Note 5 – Common Stock

Pursuant to the Company’s Certificate of Incorporation, as amended (filed October 10, 2025), the Company has 1,000,000,000 (previously 250,000,000) shares of common stock authorized for issuance. On May 24, 2024, the Company effectuated a reverse split of shares of its common stock at a ratio of 1-for-15 pursuant to an amendment to the Company’s Certificate of Incorporation filed with the Delaware Secretary of State and approved by the Company’s board of directors and stockholders. The par value of the Company’s common stock was not adjusted as a result of this or any prior reverse stock split.

On January 24, 2024, pursuant to a corporate advisory consulting agreement, the Company issued 3,334 shares of its common stock with a per share value of $6.16, representing total compensation expense of $20,550 (calculated on the closing value of the Company’s common stock at the effective issuance date).

On June 7, 2024, the Company entered into the 2024 ATM Agreement with Rodman & Renshaw LLC (the “ATM Sales Manager”) under which the Company could sell, from time to time through the ATM Sales Manager, shares of common stock in one or more offerings up to a total dollar amount of $1.65 million. Sales of shares of the Company’s common stock through the ATM Sales Manager, if any, were made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made directly on the Nasdaq Stock Market LLC or any other existing trading market for the common shares. The Company’s common stock was offered and sold pursuant to the Company’s effective shelf registration statement on Form S-3 and an accompanying prospectus declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 24, 2023, and pursuant to a prospectus supplement dated June 7, 2024. On December 20, 2024, the Company sold 40,000 shares of its common stock pursuant to the 2024 ATM Agreement at an offering price of $2.0892 per share. Net proceeds from the offering were approximately $73,189, after deducting fees and other offering costs. During the year ended December 31, 2025, the Company sold 163,359 shares of its common stock pursuant to the ATM Agreement at an average offering price of $1.63 per share. Net proceeds from the offering were approximately $219,547, after deducting fees and other offering costs. Effective August 31, 2025, the ATM Agreement was terminated.

On June 21, 2024, the Company closed a private placement offering with certain accredited investors of $2.08 million of the Company’s securities consisting of shares of the Company’s common stock and/or pre-funded warrants to acquire shares of the Company’s common stock and warrants to acquire shares of the Company’s common stock. Pursuant to the June 2024 PIPE Offering, the Company issued 207,292 shares of its common stock at an offering price of $3.16 per share, pre-funded warrants to purchase up to 452,253 shares of the Company’s common stock (the “June 2024 Pre-Funded Warrants”), and warrants to purchase up to 329,771 shares of the Company’s common stock, exercisable at $3.09 per share (the “June 2024 PIPE Warrants”). Net proceeds to the Company from the June 2024 PIPE Offering were approximately $1.8 million, after deducting approximately $268,000 in offering costs. In addition, the Company issued placement agent warrants to purchase up to 39,573 shares of the Company’s common stock, exercisable at $3.06 per share (the “June 2024 Placement Agent Warrants”). The June 2024 Placement Agent Warrants are considered a cost of the offering and the fair value of $67,270 is recorded as a component of additional paid-in capital.

On December 9, 2024, the Company closed an additional private placement offering with certain accredited investors of $2.02 million of the Company’s securities consisting of shares of the Company’s common stock and/or pre-funded warrants to acquire shares of the Company’s common stock and warrants to acquire shares of the Company’s common stock. Pursuant to the December 2024 PIPE Offering, the Company issued 470,289 shares of its common stock at an offering price of $2.101 per share, pre-funded warrants to purchase up to 491,157 shares of the Company’s common stock (the “December 2024 Pre-Funded Warrants”), exercisable at $0.001 per share, and warrants to purchase up to 480,721 shares of the Company’s common stock, exercisable at $2.031 per share (the “December 2024 PIPE Warrants”). Net proceeds to the Company from the December 2024 PIPE Offering were approximately $1.8 million, after deducting approximately $0.2 million in offering costs. In addition, the Company issued placement agent warrants to purchase up to 57,687 shares of the Company’s common stock, exercisable at $2.031 per share (the “December 2024 Placement Agent Warrants”). The December 2024 Placement Agent Warrants are considered a cost of the offering and the fair value of $87,713 is recorded as a component of additional paid-in capital.

