KWMK Wave Media Ltd. · Nasdaq
Effective Supply — the real overhang

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

54.28M
Reported Float
54.28M
Tradeable Now
(estimated float)
54.28M
Effective Supply
92.00M
Fully Diluted
Dilution risk8/10
CONFIDENCE: LOW
HIGHAssessed Jul 10, 2026Trigger: EFFECT registration filingCRITICALFloorless / floating-rate convertibles (death spiral)HIGHELOC / equity line — oversized & related-party

Active floating-discount convertible notes with NO FLOOR (Anson Initial at 92% of lowest 10-day VWAP; Loeb at 85% of lowest 5-day close, matured 2026-03-31) convert at a discount to a ~$0.15 stock — classic death-spiral supply. A $500M related-party SEPA/ELOC (Bitcoin Strategic Reserve KWM LLC, insider Stephen Drew) with up to 100M registered shares sits over a 54M float. Anson SPA warrants (143.7M if all closings occur) carry full-ratchet resets that would drag their $3.6616 strike toward market. Recent issuance is heavy (share count +~24% since Nov 2025, multiple Jan-2026 conversions). Score held at 8 (not 9-10) because remaining active convert principal is modest (~$10M), the largest tranches (Anson Second/Additional, $510M) are contingent and their Bitcoin-purchase purpose was abandoned in May 2026, and the warrant ratchet has not yet been shown triggered.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry (as-of date unknown; feed outstanding 78,514,508 is higher than latest SEC cover 73,243,832, so feed appears reasonably current post Jan-2026 issuances). Adjusted based on SEC filing analysis.

Reported Float54.28M59.0%
Convertible Notes122.98M133.7%
Anson Senior Secured Convertible Notes — Initial Notes (partially converted; $6M repaid 2026-04-29)
Conv. Price: floating_discount
Est. Shares: ~4.45M (agent-computed)
Loeb & Loeb Convertible Note (as amended 2026-02-12)
Conv. Price: variable
Est. Shares: ~2.50M (agent-computed)
Anson Second Notes (contingent — Second Closing conditioned on price ≥ $3.00 & $2M daily volume over 10 days)
Conv. Price: floating_discount
Est. Shares: ~2.39M (fixed)
Anson Additional Notes (contingent — Additional Closing, up to $475M cash / $500M principal)
Conv. Price: floating_discount
Est. Shares: ~113.64M (agent-computed)
Warrants153.64M167.0%
common9.70M shares at $11.5
placement_agent4.31M shares at $3.6616
placement_agent2.87M shares at $3.6616
placement_agent136.55M shares at $3.6616
common200K shares at $2.75
≈ Estimated Actual Float

Reported float + filing adjustments

54.28M

LOW confidence

Pending Shares as % of Float295%

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

Fully Diluted92.00M100%

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
  • PENDING — up for shareholder approval at AGM to cure Nasdaq bid-price deficiency; ratio not yet specified; not yet effected·Jul 11, 2026this month
Active mechanisms
  • ▸Floating-rate senior secured convertible notes (Anson) — 92% of lowest 10-day VWAP, no floor
  • ▸Variable convertible note (Loeb) — 85% of lowest 5-day close, no floor, matured
  • ▸$500M related-party SEPA/ELOC (largely undrawn; 100M shares registerable)
  • ▸Full-ratchet reset warrants (Anson SPA)
  • ▸$250M F-3 shelf (baby-shelf limited)
  • ▸Contingent Anson Second/Additional Notes ($510M principal)

Market Data

Price

$0.08

Market Cap

$6.48M

Outstanding

78.51M

Float

54.28M

Avg Volume

38.37M

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