FLZHFlash Sports & Media Holdings, Inc. · Nasdaq Capital Market
Effective Supply — the real overhang

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

53.47M
Reported Float
1.50M
Tradeable Now
(estimated float)
▲ data says 53.47M — overstated 35.6×
1.53M
Effective Supply
62.00M
Fully Diluted
Dilution risk8/10
CONFIDENCE: MEDIUM
HIGHAssessed Jun 25, 2026Trigger: EFFECT registration filingCRITICALVariable-rate convertible overhang vs micro-floatCRITICALELOC / equity line capacity vs float

Tiny 1.5M tradeable float sits beneath a stack of ACTIVE floating-rate convertibles (AHP March note at 75% of 3-low-10-day; AHP April note at 80%; both being drawn in tranches) plus a $54M ELOC registering 6.24M resale shares (>4x the float) and a fresh FirstFire convertible whose $5.00 price resets down on default. Total pending supply (~8.4M shares) is ~5.6x the current float. Serial financing cadence (Feb ELOC, March/April AHP, May Agile, June FirstFire) and two reverse splits (1-for-6, 1-for-25) confirm an active dilution machine. Score held at 8 rather than 9-10 because the largest single overhang (ELOC S-1) is not yet effective and the heaviest converts carry 4.99% blockers throttling per-day issuance.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry (NASDAQ:FLZH). Adjusted based on SEC filing analysis.

Float Discrepancy: our SEC analysis shows 1.50M vs 53.47M reported — overstated 35.6×

Insight Sentry reports float 1,500,530 against outstanding 53,539,117 — consistent with our reconstruction (97% restricted). Data services correctly excluded the 51.8M preferred-conversion shares from float. The risk is the OPPOSITE of typical staleness: if the S-1 (333-296259) goes effective and the ELOC is drawn, up to 6.24M ELOC shares plus convertible-note shares could flood a 1.5M float — eve...

Reported Float53.47M86.2%
Convertible Notes1.73M2.8%
Agile Hudson Partners LLC (AHP) March 2026 OID Senior Secured Convertible Note
Conv. Price: floating_discount
Est. Shares: ~253K (agent-computed)
Agile Hudson Partners LLC (AHP) April 2026 12% Secured Convertible Note
Conv. Price: floating_discount
Est. Shares: ~1.30M (agent-computed)
FirstFire Global Opportunities Fund, LLC Convertible Note
Conv. Price: fixed
Est. Shares: ~176K (agent-computed)
Other446K0.7%
Warrants428K shares
Options / RSUs18K shares
≈ Estimated Actual Float

Reported float + filing adjustments

1.50M

MEDIUM confidence

Pending Shares as % of Float561%

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

Fully Diluted62.00M100%

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 (2)
  • 1-for-25·Feb 9, 2026~6 mo ago
  • 1-for-6·Dec 31, 2020~6 yr ago
Active mechanisms
  • ▸Hudson Global Ventures ELOC up to $54M (6,244,800 shares registering on S-1 333-296259, pending effectiveness)
  • ▸AHP March 2026 floating convertible note (75% of 3 lowest 10-day prices) — drawing in tranches
  • ▸AHP April 2026 floating convertible note (80% of 3 lowest 10-day prices) — first tranche drawn
  • ▸FirstFire convertible note ($5.00 fixed, resets down on default; 10.7M-share exchange cap)
  • ▸In-the-money AHP warrants (186,000 @ $2.50) + pre-funded (26,000 @ $0.01)

Market Data

Price

$1.38

Market Cap

$73.88M

Outstanding

53.54M

Float

53.47M

Avg Volume

37.1K

Exchange: NASDAQ|Source: Insight Sentry