SEC Form POS AM filed by Flagstar Financial Inc.

This Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-280398) (the “Registration Statement”) of Flagstar Financial, Inc. (the “Company”), as originally declared effective by the Securities and Exchange Commission (the “SEC”) on November 29, 2024, is being filed pursuant to the undertakings in Item 17 of the Registration Statement to (i) include the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 4, 2025, (ii) include updated information regarding the selling securityholders named in the prospectus, including a reduction in the number of shares of Company common stock being offered by the selling securityholders to 263,828,622 shares of common stock, and (iii) update certain other information in the Registration Statement to reflect current business operations.

The information included in this filing amends this Registration Statement and the prospectus contained therein. No additional securities are being registered under this Post-Effective Amendment No. 1. All applicable registration fees were paid at the time of the original filing of the Registration Statement.

This prospectus relates to the offer and sale from time to time of up to (i) 263,828,622 shares of our common stock, par value $0.01 per share (“Common Stock”), by the selling securityholders listed in the section of this prospectus entitled “Selling Securityholders” (the “Selling Securityholders”), which is comprised of: (a) 158,588,968 shares of Common Stock, (b) 249,999 shares of Common Stock underlying the 750 shares of our Series B Noncumulative Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”) outstanding as of the date hereof, (c) approximately 4,999 shares of Common Stock underlying the 15 shares of our Series D Non-Voting Common Equivalent Stock, par value $0.01 per share (the “Series D NVCE Stock”) outstanding as of the date hereof and (d) approximately 104,984,656 shares of Common Stock underlying our net-settled warrants (the “Warrants”), which are exercisable into our Series D NVCE Stock, each share of which is convertible into Common Stock, and (ii) 314,954 Warrants. The outstanding shares of Common Stock, shares of Series B Preferred Stock and Warrants were issued to the Selling Securityholders pursuant to a private placement on March 11, 2024 (the “Transaction”).

The shares of Common Stock and Warrants being registered for resale in this Form S-1 shall be referred to herein as the “Securities”.

Our registration for resale of the Securities covered by this prospectus does not mean that the Selling Securityholders will offer or sell any of the Securities. The Selling Securityholders may sell the Securities covered by this prospectus in a number of different ways and at varying prices. For additional information on the possible methods of sale that may be used by the Selling Securityholders, you should refer to the section of this prospectus entitled “Plan of Distribution” beginning on page 27 of this prospectus. We will not receive any of the proceeds from the sale of Securities sold by the Selling Securityholders.

You should read this prospectus carefully before you invest in any of the Securities.

Investing in the Securities involves a high degree of risk. See “Risk Factors” beginning on page 11 of this prospectus.

Our Common Stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol “FLG”. On April 25, 2025, the closing price of our Common Stock on the NYSE was $11.73 per share. The Warrants are not listed for trading on the NYSE or any other national securities exchange. The Company has agreed to use its reasonable best efforts to procure and maintain the listing of the Warrants, including the Common Stock underlying the Warrants, on all stock exchanges on which the Common Stock is then listed or traded, but the Warrants may not be listed on any national securities exchange in the future.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Unless the context otherwise requires, all references in this prospectus to “Flagstar Financial,” “FLG,” the “Company,” “we,” “us” and “our” mean Flagstar Financial, Inc. (formerly known as New York Community Bancorp, Inc.) and its consolidated subsidiaries.

You should carefully read this prospectus and any prospectus supplement or free writing prospectus that we may authorize for use, together with the additional information described under the heading “Where You Can Find More Information.” This prospectus does not contain all of the information set forth in the registration statement we have filed with the SEC of which this prospectus forms a part, certain parts of which are omitted in accordance with the rules and regulations of the SEC. You may refer to the registration statement of which this prospectus forms a part and the exhibits to the registration statement for further information with respect to us, the Common Stock and the Warrants.

Neither we nor the Selling Securityholders (i) have authorized anyone to provide you with any information other than that contained in or incorporated by reference into this prospectus, (ii) take responsibility for, or can provide any assurance as to the reliability of, any other information that others may give you or (iii) are making offers to sell the Common Stock in any jurisdiction in which an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation.

You should assume that the information appearing in this prospectus and any prospectus supplement or free writing prospectus that we may authorize for use is accurate only as of the date on its respective cover, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus incorporates by reference market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this prospectus may involve estimates, assumptions, and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading “Risk Factors” contained in this prospectus and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.

In this prospectus, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in United States dollars. References to “dollars,” “$” or “US$” are to United States dollars.

We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements and other information concerning issuers that file electronically with the SEC, including us. We also maintain a website at www.ir.flagstar.com that contains information concerning us. The information contained or referred to on our website is not part of, or incorporated by reference into, this prospectus or the registration statement of which it forms a part.

The SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, except for any information superseded by information contained directly in this prospectus, any prospectus supplement or any free writing prospectus prepared by or on behalf of us.

This prospectus incorporates by reference the documents set forth below that we have previously filed with the SEC (in each case other than portions that are not deemed to be “filed” with the SEC, including any information pursuant to Items 2.02 or 7.01 of Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K unless indicated otherwise in any such Form 8-K).

Because we are not able to incorporate by reference any future documents that we file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of our initial registration statement relating to the Securities until the completion of the distribution of the Securities covered by this prospectus, we will likely file supplements to this prospectus following the filing of our Quarterly Reports on Form 10-Q and may be required to file a post-effective amendment to the initial registration statement to incorporate information included in our future filings.

