Obook (OWLS) Registration filing summary

Company overview and business model

• Operates as a blockchain-based financial infrastructure and software provider, focusing on payments, hospitality, and e-commerce solutions globally, with headquarters in Taipei, Taiwan.

• Main revenue streams are transaction-based fees, FX spreads, and service fees across its platforms.

• Payment segment (OwlPay) contributed 56% of 2025 revenue, hospitality 37%, and e-commerce 7%.

• Growth strategy centers on expanding global payment infrastructure, enterprise integrations, and cross-selling payment solutions via hospitality and e-commerce channels.

• Recent expansion includes collaboration with VISA and onboarding enterprise clients with potential annual payment volume exceeding $6 billion.

Financial performance and metrics

• As of December 31, 2025, cash and restricted cash stood at $9.4 million; pro forma cash after Note issuance and Warrant exercise could reach $25.2 million.

• Shareholders' equity was negative $3.6 million at year-end 2025, but could rise to $13.1 million pro forma for Note conversion and Warrant exercise.

• Convertible note issued in April 2026 for $11.5 million principal, with $10 million funding after discounts and fees.

Use of proceeds and capital allocation

• No proceeds from resale of shares by the selling shareholder; up to $6.65 million may be received from cash exercise of the Warrant.

• Any proceeds from Warrant exercise will be used for working capital, platform expansion, regulatory licensing, product development, personnel, and debt service.