The warrants were originally issued on April 8, 2026, to 137 accredited investors and represented the right to purchase an aggregate of 6,743,587 shares of FreeCast Class A common stock. The warrants were initially issued with an exercise price of $4.25 per share and an expiration date of May 15, 2026. On May 8, 2026, FreeCast's Board of Directors approved an amendment reducing the exercise price to $1.33 per share and extending the expiration date to May 22, 2026.

Two warrant holders exercised warrants representing an aggregate of 250,000 shares of Class A common stock. In connection with those exercises, FreeCast received aggregate proceeds of $332,500.

All remaining warrants expired unexercised on May 22, 2026. As a result, the 6,493,587 shares previously reserved for issuance under those warrants are no longer reserved and have reverted to authorized but unissued status.

FreeCast believes the expiration of the unexercised warrants materially reduces the amount of near-term potentially issuable shares associated with the April 2026 warrant issuance while preserving the Company's authorized share capacity for general corporate purposes and future strategic flexibility.