1.	Organization

OneWater Marine Inc. (“OneWater Inc’’) was incorporated in Delaware on April 3, 2019 and was a wholly owned subsidiary of One Water Marine Holdings, LLC (‘‘OneWater LLC’’) as of September 30 2019 and December 31, 2019. Pursuant to a reorganization into a holding company structure, OneWater Inc will be the holding company and its sole material asset will be the minority equity interest in OneWater LLC, which holds all of the equity interest in One Water Assets & Operations (‘‘OWAO’’ or “Opco”). As the sole managing member of OneWater LLC, OneWater Inc will operate and control all of the business and affairs of OneWater LLC, and through OneWater LLC and its subsidiaries, conduct its business. As a result, beginning in the second quarter of fiscal year 2020, OneWater Inc will consolidate the financial results of OneWater LLC and report a non-controlling interest in its consolidated financial statements. OneWater Inc is a subchapter C corporation subject to both federal and state income taxes.

On February 11, 2020, OneWater Marine Inc. completed its initial public offering (the “Offering”) of 5,307,693 shares of Class A common stock, $0.01 par value per share (the “Class A common stock”), which includes the exercise in full of the underwriters’ option to purchase up to 692,308 additional shares of Class A common stock pursuant to the Underwriting Agreement, at an offering price of $12.00 per share. OneWater Inc received proceeds from the Offering of $59.2 million, net of underwriting discounts and commissions, which was used to purchase limited liability company interests in OneWater LLC (“LLC Units”). The material terms of the Offering are described in the prospectus, dated February 6, 2020, filed by OneWater Inc with the Securities and Exchange Commission on February 10, 2020, which forms a part of OneWater Inc’s Registration Statement on Form S-1 (File No. 333-232639) (the “Registration Statement”). See Note 5 for additional detail.