On July 12, 2013, Silvercrest sold an additional 718,603 shares of its Class A common stock, at a public offering price of $11.00 per share pursuant to the underwriters’ exercise in full of the over-allotment option that the Company granted to the underwriters in connection with its initial public offering. The exercise of the over-allotment option resulted in gross proceeds of approximately $7.9 million and net proceeds, after expenses, of approximately $7.4 million. Following consummation of this issuance of 718,603 shares of Class A Common Stock, Silvercrest had outstanding 5,509,297 shares of Class A Common Stock.