Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information and Holders
Our Common Stock and the Public Warrants are currently listed on Nasdaq under the symbols “KDK” and “KDKRW,” respectively.
As of March 3, 2026, there were 182,555,384 shares of Common Stock issued and outstanding held of record by 258 holders, 142,155 shares of Series A Preferred Stock issued and outstanding held of record by 3 holders and 64,838,943 warrants issued and outstanding held of record by 13 holders.
Dividend Policy
We have not paid any cash dividends on our common stock to date. We are obligated to pay dividends on our Series A cumulative redeemable convertible preferred stock (the “Series A Preferred Stock”). The payment of cash dividends on our common stock in the future will be dependent upon our revenues and earnings, if any, capital requirements and our general financial condition and will be subject to the limitations under the Certificate of Designation for our Series A Preferred Stock. In addition, our ability to pay cash dividends may be limited by covenants of any of our or our subsidiaries’ indebtedness or other contractual limitations. The payment of any cash dividends on our common stock will be within the discretion of our Board. Our Board is not currently contemplating and does not anticipate declaring dividends on our common stock in the foreseeable future.
Recent Sales of Unregistered Equity Securities; Use of Proceeds from Registered Offerings
On December 31, 2025, we issued 45,906 shares of our common stock to Horizon Technology Finance Corporation in connection with our entrance into the 2025 Credit Facility (as defined below). Such issuance was not registered under the Securities Act in reliance upon the exemption from registration provided by Rule 506(b) of Regulation D promulgated by the SEC.
Issuer Purchases of Equity Securities
None.
Stock Performance Graph
The following performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
The following graph compares (i) the cumulative total stockholder return on our Common Stock from September 25, 2025, the day on which our Common Stock commenced trading on Nasdaq (which, prior to our domestication to a Delaware corporation in connection with the Business Combination, were referred to as Class A ordinary shares), through December 31, 2025 with (ii) the cumulative total return of the S&P Software & Services Select Industry Index and the Nasdaq Composite Index over the same period, assuming the investment of $100 in our common stock and in both of the other indices on September 25, 2025 and the reinvestment of dividends. The graph uses the closing market price on September 25, 2025 of $100 per share as the initial value of our Common Stock. As discussed above, we have never declared or paid a cash dividend on our Common Stock and do not anticipate declaring or paying a cash dividend in the foreseeable future.
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Table of Contents
9/25/2025 9/30/2025 10/31/2025 11/28/2025 12/31/2025
Kodiak
100 86 114 75 137
S&P Software & Services Select Industry Index
100 100 100 94 95
Nasdaq Composite
100 101 106 104 104
Item 6. [Reserved]