Financial Analysis

18. Commitments and Contingent Liabilities We are involved in litigation, claims and other proceedings arising in the ordinary course of business. The significant majority of our litigation matters are related to construction defect claims. Our estimated losses from construction defect litigation matters, if any, are included in our construction defect reserves. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our results of financial position, results of operations or cash flows. In December 2020, the New Jersey Department of Environmental Protection ( NJDEP ) and the Administrator of the New Jersey Spill Compensation Fund (the Spill Fund) filed a lawsuit in the Superior Court of New Jersey, Law Division, Union County against Hovnanian Enterprises, Inc., in addition to other unrelated parties, in connection with contamination at Hickory Manor, a residential condominium development. Alleged predecessors of certain defendants had used the Hickory Manor property for decades for manufacturing purposes. In 1998 (when one of our affiliates purchased the property and assumed control of its remediation) , NJDEP confirmed that groundwater at this site was impacted from an off-site source. The site was later remediated, resulting in the NJDEP issuing an unconditional site-wide No Further Action determination letter ( NFA ) and Covenant Not to Sue in 1999. Subsequentl …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

15. Stock-Based Compensation Plans We have stock incentive plans for certain officers, key employees and directors that are approved by a committee appointed by the Board or its delegate. As of October 31, 2025 , we had 0.3 million shares authorized and remaining for future issuance under our stock incentive plans. Based on the terms of our stock incentive plans, awards that are forfeited are available to us for future grants. Stock Options There have been no stock option grants during fiscal years 2025 , 2024 or 2023 . The exercise price of all stock options is at least equal to the fair market value of an underlying share of our Class A common stock on the date of the grant. The fair value of each stock option is estimated using the Black-Scholes option-pricing model. Stock options granted to officers and associates generally vest in four equal installments on the second , third , fourth and fifth anniversaries of the date of the grant. Non-employee directors stock options vest in three equal installments on the first , second and third anniversaries of the date of the grant. All stock options expire on the tenth anniversary from the grant date. The following table summarizes stock option activity as of October 31, 2025 : October 31, Weighted-Average Weighted- Average Remaining Contractual Aggregate 2025 Exercise Price Life (Years) Intrinsic Value Stock options outstanding at beginning of period 131,014 $ 31.19 Granted - $ - Exercised (2,225 ) $ 36.97 Forfeited - $ - Expire …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

21 . Fair Value of Financial Instruments We use a fair-value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 : Fair value determined based on quoted prices in active markets for identical assets. Level 2 : Fair value determined using significant other observable inputs. Level 3 : Fair value determined using significant unobservable inputs. Our financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at Fair Value at Fair Value October 31, October 31, (In thousands) Hierarchy 2025 2024 Mortgage loans held for sale ( 1 ) Level 2 $ 111,631 $ 148,925 ( 1 ) The aggregate unpaid principal balance was $ 112.1 million and $149.4 million at October 31, 2025 and 2024 , respectively. Fair value of mortgage loans held for sale is based on independent quoted market prices, where available, or the prices for other mortgage loans with similar characteristics. The financial services segment had a pipeline of loan applications in process of $404.4 million at October 31, 2025 . Loans in process for which interest rates were committed to the borrowers totaled $50.2 million as of October 31, 2025 . Substantially all of these commitments were for periods of 60 days or less. Since a portion of these commitments is expected to expire without being exercised by the borrowers, the total commitments do not necessarily represent future cash requirements. In addition, the financial services segment uses investor commitment …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"11. Income Taxes Income taxes (receivable) payable, including deferred benefits, consists of the following: October 31, (In thousands) 2025 2024 State income taxes: Current $ 222 $ 5,479 Deferred (74,825 ) (76,571 ) Federal income taxes: Current - - Deferred (154,792 ) (164,493 ) Total $ (229,395 ) $ (235,585 ) The (benefit) provision for income taxes is composed of the following: Year Ended October 31, (In thousands) 2025 2024 2023 Current income tax expense: Federal ( 1 ) $ - $ - $ - State ( 2 ) 10,775 13,312 8,101 Total current income tax expense: 10,775 13,312 8,101 Federal 9,701 64,230 46,821 State 1,746 (2,461 ) (4,862 ) Total deferred income tax expense: 11,447 61,769 41,959 Total $ 22,222 $ 75,081 $ 50,060 ( 1 ) The current federal income tax expense is net of the use of federal net operating losses totaling $38.5 million (tax effected $8.1 million), $290.1 million (tax effected $60.9 million) and $221.2 million (tax effected $46.4 million) for the years ended October 31, 2025 , 2024 and 2023 , respectively. ( 2 ) The current state income tax expense is net of the use of state net operating losses totaling $14.1 million (tax effected $1.0 million), $110.0 million (tax effected $8.6 million) and $113.3 million (tax effected $8.3 million) for the years ended October 31, 2025 , 2024 and 2023 , respectively. The total income tax expense for the years ended October 31, 2025, 2024 and 2023 was $22.2 million, $75.1 million and $50.1 million, respectively. These amounts were …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

