v3.26.1
SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

The Company is authorized to issue 400,000,000 shares of common stock, par value of $0.0001 per share (“Common Stock”), and 20,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.

As of June 30, 2026 and December 31, 2025, the Company had 103,881,251 shares issued and 102,576,943 shares outstanding on each date, with no preferred stock issued or outstanding.

Warrants

The following table summarizes the stock option/warrant activities and related information for the six months ended June 30, 2026 and 2025:

 

 

 

Number of
Warrants

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Term
(Years)

 

 

Intrinsic
Value

 

As of January 1, 2025

 

 

12,134,375

 

 

$

11.50

 

 

 

4.80

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited/Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

As of June 30, 2025

 

 

12,134,375

 

 

$

11.50

 

 

 

4.30

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of January 1, 2026

 

 

12,134,375

 

 

$

11.50

 

 

 

3.80

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited/Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

As of June 30, 2026

 

 

12,134,375

 

 

$

11.50

 

 

 

3.30

 

 

$

—

 

Vested and exercisable as of June 30, 2026

 

 

12,134,375

 

 

$

11.50

 

 

 

3.30

 

 

$

—

 

 

NOTE 15 — SHAREHOLDERS’ EQUITY (cont.)

Each warrant entitles the registered holder to purchase one share of common stock at $11.50 per share.

Waqoo Equity Transactions

In December 2025, the Company acquired Waqoo, which had outstanding stock acquisition rights (“SARs”) previously granted to Waqoo’s directors and employees (collectively the “Holders”). At the acquisition date, the aggregate intrinsic value of these SARs was approximately $210,000.

During the three months ended June 30, 2026, certain SARs vested, and the Company recognized stock-based compensation expense of $7,854. During the same period, certain Holders exercised SARs for an aggregate exercise price of $31,866, resulting in a decrease in the Company’s ownership interest in Waqoo from 54.30% to 54.14% as of June 30, 2026. The decrease in ownership was recorded as an equity transaction, with the difference between the exercise price received and the carrying amount of the non-controlling interests recognized as an adjustment to additional paid-in capital.