Securitize 完成與 CEPT 合併上市 備考現金約3.52億美元

EX-99.1
5
ea029723901ex99-1.htm
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION OF CEPT AND SECURITIZE AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND FOR THE YEAR ENDED DECEMBER 31, 2025

Exhibit
99.1

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION

 

Capitalized
terms used but not defined in this Exhibit 99.1 shall have the meanings ascribed to them in the Current Report on Form 8-K (“Form
8-K”) filed with the Securities and Exchange Commission (the “Commission”) on July 8, 2026 and, if not defined in the
Form 8-K, capitalized terms used but not defined in this Exhibit 99.1 shall have the meanings ascribed to them in the definitive proxy
statement/prospectus filed by PubCo with the Securities and Exchange Commission on June 5, 2026, prior to the consummation of the business
combination (the “Proxy Statement/Prospectus”).

 

The
following unaudited pro forma condensed combined financial information presents the combination of the financial information of CEPT
and Securitize adjusted to give effect to the Business Combination, the PIPE investment and related transactions, as outlined below.
CEPT and Securitize are collectively referred to herein as the “Companies,” and the Companies, subsequent to the Business
Combination, are referred to herein as the “Combined Company.” On June 29, 2026, the Business Combination was approved by
CEPT shareholders. The Business Combination was completed on July 1, 2026 (the “Closing Date”). Following the Closing, the
Combined Company became the publicly traded parent company, with its common stock listed on the New York Stock Exchange under the ticker
symbol “SECZ.” Refer to Note 1 — Description of the Business Combination for more details.

 

The
unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X, Pro Forma
Financial Information, as amended by Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.”

 

The
unaudited pro forma condensed combined balance sheet as of March 31, 2026 assumes that the Business Combination and related transactions
occurred on March 31, 2026. The unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2026
gives pro forma effect to the Business Combination and related transactions as if they had occurred on January 1, 2025. The unaudited
pro forma condensed combined statement of operations for the year ended December 31, 2025 gives pro forma effect to the Business Combination
and related transactions as if they had occurred on January 1, 2025. These periods are presented on the basis that Securitize is the
acquirer for accounting purposes.

 

The unaudited pro forma condensed combined financial information is
based on and should be read in conjunction with the unaudited historical condensed consolidated financial statements of CEPT and Securitize
as of and for the three months ended March 31, 2026, the audited historical consolidated financial statements of CEPT and Securitize as
of and for the year ended December 31, 2025, and the notes thereto, as well as the disclosures contained in the sections titled “CEPT’s
Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Securitize’s Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” which are included on page 193 and 212 in the Proxy Statement/Prospectus,
respectively.

 

The
pro forma adjustments are based upon available information and certain assumptions that we believe are reasonable. The unaudited pro
forma condensed combined financial statements are for illustrative and informational purposes only and do not purport to represent what
our financial position or results of operations would have been if the proposed transactions had actually occurred as of the dates indicated,
nor does it project our financial position at any future date or our results of operations or cash flows for any future period.

 

The
adjustments in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant
information necessary for an illustrative understanding of PubCo pursuant to the consummation of the transactions. The unaudited pro
forma transaction accounting adjustments presented in the accompanying notes represent management’s estimates based on information
available as of the date of these unaudited pro forma condensed combined financial statements and are subject to change as additional
information becomes available and analyses are performed.

 

The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with generally accepted accounting principles in the United States (“GAAP”). Under this method of accounting, CEPT is treated
as the “acquired” company for financial reporting purposes. Securitize has been determined to be the accounting acquirer
because existing Securitize stockholders, as a group, have retained the largest portion of the voting rights in the combined entity,
the executive officers of PubCo were appointed by Securitize, the majority of the board of directors of PubCo were appointed by Securitize,
Securitize represents a significant majority of the operations of PubCo, and the operations of Securitize are the continued operations
of PubCo.

 

 

  

 

 

UNAUDITED PRO FORMA CONDENSED
COMBINED BALANCE SHEET

AS OF MARCH 31, 2026

 

 
   
 Securitize,
Inc.  
 CEPT  
 Transaction
Accounting
Adjustments  
   
 Pro
 Forma
Combined 

 
 ASSETS 
    
    
    
   
   

 
 Current
 assets: 
    
    
    
   
   

 
 Cash
 and cash equivalents 
 $14,459,817  
 $25,000  
 $188,137,250  
 A 
 $351,867,619 

 
   
     
     
  (72,512,934) 
 C 
    

 
   
     
     
  250,760,355  
 B 
    

 
   
     
     
  (48,303,869) 
 E 
    

 
   
     
     
  20,000,000  
 K 
    

 
   
     
     
  (1,036,653) 
 O 
    

 
   
     
     
  338,652.7100  
 O 
    

 
 Digital
 assets from operations 
  165,100  
  —  
  —  
   
  165,100 

 
 Digital
 assets held for investment 
  1,177,803  
  —  
  —  
   
  1,177,803 

 
 Digital
 assets receivable 
  2,059,917  
  —  
  —  
   
  2,059,917 

 
 Customer
 escrow funds 
  15,346,879  
  —  
  —  
   
  15,346,879 

 
 Investments
 in available-for-sale marketable securities 
  935,631  
  —  
  —  
   
  935,631 

 
 Investments
 in tokenized assets 
  11,156,182  
  —  
  —  
   
  11,156,182 

 
 Accounts
 receivable, net 
  10,458,771  
  —  
  —  
   
  10,458,771 

 
 Accounts
 receivable, related parties 
  433,409  
  —  
  —  
   
  433,409 

 
 Contract
 assets 
  10,891,564  
  —  
  —  
   
  10,891,564 

 
 Deferred
 offering costs 
  4,832,374  
  —  
  (4,832,374) 
 E 
  — 

 
 Prepaid
 expenses and other current assets 
  3,117,837  
  208,750  
  (208,750) 
 G 
  3,117,837 

 
 Total
 current assets 
  75,035,284  
  233,750  
  332,341,678  
   
  407,610,712 

 
   
     
     
     
   
    