You can obtain any of the documents incorporated by reference in this document at no cost through us, or from the SEC through the SEC’s website at www.sec.gov. Documents incorporated by reference are available from us without charge, excluding any exhibits to those documents, unless the exhibit is specifically incorporated by reference as an exhibit in the registration statement of which this prospectus forms a part. You can obtain documents incorporated by reference in this prospectus by requesting them in writing or by telephone from us at the following address or phone number:

Neither we nor the Selling Securityholders (i) have authorized anyone to give any information or make any representation about us that is different from, or in addition to, those contained in this prospectus or in any of the materials that we have incorporated into this prospectus or (ii) take responsibility for, or can provide any assurance as to the reliability of, any other information that others may give you. If you are in a jurisdiction where offers to sell, or solicitations of offers to purchase, the securities offered by this document are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this document does not extend to you. The information contained in this document speaks only as of the date of this document unless the information specifically indicates that another date applies.

This prospectus contains or incorporates by reference “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act and other applicable securities laws, which involve certain known and unknown risks and uncertainties. In addition to the cautionary statement below, with respect to forward-looking statements contained in the documents incorporated by reference herein, prospective purchasers should refer to the section titled “Cautionary Statement Regarding Forward-Looking Language” in our most recent Annual Report on Form 10-K and in our most recent Quarterly Report on Form 10-Q.

Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Although we believe that our plans, intentions, and expectations as reflected in these forward-looking statements are reasonable, we can give no assurance that they will be achieved or realized. Our ability to predict results or the actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results, performance, or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements.

There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in our forward-looking statements. These factors include, but are not limited to:

You should read carefully the risk factors described in the documents incorporated by reference in this prospectus for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements.

Investing in the Securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risk factors described under “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K together with all of the other information appearing in or incorporated by reference into this prospectus, before deciding whether to purchase any of the Common Stock or Warrants being offered. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. The trading price of our Common Stock could decline due to any of these risks, and you may lose all or part of your investment. Please also read carefully the section titled “Cautionary Statement Regarding Forward-Looking Language” in our most recent Annual Report on Form 10-K.

The market price of our Common Stock could be subject to significant fluctuations due to changes in sentiment in the market regarding our operations or business prospects, including market sentiment regarding Transaction. These risks may be affected by, among other things:

Furthermore, given recent and ongoing volatile market and economic conditions, the market price of our Common Stock may continue to be subject to further significant market fluctuations. While the U.S. and other governments continue efforts to restore confidence in financial markets and promote economic growth, we cannot assure you that continued or further market and economic turmoil will not occur in the near or long term, which would negatively affect our business, financial condition and results of operations, as well as the price and trading volume volatility of our Common Stock.

Shares of our Common Stock are equity interests and do not constitute indebtedness. As such, shares of our Common Stock rank junior to all indebtedness of, and other non-equity claims on, the Company with respect to assets available to satisfy claims. Additionally, holders of our Common Stock are subject to the prior dividend and liquidation rights of the holders of any existing or, potentially, future series of preferred stock, including the Series B Preferred Stock.

Certain provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, in addition to certain federal banking laws and regulations, could make it more difficult for a third party to acquire us without the consent of our board of directors, even if doing so were perceived to be beneficial to our stockholders. These provisions also make it more difficult to remove our current board of directors or management or to appoint new directors, and also regulate the timing and content of stockholder proposals and

nominations, and qualification for service on our board of directors. The combination of these provisions could effectively inhibit a non-negotiated merger or other business combination, which could adversely impact the market price of our Common Stock.

The closures of Silicon Valley Bank and Signature Bank in March 2023, and First Republic Bank in May 2023, and concerns about similar future events, have generated significant market volatility among publicly traded bank holding companies and, in particular, regional banks. More recently, concerns about commercial real estate concentrations at regional and community banks, including us, have exacerbated this volatility. These market developments have negatively impacted customer confidence in the safety and soundness of regional and community banks, including us. As a result, customers may choose to maintain deposits with larger financial institutions or invest in higher yielding short-term fixed income securities, all of which could materially adversely impact our liquidity, deposits, loan funding capacity, net interest margin, capital and results of operations. While federal bank regulators took action to ensure that depositors of the failed banks had access to their deposits, including uninsured deposit accounts, there is no guarantee that such actions will be successful in restoring customer confidence in regional and community banks and the banking system more broadly. Furthermore, there is no guarantee that regional bank failures or bank runs similar to the ones that occurred in 2023 will not occur in the future and, if they were to occur, they may have a material and adverse impact on customer and investor confidence in regional and community banks negatively impacting our liquidity, capital, results of operations and stock price.

The Selling Securityholders can sell, under this prospectus, up to 263,828,622 shares of Common Stock, constituting approximately 50.7% of our outstanding Common Stock (in each case, assuming the exercise or conversion as applicable of the Series B Preferred Stock and Series D NVCE Stock underlying the Warrants), which consists of up to (a) 158,588,968 shares of Common Stock, (b) 249,999 shares of Common Stock underlying the currently outstanding shares of Series B Preferred Stock issued in connection with the Transaction at a purchase price of $2,000 per share, each such share convertible into 333.3333 shares of Common Stock (after the COI Reverse Stock Split Amendment became effective), (c) approximately 4,999 shares of Common Stock underlying the currently outstanding shares of our Series D NVCE Stock and (d) approximately 104,984,656 shares of Common Stock underlying the shares of Series D NVCE Stock underlying the 314,954 Warrants issued in connection with the Transaction, each such Warrant exercisable into Series D NVCE Stock at an initial exercise price of $2,500 (as such exercise price has been, and may continue to be, adjusted pursuant to the terms of the Warrant; as a result of the Company’s payments of a $0.01 per share dividend on its Common Stock on June 17, 2024, September 17, 2024, December 17, 2024 and March 17, 2025, the exercise price has been adjusted to $2,485.5216 per share), each such share convertible into 333.3333 shares of Common Stock (after the COI Reverse Stock Split Amendment became effective).

