The structure is dominated by a single mechanism: 158,881.1271 Series A Non-Voting Convertible Preferred shares that convert at a fixed 200:1 post-split ratio into 31,776,225 common shares — 23.7x the entire post-split shares outstanding of 1,343,208 and 31.6x the estimated 1,004,538 tradeable float. Conversion requires no payment, so it is not price-sensitive the way a strike-priced instrument is; the only gates are a Nasdaq-mandated stockholder vote (which the company is contractually obligated to pursue and which the recipient affiliates, holding ~19% of the vote, favor) and a resale registration under the 2026-06-29 registration rights agreement. Warrant overhang of 738,686 post-split shares (73% of float) is currently out of the money — the largest tranches are struck at $9.00 versus a $5.16 market — which caps that component, but the company already repriced the February warrants from $0.29 to $0.18 four months after issuance, so the strikes are demonstrably not fixed in practice. Recent issuance activity is severe and continuous: the XBRL delta shows +49.7% shares outstanding in a single quarter (2026-05-14 to 2026-08-14) and +148% over twelve months, driven by a February registered direct, a May warrant exercise, a June inducement, and a July merger issuance. A 1-for-50 reverse split executed 2026-08-21 resets the base and restores enormous authorized headroom against 500,000,000 authorized shares. Score is held at 8 rather than 9-10 only because the preferred conversion is vote-and-registration gated rather than presently exercisable and because no variable-rate or floating-discount convertible is currently outstanding.