Westaim Corp V.WED

IPO

[enjoytheride]

At September 30, 2022, Westaim’s look-through interest in Skyward Specialty shares of common stock through the Westaim HIIG Limited Partnership of 21.9%, combined with its direct ownership of the Skyward Specialty preferred shares, which are convertible into Skyward Specialty shares of common stock representing 21.9% of the fully diluted Skyward Specialty shares of common stock, resulted in a 43.8% look-through interest in Skyward Specialty. Westaim does not intend to sell or buy any Skyward Specialty shares of common stock as part of the IPO.

[enjoytheride]

Preceding the IPO, a 4-for-1 reverse stock split described in Skyward Specialty’s S-1 was affected and all Skyward Specialty preferred shares were mandatorily converted into Skyward Specialty common shares. Accordingly, preferred shares owned by Westaim were converted into 7,285,359 common shares. As a result, post-IPO, Westaim will own 7,281,780 common shares through its look-through interest in

[cnotes22]

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[ukrop13]

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