What changed in this filing

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Item 1. Legal Proceedings

2026-08-10 compared with 2026-05-15 · 30 added, 16 removed, 12 unchanged (79% of the section changed)

Legal Proceedings

are not currently involved in any material legal proceedings, other than as disclosed below.

1 unchanged sentence

that we will be, involved in legal proceedings, claims, and litigation arising in the ordinary course of our business and otherwise.

The ultimate costs to resolve any such matters could have a material adverse effect on our financial statements.

The ultimate costs to resolve any such matter could have a material adverse effect on our financial statements.

We could be forced to

6 unchanged sentences

The Company has produced records in response to that grand jury subpoena.

Subsequently, the Company received an additional

DOJ request for information to include documents and communications relating to four contracts the Company executed after its IPO.

Company is complying with this additional request for information.

Subsequently, the Company received additional DOJ

requests for information to include, but not limited to, documents and communications relating to four contracts the Company executed

after its IPO.

The Company is complying with these additional requests for information.

October 28, 2025, the Company learned that the SEC is conducting a related investigation pursuant to its authority.

2026, the Company received a subpoena for documents from the SEC, which also calls for the production of documents and

communications related to the Company’s initial public offering and other items.

The Company is aware that its former Chief

Executive Officer also received a SEC subpoena that seeks records and communications relating to these investigations.

Company is fully cooperating with both investigations and will comply with its obligations under the subpoenas.

The Company cannot predict

the scope or timing of the investigations, the resolution or the outcome of the investigations, the costs or the potential impact on

As of the reporting date, the investigations remain ongoing, no conclusions

have been reached, and no final determinations have been made.

of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report

on Form 10-K filed with the SEC on March 18, 2026.

On March 10, 2026,

the Company received a subpoena for documents from the SEC, which also calls for the production of documents and communications related

to the Company’s initial public offering and other items.

The Company is aware that its former Chief Executive Officer also received

a SEC subpoena that seeks records and communications relating to these investigations.

to an internal investigation overseen by the Board of Directors of the Company (the “Board”) in consultation with the Company’s

counsel, the Board believes that certain agreements executed at the direction of former members of management in connection with the

Company’s initial public offering, which were terminated as disclosed in the Company’s Form 8-K filed on July 24, 2026 (the

“8-K”), lacked economic substance and any direct benefit to the Company, and may have solely benefited the counterparties

to those agreements rather than the Company.

The Company has informed the DOJ and SEC of these facts and continues to cooperate with

the above investigations.

The Company has undertaken remedial measures, including terminating the identified contracts and third-party

relationships as disclosed in the 8-K and enhancing its compliance program and internal policies and controls;

in addition, incumbent

members of management and the Company’s Board of Directors at the time of the initial public offering are no longer with the Company.

Company is continuing to fully cooperate with both investigations and will comply with its obligations under the subpoenas.

cannot predict the scope or timing of the investigations, the resolution or the outcome of the investigations, the costs or the potential

impact on the Company.

Based on the information currently available, the Company has not recorded a loss contingency in connection with

these matters because management does not believe that a loss is both probable and reasonably estimable as of June 30, 2026.

is also currently unable to reasonably estimate the amount or range of any possible loss that may result from these matters.

will continue to evaluate developments relating to the investigations and will recognize an accrual or provide additional disclosure if

and when required.

of the reporting date, the investigations remain ongoing, no conclusions have been reached, and no final determinations have been made.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Legal Proceedings