(a) As of the date hereof, GA-GTCO Interholdco, LLC (“GA-GTCO Interholdco”) owns 1,077,704 warrants to purchase Class A Common Stock (“Warrants”). Such 1,077,704 Warrants represent 1.2% of the outstanding Class A Common Stock, based on a total of 87,235,303 shares of Class A Common Stock outstanding, which consists of (i) an estimated 86,157,599 shares of Class A Common Stock (including restricted stock units) outstanding as of November 2, 2016, as disclosed in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on November 4, 2016, and (ii) 1,077,704 shares of Class A Common Stock underlying Warrants beneficially owned by the Reporting Persons. Each of the Reporting Persons other than GA-GTCO Interholdco owns of record no shares of the Class A Common Stock and no Warrants.
By virtue of the fact that (i) the GA Funds hold all of the interests of GA-GTCO Interholdco, (ii) GenPar is the general partner of GAP 83, GAP 93, GAP US AIV and GAP AIV and the manager of GAP-W, (iii) GA LLC is the general partner of GenPar and GAPCO CDA and the managing member of GAPCO III and GAPCO IV and (iv) the GA Managing Directors may be deemed to share voting and dispositive power with respect to shares and interests held by the GA Funds, and voting and disposition decisions with respect to shares and interests held by the GA Funds are made by a portfolio committee of GA LLC comprising certain of the GA Managing Directors as well as officers of GA LLC, the Reporting Persons may be deemed to beneficially own 1,077,704 Warrants, representing approximately 1.2% of the issued and outstanding Class A Common Stock. The information required by General Instruction C to Schedule 13D is attached hereto as Schedule A and is hereby incorporated by reference.
(b) Each of the Reporting Persons has the shared power to direct the vote and the shared power to direct the disposition of the 1,077,704 Warrants that may be deemed to be owned beneficially by each of them.
(c) Except as set forth below or otherwise herein, to the knowledge of the Reporting Persons with respect to the persons named in response to paragraph (a), none of the persons named in response to paragraph (a) has effected any transactions in shares of Class A Common Stock during the past 60 days.
On November 28, 2016, pursuant to a purchase agreement (the “Purchase Agreement”) between the Company and GA-GTCO Interholdco, dated as of November 17, 2016, the Company and GA-GTCO Interholdco exchanged (i) 18,709,027 shares of the Company's Class A Common Stock in exchange for 8,202,124 shares of common stock, par value $0.01 per share of Bats Global Markets, Inc. (“Bats Common Stock”) and (ii) 7,016,979 Warrants in exchange for 613,412 shares of Bats Common Stock. Subject to the satisfaction of certain conditions set forth in the Purchase Agreement, on or around January 3, 2017, the Reporting Persons will dispose of the remaining 1,077,704 Warrants in exchange for 47,716 shares of Bats Common Stock, which is equal to 94,211 shares of Bats Common Stock, less 46,495 shares of Bats Common Stock payable by the Reporting Persons to the Company in respect of certain fees related to the transactions contemplated by the Purchase Agreement.
(d) To the knowledge of the Reporting Persons, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Class A Common Stock owned by any member of the group.
(e) On November 28, 2016, the Reporting Persons ceased to be the beneficial owners of more than 5% of the Class A Common Stock.