Bending Spoons IPO Access on Kraken via xStocks

IPO Access lets eligible Kraken clients submit interest in an upcoming initial public offering (IPO) before the company lists on the open market, at the offering price, inclusive of applicable fees.

Historically, getting in around the offering price has been reserved for institutional investors and select clients with established broker relationships. For most retail investors, the only option has been to participate once a company is already trading. IPO Access is designed to change that.

For the Bending Spoons IPO, you participate through IPO xStocks (tokenized equities). The Bending Spoons IPO xStocks ticker is BSPx. The underlying company has filed to list on Nasdaq under the ticker BSP.

IPO Access is available on the Kraken App and on Kraken's website. See the eligibility section below for where it is offered.

Where IPO Access for Bending Spoons is not available:

• IPO Access is not available in the United States or to US persons. Submitting interest before listing is not available in the US. US clients can trade Bending Spoons through Kraken if and when it is publicly listed and made available.
• IPO xStocks are not available in the United Kingdom, Canada, or Australia.
• Availability varies by jurisdiction and additional geographic restrictions may apply. Eligibility is shown in your account.

1. Log in to your Kraken account on the Kraken App. If you don't have an account, you'll need to sign up and get verified.
2. Go to the Explore page using the bottom navigation bar.
3. Tap Pre-order on the Bending Spoons IPO card at the top of the page.
4. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees.
5. Lastly, review your pre-order on the confirmation page, accept the required agreements, and tap Submit conditional offer to buy.

You can view your pending interest orders at any time before the window closes by tapping the More tab of the Kraken App (bottom-right corner), then tapping Queued orders.

1. Log in to your Kraken account on Kraken.com. If you don't have an account, you'll need to sign up and get verified.
2. From the Home page, scroll down and click Pre-order on the Bending Spoons IPO card. It is located under the Upcoming IPOs section.
3. Enter the amount you would like to participate with. Your funds are reserved, not debited, at this stage. You participate at the offering price, inclusive of applicable fees. You will see BSPx as the ticker.
4. Lastly, review your pre-order on the confirmation page, accept any required agreements, and click Submit conditional offer to buy.

If you are participating in the Bending Spoons IPO, it helps to understand what you are receiving.

xStocks are tokenized equities. Each xStock is backed 1:1 by the underlying share, held in custody by a regulated entity (Backed Assets (JE) Limited), so the value of the token tracks the value of the underlying share. If you receive an allocation in the Bending Spoons IPO, you receive BSPx, a 1:1 backed tokenized representation of Bending Spoons equity, delivered to your Kraken portfolio.

IPO xStocks provide price exposure only. They do not represent direct ownership of the underlying shares and do not carry voting rights. Corporate actions such as dividends are reflected through the token's rebasing mechanism rather than paid out directly.

Once trading opens, BSPx can be traded, converted, or moved like other assets on Kraken, and can move across participating xStocks Alliance platforms and compatible venues.

A few things to know before you submit interest in the Bending Spoons IPO:

Your funds are reserved, not debited. When you submit interest, the amount you enter is reserved in your account. It is not charged unless and until you receive an allocation. You cannot use reserved funds for other activities until allocation is processed or the funds are made available again.

Participation includes applicable fees. You participate at the offering price, inclusive of applicable fees.

Submitting interest is non-binding until the final window closes. Your indication of interest is not a guarantee of an allocation.

You can cancel, but you cannot edit. If you want to change your interest amount, you should cancel your existing submission and submit a new one.

There is a final cancellation window. Before the interest window closes, you will receive a notice marking the last opportunity to withdraw. After that point, your submission becomes binding. For IPO xStocks, the cancellation deadline is set for each IPO and communicated to you.

Allocation is not guaranteed. The amount you submit interest for is not the amount you are guaranteed to receive. See the allocation section below.

Allocation is not determined by Kraken, and it is not first-come, first-served. The amount you receive depends on availability and demand. In a high-demand offering, the available allocation may be distributed on a pro-rata or similar basis.

Because of this, you may receive:

• a full allocation (the full amount you submitted interest for),
• a partial allocation (some of the amount you submitted interest for), or
• no allocation (none of the amount you submitted interest for).

Allocation depends on availability and demand, and is not guaranteed. High demand may result in a partial or zero allocation.

On the morning (Eastern time) of listing day, the final IPO price is set and allocations are processed.
Depending on processing times, your BSPx IPO xStocks may appear in your portfolio shortly before or after trading begins.
Once your allocation is available, you can trade it, including selling it, like any other asset on Kraken.
BSPx trades 24/5, so you'll still be able to access and trade your allocation outside traditional market hours.
Listing dates can move. If the date changes, the timeline above shifts with it.

If any of your reserved funds are not allocated, either because you received a partial allocation or no allocation, those funds are returned to your account.

Unallocated funds are returned soon after the listing. Once returned, the funds are available to use as normal.

To participate in IPO Access for the Bending Spoons IPO, you need:

• A verified Kraken account in an eligible region.
• The required verification completed for IPO xStocks in the EEA or rest of world.
• Funding in a supported method. IPO xStocks support USD and stablecoins.

The Bending Spoons IPO is not available to clients located in the UK, Canada, or Australia, and is not available in the United States or to US persons.

Eligibility and the interest window will be shown in your account ahead of the listing.

IPO participation involves a high degree of risk. Before submitting interest, consider the following:

• Allocation is not guaranteed. High demand may result in a partial or zero allocation, and any funds not allocated are returned.
• Price can move after listing. The value of IPO xStocks may go down as well as up after the company lists.
• Your funds are reserved during the window. You cannot use reserved funds until allocation is processed or the funds are returned.
• Price exposure only. IPO xStocks are tokenized equities that provide price exposure only and do not represent direct ownership of the underlying shares.
• Not available in all jurisdictions. Not available in the United States or to US persons, or in the UK, Canada, or Australia. Geographic restrictions apply.

Read Kraken's xStocks Risk Disclosure at kraken.com/legal/xstocks to learn more.