 
 Digital
 assets receivable, noncurrent 
  1,619,919  
  —  
  —  
   
  1,619,919 

 
 Contract
 assets, noncurrent 
  2,927,648  
  —  
  —  
   
  2,927,648 

 
 Notes
 receivable, related parties 
  8,238,757  
  —  
  —  
   
  8,238,757 

 
 Intangible
 assets, net 
  20,033,715  
  —  
  —  
   
  20,033,715 

 
 Goodwill 
  26,365,270  
  —  
  —  
   
  26,365,270 

 
 Other
 noncurrent assets 
  872,986  
  12,497  
  (12,473) 
 G 
  873,010 

 
 Available-for-sale
 debt securities held in Trust Account, at fair value (amortized cost $248,730,877) 
  —  
  248,753,164  
  (248,730,877) 
 B 
  — 

 
   
     
     
  (22,287) 
 B 
    

 
   
     
     
  2,007,191  
 B 
    

 
   
     
     
  (2,007,191) 
 B 
    

 
 Total
 assets 
 $135,093,579  
 $248,999,411  
 $83,576,041  
   
 $467,669,031 

 
   
     
     
     
   
    

 
 LIABILITIES,
 MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT 
     
     
     
   
    

 
 Current
 liabilities: 
     
     
     
   
    

 
 Accounts
 payable 
 $1,517,862  
 $—  
 $—  
   
 $1,517,862 

 
 Notes
 payable, related party 
  —  
  604,841  
  (943,494) 
 O 
  — 

 
   
     
     
  338,653  
 O 
    

 
 Interest
 payable 
  6,180,032  
  —  
  —  
   
  6,180,032 

 
 Accrued
 expenses and other current liabilities 
  7,871,491  
  2,545,137  
  (93,159) 
 O 
  3,927,518 

 
   
     
     
  (2,451,978) 
 E 
    

 
   
     
     
  (3,943,973) 
 E 
    

 
 Deferred
 revenue 
  470,358  
  —  
  —  
   
  470,358 

 
 Customer
 escrow funds payable 
  15,341,786  
  —  
  —  
   
  15,341,786 

 
 Total
 current liabilities 
  31,381,529  
  3,149,978  
  (7,093,951) 
   
  27,437,556 

 
   
     
     
     
   
    

 
 Deferred
 revenue, noncurrent 
  1,032,301  
  —  
  —  
   
  1,032,301 

 
 Simple
 agreements for future equity 
  11,817,000  
  —  
  (11,817,000) 
 D 
  — 

 
 Convertible
 promissory notes payable, net 
  73,773,844  
  —  
  (73,773,844) 
 D 
  — 

 
 Derivative
 liability 
  28,171,000  
  —  
  (28,171,000) 
 D 
  — 

 
 Option
 liability 
  11,300,000  
  —  
  (11,300,000) 
 K 
  — 

 
 Deferred
 tax liability 
  306,642  
  —  
  —  
   
  306,642 

 
 Forward
 sale securities liability 
  —  
  2,983,500  
  (2,983,500) 
 A 
  — 

 
 Earnout
 liability 
  —  
  —  
  63,248,000  
 H 
  63,248,000 

 
 Sponsor
 earnout liability 
  —  
  —  
  19,679,829  
 I 
  19,679,829 

 
 Total
 liabilities 
 $157,782,316  
 $6,133,478  
 $(52,211,466) 
   
 $111,704,328 

 
   
     
     
     
   
    

 
 Mezzanine
 equity: 
     
     
     
   
    

 
 J
 Digital 6 warrants 
 $1,169,721  
 $—  
 $—  
   
 $1,169,721 

 
 Series
 Option redeemable convertible preferred stock 
  —  
  —  
  31,300,000  
 K 
  — 

 
   
     
     
  (31,300,000) 
 D 
    

 
 Series
 B-4 redeemable convertible preferred stock 
  42,348,900  
  —  
  (42,348,900) 
 D 
  — 

 
 Series
 B-3 redeemable convertible preferred stock 
  21,969,898  
  —  
  (21,969,898) 
 D 
  — 

 
 Series
 B-2 redeemable convertible preferred stock 
  24,387,798  
  —  
  (24,387,798) 
 D 
  — 

 
 Series
 B-1 redeemable convertible preferred stock 
  21,407,747  
  —  
  (21,407,747) 
 D 
  — 

 
 Series
 A redeemable convertible preferred stock 
  14,700,686  
  —  
  (14,700,686) 
 D 
  — 

 
 Class
 A ordinary shares subject to possible redemption 
  —  
  252,353,188  
  (3,600,000) 
 F 
  — 

 
   
     
     
  (179,301,732) 
 L 
    

 
   
     
     
  (69,451,456) 
 C 
    

 
 Total
 Mezzanine Equity 
 $125,984,750  
 $252,353,188  
 $(377,168,217) 
   
 $1,169,721 

 
   
     
     
     
   
    

 
 Stockholders’
 deficit: 
     
     
     
   
    

 
 Common
 stock, $0.0001 par value 
 $870  
 $—  
 $1,759  
 D 
 $— 

 
   
     
     
  (2,629) 
 J 
    

 
 Class
 A Common stock, $0.0001 par value 
  33  
  —  
  (33) 
 J 
  — 

 
 Treasury
 stock, 150,000 shares at cost 
  (1,599,978) 
  —  
  1,599,978  
 J 
  — 

 
 Class
 A ordinary shares, $0.0001 par value 
  —  
  58  
  1,973  
 A 
  — 

 
   
     
     
  1,716  
 L 
    

 
   
     
     
  (3,747) 
 N 
    

 
 Class
 B ordinary shares, $0.0001 par value 
  —  
  600  
  (600) 
 N 
  — 

 
 PubCo
 Common stock, $0.0001 par value 
  —  
  —  
  11,975  
 J 
  16,322 

 
   
     
     
  4,347  
 N 
    

 
 Additional
 paid-in capital 
  25,216,810  
  —  
  269,875,114  
 D 
  528,214,149 

 
   
     
     
  (20,050,841) 
 E 
    

 
   
     
     
  (30,869,375) 
 M 
    

 
   
     
     
  (63,248,000) 
 H 
    

 
   
     
     
  (19,679,829) 
 I 
    

 
   
     
     
  (465,023) 
 J 
    

 
   
