> For the complete documentation index, see [llms.txt](https://terms.tessera.pe/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://terms.tessera.pe/disclosures.md).

# Disclosures

**Date last updated:** 28 August 2026

These Disclosures form part of the Tessera Documentation as defined in the [Terms and Conditions](/terms-and-conditions.md). They are not part of the Terms and do not vary them. In the event of any inconsistency, the Terms prevail.

They are maintained so that a holder of Stablecoin Loan Tokens can establish, at any time, which Issuer is the Issuer for a Loan Series, and what notices have been given in respect of it.

## 1. Issuers

The Issuer for each Loan Series, as at the date last updated above.

| Loan Series | PE Opportunity                                | Issuer                   | Registered              |
| ----------- | --------------------------------------------- | ------------------------ | ----------------------- |
| T-SpaceX    | Space Exploration Technologies Corp. (SpaceX) | SPX Tessera Issuer Inc.  | Panama, folio 155779878 |
| T-Kalshi    | Kalshi Inc.                                   | KLSH Tessera Issuer Inc. | Panama, folio 155774530 |
| T-OpenAI    | OpenAI Group PBC                              | OPAI Tessera Issuer Inc. | Panama, folio 155785695 |

Each Issuer is a dedicated issuing subsidiary of Tessera Works Foundation, registered in Panama at folio 25063391, and is the sole issuing entity for the Loan Series to which it relates.

Where the Issuer for a Loan Series is substituted, notice is given under Section 9 of the Terms and this table is updated. Section 11.7 of the Terms sets out the effect of a substitution: Stablecoin Loan Tokens are not burned, cancelled, reissued or replaced, Stablecoin Loan Principal Amounts are unchanged, and entitlement to the Redemption Amount is unaffected.

## 2. Notices

Notices in respect of the Loan Series, most recent first. Each is given under Section 9 of the Terms by the publication of this page on the Website.

| Date of notice | Loan Series | Notice                                                                                                                                                                                                |
| -------------- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| 28 August 2026 | T-SpaceX    | Notice of Novation of Issuer — SPX Tessera Issuer Inc. substituted for KLSH Tessera Issuer Inc. as Issuer, with effect from 1 August 2026. Issued in substitution for the notice given 27 August 2026 |
| 27 August 2026 | T-SpaceX    | Notice of Novation of Issuer — SPX Tessera Issuer Inc. substituted for KLSH Tessera Issuer Inc. as Issuer, with effect from 1 August 2026                                                             |

The date shown against a notice is the date the notice itself bears, being the date it was issued and first communicated to holders. It is not the date from which the matter the notice concerns takes effect; that date is stated in the notice itself.

## 3. Loan Series particulars

| Loan Series | Stablecoin Loan Principal Amount | Denomination | Disbursed       |
| ----------- | -------------------------------- | ------------ | --------------- |
| T-SpaceX    | 500,990.00                       | USDC         | 13 January 2026 |
| T-Kalshi    | 552,500.00                       | USDC         | 18 January 2026 |
| T-OpenAI    | 518,171.45                       | USDC         | 12 June 2026    |

## 4. Status

**T-SpaceX** has entered its redemption event cycle. No Liquidity Event Proceeds had been received as at the date last updated above, so no Redemption Start Date has been announced and no Redemption Period has commenced.

**T-Kalshi**, **T-OpenAI** — no Liquidity Event has occurred.