Company: SWAGW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109289
Chunk: 118

Company: Stran & Company, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 118
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 of common stock. These
warrants were exercisable beginning six months after the date of the IPO at an exercise price of $5.1875 per unit with a five-year expiration
term.

On December 10, 2021, in connection
with the completion of a private placement (“PIPE”) for shares of the Company’s common stock, the Company issued 5,464,903
warrants (“PIPE Warrants”) at an exercise price of $4.97 per share. In conjunction with the Company’s PIPE offering,
the Company issued warrants to the placement agent for the PIPE which entitled the holders to purchase up to 131,158 shares of common
stock at an exercise price of $4.97 per share. These warrants were exercisable beginning six months from the date of the PIPE with a five-year
expiration term.

22

STRAN & COMPANY, INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

As of September 30, 2025, IPO warrants totaling 659,456
have been exercised.

As of September 30, 2025 and December
31, 2024, there have been no exercises of the PIPE Warrants and there were 5,596,061 PIPE Warrants remaining outstanding.

The following table reflects all outstanding
and exercisable warrants at September 30, 2025 and December 31, 2024:

     Number of 
Warrants 
Outstanding   Weighted 
Average
Exercise 
Price   Weighted 
Average
Life 
(Years)   Aggregate 
Intrinsic
Value   Outstanding at December 31, 2024   10,074,195   $4.91    3.00   $—   Outstanding at September 30, 2025   10,074,195   $4.91    2.25   $—  

Stock Repurchase Program

On February 21, 2022, the board of
directors of the Company authorized a repurchase of up to $10 million of the Company’s shares from time to pursuant to a stock repurchase
program. Under the terms of the repurchase program, the Company may repurchase shares through open market or negotiated private transactions.
The timing and extent of any purchases depend upon ongoing assessments of the Company’s capital needs, market conditions and the
price of the Company’s common stock