Array Digital Infrastructure

New CEO Anthony Carlson (appointed November 2025) and a lean leadership team are executing on ramping tower tenancy, insourcing sales, and spectrum monetization. While early operating results are encouraging, Array’s governance is tightly linked to TDS.

Series A shares carry 10 votes per share and are solely held by TDS, enabling TDS to elect six of nine directors and control 95.9 percent of non‑director election votes, with a special committee now evaluating TDS’s non‑binding proposal. We see operating competence but also a meaningful minority‑shareholder alignment risk given the structure.