Sales of a substantial number of our Securities in the public market by the Selling Securityholders (or similar large sales of our equity securities by existing securityholders), or the perception that those sales might occur, could depress the market price of our securities and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that such sales or the perception that such sales might occur may have on the prevailing market price of our securities.

The sale of all Securities being offered by this prospectus could result in a significant decline in the public trading price of our Securities. Despite such a decline in the public trading price, some of the Selling Securityholders may still experience a positive rate of return on the Securities they purchased due to the differences in the purchase prices described elsewhere in this prospectus, including below. Public securityholders may not be able to experience the same positive rates of return on securities they purchase due to the price at which the Selling Securityholders purchased their Securities in the Transaction.

Certain securityholders in the Company, including certain of the Selling Securityholders, acquired, or may acquire, our securities at prices below the current trading price of our Common Stock, and may experience a positive rate of return based on the current trading price.

The resale of all the Securities being offered in this prospectus could result in a significant decline in the public trading price of our Common Stock. Despite such a decline in the public trading price, some of the Selling Securityholders may still experience a positive rate of return on the Securities they purchased due to the differences in the purchase prices described elsewhere in this prospectus. Public securityholders may not be able to experience the same positive rates of return on securities they purchase due to the low price at which the Selling Securityholders purchased such Securities in the Transaction.

On and following September 10, 2024, and prior to 5:00 p.m. (New York City time) on March 11, 2031, the Warrants may be exercised, on a net share settlement basis, by the holders thereof. Each of the 314,954 Warrants entitles the holder thereof to purchase, for an initial exercise price of $2,500 per share (as such exercise price has been, and may continue to be, adjusted pursuant to the terms of the Warrant; as a result of the Company’s payments of a $0.01 per share dividend on its Common Stock on June 17, 2024, September 17, 2024, December 17, 2024 and March 17, 2025, the exercise price has been adjusted to $2,485.5216 per share) of Series D NVCE Stock, each such share of which is currently convertible into 333.3333 shares of Common Stock (reflecting the adjusted for the COI Reverse Stock Split Amendment), altogether representing the right to receive an aggregate of approximately 104,984,656 shares of Common Stock. To the extent such Warrants are exercised, additional shares of our Common Stock will be issued, which will result in dilution to the then existing holders of our Common Stock and increase the number of shares of Common Stock eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the market price of our Common Stock.

The Warrants do not confer any rights of Common Stock ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire shares of Series D NVCE Stock at a specified price. Specifically, the Warrants have an initial exercise price of $2,500 per share (as such exercise price has been, and may continue to be, adjusted pursuant to the terms of the Warrant; as a result of the Company’s payments of a $0.01 per share dividend on its Common Stock on June 17, 2024, September 17, 2024, December 17, 2024 and March 17, 2025, the exercise price has been adjusted to $2,485.5216 per share) of Series D NVCE Stock, each such share of which is currently convertible into 333.3333 shares of Common Stock (reflecting the adjusted for the COI Reverse Stock Split Amendment), altogether representing the right to receive an aggregate of approximately 104,984,656 shares of Common Stock. Moreover, following this offering, the market value of the Warrants and Series D NVCE Stock is uncertain and there can be no assurance that the market value of the Warrants and/or Series D NVCE Stock will equal or exceed the then-applicable exercise price of the Warrants.

Until holders acquire shares of our Common Stock upon conversion or exchange of shares of Series D NVCE Stock issuable upon exercise of their Warrants, they will have no rights with respect to Common Stock underlying shares of Series D NVCE Stock issuable upon exercise of their Warrants. Upon exercise of their Warrants, holders will be entitled to exercise the rights of a holder of shares of Series D NVCE Stock as to the security exercised only as to matters for which the record date occurs after the exercise.

We will receive no proceeds from the sale of any of the Securities by the Selling Securityholders. See the section titled “Selling Securityholders”.

The Selling Securityholders will pay any underwriting fees, discounts and commissions attributable to the sale of the Securities and any similar expenses they incur in disposing of the Securities. We will bear all other costs, fees and expenses incurred in effecting the registration of the Securities covered by this prospectus. These may include, without limitation, all registration and filing fees, printing fees and fees and expenses of our legal counsel and accountants in connection with the registration of the Securities covered by this prospectus.

The following description of certain terms of our Common Stock is a summary and is qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, forms of which are filed as exhibits to the registration statement of which this prospectus forms a part, and by the General Corporation Law of the State of Delaware. See “Where You Can Find More Information.”

Under “Description of Common Stock,” “we,” “us,” “our” and “our company” refer to FLG and not to any of its subsidiaries.

FLG, which is incorporated under the General Corporation Law of the State of Delaware, is authorized to issue 666,666,666 shares of its Common Stock, $0.01 par value, of which 415,074,297 shares were issued and outstanding as of the close of business on April 21, 2025. Our Common Stock is listed on the NYSE under the symbol “FLG.” FLG’s board of directors may at any time, without additional approval of the holders of preferred stock or Common Stock, issue additional authorized shares of preferred stock or Common Stock.

In connection with the Investment, on June 5, 2024 the Company’s stockholders approved amendments to the Company’s Certificate of Incorporation to, among other things, increase the number of authorized shares of Common Stock to 2,000,000,000 (or, 666,666,666, following the COI Reverse Stock Split Amendment, which became effective on July 11, 2024).

The holders of Common Stock are entitled to one vote per share on all matters presented to stockholders. Holders of Common Stock are not entitled to cumulate their votes in the election of directors.

