secwatch.observer — SEC 8-K summary
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Issuer:     Stablecoin Development Corp (SDEV)
CIK:        0001389545
Form:       8-K
Filed at:   2026-04-29T23:59:59+00:00
Accession:  0001437749-26-013891
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389545/000143774926013891/0001437749-26-013891-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389545/000143774926013891/nby20260428_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-013891

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