• Masterworks 232 plans to roll up the company into a Delaware series LLC structure around May 31, 2026.
• Investors will swap Class A Ordinary Shares for shares in a newly formed series with the same assets, liabilities, governance, capitalization.
• No costs to investors; no expected tax impact; no material change anticipated for investor rights, investment value, secondary trading.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Masterworks 232 LLC published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001493152-26-026169), on May 29, 2026, and is solely responsible for the information contained therein.