GMEXGMEX Robotics Corp · NASDAQ
Effective Supply — the real overhang

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

1.09M
Tradeable Now
(estimated float)
17.85M
Effective Supply
18.80M
Fully Diluted
Dilution risk10/10
CONFIDENCE: LOW
EXTREMEAssessed Jul 2, 2026Trigger: Reverse splitCRITICALVariable-rate convertible notes (death spiral)CRITICALSerial reverse splits (active dilution cycle)

Active Series A and Series C senior secured convertible notes with floating/variable conversion (lower of fixed price or 95% of 10-day VWAP; Series C default 'Alternate Conversion' at 93% of lowest trading price with a $0.44 floor) represent a textbook death spiral. Registered note-share overhang (~16.8M shares est., up to ~113M at the Series C floor) is roughly 15x the tradeable float of ~1.1M. Four reverse splits (1:16, 1:8, 1:7, 1:9) in 10 months confirm an ongoing dilution-and-consolidation cycle. Undrawn Series B (~$30M) plus $73.7M shelf and $6.9M ATM add further supply. All four scoring components are near-maxed.

Share Structure

Float to Fully Diluted Breakdown

NO DATA

Reported float from Insight Sentry (reported_float null; feed shares_outstanding 1,811,250, price $3.89). Adjusted based on SEC filing analysis.

Reported Float1.09M5.8%
Float Adjustments1.09M5.8%
+1.81M sharesMEDIUM

Baseline reconstructed from current post-split shares outstanding (1,811,250) — reflects cumulative effect of four reverse splits (1:16, 1:8, 1:7, 1:9 = 8,064x) offset by convertible-note conversion issuance

Source: Insight Sentry market data

-717,255 sharesLOW

Removed estimated 39.6% affiliate/control block (SKMA Class B + founders)

Source: 424B5 2025-11-07 non-affiliate 60.4%

Convertible Notes59.41M316.0%
Series A Senior Secured Convertible Notes (6.0%/13.0% default; program up to $85M; $15M issued, $3M converted, ~$12M outstanding)
Conv. Price: floating_discount
Est. Shares: ~3.24M (agent-computed)
Series C Senior Secured Convertible Notes ($50M, 6.0%/13.0% default, 2% OID, matures ~2027-11-07)
Conv. Price: floating_discount
Est. Shares: ~13.51M (agent-computed)
Series B Senior Secured Convertible Notes (private placement, program up to $30M-$100M; substantially same terms)
Conv. Price: floating_discount
Est. Shares: ~42.66M (variable-discount)
Other56K0.3%
Warrants56K shares
≈ Estimated Actual Float

Reported float + filing adjustments

1.09M

LOW confidence

Pending Shares as % of Float1,531.9%

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

Fully Diluted18.80M100%

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 (4)
  • 1-for-16·Sep 23, 2025~12 mo ago
  • 1-for-8·Jan 8, 2026~8 mo ago
  • 1-for-7·May 1, 2026~4 mo ago
  • 1-for-9·Jul 2, 2026~2 mo ago
Active mechanisms
  • ▸Series A variable-rate senior secured convertible notes (~$12M outstanding, floating conversion)
  • ▸Series C variable-rate senior secured convertible notes ($50M, floor $0.44, alternate conversion at 93% of low)
  • ▸Series B convertible notes (up to ~$30M, undrawn — pending overhang)
  • ▸At-the-market program (~$6.9M currently sellable under baby-shelf limit)
  • ▸Repeated reverse splits enabling continued below-market conversion

Market Data

Price

$0.74

Market Cap

$602.4K

Outstanding

906.8K

Float

N/A

Avg Volume

2.58M

Exchange: NASDAQ|Source: Insight Sentry
GMEX Float & Dilution Analysis | ShareStructure.io