[8-K] LEAP THERAPEUTICS, INC. Reports Material Event
Cypherpunk Technologies Inc. has entered into a Waiver and Modification Agreement with Winklevoss Treasury Investments, LLC that changes how a large warrant can be used. Winklevoss Capital has waived the covenant requiring the company to reserve 57,182,378 shares of common stock solely for warrant exercise, allowing those shares to be available for potential offer, issue and sale under Cypherpunk’s previously announced at-the-market equity program of up to $200 million. In return, Winklevoss Capital cannot exercise the warrant for these 57,182,378 Restricted Warrant Shares until the fifth trading day after the earlier of the company increasing its authorized common stock to at least 490,000,000 shares or completing a reverse stock split of at least 1-for-5. The remaining warrant shares not designated as Restricted Warrant Shares are unaffected.
- None.
- None.
Insights
Cypherpunk rebalances between ATM capacity and warrant exercisability.
Cypherpunk Technologies and Winklevoss Treasury Investments have reshaped a large warrant position to support potential use of the existing at-the-market equity program. By waiving the reservation covenant on 57,182,378 warrant shares, the company can treat these shares as available for possible offer, issue and sale under its previously announced ATM of up to
The trade-off is that Winklevoss Capital accepts a delay on exercising this portion of the warrant. Exercise of the 57,182,378 Restricted Warrant Shares is blocked until the fifth trading day after either authorized common stock reaches at least 490,000,000 shares or a reverse stock split of at least 1-for-5 is effected. This ties warrant exercisability to future capital structure actions.
From an investor perspective, this agreement clarifies how the company may source shares for the ATM while deferring potential dilution from part of the warrant. Actual effects will depend on how much of the ATM is used and whether the company later increases authorized shares or completes a reverse split as described.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On November 19, 2025, Cypherpunk Technologies Inc. (f./k/a Leap Therapeutics, Inc.), a Delaware corporation (the “Company”), entered into a Waiver and Modification Agreement (the “Agreement”) with Winklevoss Treasury Investments, LLC (“Winklevoss Capital”), which modifies and waives certain provisions of the Common Warrant, dated October 8, 2025, issued by the Company in favor of Winklevoss Capital (the “WTI Common Warrant”) in connection with the private placement of such securities pursuant to the Securities Purchase Agreement, dated October 6, 2025, by and among the Company and the purchasers named therein.
The WTI Common Warrant provides that the Company will reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved shares of common stock, $0.001 par value per share (the “Common Stock”), shares of Common Stock reserved solely to be issued upon exercise of the WTI Common Warrant (the “Warrant Shares”), which are to remain free from preemptive rights or any other contingent purchase rights of persons other than Winklevoss Capital (the “Share Reservation Covenant”).
Under the Agreement, Winklevoss Capital has waived the Share Reservation Covenant with respect to 57,182,378 Warrant Shares (the “Restricted Warrant Shares”), so as to make such shares available to the Company for their potential offer, issue and sale under the Company’s previously announced “at-the-market” equity offering program, pursuant to which the Company may offer, issue and sell from time to time up to a maximum aggregate offering amount of $200 million of shares of its Common Stock.
In addition, Winklevoss Capital is not entitled to exercise the WTI Common Warrant in whole or in part with respect to such 57,182,378 Restricted Warrant Shares until the fifth trading day after the earlier to occur of (i) the Company’s authorized Common Stock having increased to at least 490,000,000 shares or (ii) the Company’s having effected a reverse stock split of its Common Stock in a ratio of at least 1 to 5 (1:5).
For the avoidance of doubt, the foregoing provisions of the Agreement are not applicable to the remaining number of Warrant Shares issuable under the WTI Common Warrant that are not Restricted Warrant Shares.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed herewith as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.
This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any shares of Common Stock, nor shall there be any sale of shares of Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
| 4.1 | Waiver and Modification Agreement, dated November 19, 2025, by and between Cypherpunk Technologies Inc. and Winklevoss Treasury Investments, LLC |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CYPHERPUNK TECHNOLOGIES INC. | |
| Date: November 20, 2025 | /s/ Douglas E. Onsi |
| Douglas E. Onsi | |
| President & CEO |
FAQ
What did Cypherpunk Technologies Inc. (LPTX) announce in this Form 8-K?
Cypherpunk Technologies announced a Waiver and Modification Agreement with Winklevoss Treasury Investments, LLC that changes certain terms of a previously issued common stock warrant, mainly around share reservation and when part of the warrant can be exercised.
How many warrant shares are affected by the new agreement with Winklevoss Capital?
The agreement designates 57,182,378 Warrant Shares as Restricted Warrant Shares. For these shares, Winklevoss Capital has waived the prior requirement that they be reserved solely for warrant exercise, and instead they may be used for potential offer, issue and sale under the company’s at-the-market equity program.
How does this agreement relate to Cypherpunk Technologies’ at-the-market equity offering program?
The waiver allows 57,182,378 Restricted Warrant Shares to be available for possible use in the company’s previously announced at-the-market equity offering program, under which Cypherpunk may offer, issue and sell up to a maximum aggregate amount of $200 million of its common stock.
When can Winklevoss Capital exercise the Restricted Warrant Shares under the modified warrant?
Winklevoss Capital is not entitled to exercise the warrant for the 57,182,378 Restricted Warrant Shares until the fifth trading day after the earlier of two events: the company’s authorized common stock increasing to at least 490,000,000 shares, or the company effecting a reverse stock split of its common stock in a ratio of at least 1-for-5.
Are all of the WTI Common Warrant shares subject to these new restrictions?
No. The agreement specifies that these provisions apply only to the 57,182,378 Restricted Warrant Shares. The remaining Warrant Shares issuable under the WTI Common Warrant that are not designated as Restricted Warrant Shares are not affected by these particular modifications.
Does this Form 8-K mean Cypherpunk Technologies is currently selling new shares?
The Form 8-K explicitly states that it does not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock, and that no sale may occur in jurisdictions where it would be unlawful before proper registration or qualification under applicable securities laws.
