I think they made a mistake to do this complex structure with the shell company buying part of the LLC. The entire corporate structure just seems designed for financial engineering as opposed to running a good company worth investing in.
If they were to do it all again, I would have advised them to just have a single class of common stock. They would have gotten a much higher valuation and raised their target in the IPO of $42 million. Instead they only got $14 million with all of the shell games.