v3.26.1
Subsequent Event
12 Months Ended
Dec. 31, 2025
Subsequent Event  
Subsequent Event

Note 16 . Subsequent Event

 

In January 2026, company issued 43,000 shares of Class B common stock (reflecting the March 2026 reverse stock split; 2,150,000 shares on a pre-split basis) to executives and employees under the Management Inventive Shares Plan.

 

On February 11, 2026, 900 shares of Series B Preferred Stock were converted into 93,104 shares of Class B Common Stock per the existing agreement (reflecting the March 2026 reverse stock split; 4,655,200 shares on a pre-split basis)

 

On February 10, 2026, the Company's board authorized to repurchase up to $2,000,000 Class B common shares. The repurchase program does not obligate the Company to acquire any particular amount of shares of Class B common stock.

 

On March 6, 2026, the Company terminated an Equity Purchase Facility Agreement (the “EPFA”) with Solana Strategic Holdings LLC (the “Investor”) pursuant to which, subject to certain conditions precedent contained therein, the Company had the right to issue and sell to the Investor up to an aggregate of $400 million in newly issued shares of the Company’s Class B common stock, par value $0.0001 per share.

 

In March 2026, 14,786 pre-funded warrants (reflecting the March 2026 reverse stock split; 739,278 warrants shares on a pre-split basis) were exercised, resulting in the issuance of 12,431 shares of Common Stock (reflecting the March 2026 reverse stock split; 621,550 shares on a pre-split basis).

 

From January 2026 to March 2026, $2,742,500 convertible debt has been converted into 529,749 shares of Class B common stock per the existing agreement (reflecting the March 2026 reverse stock split; 26,487,450 shares on a pre-split basis).

 

On March 9, 2026, the Company effected a reverse stock split of its outstanding Class A common stock and Class B common stock (the “Reverse Split”) at a ratio of 1-for-50, as well as an associated reduction in the number of shares of Class A common stock and Class B common stock the Company is authorized to issue  from 50,000,000 shares of Class A common stock to 1,000,000 shares of Class A common stock and 2,000,000,000 shares of Class B common stock to 40,000,000 shares of Class B common stock. The number of issued and outstanding shares of common stock was reduced proportionately. The par value per share remained unchanged. All share and per share amounts presented in the accompanying consolidated financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.