Started from the 164,236,042 non-affiliate ordinary shares at 2026-04-07 (424B5 cover).
Data-service feed, fetched today. The number TradingView and most screeners show.
Trade off 544.6K shares; data services have no usable float for this ticker.
We put the float at 544.6K; data services have no usable number. 2 floorless convertible notes and 3 reverse splits can add another 1,066% of the float.
Variable-rate convertible (death spiral). About $6.5M of outstanding Streeterville notes convert at 90% of the lowest 10-day VWAP minus $0.05 per ADS.
Predatory lender involvement. Streeterville Capital (John Fife network, which the SEC sued as an unregistered dealer) is the sole 2026 funder.
Serial financing cadence. Three Streeterville notes in 4 months (April, June, August 2026), about one every 60 days, each with its own shelf takedown.
From today's float to the ceiling
sharesWhere the shares come from
each subtotal is a rung on the ladder above
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
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Market data as of Oct 7, 2026
Key dates
- Feb 1, 2027 · Nasdaq MVPHS ($15M) compliance deadline; failure pressures more financing or a move to Capital Market
- Jun 30, 2027 · June 2026 note maturity
- Aug 26, 2027 · August 2026 note maturity
- Sep 8, 2027 · end of 12-month window after the 1:7 split (immediate-delisting risk on bid-price failure)