STOCK TITAN

Strive, Inc. (ASST) shareholder group loses 50% control, pact terminates

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Strive, Inc. shareholders filed Amendment No. 5 to their Schedule 13D to report a major change in control arrangements. As the company sold Class A Common Stock under its at-the-market equity offering program, the shareholder parties’ combined Class A and Class B holdings fell below 50% of total voting power, triggering automatic termination of the Shareholders Agreement on April 20, 2026.

After this termination, the reporting persons are no longer deemed a group under Section 13(d). Each of the Ramaswamy 2021 Irrevocable Trust, Matthew Cole, 2025-10 Investments LLC, Logan Beirne, Virtuous Industries LLC, Benjamin Pham, LT&C LLC and Liberty Pier Foundation now beneficially owns under 5% of the Class A stock and will stop filing under Section 13(d), while Vivek Ramaswamy continues to hold more than 5% and will report separately.

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Insights

Control pact ends as Strive’s key shareholder group drops below 50% voting power.

The filing shows that Strive’s Shareholders Agreement automatically terminated when the signatories’ combined Class A and Class B holdings fell under 50% of total voting power on April 20, 2026. Each Class A share carries one vote and each Class B share ten votes, so the prior arrangement concentrated substantial influence.

With the agreement gone, the reporting persons are no longer treated as a coordinated group under Section 13(d). Several holders, including the Ramaswamy 2021 Irrevocable Trust and other entities, now each own under 5% of Class A shares and exit 13(d) reporting, while Vivek Ramaswamy remains above that threshold.

This change stems from Strive’s at-the-market equity offering program, which increased Class A shares outstanding and diluted the group’s voting share below the 50% trigger in the Shareholders Agreement. Future filings by Vivek Ramaswamy under Section 13(d) will provide updates on his individual beneficial ownership position.

Vivek Ramaswamy beneficial ownership 5,693,897 shares (8.4% of Class A) Assumes conversion of Class B into Class A
Ramaswamy 2021 Irrevocable Trust holdings 1,418,942 shares (2.2% of Class A) Beneficial ownership, assuming Class B conversion
Matthew Cole holdings 416,352 shares (0.7% of Class A) Beneficial ownership, assuming Class B conversion
Benjamin Pham holdings 239,343.10 shares (0.4% of Class A) Beneficial ownership, assuming Class B conversion
Termination date of Shareholders Agreement April 20, 2026 Automatic termination under Section 4.03(i)
Voting power trigger 50% of voting power Threshold for automatic termination of agreement
Voting rights per share class 1 vote (Class A), 10 votes (Class B) Used in calculating total voting power
Shareholders Agreement financial
"Pursuant to Section 4.03(i) of the Shareholders Agreement, the Shareholders Agreement terminated automatically on the Termination Date"
A shareholders agreement is a written contract among a company's owners that sets out their rights, responsibilities and rules for running the business and selling shares. It matters to investors because it clarifies who makes decisions, how shares can be bought or sold, and how disputes are handled—like house rules among roommates that prevent fights and ensure everyone knows how to leave or change the arrangement without shocking the others.
at-the-market equity offering program financial
"sales of Class A Common Stock by the Issuer pursuant to the Issuer's at-the-market equity offering program (the "ATM Program")"
A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.
beneficially own financial
"the parties to the Shareholder Agreement ceased to beneficially own, in the aggregate, shares of Class A Common Stock and Class B Common Stock"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Section 13(d) regulatory
"ceased to be a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934"
voting power financial
"representing at least 50% of the voting power of the outstanding Common Stock"
Voting power is the ability shareholders have to influence a company's major decisions—like electing the board, approving mergers, or changing corporate rules—based on the voting rights attached to the shares they hold. For investors it matters because greater voting power is like holding more keys to a building: it gives you a stronger say over management choices and the company’s strategy, which can affect future value and risk.
Termination Date financial
"the Shareholders Agreement automatically terminated with respect to all parties thereto on April 20, 2026 (the "Termination Date")"
Termination date is the specific calendar day when a contract, agreement, option or other legal arrangement stops being in effect and any remaining rights or obligations expire. For investors it matters because that date sets deadlines for exercising rights, receiving payments, closing positions or avoiding penalties—similar to the day a lease or warranty ends, after which parties no longer have the same protections or claims.





