Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 111

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 1
Chunk 111
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 Series B shareholders.

    F-20

Reverse Stock Split

On January 22, 2024, the Company filed a
Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the
State of Delaware to affect a 1-for-21
reverse stock split (the “2024 Reverse Stock Split”) of the shares of the Common Stock. The 2024
Reverse Stock Split was effective on January 25, 2024, on the Nasdaq Stock Market. No fractional shares were issued in connection
with the 2024 Reverse Stock Split. Any fractional shares of the Company’s Common Stock that would have otherwise resulted from
the 2024 Reverse Stock Split were rounded up to the nearest whole number. In connection with the 2024 Reverse Stock Split, the Board
approved appropriate and proportional adjustments to all outstanding securities or other rights convertible or exercisable into
shares of the Common Stock, including, without limitation, all preferred stock, warrants, options, and other equity compensation
rights. All historical share and per-share amounts reflected throughout these accompanying   consolidated
financial statements   have
been retroactively adjusted to reflect the 2024 Reverse Stock Split as if the split occurred as of the earliest period presented.
The par value per share of the Common Stock was not affected by the 2024 Reverse Stock Split.

Common Stock

During the year ended October 31, 2024, the Company
issued 1,746,500
shares of common stock in connection with the June 2024 Public Offering (see below).

During the year ended October 31, 2024, the Company
issued 2,174,456
shares of common stock from exercises of pre-funded warrants (see below).

During the year ended October 31, 2024, the Company
issued 52,949
shares of common stock for rounding of shares related to the Reverse Split.

During the year ended October 31, 2024, the Company
issued 16,667
shares of common stock to a FINRA member broker-dealer in connection with the termination of its relationship with such broker
dealer. The fair value was $62,000
based on the closing price of the common stock on the termination date and recorded as stock-based compensation.

During the year ended October 31, 2024, the Company
issued 333,200
shares of common stock from exercises of warrants for total consideration of $385,746.