4. Leases We rent certain office space for use in our operations. We assess each of these contracts to determine whether the arrangement contains a lease as defined by ASC 842 , Leases. In order to meet the definition of a lease under ASC 842 , the contractual arrangement must convey to us the right to control the use of an identifiable asset for a period of time in exchange for consideration. We recognize lease expense on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Our office lease terms are typically from three to five years and generally contain renewal options. In accordance with ASC 842 , our lease terms include renewals only to the extent that they are reasonably certain to be exercised. The exercise of these lease renewal options is generally at our discretion. In accordance with ASC 842 , the lease liability is equal to the present value of the remaining lease payments while the ROU asset is based on the lease liability, subject to adjustment, such as for lease incentives. Our leases do not provide a readily determinable implicit interest rate and therefore, we must estimate our incremental borrowing rate. In determining the incremental borrowing rate, we consider the lease period and our collateralized borrowing rates. Our lease population at October 31, 2025 is comprised of operating leases where we are the lessee, primarily for our corporate office and division offices. As allowed by ASC 842 , we made an acco …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"9 . Senior Notes and Credit Facilities Senior secured notes, senior notes and credit facilities balances as of October 31, 2025 and October 31, 2024 , were as follows: October 31, October 31, (In thousands) 2025 2024 Senior Secured Notes: 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 ( 1 ) $ - $ 225,000 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 ( 1 ) - 430,000 Total Senior Secured Notes $ - $ 655,000 Senior Notes: 13.5% Senior Notes due February 1, 2026 ( 2 ) $ - $ 26,588 8.0% Senior Notes due April 1, 2031 ( 1 ) 450,000 - 8.375% Senior Notes due October 1, 2033 ( 1 ) 450,000 - 5.0% Senior Notes due February 1, 2040 24,968 24,968 Total Senior Notes $ 924,968 $ 51,556 Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 ( 1 ) $ - $ 175,000 Senior Secured Revolving Credit Facility ( 3 ) $ - $ - Subtotal senior notes and credit facilities $ 924,968 $ 881,556 Net premiums (discounts) $ (11,051 ) $ 17,340 Unamortized debt issuance costs $ (13,199 ) $ (2,678 ) Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs $ 900,718 $ 896,218 ( 1 ) On September 25, 2025 , K. Hovnanian completed a private placement of $ 450.0 million aggregate principal amount of 8.0 % Senior Notes due April 1, 2031 and $ 450.0 million aggregate principal amount of 8.375 % Senior Notes due October 1, 2033. K. Hovnanian used the net proceeds from the notes issuance, together with cash on hand, to fund (i) th …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements - In November 2023, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) 2023 - 07 , Improvements to Reportable Segment Disclosures (ASU 2023 - 07 ). ASU 2023 - 07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. We adopted ASU 2023-07 for the year ended October 31, 2025, and applied it retrospectively to all prior periods presented in our Consolidated Financial Statements (see Note 10). In December 2023, the FASB issued ASU 2023 - 09 , Improvements to Income Tax Disclosures (ASU 2023 - 09 ). ASU 2023 - 09 requires enhanced disclosures related to the rate reconciliation and information on income taxes paid. This guidance will be applied prospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2024. We are currently evaluating the potential impact the adoption of this guidance will have on our Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 requires disclosure of additional information about specific cost and expense categories in the notes to the financial statements. This guidance will be applied either prospectively or retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 20 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

17 . Transactions with Related Parties During fiscal years 2025, 2024 and 2023 , an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman of the Board and Chief Executive Officer, and Alexander Hovnanian, our President, provided services to the Company totaling $0.7 million, $1.3 million and $1.3 million, respectively. Neither the Company, nor Ara K. Hovnanian nor Alexander Hovnanian has a financial interest in the relatives company from whom the services were provided. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

