NUWENuwellis, Inc. · Nasdaq Capital Market
Effective Supply — the real overhang

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

363.2K
Reported Float
359.1K
Tradeable Now
(estimated float)
382.6K
Effective Supply
1.27M
Fully Diluted
Dilution risk8/10
CONFIDENCE: MEDIUM
HIGHAssessed Jun 26, 2026Trigger: Reverse splitCRITICALVariable-rate / floating-reset warrants (death spiral)HIGHWarrant overhang / cashless exercise

Pending supply (~905K post-split shares) is ~252% of the ~359K float. The dominant driver is the new Series C common warrant tranche (~563,910 post-split) carrying a one-time floating reset to 90% of lowest 5-day VWAP after the reverse split — an at/below-market, death-spiral-style mechanism — plus Series D cashless warrants (~187,970). Full-ratchet Series F/F-1 preferred add variable-rate conversion that expands as the company prices new raises lower. Issuance cadence is relentless (June 2025 offering, Sept 2025 ATM, Jan 2026 Armistice PIPE+inducement, May/June 2026 best-efforts + June 8 2026 $6M offering). Most legacy priced warrants ($99-$441 strikes) are deeply OTM post-split and low-risk, but the variable reset tranches are the live threat.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry. Adjusted based on SEC filing analysis.

Reported Float363K28.6%
Warrants903K71.2%
common564K shares
common188K shares
common57K shares at $99.4
common36K shares at $99.4
common34K shares at $245
pre-funded23K shares at $0.0035
placement_agent1K shares at $178.45
common179 shares at $441
Other2K0.1%
Convertible Notes692 shares
Options / RSUs984 shares
≈ Estimated Actual Float

Reported float + filing adjustments

359K

MEDIUM confidence

Pending Shares as % of Float252%

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

Fully Diluted1.27M100%

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 (8)
  • 1-for-35·Jun 26, 2026~1 mo ago
  • 1-for-42·Jul 7, 2025~1 yr ago
  • 1-for-35·Jun 28, 2024~2 yr ago
  • 1-for-100·Dec 12, 2022~4 yr ago
  • 1-for-30·Oct 19, 2020~6 yr ago
  • 1-for-14·Jan 3, 2019~8 yr ago
  • 1-for-20·Oct 13, 2017~9 yr ago
  • 1-for-30·Jan 13, 2017~10 yr ago
Active mechanisms
  • ▸Series C common warrants with floating 90%-of-VWAP one-time reset (death-spiral feature)
  • ▸Series D cashless (zero-cash exercise) common warrants
  • ▸Full-ratchet anti-dilution Series F / F-1 convertible preferred
  • ▸ATM program via Ladenburg Thalmann (~$1.65M remaining)
  • ▸Open S-1/A resale registration for offering + Armistice warrants
  • ▸Near-zero-strike Armistice pre-funded warrants

Market Data

Price

$1.99

Market Cap

$724.9K

Outstanding

364.3K

Float

363.2K

Avg Volume

150.7K

Exchange: NASDAQ|Source: Insight Sentry