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SHAREHOLDERS’ EQUITY
 3 Months Ended
Jul. 31, 2026
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

Note 18: SHAREHOLDERS’ EQUITY

 

Common Stock Issuance

 

The Company is authorized to issue 1,000,000,000 shares of common stock, par value $0.001 per share.

 

On May 18 and August 17, 2026, the Company effected reverse stock splits of its common stock at ratios of 1-for-40 and 1-for-20, respectively. The reverse stock splits did not change the par value of the Company’s common stock or the number of authorized shares. All share and per-share amounts presented in these consolidated financial statements and accompanying notes have been retrospectively adjusted to reflect the reverse stock splits for all periods presented, unless otherwise indicated.

 

 

AIRWA INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

Note 18: SHAREHOLDERS’ EQUITY (cont.)

 

After giving retrospective effect to the reverse stock splits, the Company had approximately 52,678 shares of common stock issued and outstanding as of July 31 and April 30, 2026.

  

Transaction  Split-Adjusted Shares Issued   Proceeds 
Private placement   500   $4,600,000 
At-the-market offerings   27,258    172,554,514 
Exercise of warrants / other common stock issuance   59    368 
Registered direct offering   19,228    14,773,528 
Share allotment   5,269    5,774,550 
Total   52,314   $197,702,960 

 

The Company’s common stock outstanding reconciles as follows:

  

   Shares 
Shares outstanding as of April 30, 2025, as retrospectively adjusted   364 
Shares issued during the year ended April 30, 2026, as retrospectively adjusted   52,314 
Shares outstanding as of July 31 and April 30, 2026   52,678 

 

At the time of the respective transactions and prior to giving effect to the subsequent reverse stock splits:

 

  ● the private placement consisted of 20,000,000 units at $0.23 per unit and generated gross proceeds of $4.6 million;
  ● the Company sold common stock pursuant to its at-the-market offering program and generated aggregate net proceeds of approximately $172.6 million;
  ● the registered direct offering consisted of 15,382,378 shares at $1.02 per share and generated net proceeds of $14.8 million; and
  ● the Company issued 4,215,000 shares of common stock at $1.37 per share for proceeds of $5.8 million.

 

The historical share and per-share amounts in the preceding paragraph are presented on the basis applicable at the time of the respective transactions and have not been adjusted for subsequent reverse stock splits.

 

Reverse Stock Split during the Year

 

On October 27, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. The reverse stock split reduced the number of issued and outstanding shares of common stock without changing the par value per share or the number of authorized shares. Fractional shares were treated in accordance with the terms of the applicable reverse stock split.

 

All share and per-share amounts in these notes and the accompanying consolidated financial statements, unless otherwise indicated, have been retrospectively adjusted for this reverse stock split and for the reverse stock splits that occurred subsequent to the financial year end. (See Note 20, Subsequent Events.)