The holders of Common Stock do not have preemptive rights to subscribe for a proportionate share of any additional securities issued by FLG before such securities are offered to others. The absence of preemptive rights increases FLG’s flexibility to issue additional shares of Common Stock in connection with FLG’s acquisitions, employee benefit plans and for other purposes, without affording the holders of Common Stock a right to subscribe for their proportionate share of those additional securities. The holders of Common Stock are not entitled to any redemption privileges, sinking fund privileges or conversion rights.

Holders of Common Stock are entitled to receive dividends ratably when, as, and if declared by FLG’s board of directors from assets legally available therefor, after payment of all dividends on preferred stock, if any is outstanding. Under Delaware law, FLG may pay dividends out of surplus or, if there is no surplus, out of our net profits for the fiscal year in which declared and/or for the preceding fiscal year. Dividends paid by our subsidiary Bank are the primary source of funds available to FLG for payment of dividends to our stockholders and for other needs. Various federal and state laws and regulations limit the amount of dividends that our subsidiary Bank may pay to us. The declaration and amount of future dividends will depend on circumstances existing at the time, including FLG’s earnings, financial condition and capital requirements, as well as regulatory limitations and such other factors as FLG’s board of directors deems relevant. For more information, see the section captioned “Business—Regulation and Supervision” in our Annual Report on Form 10-K for the year ended December 31, 2024. Following the receipt of the Requisite Stockholder Approvals, the Series B Preferred Stock dividend is a participating common rate (i.e. the same dividend as if it were converted to Common Stock).

On a stand-alone basis, FLG’s principal assets and sources of income consist of investments in our operating subsidiaries, which are separate and distinct legal entities.

Upon liquidation, dissolution or the winding up of the affairs of FLG, holders of Common Stock are entitled to receive their pro rata portion of the remaining assets of FLG after the holders of FLG’s preferred stock, if any, have been paid in full any sums to which they may be entitled.

FLG’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws contain several provisions that may make FLG a less attractive target for an acquisition of control by anyone who does not have the support of FLG’s board of directors. Such provisions include, among other things, the requirement of a supermajority vote of stockholders or directors to approve certain business combinations and other corporate actions, a minimum price provision, several special procedural rules, including the prohibition that any person who beneficially owns directly or indirectly, more than 10% of the then-outstanding shares of Common Stock from voting such shares of Common Stock in excess of such 10% threshold, a staggered board of directors, and the limitation that stockholder actions may only be taken at a meeting and may not be taken by unanimous written stockholder consent. At the Company’s 2024 annual meeting of stockholders held on June 5, 2024, the Company’s stockholders approved a waiver of the prohibition that any person who beneficially owns directly or indirectly, more than 10% of the then-outstanding shares of Common Stock from voting such shares of Common Stock in excess of such 10% threshold, solely with respect to Liberty and Reverence. The foregoing is qualified in its entirely by reference to FLG’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, both of which are on file with the SEC.

The Bank Holding Company Act of 1956, the “BHC Act,” generally would prohibit any company that is not engaged in banking activities and activities that are permissible for a bank holding company or a financial holding company from acquiring control of FLG. “Control” is generally defined as ownership of 25% or more of a class of voting stock, control of the election of a majority of the directors, or the power to exercise a controlling influence. In addition, any existing bank holding company would need the prior approval of the Federal Reserve Board before acquiring 5% or more of a class of voting stock of FLG. In addition, the Change in Bank Control Act of 1978, as amended, prohibits a person or group of persons from acquiring control of a bank holding company unless the Federal Reserve Board has been notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve Board, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Exchange Act, such as FLG, could constitute acquisition of control of the bank holding company.

The transfer agent and registrar for our Common Stock is Computershare Inc. The warrant agent for our Warrants is Computershare Inc. and Computershare Trust Company N.A.

Our Common Stock is listed on the NYSE under the symbol “FLG.”

The material terms and provisions of the Warrants are summarized below. The following description is subject to, and qualified in its entirety by, the form of warrant, which has been filed as an exhibit to the registration statement of which this prospectus is a part. Prospective investors should carefully review the terms and provisions set forth in the form of warrant.

The Warrants have been issued as individual warrants to each of the Selling Securityholders.

On and following September 10, 2024, and prior to 5:00 p.m. (New York City time) on March 11, 2031, the Warrants may be exercised, on a net share settlement basis, by the holder thereof.

The initial exercise price was $2,500 per share of Series D NVCE Stock, which has been adjusted to $2,485.5216 per share following the Company’s payments of a $0.01 per share dividend on its Common Stock on June 17, 2024, September 17, 2024, December 17, 2024 and March 17, 2025 and which may be further adjusted pursuant to the terms of the Warrant. Each share of Series D NVCE Stock is currently convertible into 333.3333 shares of Common Stock (following the adjustment for the COI Reverse Stock Split Amendment), altogether representing the right to receive an aggregate of approximately 104,984,656 shares of Common Stock. The exercise price is subject to further adjustments, including as a result of certain dividend payments, and as set forth in the form of warrant. The exercise price shall not be adjusted to the extent that it would cause any holder to beneficially own (a) 10% or more of any class of voting securities of the Company (unless such holder has obtained approval to own more than 10%, then the applicable limit is 24.9% or such lower number contained in any approval) or (b) one-third or more of the Company’s “total equity” as interpreted and calculated in accordance the BHC Act, the Change in Bank Control Act, and their implementing regulations, including 12 CFR 225.34, provided the holders of warrants shall be entitled to purchase the shares of Series D NVCE Stock at $2,500 per share of Series D NVCE Stock, unless the price is adjusted.

