ASST Insider Filing: Merger Conversion Yields 18.46M Class B Shares for CEO

Rhea-AI Filing Summary

Matthew Ryan Cole, a director and Chief Executive Officer of Strive, Inc. (ASST), reported transactions tied to the companys merger on 09/12/2025. Under the Merger Agreement, Mr. Coles Old Strive shares and restricted stock units were converted into New Strive Class B common stock at an Exchange Ratio of 70.9470650. The filing reports acquisition entries showing 18,459,504 Class B shares delivered from converted holdings and 57,183 Class B shares held indirectly via spouse, with the time-vesting and performance vesting conditions deemed achieved at closing. The filing also notes conversion mechanics that could convert Class B into Class A stock upon certain transfers or by election.

Positive

• Significant post-merger ownership retained: Reporting person received 18,459,504 Class B shares through conversion, preserving economic stake.
• RSU vesting accelerated at closing: Time-vesting and performance vesting conditions were deemed achieved at the Closing, converting Old Strive RSUs into New Strive RSUs.
• Transaction consistent with merger terms: Conversions executed per the disclosed Exchange Ratio of 70.9470650 and the Merger Agreement.

Negative

• Concentrated voting class persists: Holdings are in Class B common stock, which may carry different voting rights and conversion mechanics that affect control.
• Automatic conversion triggers disclosed: Class B shares may convert to Class A upon certain Transfers or by holder election, which could change voting composition if triggered.

Insights

Corporate Governance Expert

TL;DR: Major insider retained significant post-merger equity; governance rights remain concentrated in Class B but include conversion triggers.

The Form 4 documents a large-scale conversion of pre-merger equity into Class B common stock at a specified exchange ratio, with vesting conditions deemed satisfied at closing. This preserves executive ownership and likely voting influence given Class B structure. The filing explicitly describes automatic conversion triggers on transfers and an ability for holders to elect conversion, which are standard protective provisions but relevant for future control dynamics. No sale or disposition is reported; holdings appear maintained post-closing.

M&A Specialist

TL;DR: Transaction reflects routine post-merger equity mechanics; large share conversion executed per merger terms.

The disclosures align with typical merger consideration mechanics: outstanding shares and RSUs in the target were converted into acquiror equity using a fixed exchange ratio. The fact that both time-vesting and performance-vesting were deemed satisfied at closing indicates the merger consummation triggered vesting acceleration for these awards. The reported numbers (over 18 million Class B shares) quantify the insiders continued economic stake, which is material in scale but arises from contractual conversion rather than open-market trading.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Cole Matthew Ryan

(Last) (First) (Middle)

C/O STRIVE, INC.

200 CRESCENT COURT, SUITE 1400

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Strive, Inc. [ ASST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)(2)(3)(4)(5)	09/12/2025		A		18,459,504(1)(2)(3)(4)(5)		(5)	(1)(2)(3)(4)(5)	Class B Common Stock	18,459,504	(1)(2)(3)(4)(5)	18,459,504	D
Restricted Stock Units	(1)(2)(3)(4)(5)	09/12/2025		A		57,183(1)(2)(3)(4)(5)		(5)	(1)(2)(3)(4)(5)	Class B Common Stock	57,183	(1)(2)(3)(4)(5)	57,183	I	By Spouse

Explanation of Responses:

1. On September 12, 2025, pursuant to the Agreement and Plan of Merger dated as of May 6, 2025, as amended by that certain Amended and Restated Agreement and Plan of Merger, dated as of June 27, 2025 (as it may be further amended, restated or otherwise modified from time to time, the "Merger Agreement," and the consummation of the transactions contemplated thereby, the "Closing"), by and among the Registrant, Strive Enterprises, Inc., an Ohio corporation, and Alpha Merger Sub, Inc., an Ohio corporation and a direct, wholly owned subsidiary of the Registrant, (i) each share Class B Common Stock of Old Strive (the "Old Strive Shares")

2. (Footnote 1 continued) held by the Reporting Person as of the Closing was converted into the right to receive a number of shares of Class B Common Stock of the Registrant (the "New Strive Shares") equal to the product, rounded down to the nearest whole share, obtained by multiplying (x) the number of Old Strive Shares held by the Reporting Person and (y) a ratio equal to 70.9470650 (the "Exchange Ratio"), (ii) each outstanding restricted stock unit in respect of Old Strive Shares held by the Reporting Person as of the Closing (each, an "Old Strive RSU") was converted into an award of restricted stock units with respect to a number of New Strive Shares (each, a "New Strive RSU") equal to the product, rounded down to the nearest whole share, obtained by multiplying (x) the number of Old Strive RSUs held by the Reporting Person by (y) the Exchange Ratio, which such New Strive RSUs shall remain subject to the same terms and conditions as were applicable to the corresponding Old Strive RSU

3. Each share of Class B Common Stock of the Registrant, automatically and without further action by the Reporting Person, shall be converted into one share of Class A Common Stock, upon the occurrence of a Transfer, other than a Permitted Transfer (each as defined in the Registrant's Amended and Restated Articles of Incorporation) or all shares of Class B Common Stock, automatically and without further action by the Reporting Person, shall be converted into an identical number of shares of Class A Common Stock at such date and time, or the occurrence of an event, specified by the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under the Registrant's Amended and Restated Articles of Incorporation) of the holders of a majority of the total voting power of the outstanding Class B Common Stock, voting as a separate class.

4. (Footnote 3 continued) The Class B Common Stock may also be converted into Class A Common Stock at the election of the Reporting Person.

5. Each of the time-vesting condition and the performance vesting condition of the Restricted Stock Units was deemed to have been achieved subject to the Closing.

	/s/ Brian Logan Beirne, attorney-in-fact for Matthew Ryan Cole	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Matthew Ryan Cole report on Form 4 for ASST?

The Form 4 reports that on 09/12/2025 Mr. Coles Old Strive shares and RSUs were converted into 18,459,504 Class B shares and 57,183 Class B shares held indirectly by spouse, under the Merger Agreement.

What exchange ratio was used to convert Old Strive equity into Strive, Inc. shares?

The conversion used an Exchange Ratio of 70.9470650 as stated in the filing.

Were any RSUs accelerated or vested at the closing?

Yes. The filing states that both the time-vesting and performance-vesting conditions of the Restricted Stock Units were deemed to have been achieved subject to the Closing.

Does the Form 4 show any open-market sales or purchases?

No. The reported entries reflect conversion of pre-existing Old Strive shares and RSUs into New Strive Class B shares pursuant to the Merger Agreement, not open-market trades.

Can the reported Class B shares convert to Class A shares?

Yes. The filing explains Class B common stock will convert into Class A common stock automatically upon certain Transfers or at times specified by affirmative vote of holders of a majority of Class B voting power, and may also convert at the holders election.