NUWENuwellis, Inc. · NASDAQ Capital Market · $0.90 · $3.27M mkt cap
Assessed Sep 1, 2026 · Reassessment
Is the float you're seeing correct?
3.65M
Actual float

Shares outstanding per XBRL/10-Q cover page as of 2026-08-10, less the 1,455 shares beneficially owned by all directors and officers as a group per the DEF 14A filed 2026-07-07 (split-adjusted).

Understated 19%
3.08M
Reported float

Data-service feed, fetched today. The number TradingView and most screeners show.

Your screener is showing a float that no longer exists. Trade off 3.65M shares.

Dilution risk7/10HIGH
CONFIDENCE: HIGH

The float your screener shows is understated 19%: 3.08M reported, 3.65M actual. An active $790K ATM, 1 floorless convertible note and 8 reverse splits can add another 60% of the float.

  • Zero-cash-exercise warrants (economic pre-funded overhang). The Series D Warrants issued in the June 2026 offering carry a 'zero cash' exercise option under which the holder receives the FULL cash-exercise share number without paying anything.

  • Rapid share count growth / realized dilution. On a split-adjusted basis shares outstanding went from 92,201 at the 2026-06-05 DEF 14A record date to 574,455 at 2026-06-30, to 1,864,244 at 2026-07-30, to 3,647,264 at 2026-08-10 — a ~3,855% increa…

  • Stale/misleading share-count data — XBRL delta crosses a reverse split. The XBRL share_count_delta accompanying this filing set reports growth of 966,512 shares (+36.1%) between 2026-05-11 and 2026-08-10 and labels it 'DETERMINISTIC'.

From today's float to the ceiling

shares
3.65M
Actual float
tradeable today
+400.0K can sell now
4.05M
Effective supply
float plus what sells on notice
+2.25M if floors are cut and warrants exercise
6.30M
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
3.65M
Can sell now
Warrants in the money, at or near a zero strike
Exercisable at or below the current tape.
+400.0K
Effective supply
4.05M
Converts only if floors are cut · floors $2.59 to $2.59 against a $0.90 tape
Convertible notes
At the stated conversion prices; a cut to those prices raises the count.
+23
Preferred stock, as converted
Common equivalent at the stated conversion ratio.
+77.3K
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+2.17M
Options and RSUs
Employee equity; vests and settles over time.
+1.7K
Fully diluted
6.30M

ATM program active with $790K of registered capacity remaining. Public float is under $75M, so the baby-shelf rule caps primary sales near $920K per 12 months; the headline figure is not the near-term supply.

Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.

Engine fully-diluted count (5.83M) 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
$0.90
Market cap
$3.27M
Shares outstanding
3.65M
Reported float
3.08M
Avg volume
6.27M
Reverse splits
8 · latest 1-for-35 · Jun 25, 2026
Going concern
Yes · 1.4 quarters runway
Quarterly burn
$4.38M

Market data as of Sep 21, 2026

Key dates

  • Aug 26, 2026 · August 2026 Warrants — 1,310,890 at $2.59, immediately exercisable, resale-registered effective 2026-08-26
  • Jul 24, 2027 · Board-authorized but unexecuted reverse split of 1-for-5 to 1-for-70, effectable at board discretion until 2027-07-24 — the historical prec…