Company: JSDA
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001641172-25-017818
Chunk: 56

Company: JONES SODA CO.
Filing Date: 2025-07-03
Form: S-1
Chunk 56
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| Increase                                                                                              
 in pro forma as adjusted net tangible book value per share attributable to investors in this offering |     | $ |     |   |
| Pro                                                                                                   
 forma as adjusted net tangible book value per share after this offering                               |     | $ |     |   |
| Dilution                                                                                              
 to new common stock investors in this offering                                                        |     |   |     | $ |

The information discussed above is illustrative only, and the dilution information following this offering will be adjusted based on the actual public offering price and other terms of this offering determined at pricing. A $1.00 increase (decrease) in the assumed public offering price of $ per share, the last reported sales price of our common stock on the OTCQB on , 2025, would increase (decrease) the pro forma as adjusted net tangible book value per share after this offering by approximately $ , and dilution in pro forma as adjusted net tangible book value per share to new investors by approximately $ , assuming that the amount offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters exercise their over-allotment option to purchase additional shares of common stock from us in full, the pro forma as adjusted net tangible book value after the offering would be $ per share, the increase in pro forma as adjusted net tangible book value per share relative to the net tangible book value per share to existing shareholders would be $ per share and the dilution in pro forma as adjusted net tangible book value to new investors would be $ per share, in each case assuming a public offering price of $ per share, the last reported sales price of our common stock on the OTCQB on , 2025.

| 35 |

The number of shares of our common stock to be outstanding after this offering is based on 115,865,227shares of our common stock outstanding as of March 31, 2025, assumes no exercise by the underwriters of their over-allotment option and excludes:

| ● | 11,628,244                                                                                                        
 shares of common stock issuable upon exercise of options at a weighted average exercise price of $0.27 per share; |

| ● | 5,945,400                                                                                
 shares of common stock issuable upon exercise of warrants at a weighted average exercise 
 price of $0.50 per