---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-027066"
form_type: "8-K"
ticker: "PAPL"
cik: "0001938109"
company_name: "Pineapple Financial Inc."
filed_at: "2025-09-10T23:59:59+00:00"
generated_at: "2026-05-17T07:07:30.226707+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pineapple Financial raises $100M in INJ tokens and cash for digital asset treasury; ELOC for $250M

## Summary
- Raised ~$100M via subscription receipts ($3.80/$4.16 each) to acquire INJ, the native token of Injective blockchain.
- First publicly traded company to hold INJ; treasury strategy targets ~12% passive staking yield.
- Entered $250M ELOC with White Lion Capital to sell common shares at discounts; pays $1.5M in INJ as commitment fee.
- Issued 5-year Meteora warrants for 1,045,654 common shares at $3.80, equal to 4% of pro forma shares.
- Funds released after shareholder approval, SEC registration, and NYSE American clearance.

## SEC filing metadata
- accession: 0001641172-25-027066
- form_type: 8-K
- ticker: PAPL
- cik: 0001938109
- company_name: Pineapple Financial Inc.
- filed_at: 2025-09-10T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1938109/000164117225027066/0001641172-25-027066-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1938109/000164117225027066/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-027066
- JSON: https://secwatch.observer/filing/0001641172-25-027066.json
- Plain text: https://secwatch.observer/filing/0001641172-25-027066.txt

## Key facts
- Equity Issuances
  Pineapple Financial Inc. issued Warrants exercisable into 1,045,654 Common Shares of warrant to Meteora Capital, LLC for Issued as compensation for consulting services.
  - Security: warrant
  - Shares: Warrants exercisable into 1,045,654 Common Shares
  - Purchaser: Meteora Capital, LLC
  - Consideration: Issued as compensation for consulting services
  source text: the Company has also agreed to issue warrants to Meteora Capital, LLC, a consultant of the Company (the “Meteora Warrants”) equal to 4.0% of the total shares outstanding on a pro forma basis after giving effect to the transactions contemplated by the Securities Purchase Agreement, exerciseable into 1,045,654 Common Shares.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1938109/000164117225027066/0001641172-25-027066-index.htm
- Equity Issuances
  Pineapple Financial Inc. issued Subscription Receipts exchangeable for Common Shares on a one-for-one basis with proceeds of approximately $100 million of unit to certain accredited investors for Cash and INJ tokens.
  - Security: unit
  - Shares: Subscription Receipts exchangeable for Common Shares on a one-for-one basis with proceeds of approximately $100 million
  - Purchaser: certain accredited investors
  - Consideration: Cash and INJ tokens
  source text: On September 2, 2025, Pineapple Financial Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Purchasers”) pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement offering (the “Private Placement”) subscription receipts (the “Subscription Receipts”) of the Company at an offering price of $3.80 per Subscription Receipt, with respect to certain purchasers, $4.16 per Subscription Receipt.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1938109/000164117225027066/0001641172-25-027066-index.htm

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