DAICCID Holdco, Inc. · Nasdaq
Effective Supply — the real overhang

From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.

1.34M
Reported float
1.34M
Estimated float
1.34M
Effective Supply
18.16M
Fully Diluted
Dilution risk9/10
Pending overhang1,204%of float
CONFIDENCE: MEDIUM
EXTREMEAssessed Sep 16, 2026Trigger: 8-K financing eventCRITICALDeep-discount fixed conversion overhangCRITICALPreferred stock conversion overhang

Pending shares are about 16.2M against a 1.34M tradeable float (about 12x). The most immediate risk is 2,815,506 LHT settlement shares converted at a fixed $0.386, about 81% below the $2.01 price and 209% of the float. The lender has every reason to sell once Rule 144 or a registration allows it. The H Capital note adds variable-rate supply ($0.50 floor, $0.01 on default). The White Lion notes carry a $0.01 default conversion price, and their status is unknown after cross-defaults and the Nasdaq delisting determination.

The White Lion commitment warrant is at the money with a full ratchet. In addition, 10.6M Series C shares arrive at the Envoy closing. They are locked up for now but convert automatically after the January 2027 vote. Weighted components: convertibles 10, warrants 4, recent activity 9, history 10, for a weighted 8.0. Rounded up to 9 because the in-the-money fixed-price conversion is several times the float.

Share Structure

Float to Fully Diluted Breakdown

FLOAT CONFIRMEDOVERHANG EXCEEDS FLOAT

Reported float from Insight Sentry. Adjusted based on SEC filing analysis.

Reported float1.34M7.4%
Convertible Notes3.57M19.7%
LHT I, LLC settlement conversion of the J.J. Astor Senior Secured Note (principal, interest and fees of $1,086,785.29). Notice of Conversion dated 2026-09-15. Shares are unregistered.
Conv. Price: fixed
Est. Shares: ~2.82M (agent-computed)
H Capital Ventures unsecured convertible note issued 2026-09-10 ($550K face, 10% OID). Converts at the lower of $1.50 or 90% of the 10-day VWAP, with a $0.50 floor. The price drops to $0.01 on default. Conversions are capped at 9.99% of outstanding shares until stockholders approve.
Conv. Price: variable
Est. Shares: ~367K (agent-computed)
White Lion Capital senior secured convertible notes (2 closings of $287,500 each, 2026-04-24 and 2026-05-07). Convert at 80% of the lowest 15-day VWAP; $0.01 default conversion price; 8% guaranteed interest. The filings do not say whether these were repaid or converted. Share estimate assumes $621K outstanding at 80% × $2.01.
Conv. Price: floating_discount
Est. Shares: ~386K (agent-computed)
Warrants1.24M6.8%
common626K shares at $287.5
common600K shares at $1.99
common9K shares at $42.25
Other74K0.4%
Options / RSUs74K shares
≈ Estimated float

Reported float + filing adjustments

1.34M

MEDIUM confidence

Pending overhang1,204% of float

Registered and convertible shares that could enter the float relative to current float size.

Fully Diluted18.16M100%

Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.

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Dilution profile
Reverse splits
  • 1-for-25·May 29, 2026~4 mo ago
Active mechanisms
  • ▸LHT I settlement conversion: 2,815,506 shares at a fixed $0.386 (deep in the money, unregistered)
  • ▸H Capital variable-rate convertible: lower of $1.50 or 90% of 10-day VWAP, $0.50 floor, $0.01 on default
  • ▸White Lion convertible notes: 80% of lowest 15-day VWAP, $0.01 default price (status unknown)
  • ▸White Lion Commitment Warrant: 99% of prior close, full ratchet, cashless
  • ▸White Lion $10M ELOC: registered, but new issuances need BladeRanger consent once definitive agreements are signed
  • ▸Series C Preferred (10,599,790 shares) converting 1:1 after stockholder vote
  • ▸Possible new ELOC tied to the Envoy closing (per term sheet)

Market Data

Price

$2.01

Market Cap

$3.94M

Outstanding

1.96M

Reported float

1.34M

Avg Volume

2.40M

Exchange: NASDAQ|Source: Insight Sentry