Started from the 10/20/2026 outstanding count in the S-3/A.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener's float is right for DFNS. Trade off 2.99M shares. What it does not show you is what is about to be added to it.
The float your screener shows is right, at 2.99M. 3 convertible notes and 2 reverse splits can add another 45% of the float.
Preferred stock conversion overhang (market reset). 200 Series B preferred ($10M stated) auto-convert on the effective date of S-3 333-298957, and the conversion price resets to the lower of the current price or market at effectiveness.
Variable-rate warrant exchange (Black-Scholes cashless). Feb 2026 warrants (701,746 at 6/30, up from 56,338 through anti-dilution resets) can be exchanged at any time for shares equal to the Black-Scholes value divided by the lower of the last two closing…
Rapid share count growth. Outstanding went from 758,660 (6/30) to 1,663,806 (8/14) to 3,366,384 (10/20), a 344% rise in under 4 months after the 1:125 split.
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 25, 2026
Key dates
- Nov 17, 2026 · VisionWave 48,000-share lockup expires
- Dec 8, 2026 · $3M Term Note maturity, the outside date for a Series B second closing ($10M, about 5.1M shares including warrants at current prices)
- Jan 6, 2027 · Project 35 168,479 shares become Rule 144-eligible
- Feb 26, 2027 · One-year anniversary of the Series B closing