Company: KAVL
Filing Date: 2025-08-18
Form Type: 424B5
Source: 0001731122-25-001141
Chunk: 35

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-08-18
Form: 424B5
Chunk 35
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 Business Combination is not consummated, we
will continue to align ourselves with progressive, proven, performance-based partners, which may include the development and expansion
of key financial services relationships as we seek to diversify through data-driven decisions.

Description of Business Segments & Key Agreements

Kaival Labs, Inc. & Kaival Brands International, LLC.

On August 31, 2020, we formed Kaival Labs, Inc., a
Delaware corporation (herein referred to as “Kaival Labs”), as a wholly owned subsidiary for the purpose of developing our
own branded and white-label products and services, of which none has commenced as of the date of this Report. We have not launched any
Kaival-branded products, nor have we begun to provide white label wholesale solutions for other product manufacturers.

<div align='center'>3</div>

On May 30, 2023, through Kaival Labs, we acquired
certain vaporization and inhalation-related intellectual property from GoFire, Inc. (“GoFire”) in exchange for equity securities
for our company and contingent cash consideration. The goal of this acquisition is to diversify our product offerings and create near
and longer-term revenue opportunities in the form of potential licenses for the acquired technology and our development of new products
based on the purchased assets. In the near term, we expect to seek third-party licensing opportunities in the cannabis, hemp/CBD, nicotine
and nutraceutical markets. Longer term, we believe we can utilize the purchased assets to create innovative and market-disruptive products,
including patent protected vaporizer devices and related hardware and software applications. No assurance can be given, however, that
the GoFire assets will generate revenue for us in the future or otherwise create the value for our company that we anticipate.

On March 11, 2022, we formed Kaival Brands International,
LLC, a Delaware limited liability company (herein referred to as “KBI”), as a wholly owned subsidiary for the purpose of entering
into an international licensing agreement with Philip Morris Products S.A. (“PMPSA”), a wholly owned affiliate of Philip Morris
International Inc. (“PMI”), as described further below.

Philip Morris Deed of Licensing Agreement

On June 13, 2022, KBI entered into the PMI License
Agreement with PMPSA, effective as of May 13, 2022 (the “PMI Commencement Date”). Pursuant to the PMI License Agreement, K