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SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

 

The Company is authorized to issue 400,000,000 shares of common stock, par value of $0.0001 per share (“Common Stock”), and 20,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.

 

In February 2025, the Company issued 860,435 shares of common stock, with no proceeds, to Mehana Capital LLC as incentive shares pursuant to the Non-Redemption Agreements entered into in May 2023 by and among Pono, Mehana Capital LLC, and certain unaffiliated stockholders, including Wolverine Flagship Fund Trading Limited, Amethyst Arbitrage International Master Fund, Radcliffe SPAC Master Fund, L.P., and Verition Multi-Strategy Master Fund Ltd.

 

In May 2025, the Company’s board of directors approved a share repurchase plan (“2025 Share Repurchase Program”), authorizing the repurchases of up to $5.0 million of the Company’s common stock. During the six months ended June 30, 2025, the Company repurchased 512,809 shares of common stock at an average price of $4.66 per share, totaling approximately $2.4 million under the 2025 Share Repurchase Program. As of June 30, 2025, approximately $2.6 million remained available under the 2025 Share Repurchase Program.

 

As of June 30, 2025 and December 31, 2024, there were 103,881,251 and 103,020,816 shares issued, 103,098,442 and 102,750,816 shares outstanding, respectively, and no preferred stock issued and outstanding.

 

 

SBC MEDICAL GROUP HOLDINGS INCORPORATED

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 15 — SHAREHOLDERS’ EQUITY (cont.)

 

Stock-based compensation

 

The following table summarizes the stock option/warrant activities and related information for the six months ended June 30, 2025 and 2024:

 

   Number of Warrants  

Weighted

Average Exercise

Price

  

Weighted Average

Remaining Term

(Years)

  

Intrinsic

Value

 
As of January 1, 2024   4,918,998   $0.0064    10.00   $— 
Granted   449,190    0.0001    10.00    — 
Exercised   —    —    —    — 
Forfeited/Cancelled   (2,180,190)   0.0001    —    — 
As of June 30, 2024   3,187,998   $0.0098    10.00   $— 
                     
As of January 1, 2025   12,134,375   $11.50    4.80   $— 
Granted   —    —    —    — 
Exercised   —    —    —    — 
Forfeited/Cancelled   —    —    —    — 
As of June 30, 2025   12,134,375   $11.50    4.30   $— 
Vested and exercisable as of June 30, 2025   12,134,375   $11.50    4.30   $—