 844 King Street, Suite 2207, Lockbox 35, Wilmington, Delaware 19801 (Attn: Benjamin Hackman (Email: Benjamin.A.Hackman@usdoj.gov)) (collectively, the "**<u>Disclosure Parties</u>**") a notice of such Person's Starry Group Stock ownership (a "**<u>Substantial Stock Ownership Notice</u>**"), in substantially the form attached to the Motion as **<u>Exhibit</u>**

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**<u>E</u>**, which describes specifically and in detail such Person's ownership of Starry Group Stock, on or before the date that is the later of (x) 20 calendar days after the date of entry of the Interim Order and (y) five calendar days after becoming a Substantial Shareholder. At the election of the filing Person, the Substantial Stock Ownership Notice to be filed with the Court (but not the Substantial Stock Ownership Notice that is served on the Disclosure Parties) may be redacted to exclude the taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>c.</u><u>Acquisition of Starry Group Stock</u>. At least 20 calendar days before the proposed date of any transfer of Starry Group Stock, exercise of any Option to acquire Starry Group Stock, or other transaction that would result in an increase in the amount of Starry Group Stock Beneficially Owned, by any Person that currently is or, as a result of the proposed transaction, would be a Substantial Stockholder (a "**<u>Proposed Stock Acquisition Transaction</u>**"), such Person or Substantial Stockholder (a "**<u>Proposed Stock Transferee</u>**") must file with the Court and serve on the Disclosure Parties a notice of such Proposed Stock Transferee's intent to purchase, acquire, or otherwise accumulate Starry Group Stock (a "**<u>Stock</u> <u>Acquisition Notice</u>**"), in substantially the form attached to the Motion as **<u>Exhibit F</u>**, which describes specifically and in detail the Proposed Stock Acquisition Transaction. At the election of the filing Person, the Stock Acquisition Notice to be filed with the Court (but not the Stock Acquisition Notice that is served on the Disclosure Parties) may be redacted to exclude the taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>d.</u><u>Disposition of Starry Group Stock</u>. At least 20 calendar days before the proposed date of any transfer of Starry Group Stock, or other transaction, that would result in a decrease in the amount of Starry Group Stock Beneficially Owned by any Person that before such transfer is a Substantial Stockholder (a "**<u>Proposed Stock Transfer</u>**"), such Person or Substantial Stockholder (a "**<u>Proposed Stock Transferor</u>**") must file with the Court and serve on the Disclosure Parties a notice of such Proposed Stock Transferor's intent to transfer Starry Group Stock (a "**<u>Stock</u> <u>Transfer Notice</u>**"), in substantially the form attached to the Motion as **<u>Exhibit G</u>**, which describes specifically and in detail the Proposed Stock Transfer. At the election of the filing Person, the Stock Transfer Notice to be filed with the Court (but not the Stock Transfer Notice that is served on the Disclosure Parties) may be redacted to exclude the taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>e.</u><u>Objection Procedures</u>. The Debtors, the DIP Agent, and any Official Committee will have 20 calendar days after the receipt of a Stock Acquisition Notice or a Stock Transfer Notice (the "**<u>Stock Procedure Objection Period</u>**") to file with the Court and serve on a Proposed Stock Transferee or Proposed Stock Transferor, as applicable, an objection (a "**<u>Stock Procedure Objection</u>**") to any Proposed Stock Acquisition Transaction described in such Stock Acquisition Notice or any Proposed Stock Transfer described in such Stock Transfer Notice. If the Debtors, the DIP Agent, or any Official Committee files a Stock Transfer Objection by the expiration of the Stock Transfer Objection Period (the "**<u>Stock Procedure Objection Deadline</u>**"), then the applicable Proposed Stock Acquisition Transaction or Proposed Stock Transfer will not be effective unless approved by a final and

