From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Series C preferred (3,045 remaining) converts on a variable/anti-dilution basis at/below market and is being actively converted (3,830 converted into 497,280 common in Q1 2026); base estimate ~395,363 shares (~28% of float) with upside far higher under the ratchet. Add 403,088 deeply in-the-money pre-funded warrants (~28% of float, strike $0.0001, with anti-dilution that can grow the count) and ~2.5M registered Series C resale shares now effective. Combined pending supply is ~56% of float. Serial financing every 3-4 months and two reverse splits in ~20 months reinforce an active dilution cycle. Authorized headroom and going-concern are excluded per scoring rules.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry. Adjusted based on SEC filing analysis.
Reported float + filing adjustments
HIGH 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.
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Sign in to continue- 1-for-20·Sep 13, 2024~2 yr ago
- 1-for-40·Apr 27, 2026~3 mo ago
- ▸Series C variable/anti-dilution convertible preferred (3,045 shares outstanding, actively converting)
- ▸403,088 pre-funded warrants @ $0.0001 with anti-dilution/price-adjustment provisions
- ▸Effective resale registration of Series C conversion shares (424B3)
- ▸Pending resale S-3 for May 2026 PIPE shares (488,290)
Market Data
$1.97
$3.00M
1.52M
1.52M
139.1K