     
     
  179,300,016  
 L 
    

 
   
     
     
  188,135,277  
 A 
    

 
 Accumulated
 deficit 
  (173,435,490) 
  (9,510,200) 
  30,869,375  
 M 
  (173,435,489)

 
   
     
     
  (26,689,451) 
 E 
    

 
   
     
     
  2,983,500  
 A 
    

 
   
     
     
  3,600,000  
 F 
    

 
   
     
     
  (221,223) 
 G 
    

 
   
     
     
  22,287  
 B 
    

 
   
     
     
  2,007,191  
 B 
    

 
 Accumulated
 other comprehensive income 
  1,144,268  
  22,287  
  (22,287) 
 B 
  — 

 
   
     
     
  (1,144,268) 
 J 
    

 
 Total
 stockholders’ deficit 
 $(148,673,487) 
 $(9,487,255) 
 $512,955,724  
   
 $354,794,982 

 
 Total
 liabilities, mezzanine equity and stockholders’ deficit 
 $135,093,579  
 $248,999,411  
 $83,576,041  
   
 $467,669,031 

 

 

 2

  

 

 

UNAUDITED PRO FORMA CONDENSED
COMBINED STATEMENT OF OPERATIONS 

FOR THE THREE MONTHS ENDED
MARCH 31, 2026

 

 
   
 Securitize,
Inc.  
 CEPT  
 Transaction
Accounting
Adjustments  
   
 Pro
 Forma
Combined 

 
   
    
    
    
   
   

 
 Revenue 
 $19,478,466  
 $—  
 $—  
   
 $19,478,466 

 
   
     
     
     
   
    

 
 Operating
 costs and expenses: 
     
     
     
   
    

 
 Cost
 of revenue (exclusive of items shown below) 
  4,469,890  
  —  
  —  
   
  4,469,890 

 
 Selling,
 general & administrative 
  7,738,093  
  1,450,221  
  1,595,469  
 FF 
  10,783,783 

 
 Compensation
 and benefits 
  9,100,598  
  —  
  —  
   
  9,100,598 

 
 Provision
 for expected credit losses 
  285,453  
  —  
  —  
   
  285,453 

 
 Administrative
 expenses - related party 
  —  
  30,000  
  (30,000) 
 EE 
  — 

 
 Loss
 on digital assets from operations, net 
  286,592  
  —  
  —  
   
  286,592 

 
 Total
 operating costs and expenses 
  21,880,626  
  1,480,221  
  1,565,469  
   
  24,926,316 

 
   
     
     
     
   
    

 
 Loss
 from operations 
  (2,402,160) 
  (1,480,221) 
  (1,565,469) 
   
  (5,447,850)

 
   
     
     
     
   
    

 
 Other
 income (expense): 
     
     
     
   
    

 
 Interest
 expense 
  (2,268,575) 
  —  
  2,268,575  
 CC 
  — 

 
 Interest
 income 
  237,114  
  —  
  —  
   
  237,114 

 
 Interest
 income on investments held in Trust Account 
  —  
  2,251,571  
  (2,251,571) 
 AA 
  — 

 
 Change
 in fair value of forward sale securities 
  —  
  1,625,060  
  (1,625,060) 
 DD 
  — 

 
 Dividend
 income 
  153,452  
  —  
  —  
   
  153,452 

 
 Loss
 on digital assets held for investments, net 
  (920,467) 
  —  
  —  
   
  (920,467)

 
 Other
 income, net 
  589,992  
  —  
  —  
   
  589,992 

 
 Change
 in fair value of simple agreements for future equity 
  (1,368,000) 
  —  
  1,368,000  
 DD 
  — 

 
 Change
 in fair value of derivative liability 
  (2,001,000) 
  —  
  2,001,000  
 DD 
  — 

 
 Change
 in fair value of option liability 
  90,000  
  —  
  (90,000) 
 DD 
  — 

 
 Realized
 gain on sale of available-for-sale debt securities 
  —  
  —  
  22,287  
 HH 
  — 

 
   
     
     
  (22,287) 
 HH 
    

 
 Total
 other income (expense), net 
  (5,487,484) 
  3,876,631  
  1,670,944  
   
  60,091 

 
   
     
     
     
   
    

 
 Net
 income (loss) from continuing operations before income taxes 
  (7,889,644) 
  2,396,410  
  105,475  
   
  (5,387,759)

 
   
     
     
     
   
    

 
 Provision
 for income taxes 
  (43,008) 
  —  
  —  
   
  (43,008)

 
   
     
     
     
   
    

 
 Income
 (loss) from continuing operations, net of tax 
  (7,932,652) 
  2,396,410  
  105,475  
   
  (5,430,767)

 
   
     
     
     
   
    

 
 Net
 income (loss) 
  (7,932,652) 
  2,396,410  
  105,475  
   
  (5,430,767)

 
   
     
     
     
   
    

 
 Net
 income (loss) from continuing operations attributable to common stockholders 
 $(7,932,652) 
 $2,396,410  
 $105,475  
   
 $(5,430,767)

 
   
     
     
     
   
    

 
 Net
 loss from continuing operations per share of common stock and Class A common stock - basic and diluted 
 $(0.88) 
     
     
   
    

 
   
     
     
     
   
    

 
 Weighted
 average common stock and Class A common stock shares outstanding - basic and diluted 
  8,997,924  
     
     
   
    

 
   
     
     
     
   
    

 
 Weighted
 average shares outstanding 
     
     
     
   
    

 
 Class
 A - Public shares 
     
  24,000,000  
     
   
    

 
 Class
 A - Private placement 
     
  580,000  
     
   
    

 
 Class
 B - Ordinary shares 
     
  6,000,000  
     
   
    

 
 Basic
 and diluted net loss per share 
     
     
     
   
    

 
 Class
 A - Public shares 
     
 $0.08  
     
   
    

 
 Class
 A - Private placement 
     
 $0.08  
     
   
    

 
 Class
 B - Ordinary shares 
     
 $0.08  
     
   
    

 
 Weighted
 average shares outstanding - basic and diluted 
     
     
     
   
  161,418,683 

 
   
     
     
     
   
    

