Stockholders’ Equity |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | 9. Stockholders’ Equity
As of June 30, 2026, the Company is authorized to issue shares of common stock, par value $ per share, and shares of preferred stock, par value $ per share. As of June 30, 2026, shares of common stock were issued and outstanding, and shares of preferred stock were issued and outstanding.
During the six months ended June 30, 2026, prior to the closing of the Business Combination, March GL Company collected $90,000 of previously outstanding subscription receivables and issued shares of common stock, resulting in an increase to common stock and additional paid-in capital of $581,883.
During the three months ended June 30, 2026, the Company completed a registered public offering of shares of common stock and 1,250,000 pre-funded warrants to purchase common stock. The combined public offering price was $4.00 per share of common stock and accompanying common warrant and $3.9999 per pre-funded warrant and accompanying common warrant, resulting in gross proceeds of approximately $70.0 million. In connection with the offering, the Company also issued 17,500,000 common warrants to purchase common stock at an exercise price of $5.00 per share, which expire five years from the date of issuance. The Company incurred approximately $3.3 million of stock issuance costs.
During the three months ended June 30, 2026, the Company issued shares of common stock in partial settlement of an existing related-party liability, (see Note 8).
During the three months ended June 30, 2026, the Company issued shares of common stock to an unrelated third-party vendor in consideration for services rendered. The shares had an aggregate fair value of $, which was recognized as an operating expense.
During the three months ended June 30, 2026, the Company also issued shares of common stock to an unrelated third-party vendor in consideration for services rendered. The shares had an aggregate fair value of $, which was recognized as an operating expense based on the nature of the underlying services.
As of June 30, 2026, the Company had 1,500,000 warrants outstanding with an exercise price of $15.00 per share, which expire ten years following completion of the Business Combination, and 17,500,000 common warrants outstanding with an exercise price of $5.00 per share, which expire five years following their issuance on April 29, 2026. As of June 30, 2026, the 19,000,000 warrants outstanding had a weighted-average exercise price of $5.79 per share and a weighted-average remaining contractual life of approximately 5.22 years. The aggregate intrinsic value of the outstanding warrants was zero because the market price of the Company’s common stock was below the applicable exercise prices.
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