Pending share supply dwarfs the ~3.28M float: combined Series A+B preferred convert to ~5.89M shares (188% of float) and a reverse-merger S-4 registering 82.1M shares went effective 2026-07-07. However, the preferred carries FIXED conversion prices ($11.39-$12.32) that are ABOVE the $7.63 market and is hard-capped at 19.99% pending stockholder approval — so it is not an at-market death spiral. Warrant overhang (486,264 @ $0.01 + 160,000 @ $0.25, cashless, in-the-money) is meaningful but small versus float. No shares have actually hit the float in the trailing quarter (XBRL delta = 0). Score is driven up by the transformative merger overhang and preferred-vs-float ratio, but held below extreme because the actionable near-term convertible is out-of-the-money and capped.