The holders of the Warrants will not have the right to exercise any portion of the Warrants if such exercise would (a) cause the holder, or any of its affiliates to (i) “control” the Company or be required to become a bank holding company, in each case, under the BHC Act, or (ii) serve as a source of financial strength to the Company pursuant to the BHC Act, or (b) require the holder, or its affiliates to have made any advance filing with, obtained any approval, authorization, consent, permit, or license of, or provided notice to, any governmental entity under law.

Prior to September 10, 2024, the holders (and certain affiliates of the holders) were prohibited from (a) transferring, selling or disposing of any shares of Common Stock or Preferred Stock or the Warrants issued to such holder pursuant to the applicable Investment Agreement (subject to certain exceptions, such as certain transfers to affiliates), or (b) effecting or entering any short sale or similar hedge of any such shares of Common Stock or Preferred Stock or the Warrants (subject to certain exceptions). Failure to comply with the foregoing restrictions would result in the applicable holder of the Warrant automatically forfeiting such Warrant. On and after September 10, 2024, subject to applicable law, the Warrants became freely transferable.

The Company will use reasonable best efforts to (a) procure the listing of the Warrants, including the Common Stock underlying shares of Series D NVCE Stock issuable upon exercise of the Warrants, on all stock exchanges on which the Common Stock is then listed or traded, and (b) maintain the listing of the Warrants, including the Common Stock underlying shares of Series D NVCE Stock issuable upon exercise of the Warrants.

Except as otherwise provided in the Warrants or by virtue of such Selling Securityholder’s ownership of shares of Common Stock, the holder of a Warrant does not have the rights or privileges of a holder of Common Stock, including any voting rights, until the holder acquires shares of Common Stock upon conversion or exchange of shares of Series D NVCE Stock issuable upon exercise of their Warrants.

The following is a summary of certain United States federal income tax consequences of the ownership and disposition of our Common Stock. This summary deals only with Common Stock that is held as a capital asset by a non-U.S. holder (as defined below).

A “non-U.S. holder” means a beneficial owner of our Common Stock (other than an entity or arrangement treated as a partnership for United States federal income tax purposes) that is not, for United States federal income tax purposes, any of the following:

This summary is based upon provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in United States federal income tax consequences different from those summarized below. This summary does not address all of the United States federal income tax consequences that may be relevant to you in light of your particular circumstances, nor does it address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects of any state, local or foreign tax laws. In addition, it does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws (including if you are a United States expatriate, foreign pension fund, “controlled foreign corporation,” “passive foreign investment company” or a partnership or other pass-through entity for United States federal income tax purposes). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) holds our Common Stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner of a partnership considering an investment in our Common Stock, you should consult your tax advisors.

If you are considering the purchase of our Common Stock, you should consult your own tax advisors concerning the particular United States federal income tax consequences to you of the ownership and disposition of our Common Stock, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

This summary is limited to United States federal income tax consequences of the ownership and disposition of our Common Stock, and does not address any tax consequences relating to our Warrants that may be offered pursuant to this prospectus. If you are considering the purchase of Warrants, you should consult your own tax advisors concerning the particular tax consequences to you of the ownership, exercise and disposition of the Warrants.

In the event that we make a distribution of cash or other property (other than certain pro rata distributions of our stock) in respect of our Common Stock, the distribution generally will be treated as a dividend for United States federal income tax purposes to the extent it is paid from our current or accumulated earnings and profits, as determined under United States federal income tax principles. Any portion of a distribution that exceeds our current and accumulated earnings and profits generally will be treated first as a tax-free return of

capital, causing a reduction in the adjusted tax basis of a non-U.S. holder’s Common Stock, and to the extent the amount of the distribution exceeds a non-U.S. holder’s adjusted tax basis in our Common Stock, the excess will be treated as gain from the disposition of our Common Stock (the tax treatment of which is discussed below under “—Gain on Disposition of Common Stock”).

Dividends paid to a non-U.S. holder generally will be subject to withholding of United States federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a United States permanent establishment) are not subject to the withholding tax, provided that such non-U.S. holder has provided the applicable withholding agent a properly executed Internal Revenue Service (“IRS”) Form W-8ECI (or an acceptable substitute form) upon which such holder certifies, under penalties of perjury, that it is not a United States person and the dividends are effectively connected with such holder’s conduct of a trade or business in the United States and are includible in such holder’s gross income. Instead, such dividends are subject to United States federal income tax on a net income basis generally in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional “branch profits tax” at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A non-U.S. holder who wishes to claim the benefit of an applicable treaty rate and avoid backup withholding, as discussed below, for dividends will be required (a) to provide the applicable withholding agent with a properly executed IRS Form W-8BEN or Form W-8BEN-E (or an acceptable substitute form or other applicable form) certifying under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if our Common Stock is held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable United States Treasury regulations. Special certification and other requirements apply to certain non-U.S. holders that are pass-through entities rather than corporations or individuals.

A non-U.S. holder eligible for a reduced rate of United States federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

Subject to the discussion of backup withholding below, any gain realized by a non-U.S. holder on the sale or other disposition of our Common Stock generally will not be subject to United States federal income tax unless:

A non-U.S. holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale or other disposition in the same manner as if the non-U.S. holder were a United States person as defined under the Code. In addition, if any non-U.S. holder described in the first bullet point immediately above is a foreign corporation, the gain realized by such non-U.S. holder may be subject to an additional “branch profits tax” at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. An individual non-U.S. holder described in the second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an applicable income tax treaty) tax on the gain derived from the sale or other disposition, which gain may be offset by United States source capital losses even though the individual is not considered a resident of the United States.