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non-appealable order of the Court or such Stock Procedure Objection is withdrawn. If none of the Debtors, the DIP Agent, or any Official Committee file a Stock Procedure Objection by the Stock Procedure Objection Deadline, or if the Debtors, the DIP Agent, and any and all Official Committees provide written authorization to the Proposed Stock Transferee or the Proposed Stock Transferor, as applicable, approving the Proposed Stock Acquisition Transaction or Proposed Stock Transfer, then such Proposed Stock Acquisition Transaction or Proposed Stock Transfer may proceed solely as specifically described in the relevant Stock Acquisition Notice or Stock Transfer Notice, as applicable. Any further or alternative Proposed Stock Acquisition Transaction or Proposed Stock Transfer must be the subject of an additional Stock Acquisition Notice or Stock Transfer Notice, as applicable, and Stock Procedure Objection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>f.</u><u>Objection Procedures</u>. The Debtors, the DIP Agent, and any Official Committee will have 20 calendar days after the receipt of a Stock Acquisition Notice or a Stock Transfer Notice (the "**<u>Stock Procedure Objection Period</u>**") to file with the Court and serve on a Proposed Stock Transferee or Proposed Stock Transferor, as applicable, an objection (a "**<u>Stock Procedure Objection</u>**") to any Proposed Stock Acquisition Transaction described in such Stock Acquisition Notice or any Proposed Stock Transfer described in such Stock Transfer Notice. If the Debtors, the DIP Agent, or any Official Committee files a Stock Transfer Objection by the expiration of the Stock Transfer Objection Period (the "**<u>Stock Procedure Objection Deadline</u>**"), then the applicable Proposed Stock Acquisition Transaction or Proposed Stock Transfer will not be effective unless approved by a final and non-appealable order of the Court or such Stock Procedure Objection is withdrawn. If none of the Debtors, the DIP Agent, or any Official Committee file a Stock Procedure Objection by the Stock Procedure Objection Deadline, or if the Debtors,3 the DIP Agent, and any and all Official Committees provide written authorization to the Proposed Stock Transferee or the Proposed Stock Transferor, as applicable, approving the Proposed Stock Acquisition Transaction or Proposed Stock Transfer, then such Proposed Stock Acquisition Transaction or Proposed Stock Transfer may proceed solely as specifically described in the relevant Stock Acquisition Notice or Stock Transfer Notice, as applicable. Any further or alternative Proposed Stock Acquisition Transaction or Proposed Stock Transfer must be the subject of an additional Stock Acquisition Notice or Stock Transfer Notice, as applicable, and Stock Procedure Objection Period.

<u>Worthless Stock Deduction Procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a.</u>Any purchase, sale, or other transfer of Starry Group Stock in violation of these Stock Procedures (including the notice requirements set forth herein and in the Interim Order) will be null and void ab initio as an act in violation of the automatic stay under sections 362 and 105(a) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>b.</u><u>Notice of 50-percent Stock Ownership</u>. Any person or entity that currently is or becomes a 50-percent shareholder, at any time on or after the Petition Date, must file with the Court, and serve on the Disclosure Parties a notice of such person or

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entity's 50-percent stock ownership (a "**<u>50-percent Stock Ownership Notice</u>**"), in substantially the form attached to the Motion as **<u>Exhibit H</u>**, which describes specifically and in detail such person or entity's ownership of Starry Group Stock, on or before the date that is the later of (x) 20 calendar days after the date of entry of the Interim Order and (y) five calendar days after becoming a Substantial Shareholder. At the election of the filing person or entity, the 50-percent Stock Ownership Notice to be filed with the Court (but not the 50-percent Stock Ownership Notice that is served upon the Disclosure Parties) may be redacted to exclude the taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>c.</u><u>Worthless Stock Deduction</u>. At least 20 calendar days before filing any income tax return, or amendment to such a return, taking any worthlessness deduction with respect to Starry Group Stock for a tax year ending before the consummation of a debt-for-stock recapitalization (or, if applicable, a chapter 11 sale process), such 50-percent shareholder must file with the Court, and serve on the Disclosure Parties, an advance written notice of the intended worthlessness deduction, in substantially the form attached to the Motion as **<u>Exhibit I</u>** (a "**<u>Notice of Intent to Take a Worthless Stock Deduction</u>**"). At the election of the filing person or entity, the Notice of Intent to Take a Worthless Stock Deduction to be filed with the Court (but not the Notice of Intent to Take a Worthless Stock Deduction that is served on the Disclosure Parties) may be redacted to exclude the taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>d.</u><u>Objection Procedures</u>. The Debtors, the DIP Agent, and any Official Committee will have 20 calendar days after the receipt of a Notice of Intent to Take a Worthless Stock Deduction (the "**<u>Worthless Stock Objection Period</u>**") to file with the Court and serve on such 50-percent shareholder an objection (a "**<u>Worthless Stock Objection</u>**") to any proposed worthlessness deduction described in such Notice of Intent to Take a Worthless Stock Deduction. If the Debtors, the DIP Agent, or any Official Committee files a Worthless Stock Objection by the expiration of the Worthless Stock Objection Period (the "**<u>Worthless Stock Objection Deadline</u>**"), then the filing of the income tax return with such deduction will not be permitted or effective unless approved by a final and non-appealable order of the Court or such objection is withdrawn. If none of the Debtors, the DIP Agent, or any Official Committee file a Worthless Stock Objection by the Worthless Stock Objection Deadline, then such deduction will be permitted as set forth in the Notice of Intent to Take a Worthless Stock Deduction. Any further income tax returns within the scope of the Worthless Stock Deduction Procedures must be the subject of an additional Notice of Intent to Take a Worthless Stock Deduction and Worthless Stock Objection Period.

