Company: KAVL
Filing Date: 2025-03-03
Form Type: DEF 14C
Source: 0001731122-25-000319
Chunk: 12

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-03-03
Form: DEF 14C
Chunk 12
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holder shall own at least one (1) share subsequent to the Reverse Split,
as described herein. Proportionate voting rights and other rights and preferences of the holders of our Common Stock would not be affected
by the Reverse Split. There will be no payment of cash in lieu of any fractional shares. Furthermore, the number of stockholders of record
would not be affected by the Reverse Split.

Fairness of the Process

The Board of Directors did not obtain a report, opinion
or appraisal from an appraiser or financial advisor with respect to the Reverse Split and no representative or advisor was retained on
behalf of the unaffiliated stockholders to review or negotiate the transaction. The Board of Directors concluded that the additional expense
of these independent appraisal procedures was unreasonable in relation to the Company’s available cash resources and concluded that
the Board of Directors could adequately establish the fairness of the Reverse Split without the engagement of third parties.

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Outstanding Shares

| Status                                                    |     | Number of        
 Shares of        
 Common           
 Stock Authorized |               |     | Number of    
 Shares of    
 Common       
 Stock Issued 
 and          
 Outstanding* |            |     | Number of  
 Shares of  
 Common     
 Stock      
 Authorized 
 but        
 Unissued   |             |     | Hypothetical       
 Initial            
 Market             
 Value of           
 Shares of          
 Outstanding Common 
 Stock              
 **                 |              |
|:----------------------------------------------------------|:----|:-----------------|--------------:|:----|:-------------|-----------:|:----|:-----------|------------:|:----|:-------------------|-------------:|
| Pre-Reverse Stock Split                                   |     |                  | 1,000,000,000 |     |              | 11,935,134 |     |            | 988,064,866 |     | $                  | 9,864,388.25 |
| Post-Reverse Stock Split (assuming a split ratio of 1:10) |     |                  | 1,000,000,000 |     |              |  1,193,513 |     |            | 998,806,487 |     | $                  | 9,864,384.94 |
| Post-Reverse Stock Split (assuming a split ratio of 1:20) |     |                  | 1,000,000,000 |     |              |    596,757 |     |            | 999,440,324 |     |