Pineapple Financial (NYSE: PAPL) inks ISDA to hedge INJ token treasury

Rhea-AI Filing Summary

Pineapple Financial Inc. reported that it has put in place key derivatives agreements to support its previously announced plan to hold INJ, the native digital asset of the Injective blockchain, as a core part of its treasury strategy. The company had earlier raised approximately $100 million in a private placement of subscription receipts, funded in U.S. dollars and INJ tokens, to implement this INJ-focused treasury approach.

On September 30, 2025, Pineapple Financial entered into a 2002 ISDA Master Agreement, related Schedule, and a Credit Support Annex with FalconX Bravo, Inc. These documents allow the company to enter into swaps, caps, floors, collars, locks, forwards and options to hedge risks linked to its INJ holdings. The Credit Support Annex governs how collateral will be posted or returned based on mark-to-market exposure and collateral value, and the ISDA framework includes standard events of default such as failure to pay, credit support default, cross-default and misrepresentation.

Insights

Derivatives and risk management analyst

Pineapple adds ISDA framework to hedge risks in its INJ treasury strategy.

Pineapple Financial Inc. has established a formal derivatives framework with FalconX Bravo, Inc. via a 2002 ISDA Master Agreement, related Schedule, and Credit Support Annex dated September 30, 2025. This framework supports the company’s previously disclosed plan to implement an INJ Treasury Strategy funded by approximately $100 million raised in a private placement of subscription receipts.

The agreements permit a range of instruments—swaps, caps, floors, collars, locks, forwards and options—to manage market risk tied to INJ, the native digital asset of the Injective blockchain. The Credit Support Annex sets out how collateral moves between Pineapple and FalconX according to mark-to-market exposure and collateral values, which can help contain counterparty risk while introducing collateral and liquidity management demands.

The ISDA documentation includes standard events of default, such as failure to pay or deliver, credit support default, cross-defaults, and misrepresentation. Actual impact on Pineapple’s financials will depend on how actively it uses these derivatives within its INJ Treasury Strategy and on future market conditions for INJ and related exposures.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 30, 2025

PINEAPPLE FINANCIAL INC.

(Exact name of registrant as specified in charter)

Canada		001-41738		Not applicable 00-0000000
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)

Unit 200, 111 Gordon Baker Road

North York, Ontario M2H 3R1

(Address of principal executive offices) (Zip Code)

(416) 669-2046

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, no par value		PAPL		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth ☒

If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

ISDA Master Agreement and Credit Agreement

As previously disclosed, on September 2, 2025, Pineapple Financial Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Purchasers”) pursuant to which the Company agreed to sell and issue to the Purchasers in a private placement offering (the “Private Placement”) subscription receipts (the “Subscription Receipts”) of the Company at an offering price of $3.80 per Subscription Receipt, with respect to certain purchasers, and $4.16 per Subscription Receipt, with respect to certain purchasers. Purchasers tendered, at the election of each Purchaser, U.S. dollars or INJ tokens to the Company as consideration for the Subscription Receipts (the aggregate amount paid in such INJ and United States Dollars, the “Subscription Amount”).

The Company raised proceeds of approximately $100 million in the Private Placement in order to adopt a digital asset treasury strategy under which the principal holding will be INJ, the native digital asset of the Injective blockchain (the “INJ Treasury Strategy”). The Private Placement closed on September 4, 2025. As previously disclosed, a portion of the cash proceeds from the Private Placement will be used in furtherance of the Company’s INJ Treasury Strategy. These proceeds will be released from escrow upon the satisfaction of certain escrow release conditions as set forth in the Private Placement transaction documents.

