Start with total ordinary shares outstanding assuming full exercise of the June 18, 2026 pre-funded warrants (7,649,865).
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener overstates the float. Trade off 3.83M shares.
The float your screener shows is overstated 60%: 6.11M reported, 3.83M actual. Registered and convertible shares could add another 102% of the float.
Recently registered resale shares exceeding the entire tradeable float. The Form F-1 filed 2026-07-10 registers 3,871,000 Class A Ordinary Shares for RESALE — 101% of the 3,829,366-share tradeable float.
Explosive split-adjusted share count growth. On a post-1-for-200-split basis, Class A Ordinary Shares went from 101,275 at 2025-12-31 to approximately 7,639,410 today — an increase of roughly 7,443% in about seven months.
Full-ratchet warrants with reverse-split VWAP reset (repricing death-spiral structure). 1,480,000 Investor Warrants issued 2026-06-18 at a $2.00 strike carry FULL RATCHET anti-dilution — the exercise price resets downward to any lower price at which the company issues or is deemed to is…
From today's float to the ceiling
sharesCeiling computed from the itemised overhang.
Where the shares come from
each subtotal is a rung on the ladder above
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
Effective supply taken from the engine; it differs from the itemised rows by more than 15%.
Engine fully-diluted count left too much unexplained; ceiling computed from the itemised overhang.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continueThe facts
Market data as of Oct 8, 2026
Key dates
- Oct 21, 2026 · Rule 144 six-month holding period satisfied on the April 21, 2026 PIPE shares — alternative resale route for the 2,280,000 non-affiliate shares if the F-1 stal…
- Dec 18, 2027 · Expiration of both the 1,480,000 Investor Warrants ($2.00, full ratchet) and the 111,000 Placement Agent Warrants ($2.40)