Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Equity | Note 12 - Equity
Authorized Shares
The Company was established under the laws of the Cayman Islands on February 15, 2024, with authorized share capital of US$500,000 divided into ordinary shares of par value US$ each at the time of incorporation, reflecting the retrospective effect of the reorganization on February 15, 2024.
On June 29, 2026, the shareholders passed ordinary resolutions to increase the Company’s authorized share capital through the creation of Class A ordinary shares and approved the adoption of the Amended and Restated Memorandum and Articles of Association. Accordingly, the Company’s authorized share capital was increased from US$ to US$, divided into (a) Class A ordinary shares, (b) Class B ordinary shares and (c) preferred shares, each with a par value of US$ per share.
Issued and Outstanding Shares
On September 4, 2025, the Company completed the issuance of an additional ordinary shares in connection with its initial public offering, resulting in a total of ordinary shares issued and outstanding as of December 31, 2025.
On January 23, 2026, shareholders approved a re-designation of the Company’s authorized share capital into Class A ordinary shares, Class B ordinary shares, and preferred shares. Accordingly, the authorized share capital of US$500,000 was reclassified from ordinary shares of par value US$ each into:
- Class A ordinary shares of par value US$ each; - Class B ordinary shares of par value US$ each; and - preferred shares of par value US$ each.
The issued and outstanding ordinary shares as of December 31, 2025 were re-designated on a one-for-one basis into Class A ordinary shares (one vote per share) and Class B ordinary shares (50 votes per share). preferred shares were issued or outstanding.
On February 12, 2026, the Company effected a 15-for-1 reverse share split of its issued and authorized shares. As a result, the ordinary shares outstanding immediately prior to the reverse share split were consolidated into shares, consisting of Class A ordinary shares and Class B ordinary shares. Correspondingly, the Company’s authorized share capital was proportionately reduced, with the number of authorized shares adjusted from 100,000,000,000 shares to 6,666,666,667 shares, with no change in the aggregate authorized share capital of US$500,000 or the par value per share.
In accordance with ASC 260, all share and per share amounts presented in these financial statements have been retrospectively adjusted to reflect the 15-for-1 reverse share split.
On April 20, 2026, the Company issued Class A ordinary shares in connection with the completion of its fund-raising exercise. As of May 12, 2026, the Company issued an aggregate of 808,334 Class A ordinary shares pursuant to the exercise of warrants. The warrants were exercised on a non-cash basis and no cash consideration was received by the Company.
On May 4, 2026, the Company effected a 30-for-1 reverse share split of its issued and authorized shares. As a result, the Company’s authorized share capital was adjusted from 6,666,666,666.67 shares with a par value of US$ each to 222,222,222.22 shares with a par value of US$each, with no change in the aggregate authorized share capital of US$.
Immediately following the reverse share split, the Company had Class A ordinary shares and Class B ordinary shares issued and outstanding, representing an aggregate of shares outstanding.
On June 29, 2026, the shareholders passed ordinary resolutions to increase the Company’s authorized share capital through the creation of Class A ordinary shares and approved the adoption of the Amended and Restated Memorandum and Articles of Association. Accordingly, the Company’s authorized share capital was increased to US$, divided into (a) Class A ordinary shares, (b) Class B ordinary shares, and (c) preferred shares, each with a par value of US$ per share.
In accordance with ASC 260, all share and per share amounts presented in these financial statements have been retrospectively adjusted to reflect the 30-for-1 reverse share split.
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