Company: KAVL
Filing Date: 2025-08-18
Form Type: 424B5
Source: 0001731122-25-001141
Chunk: 21

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-08-18
Form: 424B5
Chunk 21
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 book value per share as of April 30, 2025, after giving effect to this offering |     | $ |  0.13 |
| Dilution per share to new investors purchasing our common stock in this offering                         |     | $ | 0.698 |

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The table above assumes for illustrative purposes that an aggregate of 1,872,181
shares of our common stock are sold during the term of the Sales Agreement beginning on the date of this prospectus supplement at an assumed
price of $0.8298 per share, the last reported sale price of our common stock on the Nasdaq Capital Market on August 15, 2025, for aggregate
gross proceeds of $1,553,536. The shares subject to the Sales Agreement are being sold from time to time at various prices. An increase
of $0.10 per share in the price at which the shares are sold from the assumed offering price per share shown in the table above, to $0.92988
per share, assuming all of our common stock in the aggregate amount of $1,553,536during the term of the Sales Agreement with Maxim is
sold at that price, would increase our as adjusted net tangible book value per share after the offering to $0.133 per share. A decrease
of $0.10 per share in the price at which the shares are sold from the assumed offering price per share shown in the table above, to $0.7298
per share, assuming all of our common stock in the aggregate amount of $1,553,536 during the term of the Sales Agreement is sold at that
price, would decrease our as adjusted net tangible book value per share after the offering to $0.121 per share. This information is supplied
for illustrative purposes
only.

Unless we indicate otherwise, all information in this
prospectus is based on 11,542,302 shares outstanding as of August 15, 2025. The number of shares outstanding as used throughout this prospectus
supplement, unless otherwise indicated, excludes, as of that date:

| ● | 357,120 shares of our common stock issuable upon conversion of 900,000 outstanding shares of Series B Preferred Stock;                            |
| ● | 119,953 shares of our common stock issuable upon exercise of stock options outstanding, at a weighted average exercise price of $27.95 per share  |
| ● |