Sportsmap Tech Acquisition Corp.

Cash fell $3.4 million in six months while receivables more than doubled, and the company names negative net working capital and cancellable subscriptions in its own risk list — the subscription revenue it is building toward is not contractually locked in. The remainder of the financial statements is not in the portion read here.

Contract liabilities more than doubled to $2.95 million while revenue for the quarter was $1.7 million — deferred subscription billings are running ahead of recognised revenue, which is the mechanical signature of the shift toward software the company describes. Cash fell $3.4 million in six months against a $4.9 million half-year loss.

The correction moves the denominator against which quorum and every vote threshold are measured, from 2,012,293 to 2,019,434 shares. On a base of roughly two million shares that difference is small in absolute terms and can only matter where it matters most — a proposal carried or lost by a narrow margin, where the quorum and majority arithmetic is computed off the wrong number. Nothing else in the proxy statement is modified: the proposals, the record date and the June 12, 2026 meeting all stand, and holders who have already voted need take no action.

A float of 2,012,293 shares is extraordinarily small and is the arithmetic signature of a deep reverse split - at that size the stock is effectively illiquid and any new issuance is severely dilutive in percentage terms. Holding the meeting in person in Houston rather than virtually further limits shareholder participation. Combined with a CEO change in June 2025 following an interim appointment, this is a company in restructuring with no SPAC trust left to backstop it.

A $0.409 warrant exercise price tells holders where the stock traded when the financing was struck, and a seven-year term with no redemption provision means the company can never call those warrants - the dilution sits outstanding for the full period at the holder's option. Pairing that with a reverse split on the same ballot compresses the base into which the warrants will be exercised, magnifying the percentage effect on existing holders.

Pre-funded warrants at $0.0001 are shares in all but name — the purchase price was paid at issuance, so approval converts them into 6,602,439 shares for essentially no further consideration, exercisable for cash or on a cashless basis at the holder's discretion and with no redemption provision. The outcome is not in doubt: on July 1, 2024 the company signed a voting agreement with stockholders representing more than 50% of the shares outstanding before the offering, committing them to support the transaction.

What changed: The 10-Q filed under Commission file number 001-40916 is that of MultiSensor AI Holdings, Inc. (Nasdaq: MSAI, warrants MSAIW) for the quarter ended June 30, 2026, with 2,205,648 shares of common stock outstanding as of August 10, 2026. The document recites that the company is the former SportsMap Tech Acquisition Corp., which merged with Infrared Cameras Holdings, Inc. under a business combination agreement dated December 5, 2022 as amended June 27, 2023 and September 17, 2023, with Legacy ICI surviving as a wholly owned subsidiary and the SPAC renamed MultiSensor AI Holdings. Why it matters: Cash fell $3.4 million in six months while receivables more than doubled, and the company names negative net working capital and cancellable subscriptions in its own risk list — the subscription revenue it is building toward is not contractually locked in. The remainder of the financial statements is not in the portion read here.

What changed: MultiSensor AI Holdings, Inc. (Nasdaq: MSAI) furnished a press release dated August 13, 2026 reporting second quarter 2026 results. Revenue grew 19% to $1,695 thousand from $1,419 thousand, with software revenue up 85% to $0.7 million from $0.4 million, and the net loss narrowed 26% to $2,460 thousand from $3,322 thousand. Why it matters: Contract liabilities more than doubled to $2.95 million while revenue for the quarter was $1.7 million — deferred subscription billings are running ahead of recognised revenue, which is the mechanical signature of the shift toward software the company describes. Cash fell $3.4 million in six months against a $4.9 million half-year loss.

What changed: MultiSensor AI Holdings, the SportsMap Tech Acquisition successor, reported equity grants. Under its director compensation policy the company granted 3,738 time-vesting restricted stock units to Daniel M. Friedberg and 1,869 each to Margaret Chu, Stuart V. Flavin III, David Gow and Petros Kitsos on June 30, 2026 for Q2 board and committee service, all vesting immediately into 11,214 common shares under Rule 506 and Section 4(a)(2). Effective July 16, 2026 the board granted CEO Asim Akram 20,841 RSUs and 83,364 target PSUs, and CFO Robert Nadolny 17,935 RSUs and 23,774 target PSUs. Why it matters: Routine compensation mechanics with no trust, redemption or deadline implications for a former SMAP holder. The number worth noting is the shape of the executive awards: the CEO's performance units are four times his time-vesting units and the CFO's are more than one for one, so most of the incentive is contingent on hitting targets rather than on tenure. Aggregate issuance here is small — 11,214 shares actually issued to directors — so the immediate dilution is immaterial next to the PSU overhang if targets are met.