Generally, a corporation is a “United States real property holding corporation” if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide

real property interests and its other assets used or held for use in a trade or business (all as determined for United States federal income tax purposes). We believe we are not and do not anticipate becoming a “United States real property holding corporation” for United States federal income tax purposes. If, however, we are or become a “United States real property holding corporation,” so long as our Common Stock is regularly traded on an established securities market during the calendar year in which the sale or other disposition occurs, only a non-U.S. holder who holds or held (at any time during the shorter of the five-year period preceding the date of disposition or the holder’s holding period) more than 5% of our Common Stock will be subject to United States federal income tax on the sale or other disposition of our Common Stock by reason of our status as a “United States real property holding corporation.”

Distributions paid to a non-U.S. holder and the amount of any tax withheld with respect to such distributions generally will be reported to the IRS. Copies of the information returns reporting such distributions and any withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty.

A non-U.S. holder will not be subject to backup withholding on distributions received if such holder certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that such holder is a United States person as defined under the Code), or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of our Common Stock made within the United States or conducted through certain United States-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes an exemption. Payment of the proceeds of a sale or other disposition of our Common Stock effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, a sale or other disposition effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale made within the United States (and in certain cases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States, (ii) the proceeds or confirmation are sent to the United States or (iii) the sale has certain other specified connections with the United States.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. holder’s United States federal income tax liability, provided the required information is timely furnished to the IRS.

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as “FATCA”), a 30% United States federal withholding tax may apply to any dividends paid on our Common Stock to (1) a “foreign financial institution” (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (a) an exemption from FATCA, or (b) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (2) a “non-financial foreign entity” (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (a) an exemption from FATCA, or (b) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under “—Dividends,” an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of our Common Stock, proposed United States Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these requirements and whether they may be relevant to your ownership and disposition of our Common Stock.

We are party to a number of arrangements whereby certain of our affiliates have entered into certain agreements with us. In addition, we have engaged in certain transactions involving certain of our affiliates.

The federal banking laws require that all loans or extensions of credit to executive officers and directors must be made on substantially the same terms (including interest rates and collateral) and follow substantially the same credit underwriting procedures as those prevailing at the time for comparable transactions with other persons. Furthermore, they must not involve more than the normal risk of repayment or present other unfavorable features. Accordingly, we, from time to time, have made and may continue to make mortgage loans to our directors, officers, and employees, including consumer loans or loans to purchase or refinance personal residences, and may make loans secured by income-producing properties to entities in which a director or officer has an ownership interest (or, in the case of directors, a management interest), provided that: all such loans are made in accordance with federal banking laws and are made in the ordinary course of business; do not involve a more than normal risk of collectability, or present other unfavorable features; and are made on substantially the same terms (including interest rates and collateral requirements) as those prevailing at the same time for comparable transactions with unaffiliated persons.

On March 7, 2024, we entered into the Investment Agreements with Liberty, Hudson Bay, Reverence and the Other Investors. On March 11, 2024, we entered into separate amendments to the Original Investment Agreements with Liberty, Hudson Bay and Reverence. Steven T. Mnuchin, one of the two director representatives which Liberty has the right to nominate, is the Founder and Managing Partner of Liberty Strategic Capital. Milton Berlinski, the Reverence director representative, is the Co-Founder of Reverence Capital Partners, L.P. See “The Company—Private Placements.”

Additionally, on August 12, 2024, we entered into the August Exchange Agreements with Liberty, Hudson Bay and Reverence. Pursuant to the terms of the applicable August Exchange Agreement, on August 12, 2024, the August Exchanges were consummated simultaneously.

Further, on September 23, 2024, we entered into the September Exchange Agreements with Liberty and Hudson Bay. Pursuant to the terms of the applicable September Exchange Agreement, on September 23, 2024, the September Exchanges were consummated simultaneously.

In accordance with prior written FLG policies, our board of directors has reviewed a summary of any and all such transactions FLG has entered or may enter into with its directors and executive officers and with firms that employ directors, as well as any other related-person transactions, for the purpose of recommending to the disinterested members of the board of directors that the transactions are fair, reasonable, and within FLG’s policy, and should be ratified and approved. As of the second quarter of 2021, the board of directors adopted a revised policy under which we shall no longer make loans or extensions of credit to executive officers and directors of FLG, or firms that employ directors. Any loans and extensions of credit made to an executive officer or director, or any firms that employ directors, prior to the adoption of these revisions have been grandfathered but remain subject to oversight and review of the board of directors.

For additional information on our policy and procedures regarding transactions with related persons and certain transactions with related parties, see the section captioned “Certain Relationship and Related Transactions, and Director Independence” in our Annual Report on Form 10-K for the year ended December 31, 2024, incorporated by reference in this prospectus and the sections captioned “Corporate Governance” and “Transactions with Certain Related Persons” in our Definitive Proxy Statement on Schedule 14A, dated April 25, 2025, incorporated by reference in this prospectus, our Definitive Proxy Statement, dated April 26, 2024 and our Definitive Proxy Statement, dated April 21, 2023.

Unless the context otherwise requires, as used in this prospectus, “Selling Securityholders” includes the selling securityholders listed below and donees, pledgees, permitted transferees (including through any partnership distributions or in-kind distributions) or other successors-in-interest selling shares received after the date of this prospectus from the selling securityholders as a gift, pledge or other non-sale related transfer.

On March 7, 2024, we entered into the Investment Agreements with the Selling Securityholders. We have prepared this prospectus to allow the Selling Securityholders or their successors, assignees or other permitted transferees to sell or otherwise dispose of, from time to time, up to 263,828,622 shares of Common Stock and 314,954 Warrants. On March 11, 2024, in connection with the Transaction we entered into the Registration Rights Agreement with the Selling Securityholders, pursuant to which we agreed to register the resale of the Securities. The Securities were issued by the Company in reliance on the exemption from securities registration in Section 4(a)(2) under the Securities Act.