**PLEASE TAKE FURTHER NOTICE THAT**, upon the request of any person, proposed counsel to the Debtors, (i) Latham & Watkins LLP, (1) 355 South Grand Avenue, Suite 100, Los Angeles, California 90071 (Attn: Ted A. Dillman, Jeffrey T. Mispagel, and Nicholas J. Messana, Esq. (Emails: ted.dillman@lw.com, jeffrey.mispagel@lw.com, and nicholas.messana@lw.com)) and (2) 330 North Wabash Avenue, Suite 2800, Chicago, Illinois 60611 (Attn: Jason B. Gott, Esq. (Email: jason.gott@lw.com)), and (ii) Young Conaway Stargatt & Taylor, LLP, Rodney Square,

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1000 North King Street, Wilmington, Delaware 19801 (Attn: Kara Hammond Coyle, Joseph M. Mulvihill, and Timothy R. Powell (Emails: kcoyle@ycst.com, jmulvihill@ycst.com, and tpowell@ycst.com)), will provide a form of each of the required notices described above.

**PLEASE TAKE FURTHER NOTICE THAT** a copy of the Interim Order may be obtained free of charge online at http://www.kccllc.net/Starry.

**FAILURE TO FOLLOW THE PROCEDURES SET FORTH IN THIS NOTICE WILL CONSTITUTE A VIOLATION OF, AMONG OTHER THINGS, THE AUTOMATIC STAY PRESCRIBED BY SECTION 362 OF THE BANKRUPTCY CODE.**

**ANY PROHIBITED PURCHASE, ACQUISITION, ACCUMULATION, SALE, TRADE, OR OTHER TRANSFER OF STARRY GROUP STOCK IN VIOLATION OF THE INTERIM ORDER WILL BE NULL AND VOID AB INITIO AND MAY BE PUNISHED BY CONTEMPT OR OTHER SANCTIONS IMPOSED BY THE COURT.**

**PLEASE TAKE FURTHER NOTICE THAT** the requirements set forth in this Notice are in addition to the requirements of applicable securities, corporate, and other laws, and do not excuse compliance therewith.

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| Dated: February 23, 2023<br> Wilmington, Delaware<br>| &nbsp;&nbsp;&nbsp;**YOUNG CONAWAY STARGATT & TAYLOR, LLP** <br>/s/ Kara Hammond Coyle<br>Michael R. Nestor (No. 3526)<br>Kara Hammond Coyle (No. 4410)<br>Joseph M. Mulvihill (No. 6061)<br>Timothy R. Powell (No. 6894)<br>Rodney Square, 1000 North King Street<br>Wilmington, Delaware 19801<br>Telephone: (302) 571-6600<br>Facsimile: (302) 571-1253<br>Email: mnestor@ycst.com<br>&nbsp;&nbsp;&nbsp;&nbsp; kcoyle@ycst.com<br>&nbsp;&nbsp;&nbsp;&nbsp; jmulvihill@ycst.com<br>&nbsp;&nbsp;&nbsp;&nbsp; tpowell@ycst.com <br>-and-<br>**LATHAM & WATKINS LLP**<br>Jeffrey E. Bjork (pro hac vice admission pending)<br>Ted A. Dillman (pro hac vice admission pending)<br>Jeffrey T. Mispagel (pro hac vice admission pending)<br>Nicholas J. Messana (pro hac vice admission pending)<br>355 South Grand Avenue, Suite 100<br>Los Angeles, California 90071<br>Telephone: (213) 485-1234<br>Facsimile: (213) 891-8763<br>Email: jeff.bjork@lw.com<br>&nbsp;&nbsp;&nbsp;&nbsp;ted.dillman@lw.com<br>&nbsp;&nbsp;&nbsp;&nbsp;jeffrey.mispagel@lw.com <br> nicholas.messana@lw.com<br>Jason B. Gott (pro hac vice admission pending)<br>330 North Wabash Avenue, Suite 2800<br>Chicago, Illinois 60611<br>Telephone: (312) 876-7700<br>Facsimile: (312) 993-9767<br>Email: jason.gott@lw.com<br>Proposed Counsel for Debtors and Debtors in Possession |

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