10. Operating and Reporting Segments HEIs operating segments are components of the Companys business for which discrete financial information is available and reviewed regularly by the chief operating decision maker, our Chief Executive Officer, to evaluate performance, make resource allocations and guide strategic decisions. The Chief Executive Officer uses income (loss) before income taxes as the key operating metric used to measure segment profit or loss. Actual income (loss) before income taxes is reviewed monthly against budgeted amounts from the semi-annual financial plans. We currently have homebuilding operations in 13 states that are aggregated into reportable segments based primarily upon geographic proximity. HEIs reportable segments consist of the following three homebuilding segments and a financial services segment. Homebuilding: ( 1 ) Northeast (Delaware, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia) ( 2 ) Southeast (Florida, Georgia and South Carolina) ( 3 ) West (Arizona, California and Texas) Operations of the homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the financial services segment include mortgage banking and title services provided to the homebu …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

3. Summary of Significant Accounting Policies Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and these differences could have a significant impact on the Consolidated Financial Statements. Income Recognition from Home and Land Sales - We are primarily engaged in the development, construction, marketing and sale of residential single-family and multi-family homes where the planned construction cycle is less than 12 months. For these homes, in accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when control is transferred to the buyer, which occurs when the buyer takes title to and possession of the home and there is no continuing involvement. From time to time, as market conditions warrant, we offer sales incentives which enable customers to reduce the base price of a home or to reduce the price of options. These incentives are recorded as a reduction of revenue in accordance with ASC 606. Income Recognition from Mortgage Loans - Our financial services segment originates mortgages, primarily for our homebuilding customers. We use mandatory investor commitments and forward sale …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"14. Capital Stock Common Stock Each share of Class A common stock entitles its holder to one vote per share, and each share of Class B common stock generally entitles its holder to ten votes per share. The amount of any regular cash dividend payable on a share of Class A common stock will be an amount equal to 110% of the corresponding regular cash dividend payable on a share of Class B common stock. If a shareholder desires to sell shares of Class B common stock, such stock must be converted into shares of Class A common stock at a one -to- one conversion rate. On August 4 , 2008 , the Board of Directors of the Company (the Board ) adopted a shareholder rights plan (the Rights Plan), which was amended on January 11, 2018, January 18, 2021 and January 11, 2024, designed to preserve shareholder value and the value of certain tax assets primarily associated with NOL carryforwards and built-in losses under Section 382 of the Internal Revenue Code. Our ability to use NOLs and built-in losses would be limited if there was an ownership change under Section 382 . This would occur if shareholders owning (or deemed under Section 382 to own) 5 % or more of our stock increase their collective ownership of the aggregate amount of our outstanding shares by more than 50 percentage points over a defined period of time. The Rights Plan was adopted to reduce the likelihood of an ownership change occurring as defined by Section 382 . Under the Rights Plan, one right was distributed for each s …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

22. Subsequent Events During the first quarter of fiscal 2026, we assumed control of one of our unconsolidated joint ventures after the partner received their final cash distribution. We will consolidate the remaining assets and liabilities from eight active selling communities that were in the unconsolidated joint venture at fair value on the date of distribution.

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7. Commitments and Contingent Liabilities We are involved in litigation, claims and other proceedings arising in the ordinary course of business. The significant majority of our litigation matters are related to construction defect claims. Our estimated losses from construction defect litigation matters, if any, are included in our construction defect reserves. While the outcome of such contingencies cannot be predicted with certainty, we do not believe that the resolution of such matters will have a material adverse impact on our financial position, results of operations or cash flows. In December 2020, the New Jersey Department of Environmental Protection (NJDEP) and the Administrator of the New Jersey Spill Compensation Fund (the Spill Fund) filed a lawsuit in the Superior Court of New Jersey, Law Division, Union County against Hovnanian Enterprises, Inc., in addition to other unrelated parties, in connection with contamination at Hickory Manor, a residential condominium development. Alleged predecessors of certain defendants had used the Hickory Manor property for decades for manufacturing purposes. In 1998 (when one of our affiliates purchased the property and began conducting the remediation), NJDEP confirmed that groundwater at this site was impacted from an off-site source. The site was later remediated, resulting in the NJDEP issuing an unconditional site-wide No Further Action (NFA) determination letter and Covenant Not to Sue in 1999. Subsequently, one of our affil …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"2. Stock Compensation During the first quarter of fiscal 2026 , the Board of Directors (the ""Board"") approved certain grants under a new Long-Term Incentive Program (the ""2026 LTIP"") that contain performance-based vesting conditions. The performance period for the 2026 LTIP commenced on November 1, 2025 and will end on October 31, 2028. At the end of the performance period, approximately 50 % of the awards, if any, are payable in shares of Company stock, subject to a mandatory two-year post-vesting hold period and approximately 50 % of the awards, if any, are paid in cash based on the earned phantom stock units. For the three and six months ended April 30, 2026 , stock-based compensation expense was $ 1.8 million ($ 1.8 million net of tax) and $ 3.4 million ($ 2.4 million net of tax), respectively. For the three and six months ended April 30, 2025 , stock-based compensation expense was $ 4.2 million ($ 3.1 million net of tax) and $ 7.9 million ($ 5.7 million net of tax), respectively."