 
 Net
 loss from continuing operations per share - basic and Diluted 
     
     
     
   
 $(0.03)

 
   
     
     
     
   
    

 
 Other
 comprehensive income: 
     
     
     
   
    

 
 Foreign
 currency translation adjustment 
  49,886  
  —  
  —  
   
  49,886 

 
 Change
 in unrealized depreciation of available-for-sale debt securities 
  —  
  (115,760) 
  115,760  
 HH 
  — 

 
 Total
 other comprehensive income (loss) 
  49,886  
  (115,760) 
  115,760  
   
  49,886 

 
   
     
     
     
   
    

 
 Comprehensive
 income (loss) 
 $(7,882,766) 
 $2,280,650  
 $221,235  
   
 $(5,380,881)

 

 

 3

  

 

 

UNAUDITED PRO FORMA CONDENSED
COMBINED STATEMENT OF OPERATIONS 

FOR THE YEAR ENDED DECEMBER
31, 2025

 

 
   
 Securitize,

 Inc.  
 CEPT  
 Transaction
 Accounting Adjustments  
   
 Pro
 Forma Combined 

 
   
    
    
    
   
   

 
 Revenue 
 $62,152,140  
 $—  
 $—  
   
 $62,152,140 

 
   
     
     
     
   
    

 
 Operating
 costs and expenses: 
     
     
     
   
    

 
 Cost
 of revenue (exclusive of items shown below) 
  13,472,042  
  —  
  —  
   
  13,472,042 

 
 Selling,
 general & administrative 
  20,525,686  
  1,773,577  
  15,933,068  
 FF 
  38,232,331 

 
 Compensation
 and benefits 
  37,176,194  
  —  
  —  
   
  37,176,194 

 
 Acquisition
 related transaction costs 
  —  
  —  
  26,689,451  
 BB 
  26,689,451 

 
 Provision
 for expected credit losses 
  397,382  
  —  
  —  
   
  397,382 

 
 Administrative
 expenses - related party 
  —  
  79,677  
  (79,677) 
 EE 
  — 

 
 Loss
 on digital assets from operations, net 
  5,113,796  
  —  
  —  
   
  5,113,796 

 
 Total
 operating costs and expenses 
  76,685,100  
  1,853,254  
  42,542,842  
   
  121,081,196 

 
   
     
     
     
   
    

 
 Loss
 from operations 
  (14,532,960) 
  (1,853,254) 
  (42,542,842) 
   
  (58,929,056)

 
   
     
     
     
   
    

 
 Other
 income (expense): 
     
     
     
   
    

 
 Interest
 expense 
  (6,892,872) 
  —  
  6,390,414  
 CC 
  (502,458)

 
 Interest
 income 
  1,177,726  
  —  
  (145,111) 
 GG 
  1,032,615 

 
 Interest
 income on investments held in Trust Account 
  —  
  6,479,330  
  (6,479,330) 
 AA 
  — 

 
 Dividend
 income 
  227,133  
  —  
  —  
   
  227,133 

 
 Change
 in fair value of forward sale securities 
  —  
  (4,608,560) 
  4,608,560  
 DD 
  — 

 
 Other
 income, net 
  862,360  
  —  
  —  
   
  862,360 

 
 Change
 in fair value of simple agreements for future equity 
  (4,735,000) 
  —  
  4,735,000  
 DD 
  — 

 
 Change
 in fair value of derivative liability 
  (11,719,000) 
  —  
  11,719,000  
 DD 
  — 

 
 Change
 in fair value of option liability 
  (6,431,000) 
  —  
  6,431,000  
 DD 
  — 

 
 Realized
 gain on sale of available-for-sale debt securities 
  —  
  —  
  138,047  
 HH 
  — 

 
   
     
     
  (138,047) 
 HH 
    

 
 Total
 other income (expense), net 
  (27,510,653) 
  1,870,770  
  27,259,533  
   
  1,619,650 

 
   
     
     
     
   
    

 
 Net
 income (loss) from continuing operations before income taxes 
  (42,043,613) 
  17,516  
  (15,283,309) 
   
  (57,309,406)

 
   
     
     
     
   
    

 
 Provision
 for income taxes 
  (324,550) 
  —  
  —  
   
  (324,550)

 
   
     
     
     
   
    

 
 Income
 (loss) from continuing operations, net of tax 
 $(42,368,163) 
 $17,516  
 $(15,283,309) 
   
 $(57,633,956)

 
   
     
     
     
   
    

 
 Net
 income (loss) 
  (42,368,163) 
  17,516  
  (15,283,309) 
   
  (57,633,956)

 
   
     
     
     
   
    

 
 Deemed
 dividend to preferred stockholders 
  (1,493,539) 
  —  
  —  
   
  (1,493,539)

 
   
     
     
     
   
    

 
 Net
 income (loss) from continuing operations attributable to common stockholders 
 $(43,861,702) 
 $17,516  
 $(15,283,309) 
   
 $(59,127,495)

 
   
     
     
     
   
    

 
 Net
 loss from continuing operations per share of common stock and Class A common stock - basic and diluted 
 $(4.98) 
     
     
   
    

 
   
     
     
     
   
    

 
 Weighted
 average common stock and Class A common stock shares outstanding - basic and diluted 
  8,813,380  
     
     
   
    

 
   
     
     
     
   
    

 
 Weighted
 average shares outstanding 
     
     
     
   
    

 
 Class
 A - Public shares 
     
  15,846,575  
     
   
    

 
 Class
 A - Private placement 
     
  382,959  
     
   
    

 
 Class
 B - Ordinary shares 
     
  6,000,000  
     
   
    

 
 Basic
 and diluted net loss per share 
     
     
     
   
    

 
 Class
 A - Public shares 
     
 $—  
     
   
    

 
 Class
 A - Private placement 
     
 $—  
     
   
    

 
 Class
 B - Ordinary shares 
     
 $—  
     
   
    

 
   
     
     
     
   
    

 
 Weighted
 average shares outstanding - basic and diluted 
     
     
     
   
  161,418,683 

 
   
     
     
     
   
    

 
 Net
 loss from continuing operations per share - basic and diluted 
     
     
     
   
 $(0.37)

 
   
     
     
     
   
    

