Investor Warrants |
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| Investor Warrants | Note 15 - Investor Warrants
Pre-Funded Warrants
On August 5, 2025, the Company issued Pre-Funded Warrants exercisable for shares of Common Stock in conjunction with the PIPE Transaction. The Pre-Funded Warrants are exercisable for a nominal consideration of $0.00001 per share, are exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants issued in the Private Placement are exercised in full. The fair value of the Pre-Funded Warrants was determined based on the fair value of the underlying Common Stock on the issuance date given the nominal exercise price.
Stapled Warrants
On August 5, 2025, the Company issued Stapled Warrants exercisable for shares of Common Stock in conjunction with the PIPE Transaction. The Stapled Warrants are exercisable immediately and may be exercised at any time until three years from issuance for an exercise price of $15.15 per share. The warrants contain a mandatory exercise right for the Company to force exercise of the warrants if the volume-weighted average price (“VWAP”) of the common stock exceeds $20.20 for 20 out of 30 trading days. Stapled Warrants are classified as liability as they are not considered indexed to the Company equity shares in accordance with ASC 815-40 due to certain adjustments to settlement amount on events that are not within the control of the Company. The following table provides a summary of changes in fair value of the Company’s warrant liability:
During the period from June 7, 2025 to January 31, 2026, a total of warrants were exercised on a cashless basis resulting in the issuance of shares of common stock.
The following table summarizes information about warrants outstanding as of January 31, 2026:
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