Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 24

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 1
Chunk 24
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 have not elected to use the extended transition period for complying with new or revised accounting standards
under Section 102(b)(2) of the JOBS Act, which allows us to delay the adoption of new or revised accounting standards that have different
effective dates for public and private companies until those standards apply to private companies.

Corporate History

We were incorporated on September 4, 2018, in the
State of Delaware. Effective July 12, 2019, we changed our corporate name from Quick Start Holdings, Inc. to Kaival Brands Innovations
Group, Inc. The name change was affected through a parent-subsidiary short-form merger of Kaival Brands Innovations Group, Inc., our wholly-owned
Delaware subsidiary formed solely for the purpose of the name change, with and into us. We were the surviving entity.

2018 Holding Company Reorganization

On September 4, 2018, USSE Delaware, Inc., a Delaware
corporation (“USSE Delaware”) acquired all of our then-outstanding shares of common stock, resulting in us becoming its wholly
owned subsidiary. On September 19, 2018, our wholly owned subsidiary, USSE Merger Sub, Inc., a Delaware corporation (“USSE Merger
Sub”), merged with and into USSE Delaware, our then parent, effected a reorganization (the “Holding Company Reorganization”)
in accordance with the provisions set forth in Section 251(g) of the Delaware General Corporation Law (“DGCL”). USSE Delaware
was the surviving corporation and our wholly owned subsidiary. USSE Delaware also changed its name to USSE Corp. following the Holding
Company Reorganization.

Upon completion of the Holding Company Reorganization,
by virtue of the merger, and without any action on the part of the holder thereof, each share of USSE Delaware’s common stock issued
and outstanding immediately prior to the effective time of the Holding Company Reorganization was automatically converted into one validly
issued, fully paid, and non-assessable share of our Common Stock. Additionally, each share of USSE Delaware’s preferred stock
issued and outstanding immediately prior to the effective time was converted into one validly issued, fully paid, and non-assessable share
of our preferred stock, having the same designations, rights, powers, and preferences, and the qualifications, limitation, and restrictions
thereof, as the corresponding share of USSE Delaware’s preferred stock. Each share of our Common Stock issued and outstanding
and