Outstanding per 8-K 2026-08-31 (3,008,775, post 1-for-125 split) less CEO-held shares (61,467), VisionWave lockup shares (48,000), and other restricted acquisition-consideration shares (Elad Defense 27,800 + non-Shalom Star 26 holders 15,377 = 43,177).
Data-service feed, fetched today. The number TradingView and most screeners show.
Trade off 2.86M shares; data services have no usable float for this ticker.
We put the float at 2.86M; data services have no usable number. 4 convertible notes and 2 reverse splits can add another 32% of the float. This company has cut its own floor prices before.
Death-spiral warrant — Black-Scholes cashless exchange with $0.01 floor. The 701,746 post-split February 2026 Common Warrants can be exchanged on a cashless basis for shares equal to the Black-Scholes Value divided by the LOWER of the two closing bid prices in the two day…
Variable-rate / reset-to-market convertible preferred. The Series B Convertible Preferred ($50,000 stated value per share, 200 shares = $10,000,000) converts at a price that resets to the LOWER of the then-applicable conversion price and the market price…
Explosive share count growth. Split-adjusted shares outstanding: 152,206 at 12/31/25 → 758,660 at 6/30/26 (+398%) → 1,663,806 at 8/14/26 (+119% in six weeks) → 3,008,775 at 8/31/26 (+80.8% in 17 days).
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.
Engine fully-diluted count (3.92M) is below the itemised overhang; ceiling computed from the rows.
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Market data as of Oct 25, 2026
Key dates
- Nov 2, 2026 · Original Nasdaq Rule 5450(a)(1) $1.00 minimum bid compliance deadline (company claims compliance regained 2026-07-31, but share count nearly doubled since)
- Feb 26, 2027 · One-year anniversary of the February 2026 PIPE — Series B holder's right to redeem at 105% of Stated Value ($10.5M) if applicable; also the point by which the…