Powell Max Ltd (PMAX) AI Dilution Summary

Cash was $881,366 at 2025-12-31 against estimated monthly burn of $93,678. The company has since funded itself through private placements: the most recent, closed 2026-09-30, raised $721,000 gross and $648,900 net from 721,000 Class C shares at $1.00, placed by Spartan Capital Securities, LLC. Dilution here is driven primarily by the January 2026 PIPE Class C Ordinary Shares.