---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-013891"
form_type: "8-K"
ticker: "SDEV"
cik: "0001389545"
company_name: "Stablecoin Development Corp"
filed_at: "2026-04-29T23:59:59+00:00"
generated_at: "2026-05-15T01:39:33.499420+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# SDEV restates 2025 financials; warrant error increases net loss from $22.1M to $630.8M

## Summary
- Audit committee concludes 2025 financials non-reliable due to pre-funded warrant accounting error.
- Anti-dilution triggered by preferred stock conversion increased shares issuable from 1.08M to 22.66M; exercise price cut from $0.05 to $0.002385.
- Warrant liability restated from $30.4M to $639.1M; net loss restated from $22.1M to $630.8M (all non-cash).
- No impact on cash, revenue, operating expenses, or cash flows; 10-K/A to be filed.
- Warrants reclassified from liability to equity after stockholder approval in March 2026.

## SEC filing metadata
- accession: 0001437749-26-013891
- form_type: 8-K
- ticker: SDEV
- cik: 0001389545
- company_name: Stablecoin Development Corp
- filed_at: 2026-04-29T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389545/000143774926013891/0001437749-26-013891-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389545/000143774926013891/nby20260428_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-013891
- JSON: https://secwatch.observer/filing/0001437749-26-013891.json
- Plain text: https://secwatch.observer/filing/0001437749-26-013891.txt

## Source-grounded claims
- claim_id: 8f0ae43b5f2d88f9121f5ea2b541b1feb7995aed
  claim: Stablecoin Development Corp reported that prior financial statements should not be relied upon.
  evidence_excerpt: On April 27, 2026, the audit committee of the board of directors and management of the Company concluded that the Company’s previously issued audited consolidated financial statements for the year ended December 31, 2025, should no longer be relied upon because of an error in the Company’s accounting relating to certain outstanding pre-funded warrants issued on October 16, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774926013891/0001437749-26-013891-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.