From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Primary driver is ~4.27M shares of deeply in-the-money FIXED-price convertible preferred (Series B-1 at $1.92 and Series A-1 at $3.445 vs ~$7 market) equal to ~55% of the 7.68M float — large potential supply, though tempered by 4.99%/9.99%/19.99% ownership blockers and heavy insider/lead-investor holding (not a death spiral, no variable pricing). Warrant overhang is modest (only 326,560 CEO-held warrants ITM; rest far OTM). Company is actively financing (ATM draws, Feb 2025 and June 2026 PIPEs) with a long reverse-split/serial-raise history. Not variable-rate, so capped below EXTREME.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry. Adjusted based on SEC filing analysis.
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·Oct 11, 2023~3 yr ago
- 1-for-6·Jun 10, 2019~7 yr ago
- 1-for-7·May 7, 2018~8 yr ago
- 1-for-10·Sep 2, 2015~11 yr ago
- ▸HCW ATM (~$2.26M remaining, active)
- ▸Series B-1 convertible preferred (736 shares → ~3.83M common at $1.92 fixed, ITM)
- ▸Series A-1 convertible preferred (150 shares → ~435K common at $3.445 fixed, ITM)
- ▸ITM CEO warrants (326,560 at $3.445)
- ▸$150M S-3 shelf (baby-shelf limited)
- ▸Vested RSUs (751,473 of 1,313,069)
Market Data
$5.25
$50.57M
9.63M
7.68M
59.0K