From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Pending share supply is 31,679,397 shares against a 1,535,709 tradeable float — a 20.6x overhang, and that excludes ~57.7 million additional shares issuable under the untouched $96.4 million ATM at the $1.67 reference price. Three independent variable-rate mechanisms are live simultaneously: (1) 600,000 Series A Preferred with a FULL-RATCHET reset to the lowest issuance price in any subsequent registered offering — already stepped $3.0032→$2.0916, and the pending $1.67 offering will ratchet it again to roughly 8.98 million shares (17.96 million if the Class F reset cascade drags the reference price to $0.835); (2) 186,880 Class D Warrants that reprice every six months to the lowest 5-day VWAP with only a 20%-of-minimum-price floor — the strike has already fallen 95.7% from $48.16 to $2.0916 in one cycle; (3) the pending Class F Warrants, which are a textbook death-spiral: mandatory 70% and 50% strike resets on trading days 2 and 5 after closing with PROPORTIONAL SHARE-COUNT INCREASES, plus a zero-cash exercise delivering 2.0x the shares for no consideration — the company's own prospectus concedes 16,526,944 shares could be issued from a $6.0 million raise, taking outstanding to 22,206,292 (a 1,335% increase from today). Dilution is not theoretical: outstanding rose 186% in the six weeks between the May 15 and June 30 cover dates, and weighted-average shares went from 4,883 in Q1 2025 to 347,967 in Q1 2026. Five reverse splits in 27 months (cumulative 1-for-210,000) confirm the reset-and-redilute cycle is the operating model.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (NASDAQ:CISS) — reported float 529,180.8, shares outstanding 541,084, price $0.1024, market cap $55,407. Adjusted based on SEC filing analysis.
Float Discrepancy: our SEC analysis shows 1.54M vs 12.79M reported — overstated 8.3×
Insight Sentry reports 529,181 float against our 1,535,709 estimate — the feed understates true tradeable supply by ~1,006,500 shares (190%). The feed is frozen at the May 15, 2026 share count and has not picked up the six weeks of ATM issuance and Class B-2/C-2 warrant exercises disclosed on the July 22, 2026 F-1 cover. Separately, the feed's $0.1024 price and $55,407 market cap are badly stale —...
SANITY CHECK PASSED — no split adjustment needed: Insight Sentry's 541,084 shares outstanding matches the 541,088 count on the 424B3/6-K as of 2026-05-15, so the feed is already adjusted for both the 1:20 (Jan 2026) and 1:7 (Apr 2026) reverse splits. Float (529,181) < outstanding, so it is internally consistent. NOTE: the feed's $0.1024 price and $55,407 market cap are stale/unadjusted — the F-1 cites a July 20, 2026 Nasdaq close of $1.67, implying a real market cap near $2.6 million.
Source: Insight Sentry vs. 424B3 filed 2026-05-18
Share count grew from 541,088 (2026-05-15) to 1,547,612 (2026-06-30) — 1,006,524 shares actually ISSUED in six weeks (+186%). Composition: at least 558,672 shares from warrant exercises (Class B-2 fell 2,273,919→2,122,317 = 151,602; Class C-2 fell 1,881,040→1,473,970 = 407,070), with the balance of ~447,852 shares from Aegis ATM sales under the $98M program. All are free-trading (registered ATM sales / exercises of registered warrants).
Source: F-1 filed 2026-07-22 cover vs. 424B3 filed 2026-05-18
Non-float block held constant at ~11,903 shares (the 2.2% of outstanding the data service excludes). No 13D/13G or insider table is available to refine this; Imperial Petroleum's stake is in preferred, not common.
Source: Derived — Insight Sentry float-to-outstanding ratio applied to F-1 outstanding
Reported float + filing adjustments
MEDIUM confidence
Registered and convertible shares that could enter the float relative to current float size.
Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continue- 1-for-7·Apr 27, 2026~3 mo ago
- 1-for-20·Jan 26, 2026~6 mo ago
- 1-for-6·Apr 4, 2025~1 yr ago
- 1:2.5·Jan 2, 2025~2 yr ago
- 1-for-100·Apr 12, 2024~2 yr ago
- ▸Series A Perpetual Convertible Preferred (600,000 shares) with FULL-RATCHET reset to the lowest price of any subsequent registered offering — currently 7,171,543 shares at $2.0916, resetting again on the pending offering
- ▸Class D Warrants (186,880) with semi-annual reset to lowest 5-day VWAP, floor = 20% of Nasdaq Minimum Price — next reset 2026-12-12
- ▸Pending Class F Warrants (3,592,814 + 538,922 over-allotment) with mandatory 70%/50% strike resets on trading days 2 and 5 post-closing, proportional share-count increase, $0.10 floor, and a 2.0x zero-cash exercise → up to 16,526,944 shares
- ▸Aegis Capital $98,000,000 ATM — approximately $96,395,963 undrawn, actively used in Q1/Q2 2026
- ▸Class B-1 and C-1 Warrants (65,943) exercisable via alternative zero cash exercise for no consideration
- ▸Class B-2 and C-2 Warrants (3,596,287) at $3.0032 with adjustment provisions — being exercised despite trading above the $1.67 market price
- ▸F-3 shelf (333-285135) available for further takedowns
- ▸Serial reverse splits used to reset the share count and enable the next dilution cycle (5 splits since April 2024)
Market Data
$0.11
$1.42M
13.08M
12.79M
129.21M