862945300

(CUSIP Number)
Logan Beirne
Strive, Inc, 200 Crescent Court, Suite 1400
Dallas, TX, 75201
(872)-270-5406


Derek Dostal
Davis Polk & Wardwell LLP, 450 Lexington Avenue
New York, NY, 10017
212-450-4000


Evan Rosen
Davis Polk & Wardwell LLP, 450 Lexington Avenue
New York, NY, 10017
212-450-4000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
04/20/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Reporting Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D




Comment for Type of Reporting Person:
Reporting Assumes conversion of Class B Common Stock (as defined below) into Class A Common Stock. See Item 5 below.


SCHEDULE 13D


Vivek Ramaswamy
Signature:/s/ Vivek Ramaswamy
Name/Title:Vivek Ramaswamy
Date:05/11/2026
Ramaswamy 2021 Irrevocable Trust
Signature:/s/ Brandon Guillemin
Name/Title:Brandon Guillemin / Trust Officer of Rockefeller Trust Company of Delaware
Date:05/11/2026
Matthew Cole
Signature:/s/ Matthew Cole
Name/Title:Matthew Cole
Date:05/11/2026
2025-10 Investments LLC
Signature:/s/ Benjamin Pham
Name/Title:Benjamin Pham
Date:05/11/2026
Logan Beirne
Signature:/s/ Logan Beirne
Name/Title:Logan Beirne
Date:05/11/2026
Virtuous Industries LLC
Signature:/s/ Vivek Ramaswamy
Name/Title:Vivek Ramaswamy
Date:05/11/2026
Benjamin Pham
Signature:/s/ Benjamin Pham
Name/Title:Benjamin Pham
Date:05/11/2026
LT&C LLC
Signature:/s/ Anastasia Cole
Name/Title:Anastasia Cole
Date:05/11/2026
Liberty Pier Foundation
Signature:/s/ Anastasia Cole
Name/Title:Anastasia Cole
Date:05/11/2026

FAQ

What does Strive, Inc. (ASST) report in Schedule 13D/A Amendment No. 5?

The amendment reports termination of Strive’s Shareholders Agreement after key holders’ combined voting power fell below 50%. It also notes that the prior shareholder group under Section 13(d) has dissolved, changing how these investors are reported going forward.

Why did Strive’s Shareholders Agreement terminate on April 20, 2026?

The agreement terminated automatically when shareholder parties ceased to beneficially own at least 50% of total voting power. Increased Class A shares from Strive’s at-the-market equity offering program reduced their combined Class A and Class B voting stake below this contractual threshold.

How much Strive Class A stock does Vivek Ramaswamy beneficially own in this filing?

Vivek Ramaswamy is reported as beneficially owning 5,693,897 shares of Class A Common Stock, representing 8.4% of the class, assuming conversion of Class B into Class A. He will continue reporting separately under Section 13(d) after this amendment.

Which Strive reporting persons fall below 5% ownership after the amendment?

The amendment states that the Ramaswamy 2021 Irrevocable Trust, Matthew Cole, 2025-10 Investments LLC, Logan Beirne, Virtuous Industries LLC, Benjamin Pham, LT&C LLC and Liberty Pier Foundation each beneficially own under 5% of Class A shares and no longer have Section 13(d) reporting obligations.

What role did Strive’s at-the-market equity offering program play in this 13D/A?

Sales of Class A Common Stock under Strive’s at-the-market equity offering program increased shares outstanding. That expansion reduced the shareholder parties’ aggregate voting power below 50%, which triggered automatic termination of the Shareholders Agreement under its Section 4.03(i).

How are Strive Class A and Class B shares treated for voting power in this filing?

Each Strive Class A Common Stock share carries one vote, while each Class B Common Stock share carries ten votes. The 50% voting power test in the Shareholders Agreement is based on this combined voting power of outstanding Class A and Class B shares.