v3.26.1
Note 10 - Share Capital
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

10. Share capital

 

The Company is authorized to issue 1,500,000,000 shares of common stock and 50,000,000 shares of preferred stock.

 

   

Common Stock

 
          
   

December 31,

  

December 31,

 
   

2025

  

2024

 

Common Stock

         

Balance at January 1

  325,163,800   223,317,270 

Shares issued on settlement of RSUs

i.

  507,000   1,224,278 

Shares issued on public offering

ii.

  -   18,750,000 

Shares issued on VidaCann acquisition

iii.

  -   80,564,554 

Finders shares issued on VidaCann acquisition

iv.

  -   1,307,698 
          

Total shares of common stock outstanding on December 31

  325,670,800   325,163,800 

 

i. Shares issued for Restricted Share Units

 

During the year ended December 31, 2025, 23,930,635 restricted stock units ("RSU") were awarded under the Planet 13 Holdings Inc 2023 Equity incentive plan (as amended from time to time, the "2023 Equity Plan"). 507,000 of these RSUs vested and were issued, 1,780,931 RSUs were forfeited and cancelled. The Company did not receive any cash proceeds on the settlement of the RSUs.

 

During the year ended December 31, 2024, 485,185 RSUs were awarded under the 2023 Equity Plan. 185,185 of these RSUs vested (of which 83,333 RSUs were surrendered in exchange for tax withholding payments), 1,224,278 of vested RSUs were settled and no RSUs were cancelled. The Company did not receive any cash proceeds on the settlement of the RSUs.

 

ii. Shares issued on public offering

 

On   March 7, 2024, the Company issued and sold 18,750,000 units of the Company (the “Units”) at a public offering price of $0.60 per unit (the "Offering"). Each Unit consisted of one share (each, a “Share”) of common stock, no par value, of the Company (“Common Stock”) and one warrant. Each warrant (a “Warrant”) entitles the holder to purchase one share of Common Stock for a period of 5 years following the closing date of the Offering at an exercise price of US$0.77, subject to adjustments in certain events. Total gross proceeds to the Company were approximately US$11.3 million. 

 

iii. Shares issued on VidaCann acquisition

 

On   May 9, 2024, the Company issued 80,564,554 shares of common stock of Planet 13 (the “Share Consideration”); see note 7 above for details of the transaction.

 

iv. Finders shares issued on VidaCann acquisition

 

On   May 9, 2024, the Company issued 1,307,698 shares of common stock of Planet 13 in finders shares related to the VidaCann acquisition; see note 7 above for details of the transaction.