of our current shareholders, including sales of common stock by McDonald's or our directors and executive officers;
arrival or departure of key personnel;
affecting McDonald's, which will remain our principal shareholder following this offering; and
developments affecting us, our industry or our competitors.
addition, in recent years the stock market has experienced significant price and volume fluctuations. These fluctuations may be unrelated to the operating performance of particular
companies. These broad market fluctuations may cause declines in the market price of our class A common stock. The price of our class A common stock could fluctuate based upon factors
that have little or nothing to do with our company or its performance, and those fluctuations could materially reduce our class A common stock price.
Because holders of the shares of class B common stock will control the majority of the voting power of our common stock, investors in this offering will not be able to determine the outcome of
shareholder votes with respect to most events.
class A common stock will have one vote per share, and our class B common stock will have ten votes per share, other than with respect to a limited number of matters
specified in our amended certificate of incorporation (such as approval of transactions by which a third party might acquire control of us). Following this offering, holders of shares of
class B common stock will collectively control 97% of the combined voting power of our outstanding common stock other than with respect to those matters. For example, the holders of shares of
class B common stock will be able to direct the election of all of the members of our board of directors, who will determine our strategic plans, approve major financing decisions and appoint
top management. In addition, the holders of the class B common stock may seek to cause us to take courses of action that, in their judgment, could enhance their investment in us, but which
might involve risks to holders of our class A common stock or adversely affect us or other investors, including investors in this offering. Although substantially all of the class B
common stock will be beneficially owned by McDonald's following the offering and such shares will only be transferable to McDonald's or one of its subsidiaries, McDonald's may in the future decide to
distribute all or a portion of its interest in the class B common stock to its shareholders through a tax-free distribution. Following any such distribution, none of the outstanding
shares of class B common stock will be subject to transfer restrictions.
Future sales of our common stock, or the perception that such sales may occur, could depress our class A common stock price.
Sales of a substantial number of shares of our common stock, or the perception that such sales may occur, following this offering could depress the market price
of our class A common stock. This would include sales by McDonald's, as detailed above under "Future sales or distributions by McDonald's could depress our stock price." We and all
of our executive officers and directors and certain other equity holders, including McDonald's, have agreed with the underwriters not to offer, sell, dispose of or hedge any shares of our
class A common stock or securities convertible into or exchangeable for shares of our class A common stock (including shares of our class B common stock), subject to specified
limited exceptions and extensions described elsewhere in this prospectus, during the period ending 180 days (subject to extension) after the date of this prospectus, except with the prior
written consent of Morgan Stanley & Co. Incorporated and SG Cowen & Co., LLC, on behalf of the underwriters. Our certificate of incorporation will authorize us to issue up to 200,000,000
shares of class A common stock, of which 7,878,788 shares will be outstanding and 228,666 shares will be issuable upon the exercise of outstanding stock options, and up to 30,000,000 shares of
class B common stock, of which 24,615,831 shares will be