On June 13, 2025, the Company closed an additional private placement offering with certain accredited investors of $2.50 million to acquire 1,551,351 shares of its common stock at an offering price of $1.48 per share, pre-funded warrants to purchase up to 137,838 shares of the Company’s common stock (the “June 2025 Pre-Funded Warrants”), exercisable at $0.001 per share, series A warrants to purchase up to 1,689,189 shares of the Company’s common stock, exercisable at $1.29 per share (the “June 2025 Series A Warrants”), and series B warrants to purchase up to 844,570 shares of the Company’s common stock, exercisable at $3.00 per share (the “June 2025 Series B Warrants”). Net proceeds to the Company from the June 2025 PIPE Offering were approximately $2.3 million, after deducting approximately $0.2 million in offering costs. In addition, the Company issued series A placement agent warrants to purchase up to 118,243 shares of the Company’s common stock, exercisable at $1.29 per share (the “June 2025 Series A Placement Agent Warrants”) and series B placement agent warrants to purchase up to 59,119 shares of the Company’s common stock, exercisable at $3.00 per share (the “June 2025 Series B Placement Agent Warrants”). The June 2025 Series A and B Placement Agent Warrants are considered a cost of the offering and the fair value of $125,835 is recorded as a component of additional paid-in capital.

On July 25, 2025, the Company closed a registered direct public offering with certain accredited investors of $1.74 million of the Company’s securities consisting of 414,331 shares of the Company’s common stock and pre-funded warrants (the “July 2025 Direct Pre-Funded Warrants”) to acquire up to 559,910 shares of the Company’s common stock, exercisable at $0.001 per share, and common stock warrants to acquire up to 974,241, exercisable at $1.66 per share (the “July 2025 Private Placement Warrants) at a purchase price of $1.786. Net proceeds to the Company from the offering were approximately $1.55 million, after deducting approximately $0.2 million in offering costs.

On July 25, 2025, the Company closed an additional private placement offering with certain accredited investors of $1.23 million of the Company’s securities consisting of 641,190 shares of the Company’s common stock at an offering price of $1.645 per share, pre-funded warrants to acquire 103,490 shares of the Company’s common stock exercisable at $0.001 per share and warrants to acquire 744,680 shares of the Company’s common stock exercisable at $1.52 per share (the “July 2025 Warrants”). Net proceeds to the Company from the July 2025 PIPE Offering were approximately $1.1 million, after deducting approximately $0.2 million in offering costs. In addition, the Company issued placement agent warrants to purchase up to 52,128 shares of the Company’s common stock, exercisable at $1.66 per share (the “July 2025 Placement Agent Warrants”). The July 2025 Placement Agent Warrants are considered a cost of the offering and the fair value of $45,824 is recorded as issuance cost within additional paid-in capital and a corresponding warrant reserve, also within additional paid-in capital.

On August 26, 2025, the Company closed a registered direct public offering with certain investors of $5.35 million of the Company’s common stock and/or pre-funded warrants to acquire shares of the Company’s common stock. Pursuant to the August 2025 Direct Offering, the Company issued 205,777 shares of its common stock at an offering price of $4.50 per share and pre-funded warrants to purchase up to 983,111 shares of the Company’s common stock (the “August 2025 Direct Pre-Funded Warrants”), exercisable at $0.001 per share. Net proceeds to the Company from the August 2025 Direct Offering were approximately $4.75 million, after deducting approximately $0.6 million in offering costs. The Company’s common stock was offered and sold pursuant to the Company’s effective shelf registration statement on Form S-3 and an accompanying prospectus declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 24, 2023, and pursuant to a prospectus supplement dated August 26, 2025.

