Stratum Holdings Corp. — Form S-1

On September 18, 2025, Stratum Holdings Corp. (market cap ~$7.6M) entered into an amended equity purchase facility agreement with SZOP Opportunities I LLC, committing SZOP to purchase up to $1 billion in newly issued common stock at Stratum's discretion. This Form S-1, filed October 29, 2026, registers 69,718,800 shares (calculated at $0.4303/share) for resale by SZOP. To date, Stratum has sold 638,889 shares to SZOP for $5.5M gross proceeds. Separately, on September 30, 2026, Stratum acquired GPUs worth an estimated $3M (issued 3,000 Series F preferred shares) and leased them to SPRE NKC MO LLC at $94,167–$157,167/month over 32 months. Stratum also settled $5.7M in token obligations by issuing 500 Series F preferred shares and exchanged $1.5M of convertible debt plus older preferred stock for 3,410 Series F shares.