What is the need for voting rights if the founders have ~68.3% majority?
According to the general information, the company has two classes of shares which will be allocated in a definite way. 45% of Class A shares are being offered for sale. 24% are held by the board as Class B shares. Other 31% are reserved for a future employee incentives pool, finance, bonuses, compensation and etc. Both classes have identical economic benefits and what is more, the holders of our Class A common stock and Class B common stock will generally vote together as a single class.
If you meant something else, please specify, how you calculated 68%.
According to the announcement there are 845118 class A shares and 266882 class B shares. Class A shares have 1 vote per share while class B shares have 10 votes per share. Therefore the total number of votes are 1 x 845118 + 10 x 266882 = 3513938, of which 10 x 266882/3513938 = 75.95% is the class B voting percentage. I made a mistake in my previous calculation.
So in actual fact the number of shares being offered for sale (500000) only have a 14.23% vote.
I just cannot see the reason for the different classes as the 500000 shares on sale have such small say in the company. In fact the class A shares which represent ~76% of the total number of shares have a combined ~24% (including the allocation to treasury, rewards, payments for services and employees participation) say in the direction of the company.
It just feels like there is no use in giving the class A shares any voting rights and it seems like a "token" gesture.