Company: SWAGW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074995
Chunk: 28

Company: Stran & Company, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
 June 30, 2025 and December 31, 2024.

19

STRAN & COMPANY, INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

(in thousands, except
share and per share amounts)

L.STOCKHOLDERS’ EQUITY:

Common Stock

In accordance with the Company’s
Articles of Incorporation dated May 24, 2021, the Company is authorized to issue 300,000,000 shares of $0.0001 par value common stock,
of which 18,546,461 and 18,598,574 shares were issued and outstanding at June 30, 2025 and December 31, 2024, respectively. Common stockholders
are entitled to one vote per share and are entitled to receive dividends when, as and if declared by the board of directors.

Warrants

On November 12, 2021, in connection
with the Company’s Initial Public Offering (“IPO”) the Company issued 4,987,951 publicly-traded warrants (“IPO Warrants”)
at an exercise price of $5.1875 per unit, equal to 125% of the IPO Price. These warrants were immediately exercisable. Due to the subsequent
private placement (see below), the exercise price per share of the publicly-traded warrants was reduced to $4.81375 as of December 10,
2021.In conjunction with the Company’s IPO, the Company issued warrants to the underwriters of the IPO which entitled the holders
to purchase up to 149,639 shares 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.

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.

As of June 30, 2025, IPO warrants totaling 659,456 have