v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

 

The Company evaluated subsequent events that occurred after the balance sheet date through the date the financial statements were issued.

 

Stock-Based Compensation

 

Subsequent to June 30, 2026, the Company issued 215,262 shares of common stock pursuant to the vesting of certain RSU awards disclosed in Note 13 – Stock-Based Compensation. The Company also issued 14,600 shares to a consultant for services.

 

Sales of Common Stock

 

Subsequent to June 30, 2026, the Company sold a total of 88,463 shares of its common stock for $0.6 million in cash, net of fees.

 

Repurchases of Common Stock

 

Subsequent to June 30, 2026, the Company repurchased and cancelled a total of 329,499 shares of its common stock for $1.9 (inclusive of fees) million in cash.

 

Aircraft Engine Acquisitions and Lease Arrangements

 

On July 13, 2026, the Company, through its wholly-owned subsidiary Eurus Aerospace Token I LLC, acquired one CFM International model CFM56-7B22 aircraft engine, together with all related parts and engine records, from Aero Engine Solutions, Inc. for a purchase price of approximately $11.7 million in cash. Concurrently, the Company placed the engine on lease to a third-party lessee under an aircraft engine lease agreement. Aero Engine Solutions, Inc. services the engine during the lease term under a servicing arrangement in exchange for a servicing fee, which includes rights that may require or permit the future purchase and sale of the engine following expiration or earlier termination of the lease, subject to specified conditions.

 

On July 27, 2026, the Company, through its wholly-owned subsidiary Eurus Aerospace Token I LLC, entered into an Engine Sale and Purchase Agreement with Aero Engine Solutions, Inc. to acquire one CFM International model CFM56-7B aircraft engine, together with all related parts and engine records, for a purchase price of approximately $11.7 million in cash. In connection with the acquisition, the engine is subject to an aircraft engine lease agreement pursuant to which the engine will be leased to a third-party lessee, and Aero Engine Solutions, Inc. will continue to service the engine under the existing servicing arrangement, as supplemented.

 

Zippy Make Whole Determination

 

On July 31, 2026, the first of the three make-whole determination dates under Side Letter Amendment No. 2 to the Series B-3 Preferred Stock Purchase Agreement occurred (see Note 4 – Investments). Based on the determination, the Company paid Zippy $1.3 million. The September 30, 2026 and December 31, 2026 determination dates remain outstanding, and the related amounts are not yet determinable.