In connection with the Company’s planned INJ Treasury Strategy , on September 30, 2025, the Company entered into an International Swaps and Derivatives Association 2002 ISDA Master Agreement (the “ISDA Master Agreement”) with FalconX Bravo, Inc. (“FalconX”) facilitating the Company to enter into derivative and/or hedging transactions (the “Transaction”) to manage the risk associated with its INJ Treasury Strategy. The derivative and hedging transactions will be governed by the ISDA Master Agreement, including the related Schedule to the ISDA Master Agreement (“Schedule”).. The structure of the Transactions may include swaps, caps, floors, collars, locks, forwards and options.

Certain events of default will apply to the Transactions under the ISDA Master Agreement and Schedule, including, but not limited to, failure to pay or deliver, breach of the agreement, credit support default, cross-defaults and misrepresentation.

Also in connection with the ISDA Master Agreement, on September 30, 2025, the Company entered into a Credit Support Annex to the ISDA Master Agreement (the “Credit Support Annex”), which sets forth the terms and conditions upon which the Company will be required to deliver additional collateral to FalconX (and FalconX will be required to return collateral to the Company) depending upon the mark to market exposure under the ISDA Master Agreement and the value of the collateral.

The foregoing descriptions of the ISDA Master Agreement, Schedule, and Credit Support Annex are qualified in their entirety by reference to the complete text of those agreements, which are filed as Exhibits 10.1 through 10.3 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above in Item 1.01 is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits

(a) Exhibits

Number		Description
10.1		International Swaps and Derivatives Association 2002 ISDA Master Agreement, dated as of September 30, 2025, by and between FalconX Bravo, Inc. and Pineapple Financial Inc.
10.2		International Swaps and Derivatives Association Schedule to the 2002 ISDA Master Agreement, dated as of September 30, 2025, by and between FalconX Bravo, Inc. and Pineapple Financial Inc.
10.3		Credit Support Annex to the Schedule to the ISDA 2002 Master Agreement, dated as of September 30, 2025, by and between FalconX Bravo, Inc. and Pineapple Financial Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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.

Date: October 6, 2025

PINEAPPLE FINANCIAL INC.
By:	/s/ Shubha Dasgupta
	Shubha Dasgupta
	Chief Executive Officer

FAQ

What did Pineapple Financial Inc. (PAPL) disclose in this 8-K?

Pineapple Financial Inc. disclosed that on September 30, 2025 it entered into a 2002 ISDA Master Agreement, related Schedule, and Credit Support Annex with FalconX Bravo, Inc. to govern derivatives and hedging transactions linked to its INJ Treasury Strategy.

How much did Pineapple Financial (PAPL) previously raise for its INJ Treasury Strategy?

Pineapple Financial previously raised approximately $100 million in a private placement of subscription receipts at prices of $3.80 and $4.16 per Subscription Receipt to fund its INJ-focused digital asset treasury strategy.

What is Pineapple Financial’s INJ Treasury Strategy?

The company plans to adopt a digital asset treasury strategy in which the principal holding will be INJ, the native digital asset of the Injective blockchain, funded by proceeds from its approximately $100 million private placement.

What types of derivatives can Pineapple Financial enter under the ISDA with FalconX?

Under the ISDA Master Agreement and Schedule with FalconX, Pineapple Financial may enter into swaps, caps, floors, collars, locks, forwards, and options as part of its hedging and risk management related to the INJ Treasury Strategy.

What is the purpose of the Credit Support Annex between Pineapple Financial and FalconX?

The Credit Support Annex sets terms under which Pineapple Financial must deliver collateral to FalconX, and FalconX must return collateral to Pineapple, based on mark-to-market exposure under the ISDA Master Agreement and the value of posted collateral.

Which events of default apply to Pineapple Financial’s derivatives with FalconX?

The ISDA Master Agreement and Schedule include events of default such as failure to pay or deliver, breach of the agreement, credit support default, cross-defaults, and misrepresentation.

When did the private placement for Pineapple Financial’s INJ Treasury Strategy close?

The private placement of Subscription Receipts supporting the INJ Treasury Strategy closed on September 4, 2025, with proceeds to be released from escrow upon satisfaction of specified escrow release conditions.