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On July 4, 2025, President Trump signed H.R. 1, the “One Big Beautiful Bill Act”, into law. In accordance with U.S. GAAP, the Company will account for the tax effects of changes in tax law in the period of enactment, the third quarter of 2025. The Company is currently in the process of analyzing the tax impacts of the law change, but it does not expect a material impact in the condensed consolidated financial statements.

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On July 14, 2025, the Company received a request from Stone Peach to exercise the Put Option pursuant to the Stone Peach Letter Agreement, pursuant to which Stone Peach would sell 50% of its shareholding Series Seed Preferred Shares in Z33 to the Company for $5.0 million. Additionally, on July 23, 2025, the Company received a further request from Stone Peach to exercise the Put Right pursuant to the Stone Peach Letter Agreement, pursuant to which Stone Peach would sell 50% of its Series Seed Preferred Shares in Z33 for 2,000,000 of the Company’s Class A Ordinary Shares.

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In July 2025, the Company granted inducement awards consisting of options to purchase 890,950 Class A Ordinary Shares that vest over four years to newly hired employees. These awards were approved by the compensation committee and the board of directors and granted outside the Company’s Equity Incentive Plan, as inducements material to the new employees’ employments, in accordance with Nasdaq Listing Rule 5635(c)(4). The awards are subject to the terms and conditions and other provisions set forth in the Company’s Plan and the award agreements thereunder.

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In July 2025, the Company issued 2,888,952 Class A Ordinary Shares in connection with the exercise of 1,682,000 2023 Pre-Funded Warrants and 1,206,952 2024 Pre-Funded Warrants issued in the Company’s April 2023 Private Placement and April 2024 Private Placement, respectively. The exercise price for such pre-funded warrants was immaterial.