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

"20. Fair Value of Financial Instruments We use a fair-value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1: Fair value determined based on quoted prices in active markets for identical assets. Level 2: Fair value determined using significant other observable inputs. Level 3: Fair value determined using significant unobservable inputs. Our financial instruments measured at fair value on a recurring basis are summarized below: Fair Value at Fair Value at Fair Value April 30, October 31, (In thousands) Hierarchy 2026 2025 Mortgage loans held for sale (1) Level 2 $ 122,324 $ 111,631 ( 1) The aggregate unpaid principal balance was $ 123.9 million and $ 112.1 million at April 30, 2026 and October 31, 2025 , respectively. Fair value of mortgage loans held for sale is based on independent quoted market prices, where available, or the prices for other mortgage loans with similar characteristics. The financial services segment had a pipeline of loan applications in process of $ 597.2 million at April 30, 2026 . Loans in process for which interest rates were committed to the borrowers totaled $ 59.0 million as of April 30, 2026 . Substantially all of these commitments were for periods of 60 days or less. Since a portion of these commitments are expected to expire without being exercised by the borrowers, the total commitments do not necessarily represent future cash requirements. In addition, the financial services segment uses investor commitme …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

16. Income Taxes For the three and six months ended April 30, 2026 , we recorded income tax expense of $ 0.9 million and $ 8.8 million, respectively, and $ 6.8 million and $ 18.5 million for the same periods in the prior year, respectively. For both the three and six months ended April 30, 2026 , and both prior-year periods, the expense was primarily driven by federal and state tax expense on income before income taxes and permanent differences, partially offset by the generation of energy home credits. The federal tax expense is not paid in cash as it is offset by the use of our existing NOL carryforwards. The Company recognizes deferred income taxes for deferred tax benefits arising from NOL carryforwards and temporary differences between book and tax income which will be recognized in future years as an offset against future taxable income. As part of our analysis, we considered both positive and negative factors that impact profitability and whether those factors would lead to a change in estimate of our deferred tax assets (DTAs) that may be realized in the future. At April 30, 2026 , the Company has determined that it is more likely than not that sufficient taxable income will be generated in the future to realize its DTAs, net of any state valuation allowances. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"9. Leases We rent certain office space for use in our operations. Our lease population at April 30, 2026 is comprised of operating leases where we are the lessee, primarily for our corporate office and division offices. Lease costs are included in our Condensed Consolidated Statements of Operations, primarily in ""Selling, general and administrative"" homebuilding expenses, and payments on our lease liabilities are presented in the table below. Three Months Ended Six Months Ended April 30, April 30, (In thousands) 2026 2025 2026 2025 Operating lease costs $ 3,252 $ 2,837 $ 6,125 $ 5,832 Cash payments on lease liabilities $ 2,916 $ 2,741 $ 5,745 $ 5,572 Operating right-of-use lease assets (""ROU assets"") are included in "" Prepaid expenses and other assets "" on our Condensed Consolidated Balance Sheets, while lease liabilities are included in "" Accounts payable and other liabilities ."" During the six months ended April 30, 2026 , we had an increase to ROU assets of $ 11.1 million and an increase to lease liabilities of $ 13.7 million primarily as a result of new leases and lease renewals, adjusted for lease incentives, that commenced during the period. During the six months ended April 30, 2026 , we recognized $ 4.9 million of income included in ""Other (income) expense, net"" in our Condensed Consolidated Statements of Operations, due to the receipt of an early termination fee to leave office space in the Northeast segment before the lease maturity date. The following ta …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"12. Senior Notes and Credit Facilities Senior notes and credit facilities balances as of April 30, 2026 and October 31, 2025 , were as follows: (In thousands) April 30, 2026 October 31, 2025 Senior Notes: 8.0 % Senior Notes due April 1, 2031 $ 450,000 $ 450,000 8.375 % Senior Notes due October 1, 2033 450,000 450,000 5.0 % Senior Notes due February 1, 2040 24,968 24,968 Total Senior Notes $ 924,968 $ 924,968 Senior Secured Revolving Credit Facility(1) $ - $ - Subtotal senior notes and credit facilities $ 924,968 $ 924,968 Net (discounts) premiums $ ( 10,887 ) $ ( 11,051 ) Unamortized debt issuance costs $ ( 12,182 ) $ ( 13,199 ) Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs $ 901,899 $ 900,718 (1) At April 30, 2026 , provides for up to $ 125.0 million in aggregate amount of senior secured first lien revolving loans. The revolving loans under the revolving credit facility have a maturity of June 30, 2028 and borrowings bear interest, at K. Hovnanians option, at either (i) a term SOFR (subject to a floor of 3.00 %) plus an applicable margin of 4.50 % or (ii) an alternate base rate (subject to a floor of 3.00 %) plus an applicable margin of 3.50 %. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00 % per annum . General Except for K. Hovnanian, the issuer of the notes and borrower under the credit agreement governing our secured revolving credit facility (t …

