CNXU — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-09-14

• On May 21, 2026, during the third quarter of fiscal 2026, our common stock commenced trading on the Nasdaq Capital Market ("Nasdaq") under the symbol "CNXU," completing our transition from a private, development-stage company to a publicly traded issuer via a direct listing.

• On September 4, 2026, the Company raised gross proceeds of $1,753,998 through the exercise of warrants by four holders at an exercise price of $2.30 per share. In connection with the exercises, the Company issued an aggregate of 762,608 shares of common stock. The proceeds will be used to support on…

• We incurred a net loss of $7,725,651 for the three months ended July 31, 2026, compared to a net loss of $1,298,570 for the same period in 2025, an increase of $6,427,081. The three months ended July 31, 2025, reflected our early-stage operations shortly after the Company completed the assignment of…

• The increase in net loss was primarily attributable to higher operating expenses associated with the expansion of our operations and activities required to support our transition to a publicly traded company.

• • Business Development - an increase of $1,175,087, reflecting expanded marketing, investor relations, and business development initiatives undertaken following our Nasdaq listing to build and maintain trading visibility, liquidity, and investor awareness for our newly public stock, and to support o…

Text removed vs the prior filing · source: 10-Q · 2026-06-15

• Subsequent to April 30, 2026, on May 21, 2026, our common stock commenced trading on the Nasdaq Capital Market under the symbol "CNXU" (see "Subsequent Events" and Note 12 to the unaudited condensed interim financial statements).

• Three Months Ended April 30, 2026, Compared to Three Months Ended April 30, 2025

• We incurred a net loss of $2,304,283 for the three months ended April 30, 2026, compared to a net loss of $458,050 for the same period in 2025. The increase in net loss was primarily attributable to higher operating expenses associated with the expansion of our operations and activities required to …

• Operating expenses increased during the three months ended April 30, 2026, as compared to the three months ended April 30, 2025, primarily due to:

• Consulting: $1,228,909 (2025: $149,586) The increase of $1,079,323 was due to increased engagement of third-party advisors supporting regulatory activities, corporate readiness, and capital markets initiatives.

Text added vs the prior filing · source: 10-Q · 2026-09-14

• Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communic…

• As required by Rules 13a-15 and 15d-15 under the Exchange Act, management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of July 31, 2026. Based on this evaluation, our Chief Executive Offic…

• As previously disclosed, management identified a material weakness in the Company's internal control over financial reporting related to the accounting for and disclosure of certain prepaid expenses. During the quarter ended July 31, 2026, the Company continued to implement remediation measures desi…

• Management believes that these remediation measures have strengthened the Company's internal control over financial reporting. However, the controls implemented as part of the remediation process have not operated for a sufficient period of time to permit management to fully evaluate their operating…

• During the quarter ended July 31, 2026, the Company implemented certain changes to its internal control over financial reporting as part of its remediation efforts related to the material weakness described above, including enhanced review procedures and formal documentation requirements for materia…

Text removed vs the prior filing · source: 10-Q · 2026-06-15

• As required by Rules 13a-15 and 15d-15 under the Exchange Act, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures as of April 30, 2026. Based on this evaluation, w…

• During the six months ended April 30, 2026, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for certain prepaid expenses were not effective as of such date due to a material weakness in our internal controls. We have now addressed this we…

• Other than as addressed above, there have been no changes in our internal control over financial reporting during the fiscal quarter ended April 30, 2026 covered by this Quarterly Report that has materially affected, or is reasonably likely to materially affect, our internal control over financial r…

Text added vs the prior filing · source: 10-Q · 2026-09-14

• (c) During our fiscal quarter ended July 31, 2026, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any…

Text removed vs the prior filing · source: 10-Q · 2026-06-15

• Increase in Board Size, Appointment of New Directors and Reconstitution of Board Committees

• The Board of Directors (the "Board") of the Company approved an increase in the size of the Board from six to nine members, creating three vacancies, effective June 15, 2026. The Board filled each of the three newly created vacancies by appointing April Burke, Ana Lucia Bastiani-Posner, and Andrew C…

• The Board has determined that each of Ms. Burke, Ms. Bastiani-Posner, and Mr. Costa qualifies as an independent director under Section 803 of the NYSE American Company Guide.

• There is no arrangement or understanding between any of Ms. Burke, Ms. Bastiani-Posner, or Mr. Costa and any other person pursuant to which any of them was selected to their respective position. There are no transactions involving the Company and any of Ms. Burke, Ms. Bastiani-Posner, or Mr. Costa t…

• April Burke currently serves on the Company's General Advisory Board. Ms. Burke has over 20 years of executive financial leadership experience across consumer-packaged goods, manufacturing and medical device industries. She has served as Chief Financial Officer and senior finance leadership for both…