 
 Other
 comprehensive income: 
     
     
     
   
    

 
 Foreign
 currency translation adjustment 
  627,402  
  —  
  —  
   
  627,402 

 
 Change
 in unrealized depreciation of available-for-sale debt securities 
  —  
  138,047  
  (138,047) 
 HH 
  — 

 
 Total
 other comprehensive income (loss) 
  627,402  
  138,047  
  (138,047) 
   
  627,402 

 
   
     
     
     
   
    

 
 Comprehensive
 income (loss) 
 $(41,740,761) 
 $155,563  
 $(15,421,356) 
   
 $(57,006,554)

 

 

 4

  

 

 

COMBINED COMPANY

 

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL INFORMATION

 

Note
1. Description of the Business Combination

 

On
July 1, 2026, CEPT, Securitize, PubCo, CEPT Merger Sub and Securitize Merger Sub consummated the transactions contemplated by the Business
Combination Agreement among them, dated October 27, 2025, following their approval at a special meeting of the stockholders of CEPT held
on June 29, 2026 (the “Special Meeting”). Pursuant to the terms of the Merger Agreement, a business combination of CEPT and
PubCo was effected through (i) the merger of CEPT with and into CEPT Merger Sub, with CEPT Merger Sub surviving as a wholly owned subsidiary
of PubCo, and (ii) the merger of Securitize Merger Sub with and into Securitize, with Securitize surviving as a wholly owned subsidiary
of PubCo. On the Closing Date, PubCo changed its name to Securitize Corp.

 

The
“Per Share Company Merger Consideration” is, for each share of Securitize Common Stock being converted into shares of PubCo
Common Stock in the Securitize Merger, such number of shares of PubCo Common Stock equal to (a) (i) the Equity Value of Securitize (which
is $1,250,000,000, subject to adjustments calculated in accordance with the Business Combination Agreement), divided by (b) the Fully-Diluted
Company Shares (calculated in accordance with the Business Combination Agreement), divided by (iii) $10.00, and (b) the right to receive
the relevant portion of 6,250,000 shares of PubCo Common Stock (the “Securitize Earnout Shares”), if any, attributable to
such shares. The Per Share Company Merger Consideration was 4.44.

 

The
Securitize Earnout Shares will be issued to Securitize Stockholders if, at any time during the five (5) year period following the Closing
Date, the VWAP of PubCo Common Stock exceeds certain price thresholds (the “Issuance Threshold”) as described below: (i)
one-third of the Securitize Earn-Out Shares will be issued if the VWAP of PubCo Common Stock exceeds $15.00 for 20 out of any 30 trading
days beginning 90 days after the Closing, (ii) one-third of the Securitize Earnout Shares will be issued if the VWAP of PubCo Common
Stock exceeds $20.00 for 20 out of any 30 trading days beginning 90 days after Closing, and (iii) one-third of the Securitize Earnout
Shares will be issued if the VWAP of PubCo Common Stock exceeds $25.00 for 20 out of any 30 trading days beginning 90 days after Closing.

 

Contemporaneously with the execution of the Business Combination Agreement,
CEPT, the Sponsor, PubCo and Securitize entered into the Sponsor Support Agreement, pursuant to which, among other things, the Sponsor
agreed to surrender, for no consideration, up to 30% of its CEPT Class B Ordinary Shares immediately prior to, and conditioned upon, the
Closing (such number of Surrendered CEPT Shares to be determined pursuant to a formula taking into account the number of CEPT Redeemed
Shares and the gross proceeds from the PIPE Investments exceeding $100,000,000). Upon the Closing, no such shares were surrendered. In
addition, Sponsor agreed to subject the Sponsor Earnout Shares to vesting and potential forfeiture (and related transfer restrictions)
after the Closing based on an earnout during the Earnout Period, with one-third of such shares vesting in the event the VWAP of a share
of PubCo Common Stock exceeds Issuance Thresholds of $12.50, $15.00 and $17.50, in each case for at least 20 out of 30 consecutive trading
days commencing 90 days after the Closing. Contemporaneously with the execution of the Business Combination Agreement, the PIPE Investors
agreed to make a private investment in CEPT by purchasing Class A ordinary shares. On the Closing Date, the PIPE Investors purchased from
CEPT an aggregate of 19,735,000 shares of CEPT Class A Ordinary Shares for a purchase price of $10.00 per share and an aggregate purchase
price of approximately $197,350,000, pursuant to the PIPE Subscription Agreements. The net proceeds from the PIPE will be used by PubCo
for transaction expenses, working capital and general corporate purposes. The PIPE Investors satisfied all of their obligations in cash.

 

On
June 29, 2026, CEPT held an extraordinary general meeting of its shareholders at which certain proposals were submitted to a vote of
CEPT shareholders (“CEPT Shareholders”). The proposals are described in more detail in CEPT’s definitive proxy statement
filed with the Securities and Exchange Commission on June 5, 2026 (the “Definitive Proxy Statement”). Only CEPT Shareholders
of record as of the close of business on May 11, 2026, the record date for the Special Meeting, were entitled to vote at the Special
Meeting. As of the record date, 30,580,000 ordinary shares of CEPT were issued and outstanding and entitled to vote at the Special Meeting.

 

In
connection with Special Meeting and the Business Combination, holders of 6,842,508 shares of CEPT Class A ordinary share, par value $.0001
per share, or approximately 28.5% of the shares with redemption rights, exercised their right to redeem their shares for cash at a redemption
price of approximately $10.60 per share, for an aggregate redemption amount of $72,512,934.

 

 5

  

 

 

The
following table summarizes the pro forma shares of PubCo Common Stock outstanding, excluding the potential dilutive effect of (i) the
Securitize Earnout Shares; (ii) the Assumed Warrants; and (iii) the Assumed Options.

