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Warrant Liabilities

12 Months Ended

Dec. 31, 2025

Note 6 –Warrant Liabilities

The table below provides a summary of the outstanding Public and Private Placement Warrants.

Each whole Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to customary adjustments. Only whole Warrants are exercisable. The Warrants became exercisable on January 7, 2022 and will expire on December 8, 2026.

Redemption of Public Warrants When Price per Share of Common Stock Equals or Exceeds $18.00

The Company may redeem all of the outstanding Public Warrants:

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in whole and not in part;

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upon at least 30 days’ prior written notice;

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at a price of $0.01 per Public Warrant; and

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if the last sale price of the Company’s common stock equals or exceeds $18.00 per share, subject to customary adjustments, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which notice of the redemption is given.

Redemption of Public Warrants When Price per Share of Common Stock Equals or Exceeds $10.00

The Company may redeem all of the outstanding Public Warrants:

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in whole and not in part;

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upon at least 30 days’ prior written notice;

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at a price of $0.10 per Public Warrant, provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive a number of shares of the Company’s common stock determined in part by the redemption date and the “fair market value” of the common stock; and

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if the last sale price of the Company’s common stock equals or exceeds $10.00 per share, subject to customary adjustments, on the trading day prior to the date on which notice of redemption is given.

The “fair market value” of the Company’s common stock means the average reported last sale price of the Company’s common stock for the ten trading days immediately following the date on which the notice of redemption is sent to the holders of Warrants. None of the Private Placement Warrants are redeemable by the Company so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

December 31,

Public Warrants

Private Placement Warrants