The Securities to be offered by the Selling Securityholders pursuant to this prospectus are “restricted” securities under applicable federal and state securities laws and are being registered under the Securities Act to give the Selling Securityholders the opportunity to sell the Securities publicly. The registration of the Securities does not require that any of the Securities be offered or sold by the Selling Securityholders.

No estimate can be given as to the amount or percentage of Securities that will be held by the Selling Securityholders after any sales of Securities are made pursuant to this prospectus because the Selling Securityholders are not required to sell any of the Securities being registered hereunder. The table below assumes that the Selling Securityholders will sell all of the Securities listed in this prospectus and that they do not purchase additional Securities.

We have prepared the table below based on written representations and information furnished to us by or on behalf of the Selling Securityholders. Since the date on which the Selling Securityholders provided this information, the Selling Securityholders may have sold, transferred or otherwise disposed of all or a portion of the Securities in a transaction exempt from the registration requirements of the Securities Act. Unless otherwise indicated in the footnotes to the table below, we believe that (1) the Selling Securityholders are not broker-dealers or affiliates of a broker-dealer, (2) the Selling Securityholders do not have direct or indirect agreements or understandings with any person to distribute its respective Securities, and (3) the Selling Securityholders have sole voting and investment power with respect to all Securities beneficially owned. To the extent any Selling Securityholder is, or is affiliated with, a broker-dealer, it could be deemed to be, under SEC staff interpretations, an “underwriter” within the meaning of the Securities Act. Information about the Selling Securityholders may change over time. Any changed information will be set forth in amendments or supplements to this prospectus, if required.

Under the terms of the Warrants, a Selling Securityholder may not exercise the Warrants to the extent such exercise would (A) cause the Selling Securityholder, or any of its affiliates to (i) “control” the Company or be required to become a bank holding company, in each case, under the BHC Act, or (ii) serve as a source of financial strength to the Company pursuant to the BHC Act, or (B) require the Selling Securityholder, or its affiliates to have made any advance filing with, obtained any approval, authorization, consent, permit, or license of, or provided notice to, any governmental entity under law.

The following table sets forth information with respect to the beneficial ownership of our Common Stock and Warrants held, as of the close of business on April 21, 2025 after giving effect to the Exchanges, by the Selling Securityholders and the number of Securities being offered hereby and information with respect to Securities to be beneficially owned by the Selling Securityholders after completion of this offering. Beneficial ownership for each Selling Securityholder has been calculated assuming that all conditions precedent to the conversion of the Series B Preferred Stock have been satisfied. The percentages in the following table reflect the Common Stock beneficially owned by the Selling Securityholders as a percentage of the total number of Common Stock outstanding as of the close of business on April 21, 2025.

We are registering the offer and resale of the Securities to permit the resale of the Securities by the holders thereof from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the Selling Securityholders of the Securities. We will bear all costs, fees and expenses incurred in effecting the registration of the Securities covered by this prospectus.

Each Selling Securityholder may sell all or a portion of the Securities beneficially owned by it and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the Securities are sold through underwriters or broker-dealers, such Selling Securityholder will be responsible for underwriting fees, discounts or commissions or agent’s commissions. The Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. The Selling Securityholders will act independently of us in making decisions with respect to the timing, manner and size of each sale of Securities. These sales may be effected in transactions that may involve cross or block transactions. The Selling Securityholders may also use one or more of the following methods when disposing of the Shares or interests therein:

In addition, a Selling Securityholder that is an entity may elect to make a pro rata in-kind distribution of Securities to its members, partners or stockholders pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members, partners or stockholders, other than affiliates of the Company, would thereby receive freely tradeable securities pursuant to the distribution through a registration statement. To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement to permit the distributees to use this prospectus to resell the securities acquired in the distribution.

If any Selling Securityholder effects such transactions by selling Securities to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from such Selling Securityholder or commissions from purchasers of the Securities for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). The obligations of any such underwriters to purchase the Securities will be subject to certain conditions. In connection with sales of the Securities or otherwise, the Selling Securityholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Shares in the course of hedging in positions they assume. The Selling Securityholders may also sell the Securities short and deliver Securities covered by this prospectus to close out short positions and to return borrowed Common Stock in connection with such short sales. The Selling Securityholders may also loan or pledge Securities to broker-dealers that in turn may sell such Securities.

The Selling Securityholders may pledge or grant a security interest in some or all of the Securities owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Securities from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act, amending, if necessary, the list of Selling Securityholders to include the pledgee, transferee or other successors in interest as selling securityholders under this prospectus. The Selling Securityholders also may transfer and donate the Securities in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The Selling Securityholders and any broker-dealer participating in the distribution of the Securities may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any, in such a case, such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act (it being understood that the Selling Securityholders shall not be deemed to be underwriters solely as a result of their participation in this offering). At the time a particular offering of the Securities is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Securities being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the Selling Securityholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. Except as otherwise set forth in a prospectus supplement, any underwritten offering pursuant to this prospectus will be underwritten by one, several, or all of the following financial institutions: BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Jefferies LLC, Keefe, Bruyette & Woods, Morgan Stanley & Co. LLC, Piper Sandler & Co., Raymond James & Associates, Inc., UBS Securities LLC and Wells Fargo Securities, LLC. The Selling Securityholders may indemnify any broker-dealer that participates in transactions involving the sale of the Securities against certain liabilities, including liabilities arising under the Securities Act.