 

 
  
  
 Shares
  
  
 Ownership %
  

 
 Public Shareholders
  
  
 17,157,492
  
  
  
 10.5
 %

 
 Securitize Common Securityholders (1)
  
  
 45,482,756
  
  
  
 27.9
 %

 
 Sponsor (3)
  
  
 6,580,000
  
  
  
 4.0
 %

 
 Securitize Preferred Securityholders (2)
  
  
 74,263,435
  
  
  
 45.5
 %

 
 PIPE Investors
  
  
 19,735,000
  
  
  
 12.1
 %

 
 Pro forma outstanding shares at March 31, 2026
  
  
 163,218,683
  
  
  
 100.0
 %

 

 

(1)Securitize
 Equity Value is $1,257,064,087, which is the Equity Value as defined in the Business Combination
 Agreement of $1,250,000,000 and proceeds from the exercise of vested Company options and
 warrants of $7,064,087. 

(2)Consists
 of 74,263,435 shares of PubCo Common Stock issued to the Securitize Preferred Securityholders upon
 exchange of 16,711,159 shares of Securitize Preferred Stock based on the Exchange Ratio of 4.44.

 
(3)Includes
 580,000 shares of PubCo Common Stock received in exchange for the CEPT Private Placement Shares
 and 6,000,000 Post-Combination Founder Shares. Certain of the Post-Combination Founder Shares are
 subject to an earn-out as further described herein.

 
 

Note
2. Basis of Presentation

 

The
Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance
with GAAP. Under this method of accounting, CEPT is treated as the “accounting acquiree” and Securitize as the “accounting
acquirer” for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent
of Securitize issuing shares for the net assets of CEPT, followed by a recapitalization. The net assets of CEPT are stated at historical
cost. Operations prior to the Business Combination are those of Securitize.

 

The
unaudited pro forma condensed combined balance sheet as of March 31, 2026 assumes that the Business Combination and related transactions
occurred on March 31, 2026. The unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2026
gives pro forma effect to the Business Combination and related transactions as if they had occurred on January 1, 2025. The unaudited
pro forma condensed combined statement of operations for the year ended December 31, 2025 gives pro forma effect to the Business Combination
and related transactions as if they had occurred on January 1, 2025. These periods are presented on the basis that Securitize is the
acquirer for accounting purposes.

 

The
pro forma adjustments reflecting the consummation of the Business Combination and related transactions are based on certain currently
available information and certain assumptions and methodologies that the parties believe are reasonable under the circumstances. The
unaudited condensed combined pro forma adjustments, which are described in the accompanying notes, may be revised as additional information
becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments and
it is possible the difference may be material. The parties believe that their assumptions and methodologies provide a reasonable basis
for presenting all of the significant effects of the Business Combination and related transactions based on information available to
management at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the
unaudited pro forma condensed combined financial information.

 

The
unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies,
tax savings, or cost savings that may be associated with the Business Combination. The unaudited pro forma condensed combined financial
information is not necessarily indicative of what the actual results of operations and financial position would have been had the Business
Combination and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of
operations or financial position of the post-combination company. The unaudited pro forma condensed combined financial information should
be read in conjunction with the historical audited consolidated financial statements and notes thereto of SPAC and Securitize.

 

 6

  

 

 

The
Business Combination is a capital transaction in substance whereby CEPT is treated as the acquired company for financial reporting purposes.
This determination was primarily based on the following:

 

●Securitize
 Stockholders own the majority of the issued and outstanding common shares of PubCo;

 

●The
 key management of PubCo consists entirely of individuals who previously served as senior
 management of Securitize;

 

●The
 PubCo Board was selected by Securitize pursuant to the terms of the Business Combination
 Agreement; and

 

●The
 operations of Securitize prior to the Business Combination comprise the only ongoing operations
 of PubCo following the closing of the Transactions.

 

No
tax effect has been recorded for the transaction accounting adjustments. The changes in fair value of the SAFE liability and derivative
liability represent permanent differences and therefore do not impact taxable income. Securitize maintains a full valuation allowance
on its deferred tax assets; accordingly, no tax benefit is recognized for the transaction costs, regardless of whether such costs are
deductible or give rise to permanent or temporary differences. As a result, the transaction accounting adjustments do not impact the
provision for income taxes.

 

Note
3. Accounting Policies and Reclassifications

 

Management
performed a comprehensive review of the two entities’ accounting policies. As a result of the review, management did not identify
any material differences related to the application of the accounting policies applied by CEPT and Securitize that would require adjustments
in the unaudited pro forma condensed combined financial information. As a result, the unaudited pro forma condensed combined financial
information does not assume any differences in accounting policies.

 

As
part of the preparation of the unaudited pro forma condensed combined financial information, certain reclassifications were made to align
CEPT’s financial statement presentation with that of Securitize.

 

 

Note
4. Adjustments to the Unaudited Pro Forma Condensed Combined Financial Information

 

The
unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the transactions and has been
prepared for informational purposes only.

 

The
following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation
S-X. PubCo has elected not to present Management’s Adjustments and only presented Transaction Accounting Adjustments in the unaudited
pro forma condensed combined financial information. CEPT and Securitize have not had any historical relationship prior to the Business
Combination. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

 

The
pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statements of operations
are based upon the number of shares of PubCo Common Stock outstanding, assuming the closing of the transactions occurred on January 1,
2025.

 

Transaction
Accounting Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet

 

The
adjustments included in the unaudited pro forma condensed combined balance sheet as of March 31, 2026 are as follows:

 

 
  
 A.
 Represents the issuance of 19,735,000 CEPT Class A ordinary shares for $10.00 per share, for total proceeds of $188,137,250, which are net of issuance costs of $9,212,750, pursuant to the PIPE Investment. The PIPE Investors have satisfied all of their commitments in cash. The PIPE shares that were committed to the PIPE investors are recorded on CEPT’s March 31, 2026 Balance Sheet as a Forward sale securities liability of $2,983,500, which was settled through accumulated deficit upon the issuance of the 19,735,000 CEPT Class A ordinary shares.

 

 

B.Represents
 the reclassification of the available-for-sale debt securities remaining in the Trust Account
 upon the closing of the Merger to Cash and cash equivalents. The $250,760,355 balance reflects
 the trust’s carrying value inclusive of $2,162,454 of additional interest income accrued
 in the trust and $155,264 in realized losses. Also included is the reclassification of CEPT’s
 $22,287 accumulated other comprehensive income — representing the cumulative unrealized
 appreciation on the available-for-sale debt securities — to accumulated deficit.

