NUKKNukkleus Inc. · Nasdaq Global Market
Assessed Sep 2, 2026 · Reassessment
Is the float you're seeing correct?
2.86M
Estimated float

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).

NO REPORTED FLOAT
—
Reported float

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.

Dilution risk10/10EXTREME
CONFIDENCE: LOW

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

shares
2.86M
Estimated float
tradeable today
+37.6K can sell now
2.89M
Effective supply
float plus what sells on notice
+5.10M if floors are cut and warrants exercise
8.00M
Fully diluted
ceiling

Ceiling computed from the itemised overhang.

Where the shares come from

each subtotal is a rung on the ladder above

Tradeable today
2.86M
Can sell now
Registered resale shares, issuable on notice
Already effective; the holder can sell without a further filing.
+37.6K
Warrants in the money
None of the outstanding warrants are exercisable at this price.
+0
Effective supply
2.89M
Converts only if floors are cut
Convertible notes, beyond the registered shares
At the stated conversion prices; a cut to those prices raises the count.
+4.19M
Notes with no conversion price set
Sized in dollars until a price or floor is set; not counted in the ceiling.
$6.00M
Preferred stock, as converted
Common equivalent at the stated conversion ratio.
+37.6K
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+808.4K
Options and RSUs
Employee equity; vests and settles over time.
+68.8K
Fully diluted
8.00M

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.

See the full breakdown

Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.

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The facts

Price
—
Market cap
—
Shares outstanding
—
Reported float
—
Avg volume
—
Reverse splits
2 · latest 1-for-125 · Jul 20, 2026
Going concern
Yes · 0.8 quarters runway
Quarterly burn
$4.90M

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…