Erik Matlick

So the first part is, I was in a good situation.

I've had this conversation with other CEOs.

And it really depends on your cap table whether or not you can spin out.

I positioned it as it was better for everybody.

And this goes back to why did we even spin out?

We spun out because we were a media business.

We wanted to start a data cooperative.

And in order to do that, I had to talk to media businesses and convince the other media businesses that if we collaborated and worked together, we would all win.

The problem was that I was a media business.

So naturally...

they wouldn't work with me until I was a separate entity.

So it made sense logically, and I was able to go to the investors, my investors, and I said, we have an opportunity here.

It's not a threat.

There's an opportunity to spin out, create even more equity value for the investors if we have a separate entity that focuses on this market.

And that's how that happened.

No, we just, the investors, we did a spin out and we refunded it as a company.

So again, so I actually, the cap table of the original company was very similar to this one.

It was mainly you.

Right.

It was mainly me and a bunch of angels.