Outstanding (655,185 per 10-Q cover 2026-08-11) less actual ISSUED insider common (3,114).
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener is showing a float that no longer exists. Trade off 636.5K shares.
The float your screener shows is understated 12%: 570.8K reported, 636.5K actual. 2 convertible notes and 5 reverse splits can add another 911% of the float.
Near-zero-strike pre-funded warrant overhang held by a single fund. Armistice Capital holds 469,000 unexercised pre-funded warrants struck at $0.0001 — economically identical to already-issued stock — equal to 73.7% of the current 636,498-share float.
Registered resale shares vastly exceeding outstanding stock. S-1 333-297381 went effective 2026-07-17 registering 3,766,500 shares for resale against 531,968 then outstanding — 7.1x the entire share count.
Variable-rate equity line with no exchange cap and an anti-dilution reset. The C/M Capital equity line prices at 95% of the LESSER of the prior day's closing price or VWAP — a floorless, market-referenced formula that issues more shares as the price falls.
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 23, 2026
Key dates
- Dec 23, 2026 · 180-day variable-rate transaction standstill from the 2026-06-26 PIPE expires — C/M Capital ELOC (~$5.0M undrawn, floorless 5% discount, no exchange cap) and t…
- Dec 29, 2026 · 213,198 placement agent warrants at $7.3875 become exercisable as the FINRA 5110 lock-up lapses
- Mar 31, 2027 · Nasdaq mandatory panel monitor expires — until then the company cannot use a 180-day bid-price cure period and must resolve any deficiency by other means, hist…