Kodiak AI updates pro forma; Preferred & PIPE Warrant fair value exceeds consideration by $170.5M

Kodiak AI, Inc.

Business combination with AACT closed Sept 24, 2025; Legacy Kodiak holders received ~$2.5B / ~$11.45 per share.
Preferred PIPE raised $145M for 142,155 preferred shares and warrants for 17.8M shares; initial conversion/exercise price $12.00.
Preliminary fair values: Preferred Stock ~$229.1M, PIPE Warrants ~$86.4M, total $315.5M vs $145M consideration.
Excess $170.5M recorded as deemed dividend, reducing retained earnings; accounting as reverse recapitalization.
Non-Redemption Agreements issued warrants for 7.6M shares and 368k shares of common stock.

item 9.01

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accession 0001193125-25-237172

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