Upper-bound reconstruction: post-split shares outstanding (1,509,118) less the 251,520 restricted Section 4(a)(2) advisory shares issued to E.F.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener's float is right for APUS. Trade off 563.2K shares. What it does not show you is what is about to be added to it.
The float your screener shows is right, at 563.2K. 4 convertible notes and 2 reverse splits can add another 2,735% of the float. This company has cut its own floor prices before.
Preferred stock conversion overhang. 747,702 Series A Convertible Preferred shares convert 1:20 into 14,954,040 common — 26.6x the 563,192-share tradeable float and 9.9x the 1,509,118 shares outstanding.
Variable-rate convertible in default (death spiral). The $10,900,000 senior secured convertible note carries a conversion price 'subject to reset and other anti-dilution adjustments, with floor provisions dependent on future market price' — the company…
Lock-up / Rule 144 seasoning creating new free-trading supply. 251,520 shares (16.7% of outstanding, 44.7% of the current float) were issued to E.F.
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 Sep 25, 2026
Key dates
- Oct 15, 2026 · NYSE American Section 1007 initial six-month cure period expires (extendable up to six additional months to 2026-04-15); resolution here is the gating event fo…
- Nov 11, 2026 · Approximate Rule 144 six-month seasoning of 251,520 restricted E.F. Hutton shares — could add ~45% to the tradeable float
- Dec 8, 2026 · Senior secured convertible note ($10,900,000 redemption amount plus 18% default interest) matures
- Dec 31, 2026 · Related-party notes ($500,100) mature