Announcement • 5h
Matador Technologies Inc. Appoints Deven Soni as Executive Chairman, Effective July 16, 2026 Matador Technologies Inc. announced the appointment of Deven Soni as Executive Chairman, in each case effective July 16, 2026. Mr. Soni, who has served as Chief Executive Officer and Chairman since the Company's inception, transitions to the role of Executive Chairman of the Board of Directors and will continue to provide strategic guidance on corporate strategy, capital markets positioning and investor relations. The Board thanks Mr. Soni for his leadership as Chief Executive Officer, during which the Company established its Bitcoin treasury strategy, completed its base shelf prospectus and ATM Program, and built its capital markets platform. New Risk • Jun 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.2m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.19m market cap, or US$2.95m). New Risk • Jun 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$5.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.2m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$3.97m market cap, or US$2.80m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). 
