v3.25.2
Warrants (Tables)
12 Months Ended
May 31, 2025
Warrants and Rights Note Disclosure [Abstract]  
Summary of Warrant Activity
A summary of warrant activity for the year ended May 31, 2025 is presented below:
Warrants
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Life (Years)
Outstanding at June 1, 2024
3,000,000 $8.75 4.90
Granted24,363,084 6.417.40
Forfeited— — — 
Exercised(9,265,366)4.80— 
Outstanding at May 31, 2025
18,097,718 $7.63 8.52
Schedule of Estimated Fair Value of Significant Inputs The estimated fair value of the CIM Warrants was based on the following significant inputs:
Initial Warrants
Additional Warrants
Warrant issue date
June 17, 2024August 11, 2024
Contractual term
5 years
5 years
Volatility105 %110 %
Risk-free rate4.25 %3.76 %
Dividend yield— %— %
The estimated fair value of the Macquarie Warrants was based on the following significant inputs:
Macquarie Warrants
Contractual term
5.5 years
Volatility95 %
Risk-free rate4.08 %
Dividend yield— %
The estimated fair value of the STB Warrant was based on the following significant inputs:
STB Warrant
Contractual term
7 years
Volatility95 %
Risk-free rate4.15 %
Dividend yield— %
The estimated fair value of the CoreWeave Warrant was based on the following significant inputs:
CoreWeave Warrant
Contractual term10 years
Volatility98 %
Risk-free rate4.42 %
Dividend yield— %