 

 7

  

 

 

C.Represents
 the redemption of 6,842,508 Public Shares for aggregate payments of $72,512,934 (approximately
 $10.60 per share — a $10.45 base plus $0.15 per share funded by the Sponsor Note).
 The redemption reduced Class A ordinary shares subject to possible redemption by $69,451,456,
 and recognized $3,061,478 in interest expense on the Class A ordinary shares.

 

D.Represents
 the conversion of $11,817,000 of simple agreements for future equity, $101,944,844 of Securitize
 convertible notes and related derivative liability, $31,300,000 Series Option preferred stock,
 and $124,815,029 of Series A through B-4 preferred stock, upon the closing of the Business
 Combination for 17,585,944 shares of historical Securitize Common Stock, which were exchanged
 into 78,150,934 shares of PubCo Common Stock using a par value of $0.0001 per share. See
 Adjustment K for the exercise of the NHTV Sierra Holdings LLC Option into Series Option preferred
 stock.

 

E.Represents
 transaction costs of CEPT and Securitize in connection with the Business Combination. CEPT’s
 transaction costs of $29,390,982 include advisory, printing, legal, and accounting fees.
 Out of the total CEPT transaction costs, $2,701,531 of transaction costs have been incurred,
 consisting of $2,451,978 of transaction costs accrued and $249,553 paid by CEPT as of March
 31, 2026. Therefore, the remaining $29,141,429 were paid at Closing. These transaction costs
 are directly attributable to the Business Combination and are recorded to acquisition related
 transaction costs (refer to adjustment BB).

 

Securitize’s preliminary total estimated transaction costs of
$20,050,841 include legal, advisory, and accounting fees. Out of the total estimated Securitize transaction costs, $4,832,374 of transaction
costs have been incurred and recorded as deferred offering costs, consisting of $3,943,973 of transaction costs accrued and $754,496 paid
by Securitize as of March 31, 2026. Therefore, out of the remaining $19,296,345 transaction costs, $19,162,440 were paid in cash upon
the closing of the Business Combination and $133,905 remainded in ‘Accrued expenses and other current liabilities’ on the
balance sheet. The offering costs incurred by Securitize are recorded as a reduction to additional paid-in capital given the Business
Combination is being accounted for as a reverse recapitalization, while the offering costs incurred by CEPT was recorded as an expense.

 

F.Reflects
 the reversal of the $3,600,000 accrual (the $0.15 per share Sponsor-funded amount previously
 recorded on all 24,000,000 public shares).

 

G.To
 derecognize CEPT prepaid insurance and prepaid Nasdaq fee of $157,473 and $63,750, respectively,
 upon the Closing.

 

H.Represents
 the estimated fair value of the earnout liability for Securitize Earnout Shares at the consummation
 of the Business Combination. The maximum amount of Securitize Earnout Shares to be issued
 is 6,250,000, contingent upon the Release Events outlined below. The earnout liability for
 the Securitize Earnout Shares is recognized at its estimated fair value. The earnout liability
 will be remeasured to its fair value at the end of each reporting period and subsequent changes
 in the fair value will be recognized in Securitize’s statement of operations within
 other income/expense. The Securitize Earnout Shares are issuable starting 90 days from the
 Closing Date and ending on the fifth anniversary of the Closing Date, however they are contingent
 upon various triggering events being met (a “Release Event”).

 

Notwithstanding
anything to the contrary, in the event that during the Earnout Period, a merger, consolidation or similar transaction (as further described
in the Business Combination Agreement) occurs where holders of PubCo Common Stock have the right to receive cash or securities, and the
consideration per share of PubCo Common Stock would exceed one or more Issuance Threshold described above, the applicable Issuance Threshold
will be deemed to have been satisfied and the applicable shares will be vested and issued to the applicable Securitize Stockholders.

 

These
amounts are classified as liabilities in the unaudited pro forma condensed combined balance sheet, and a reduction of proceeds to be
received by Securitize. The fair values of the Securitize Earnout Shares were determined using a Monte Carlo simulation valuation model
using a distribution of potential outcomes based on certain underlying assumptions such as stock price, volatility and risk-free interest
rates. These assumptions reflect the most reliable information available. The liabilities will be remeasured to fair value at each reporting
date and subsequent changes in the fair value will be recognized in PubCo’s consolidated statement of operations.

 

 8

  

 

 

The
stock price on the valuation date was $10.00, with an earnout period beginning on the date that is the 90 days from the Closing Date
and ending on the date that is the fifth anniversary of the Closing Date. The risk-free rate of the remaining term is 4.15%, and the
rounded equity volatility is 65%. These inputs resulted in simulations determining estimated fair value outcomes between approximately
$0 and $303,089,219. Therefore, adjustment H to the unaudited pro forma condensed combined balance sheet represents the probability-weighted
estimated fair value of these outcomes of $63,248,000 and was used for the estimated fair value of the earnout liability.

 

As
the shares are only issuable upon the various Issuance Thresholds, the potential outcomes include a range from no liability (if no Release
Event occurs) to the value of the full 6,250,000 shares to be issued if all three Release Events are achieved. Taking into account the
potential upside due to share appreciation, the simulation provides a maximum aggregate liability of $101,029,740, or $48.49 on a per
share basis on satisfaction of the First Issuance Threshold, $48.49 on a per share basis on satisfaction of Second Issuance Threshold,
and $51.92 on a per share basis on satisfaction of the Third Issuance Threshold, for an average per share value of $49.63.

 

I.Represents
 the fair value of earnout liability for the Sponsor Earnout Shares at the consummation of
 the Business Combination. The earnout liability for the Sponsor Earnout Shares is recognized
 at its fair value. The earnout liability will be remeasured to its fair value at the end
 of each reporting period and subsequent changes in the fair value will be recognized in Securitize’s
 consolidated statement of operations. Per the Sponsor Support Agreement, the Sponsor agreed
 to subject a maximum of 1,800,000 Post-Combination Founder Shares (the “Sponsor Earnout
 Shares”) to vesting and potential forfeiture (and related transfer restrictions) after
 the Closing based on an earn-out during the Earnout Period.