LongTermDebtTextBlock · excerpt; the full note is in the filing

21. Transactions with Related Parties From time to time, an engineering firm owned by Tavit Najarian, a relative of Ara K. Hovnanian, our Chairman and Chief Executive Officer, and Alexander Hovnanian, our President, provides services to the Company. During the three months ended April 30, 2026 and 2025 , the services provided by such engineering firm to the Company totaled $ 0.6 million and $ 0.2 million, respectively. During the six months ended April 30, 2026 and 2025 , the services provided by such engineering firm to the Company totaled $ 0.8 million and $ 0.4 million, respectively. Neither the Company nor Messrs. Hovnanian have a financial interest in the relatives company from whom the services were provided. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

17. Operating and Reporting Segments HEIs operating segments are components of the Companys business for which discrete financial information is available and reviewed regularly by the chief operating decision maker, our Chief Executive Officer, to evaluate performance, make resource allocations and guide strategic decisions. The Chief Executive Officer uses income (loss) before income taxes as the key operating metric used to measure segment profit or loss. Actual income (loss) before income taxes is reviewed monthly against budgeted amounts from the semi-annual financial plans. We currently have homebuilding operations in 13 states that are aggregated into reportable segments based primarily upon geographic proximity. HEIs reportable segments consist of the following three homebuilding segments and a financial services segment. Homebuilding: (1) Northeast (Delaware, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia) (2) Southeast (Florida, Georgia and South Carolina) (3) West (Arizona, California and Texas) Operations of the homebuilding segments primarily include the sale and construction of single-family attached and detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. In addition, from time to time, operations of the homebuilding segments include sales of land. Operations of the financial services segment include mortgage banking and title services provided to the homebuilding …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"15. Common Stock Each share of Class A common stock entitles its holder to one vote per share, and each share of Class B common stock generally entitles its holder to ten votes per share. The amount of any regular cash dividend payable on a share of Class A common stock will be an amount equal to 110 % of the corresponding regular cash dividend payable on a share of Class B common stock. If a shareholder desires to sell shares of Class B common stock, such stock must be converted into shares of Class A common stock at a one -to-one conversion rate. On August 4, 2008, the Board adopted a shareholder rights plan (the Rights Plan), which was amended on January 11, 2018, January 18, 2021, and January 11, 2024, and which is designed to preserve shareholder value and the value of certain tax assets primarily associated with net operating loss (NOL) carryforwards and built-in losses under Section 382 of the Internal Revenue Code. Our ability to use NOLs and built-in losses would be limited if there was an ownership change under Section 382. This would occur if shareholders owning (or deemed under Section 382 to own) 5 % or more of our stock increase their collective ownership of the aggregate amount of our outstanding shares by more than 50 percentage points over a defined period of time. The Rights Plan was adopted to reduce the likelihood of an ownership change occurring as defined by Section 382. Under the Rights Plan, one right was distributed for each share of Class A common S …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing