| Schedule of Issued and Outstanding Common Shares |
The following table summarizes
the changes in issued and outstanding common shares and share capital by class for the three months ended March 31, 2026:
| | |
Old Xanadu Convertible Preferred Shares | | |
Old Xanadu Common Shares | | |
Class A Multiple Voting Shares | | |
Class B Subordinate Voting Shares and Share Capital | | |
Total Common Shares | |
| | |
Number | | |
Amount | | |
Number | | |
Amount | | |
Number | | |
Amount | | |
Number | | |
Amount | | |
Number | | |
Amount | |
| Balance as of December 31, 2025 as adjusted (1) | |
| 199,930,069 | | |
$ | 213,002 | | |
| 55,964,876 | | |
$ | 7,585 | | |
| — | | |
$ | — | | |
| — | | |
$ | — | | |
| 255,894,945 | | |
$ | 220,587 | |
| Issuance upon exercise of stock options | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,789,955 | | |
| 1,181 | | |
| 1,789,955 | | |
| 1,181 | |
| Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock | |
| (199,930,069 | ) | |
| (213,002 | ) | |
| (55,964,876 | ) | |
| (7,585 | ) | |
| 254,709,401 | | |
| 220,098 | | |
| 1,185,544 | | |
| 489 | | |
| — | | |
| — | |
Reverse Recapitalization and PIPE transaction,
net of transaction costs | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 40,308,937 | | |
| 265,006 | | |
| 40,308,937 | | |
| 265,006 | |
Earn-out share liability at Closing
of Reverse Recapitalization | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (9,997 | ) | |
| — | | |
| (9,997 | ) |
| Warrant Exercise | |
| — | | |
| — | | |
| — | | |
| — | | |
| 517,527 | | |
| 1,397 | | |
| — | | |
| — | | |
| 517,527 | | |
| 1,397 | |
| Balance as of March 31, 2026 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 255,226,928 | | |
$ | 221,495 | | |
| 43,284,436 | | |
$ | 256,679 | | |
| 298,511,364 | | |
$ | 478,174 | |
| (1) | Refer to note in the table above for information related
to the prior period recast. |
|
The following table summarizes the changes
in issued and outstanding common shares for the period ended December 31, 2025:
| | |
Common Shares | |
| | |
Number | | |
Amount | |
| Balance as of October 2, 2025 | |
| 1 | | |
$ | - | |
| Balance as of December 31, 2025 | |
| 1 | | |
$ | - | |
|
| Schedule of Stock by Class |
The following table summarizes
the number and amount of each class of common shares issued and outstanding as of March 31, 2026 and December 31, 2025:
| | |
March 31, 2026 | |
| | |
Issued
and
Outstanding | | |
Amount | |
| Class A Multiple Voting shares | |
| 255,226,928 | | |
$ | 221,495 | |
| Class B Subordinate Voting shares | |
| 43,284,436 | | |
| 256,679 | |
| Total Common Shares | |
| 298,511,364 | | |
$ | 478,174 | |
| | |
December 31, 2025
As Adjusted (1) | |
| | |
Issued and Outstanding | | |
Amount | |
| Old Xanadu Convertible Preferred Shares | |
| 199,930,069 | | |
$ | 213,002 | |
| Old Xanadu Voting and Non-Voting Common Shares | |
| 55,964,876 | | |
| 7,585 | |
| Total Old Xanadu Preferred and Common Shares | |
| 255,894,945 | | |
$ | 220,587 | |
| (1) | Shares have been recast to reflect the Exchange Ratio. |
|
|