What factors caused the significant increase in warrant liabilities from $5.2 million to $8.26 million by June 30, 2025?

The significant increase in Cemtrex, Inc.'s warrant liabilities from $5.2 million at September 30, 2024, to $8.26 million by June 30, 2025, was primarily driven by the fair market revaluation of its outstanding warrants.1

Here's a breakdown of the key factors:

• Fair Market Revaluation: The company recognized a substantial loss on the changes in the fair value of warrant liability, amounting to $8,928,275 for the nine months ended June 30, 2025.1 This revaluation reflects changes in the market conditions and the underlying value of the warrants.
• Warrant Exercises: While the fair market revaluation increased the liability, the exercise of warrants during this period, totaling approximately $5.87 million, partially offset this increase by reducing the number of outstanding warrants.1
• Exercise Price Adjustments: The terms of Cemtrex's Series A and Series B warrants include provisions for exercise price resets. For instance, on June 2, 2025, the exercise price was reset to $0.893 following a public offering, which would impact the valuation of the remaining warrants.1
• Reverse Stock Splits: Prior to this period, the company executed two reverse stock splits (60-for-1 on October 2, 2024, and 35-for-1 on November 26, 2024). These events led to adjustments in the exercise price and the number of warrants outstanding, designed to maintain the aggregate value, and would have influenced subsequent fair value calculations.1

The net effect of these movements, particularly the large upward revaluation due to market factors and exercise price adjustments, resulted in the reported increase in warrant liabilities. This information is detailed in Cemtrex's 10-Q filing for the period ended June 30, 2025.1

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