Reverse Recapitalization (Tables)

6 Months Ended

Jun. 30, 2026

Below are the shares outstanding immediately following the Reverse Recapitalization and PIPE investment:


	Shares	% of Voting
Old Xanadu Shareholders	257,684,899	86.5	%
PIPE Investors	27,500,000	9.2	%
SPAC Public Shareholders	3,211,605	1.0	%
SPAC Private Placement Shareholders	2,264,000	0.8	%
SPAC Sponsor Shares (1)	7,333,333	2.5	%
Total Common Shares by Shareholder	297,993,837	100.0	%

Xanadu Class A Multiple Voting Shares	254,709,401	85.5	%
Xanadu Class B Subordinate Voting Shares (1)	43,284,436	14.5	%
Total Common Shares by Class	297,993,837	100.0	%

(1) Includes 1,100,000 Earn-out Shares subject to forfeiture as of the closing of the Reverse Recapitalization on March 26, 2026. Refer to the section below for additional information.

Shares on a fully-diluted basis immediately following the Reverse Recapitalization and PIPE investment were:


	Shares	% of Voting
Old Xanadu Shareholders	257,684,899	74.5	%
Old Xanadu Options	47,360,480	13.7	%
Old Xanadu Warrants	677,934	0.2	%
PIPE Investors	27,500,000	7.9	%
SPAC Public Shareholders	3,211,605	0.9	%
SPAC Private Placement Shareholders	2,264,000	0.7	%
SPAC Sponsor Shares (1)	7,333,333	2.1	%
Total Fully Diluted Shares	346,032,251	100.0	%

(1) Includes 1,100,000 Earn-out Shares subject to forfeiture as of the closing of the Reverse Recapitalization on March 26, 2026. Refer to the section below for additional information.