The fair value of June 2024, December 2024, June 2025, and July 2025 Placement Agent Warrants is estimated at the date of issuance using the Black-Scholes option-pricing model. The estimated fair value of each placement agent warrant is recorded as issuance cost within additional paid-in capital and a corresponding warrant reserve, also within additional paid-in-capital. The determination of fair value using the Black-Scholes model is affected by the Company’s share price as well as assumptions regarding a number of complex and subjective variables, including expected price volatility, expected life, and a risk-free interest rate.

The placement agent warrants were valued using the Black-Scholes option-pricing model with the following assumptions.

 Schedule of Placement Agent Warrants Black-Scholes Option Pricing Model

On November 3, 2025, the Company entered into securities purchase agreements (the “Cash Securities Purchase Agreements”) with certain accredited investors (the “Cash Purchasers”) pursuant to which the Company agreed to sell and issue to the Cash Purchasers in a private placement offering (the “Cash Offering”) an aggregate of 25,966,048 shares of common stock of the Company (the “Cash Shares”), par value $0.0001 per share (“Common Stock”) and/or pre-funded warrants (the “Cash Pre-Funded Warrants”) to purchase 6,351,021 shares of Common Stock (the “Cash Pre-Funded Warrant Shares”) at an offering price of $3.075 per share (the “Per Share Cash Purchase Price”) for gross proceeds of approximately $99.4 million. Each of the Cash Pre-Funded Warrants is immediately exercisable for one share of Common Stock subject to certain beneficial ownership limitations set forth therein.

Additionally, on November 3, 2025, the Company entered into securities purchase agreements (the “Cryptocurrency Securities Purchase Agreements”) with certain accredited investors (the “Cryptocurrency Purchasers”) pursuant to which the Company agreed to sell in a private placement (the “Cryptocurrency Offering”) pre-funded warrants (the “Cryptocurrency Pre-Funded Warrants”) to purchase 145,105,094 shares of Common Stock at an offering price of $3.075 less $0.0001 per shares for gross proceeds in Canton Coin of approximately $446.2 million. The Cryptocurrency Purchasers will tender Canton Coin to the Company as consideration for the Cryptocurrency Pre-Funded Warrants. The exercise of the Cryptocurrency Pre-Funded Warrants into Common Stock is subject to shareholder approval (“Shareholder Approval”) and such warrants will not be exercisable until such Shareholder Approval is received. Net proceeds to the Company from the combined Cash Offering and Cryptocurrency Offering were approximately $537.1 million after deducting $8.5 million in offering costs. Both the Cash Offering and Cryptocurrency Offering closed on November 6, 2025.

In conjunction with the Cash Securities purchase Agreements and the Cryptocurrency Securities Purchase Agreements, the Company issued strategic advisor warrants to purchase up to 10,318,215 shares of the Company’s common stock, exercisable at $0.001 per share (the “Strategic Advisor Warrants”). In accordance with Nasdaq Listing Rule 5635(a), the issuance of shares pursuant to the Strategic Advisor Warrants were approved by shareholders on January 30, 2026.

On November 6, 2025, the Company entered into an at-the-market agreement (the “2025 ATM Agreement”) with ClearStreet LLC and President Street Global LLC (the “ATM Sales Agents”) under which the Company may sell, from time to time through the ATM Sales Agents, shares of common stock in one or more offerings up to a total dollar amount of $65 million. On December 3, 2025 President Street Global LLC provided notice to the Company terminating participation in the 2025 ATM Agreement, leaving Clear Street LLC as the sole ATM Sales Agent. Sales of shares of the Company’s common stock through the ATM Sales Agent, if any, will be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made directly on the Nasdaq Stock Market LLC or any other existing trading market for the common shares. The Company’s common stock is being offered and sold pursuant to the Company’s effective shelf registration statement on Form S-3and an accompanying prospectus declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 24, 2023, and pursuant to a prospectus supplement dated November 7, 2025. As of December 31, 2025, the Company had sold 1,657,799 shares of common stock pursuant to the 2025 ATM Agreement for net proceeds of approximately $5.1 million after deducting commissions of approximately $0.1 million.

On February 18, 2026, the Company’s common stock began trading under the ticker symbol, “CNTN.”