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[HOST] Welcome to X1 Report, your trusted source for blockchain news and insights. Today, we're

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diving into the intricacies of X1 Labs' investment round and token vesting structure, as

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explained in their recent SEC filings and Wefunder campaign details.

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[ANALYST] X1 Labs is the company behind X1 Blockchain, co-founded by Jack Levin, Axel Eckerbom,

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Nicholas Pettas, and Leo Belyaev, with Levin serving as CEO. They've raised capital

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through accredited U.S. investors under Regulation D, qualifying non-U.S. investors under

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Regulation S, and smaller investors via a Wefunder crowdfunding campaign.

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[HOST] The first major unlock for XNT tokens is set for October 6, 2026, which has led to much

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confusion about what this means for investors. Let's break down the key points from their

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SEC filings.

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[ANALYST] X1 Labs has three filings on record with the SEC under CIK 0002073191. The Form D, filed

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in June 2025, covers a Rule 506(c) offering, while the Form C, filed in August 2025,

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details the Regulation Crowdfunding offering through Wefunder. An amended Form C was filed

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in December 2025.

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[HOST] It's important to note that the $300 million mentioned is a post-money valuation cap on an

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equity instrument, not an XNT price. The Wefunder instrument was a SAFE, giving investors

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a future right to shares of X1 Labs' capital stock.

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[ANALYST] Not every investor has been publicly identified, but Greg McAdoo, a Sequoia Capital

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partner, and Steve Ptucha, a crypto product manager from PayPal, have been publicly

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announced as investors. Other private investors participated as well.

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[HOST] The investment structure is built from separate pieces: the investment agreement (SAFE or

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equivalent), the Token Warrant, the Token Warrant Exercise Notice, and the vesting

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schedule. These are often collapsed into one, leading to misunderstandings.

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[ANALYST] The four-year vesting schedule starts on October 6, 2025, with a 12-month cliff followed

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by 36 monthly unlocks. At the cliff, 25% of an exercised allocation becomes eligible for

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the first unlock, while the remaining 75% release through 36 monthly unlocks.

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[HOST] The dashboard at vesting.x1.xyz shows five states: Entitlement, Vested, Transferable,

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Claimable, and Claimed. These are not equivalent figures; entitlement does not mean

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transferable, vested does not mean transferable, and TGE does not mean everything unlocks.

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[ANALYST] For example, an investor with a 350,000 XNT entitlement and 23.2% vested would have

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roughly 81,200 XNT vested but 0 XNT transferable. This is because the 12-month lockup has

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not yet ended.

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[HOST] Another critical point is that only exercised allocations unlock on October 6. If only

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50,000 out of 350,000 XNT have been exercised, then only 12,500 XNT will be unlocked.

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[ANALYST] Before the October 6 unlock, investors should ensure their wallets are correct, check

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every investment card, confirm the token allocation, and verify the Token Warrant is on

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file and signed where required. They should also look for 'under reconciliation' warnings.

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[HOST] On the day itself, investors should check Transferable, Claimable, and Claimed statuses,

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as well as the beneficiary wallet address. Any discrepancies should be documented and

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reported to X1.

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[ANALYST] Lastly, yield is a separate figure from the principal token allocation and should be read

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separately. The dashboard's per-account calculation is the relevant one.

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[HOST] Remember, every number in this article is hypothetical and illustrative. This is not

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legal, tax, or investment advice. For your own records, retain all signed agreements, the

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Token Warrant, and any related documents.

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[ANALYST] That's all for today's report. Stay informed with X1 Report. Until next time, keep your

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investments secure.