 

The
stock price on the valuation date was $10.00, with an Earnout Period beginning on the date that is 90 days from the Closing Date and
ending on the date that is the fifth anniversary of the Closing Date. The risk-free rate of the remaining term is 4.15%, and the rounded
equity volatility is 65%. These inputs resulted in simulations determining estimated fair value outcomes between $0 and $77,050,038.
Therefore, adjustment I reflects the probability-weighted fair value of these outcomes of $19,679,829, or $10.93 on a per share basis,
which was used for the fair value of the Sponsor Earnout Shares liability.

 

As
the shares are only issuable upon the achievement of the Sponsor Release Events, the potential outcomes include a range from no liability
(if no Sponsor Release Event occurs) to the value of the full 1,800,000 shares to be issued if all three Release Events are achieved.
Taking into account the potential upside due to share appreciation, the simulation provides a maximum aggregate liability of $25,683,346,
or $42.81 on a per share basis for First Price Threshold. For the Second Price Threshold, the simulation provides a maximum aggregate
liability of $25,683,346, or $42.81 on a per share basis for Second Price Threshold. For the Third Price Threshold, the simulation provides
a maximum aggregate liability of $25,683,346, or $42.81 on a per share basis for Third Price Threshold.

 

J.Represents
 the recapitalization of Securitize’s historical equity (comprised of the par value
 of Securitize Common Stock of $2,629, the par value of Securitize Class A Common Stock of
 $33, Securitize accumulated other comprehensive income of $1,144,268, and Securitize Treasury
 Stock of $1,599,978) which is inclusive of any new securities issued in connection with the
 conversion of the convertible notes or the exercise of options into the PubCo Common Stock
 after giving effect to the Securitize Exchange Ratio of 4.44 at Closing. The shares are converted
 to 119,750,000 shares of PubCo Common stock.

 

K.Represents
 the exercise of the NHTV Sierra Holdings LLC Option (“NHTV Option”) upon the
 Closing of the Business Combination for proceeds of $20,000,000 and a release of option liability
 of $11,300,000. The NHTV Option was exercised into Securitize Option Preferred Stock, which
 per the NHTV Option agreement means a series of Securitize’s Preferred Stock that is
 substantially identical to the shares of Standard Preferred Stock issued in the most recent
 Qualifying Raise.

 

L.Represents
 the reclassification of 17,157,492 Class A CEPT redeemable shares to non-redeemable shares
 immediately prior to the Closing, totaling $179,301,732. The 17,157,492 shares reflect CEPT’s
 original 24,000,000 Class A ordinary shares outstanding, reduced by the 6,842,508 shares
 redeemed as described in adjustment B. Of the $179,301,732 aggregate carrying value reclassified
 from mezzanine equity, $1,716 was allocated to Class A ordinary shares at the $0.0001 par
 value (17,157,492 shares × $0.0001), with the remaining $179,300,016 credited to additional
 paid-in capital.

 

 9

  

 

 

M.Reflects
 the elimination of CEPT’s historical accumulated deficit through additional paid-in
 capital of $30,869,375 after recording the following adjustments:

 

 
 Accumulated
Deficit as of March 31, 2026 
 $(9,510,200)

 
 Adjustment A - Forward Sale
 Securities Liability Settlement 
  2,983,500 

 
 Adjustment B - Interest Income
 and realized loss in Trust Account 
  2,007,191 

 
 Adjustment C - Interest Expense
 on Class A Ordinary Shares 
  (3,061,478)

 
 Adjustment C - Reversal of
 Accumulated Other Comprehensive Income 
  22,287 

 
 Adjustment E - CEPT Transaction
 Costs 
  (26,689,451)

 
 Adjustment F - Reversal of
 $0.15 per Public Share Accrual 
  3,600,000 

 
 Adjustment
 G - De-recognition of CEPT Prepaid Insurance 
  (221,223)

 
   
 $(30,869,375)

 

 

N.Represents
 the conversion of 37,472,492 and 6,000,000 Class A and Class B CEPT ordinary shares into
 PubCo Common Stock.

 

 
  
 O.
 Reflects the repayment of the Sponsor Loan of $943,494 which was paid in cash at Closing, and the payment of all non-transaction related accrued expenses of CEPT of $93,159 at the Closing. The adjustment also represents $338,653 of additional draws on the Sponsor Loan, each occurring between March 31, 2026 and the Closing date and included in CEPT’s cash balance prior to Closing.

 

 

Transaction
Accounting Adjustments to the Unaudited Pro Forma Condensed Combined Statements of Operations

 

AA.Reflects
 elimination of investment income from the Trust Account of $2,251,571 and $6,479,330 for
 the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.

 

BB.Reflects
 non-recurring transaction costs not reflected in the March 31, 2026 historical unaudited
 condensed financial statements, nor reflected in the December 31, 2025 historical audited
 financial statements. Non-recurring transaction costs total $29,390,982 were incurred and
 paid by CEPT. The adjustment reflects CEPT’s non-recurring transaction costs as if
 they were incurred on January 1, 2025, the date the Business Combination occurred for purposes
 of the unaudited pro forma condensed combined statement of operations. As of March 31, 2026,
 CEPT recorded $2,701,531 of the transaction costs, therefore the adjustment reflects the
 recognition of the remaining $26,689,451. The transaction costs incurred and paid by Securitize
 are recorded as a reduction in proceeds and therefore are excluded from this adjustment.

 

CC.Reflects
 elimination of $6,390,414 and $2,268,575 for the three months ended March 31, 2026 and for
 the year ended December 31, 2025, respectively, in interest expense incurred from Securitize’s
 convertible notes converted upon the completion of the Business Combination.

 

DD.Reflects
 elimination of the changes in fair values of the bifurcated derivatives related to the convertible
 notes, the option liability, and the simple agreements for future equity (“SAFEs”)
 converted upon the completion of the Business Combination. The adjustment reflects the elimination
 of a $2,001,000 and $11,719,000 loss related to the embedded derivatives, a $90,000 gain
 and a $6,431,000 loss related to the option liability and a $1,368,000 and $4,735,000 loss
 related to the SAFEs for the three months ended March 31, 2026 and for the year ended December
 31, 2025, respectively. The adjustment also reflects elimination of a $1,625,060 gain for