Under the securities laws of some states of the United States, the Securities may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states of the United States, the Securities may not be sold unless such Securities have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

The aggregate proceeds to the Selling Securityholders from the sale of the Securities offered will be the purchase price of the Securities less discounts or commissions, if any. The Selling Securityholders reserve the right to accept and, together with its agents from time to time, to reject, in whole or in part, any proposed purchase of Securities to be made directly or through agents. There can be no assurance that the Selling Securityholders will sell any or all of the Securities registered hereunder.

The Selling Securityholders and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the Securities by the Selling Securityholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the Securities to engage in market-making activities with respect to the Common Stock. All of the foregoing may affect the marketability of the Securities and the ability of any person or entity to engage in market-making activities with respect to the Securities.

We will pay all expenses of the registration of the Securities pursuant to the Registration Rights Agreement, including, without limitation, SEC filing fees and expenses of compliance with state securities or “Blue Sky” laws; provided, however, that the Company will not be responsible for any underwriting fees, discounts or commissions attributable to the sale of the Securities and any legal fees and expenses of counsel to the Selling Securityholders. We will indemnify the Selling Securityholders against liabilities, including some liabilities under the Securities Act, in accordance with the Registration Rights Agreement, or the Selling Securityholders will be entitled to contribution. We may be indemnified by the Selling Securityholders against certain liabilities, including certain liabilities under the Securities Act or the Exchange Act, that may arise from any written information furnished to us by the Selling Securityholders specifically for use in this prospectus in accordance with the Registration Rights Agreement, or we may be entitled to contribution.

There can be no assurance that any Selling Securityholder will sell any or all of the Securities registered pursuant to the registration statement, of which this prospectus forms a part. Once sold hereunder, the Securities will be freely tradable in the hands of persons other than our affiliates.

The validity of the Securities offered hereby and certain other legal matters related to the Securities being offered hereby will be passed upon for us by Kilpatrick Townsend & Stockton LLP.

The consolidated financial statements of the Company as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2024 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

The Report of Independent Registered Public Accounting Firm covering the December 31, 2024 consolidated financial statements, dated as of March 3, 2025, included in the Company’s most recent Annual Report on Form 10-K (the “Audit Report”) expresses an opinion that the Company did not maintain effective internal control over financial reporting as of December 31, 2024 because of the effect of material weaknesses on the achievement of the objectives of the control criteria and contains an explanatory paragraph that states the following material weaknesses have been identified and included in management’s assessment that the Company:

As a result of these ineffective risk assessment, monitoring, and control activities, the Board of Directors was not able to exercise sufficient oversight.

The following is a statement of the expenses, other than any underwriting discounts and commissions, that we expect to incur in connection with the issuance and distribution of the Securities registered under this registration statement. All amounts shown are estimates except for the SEC registration fee.

Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) permits, under certain circumstances, the indemnification of any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee, or agent of the corporation, or is or was serving in a similar capacity for another enterprise at the request of the corporation if such person acted in good faith and in a manner such person reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal proceedings, had no reasonable cause to believe that his or her conduct was unlawful. To the extent that a present or former director or officer of the corporation has been successful in defending any such proceeding, the DGCL provides that such person shall be indemnified against expenses (including attorneys’ fees), actually and reasonably incurred by such person in connection therewith. With respect to a proceeding by or in the right of the corporation, such person may be indemnified against expenses (including attorneys’ fees), actually and reasonably incurred, if such person acted in good faith and in a manner such person reasonably believed to be in, or not opposed to, the best interests of the corporation. The DGCL provides, however, that indemnification shall not be permitted in such a proceeding if such person is adjudged liable to the corporation unless, and only to the extent that, the Delaware Court of Chancery or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability, in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court deems proper. Except with respect to mandatory indemnification of expenses to successful defendants as described above or pursuant to a court order, the indemnification described in this paragraph may be made only upon a determination in each specific case (1) by majority vote of the directors that are not parties to the proceeding, even though less than a quorum, (2) by a committee of the directors that are not a party to the proceeding who have been appointed by a majority vote of directors who are not party to the proceeding, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders. The DGCL permits a corporation to advance expenses incurred by a proposed indemnitee in advance of final disposition of the proceeding, provided that the indemnitee undertakes to repay such advanced expenses if it is ultimately determined that he or she is not entitled to indemnification. Also, a corporation may purchase insurance on behalf of an indemnitee against any liability asserted against him in his designated capacity, whether or not the corporation itself would be empowered to indemnify him against such liability.

FLG has adopted provisions in its Amended and Restated Certificate of Incorporation that provide for indemnification of its officers and directors to the maximum extent permitted under the DGCL, provided that, except for proceedings to enforce rights to indemnification, FLG will indemnify an indemnitee in connection with a proceeding initiated by that person only if the proceeding was authorized by the board of directors. As authorized by the DGCL, under FLG’s Amended and Restated Certificate of Incorporation, no director shall be personally liable to FLG or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (1) for any breach of the director’s duty of loyalty, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under DGCL Section 174 (concerning unlawful distributions to stockholders), or (4) for any transaction from which the director derived an improper

personal benefit. FLG’s Amended and Restated Certificate of Incorporation further provides that if the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended. FLG has purchased an insurance policy that purports to insure the officers and directors of FLG against certain liabilities incurred by them in the discharge of their functions as such officers and directors.

The foregoing is only a general summary of certain aspects of Delaware law and FLG’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws dealing with indemnification of directors and officers, and does not purport to be complete. It is qualified in its entirety by reference to the detailed provisions of those Sections of the DGCL referenced above and FLG’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws.

Since June 21, 2021, the Company has issued the following securities that were not registered under the Securities Act:

The undersigned registrant hereby undertakes:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Pursuant to the requirements of the Securities Act of 1933, as amended, the Company has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hicksville, State of New York, on this 28^th day of April 2025.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on this 28^th day of April 2025.