Supply mechanics, not fundamentals, drive this. (1) An active variable-rate preferred: 7,000 Series C shares with $7,608,720 of stated value convert at the LESSER of the Fixed Price and 90% of the lowest daily VWAP over the prior ten trading days, and the alternate/variable price is already LIVE — the Trigger Event fired 2026-07-22 on receipt of the Nasdaq MVLS/MVPHS deficiency letters. Against a 3.74M float, Streeterville has 8,750,000 registered conversion/warrant shares sitting effective — 234% of the float. The nominal $4.00 hard floor would cap conversion at ~1.9M shares against a $1.02 stock, but the Amended & Restated Certificate of Designation filed 2026-08-19 specifically rewrote 'conversion rights and conversion pricing provisions (particularly in connection with a limited conversion event)' and the company simultaneously requested a further $2.0M draw — the pattern of a floor being engineered around, and the 8.75M registered share count is the company's own implied estimate of issuance. (2) Warrant overhang is currently benign on price: 3,500,000 Streeterville warrants reverted to $16.00 after the $1.50 window lapsed ~2026-08-09, 15x above the $1.02 market, and the note warrants strike at the greater of $10.00 or VWAP and die 2026-11-16. But the strike has been serially reset three times in ten weeks ($16 → $5 → $3 → $1.50), so treating it as fixed-and-OTM understates the real reset risk; separately, 1,173,510 options at a $0.21 WAEP are ~5x in the money with 774,791 already exercisable and an S-8 filed 2026-07-20. (3) Recent activity is intense: direct listing 2026-05-20, $6.99M Series C 2026-05-20, three warrant repricings, resale S-1 effective 2026-07-06, S-8 2026-07-20, new $2.0M Series C request 2026-08-19, +1.6% shares in seven weeks. (4) History is textbook: 1-for-3 reverse split 2026-01-09, Streeterville Capital (a John Fife vehicle) as sole institutional financier with blocking consent rights, and serial financing across converts, Reg CF, SAFEs, mezzanine notes and an ABL. Score is held at 8 rather than 9-10 only because the $4.00 conversion floor and the $16.00 reverted warrant strike are, as literally written today, real brakes on immediate issuance.