ADS-equivalent reconstruction.
Data-service feed, fetched today. The number TradingView and most screeners show.
Trade off 7.64M shares; data services have no usable float for this ticker.
We put the float at 7.64M; data services have no usable number. 9 reverse splits can add another 66% of the float.
Warrant overhang with repricing mechanism. The 4,408,436 Series P warrants equal 58% of the float.
Recently registered free-trading shares not in data feeds. The 2,204,218 ADSs issued on 2026-09-15 are registered (333-297473) and unlegended.
Rapid share count growth. ADS-equivalent outstanding grew from 451,636 (2025-12-31) to about 7.64M (2026-09-15), about +1,592% in 9 months.
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 14, 2026
Key dates
- Oct 30, 2026 · Target effectiveness of the Series P resale F-1 (45 days from closing)
- Nov 29, 2026 · Outside target for effectiveness if the SEC reviews it (75 days)
- Mar 15, 2027 · Series P cashless exercise available if no effective resale registration
- Sep 15, 2031 · Series P warrants expire