NWGLCL Workshop Group Ltd · Nasdaq · $3.43M mkt cap
Assessed Sep 26, 2026 · Float drift
Is the float you're seeing correct?
17.24M
Estimated float

Float equals all outstanding Class A ADSs (17,236,557 = 137,892,456 Class A shares).

NO REPORTED FLOAT
—
Reported float

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

Trade off 17.24M shares; data services have no usable float for this ticker.

Dilution risk8/10HIGH
CONFIDENCE: MEDIUM

We put the float at 17.24M; data services have no usable number. Registered and convertible shares could add another 214% of the float.

  • Warrant overhang (deep in the money, cashless). 36.9M Warrant ADSs at $0.25 against a $1.42 ADS price, about 5.7x in the money.

  • Recently registered shares now free-trading. The 12.3M PIPE ADSs, 71.36% of all outstanding ADSs, became free-trading on 2026-08-25 through the F-1 resale.

  • Concentrated holders just under 5%. Fifteen individual holders each own exactly 4.76% (820,000 ADSs plus 2,460,000 Warrant ADSs), just under the 13D/G line.

From today's float to the ceiling

shares
17.24M
Estimated float
tradeable today
+36.90M can sell now
54.14M
Effective supply
float plus what sells on notice
+36.90M if floors are cut and warrants exercise
91.04M
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
17.24M
Can sell now
Registered resale shares, issuable on notice
Already effective; the holder can sell without a further filing.
+36.90M
Warrants in the money
None of the outstanding warrants are exercisable at this price.
+0
Effective supply
54.14M
Above the current price
Warrants out of the money
Struck above the current tape; supply only if the stock rises.
+36.90M
Fully diluted
91.04M

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

Engine fully-diluted count (65.75M) is below the itemised overhang; ceiling computed from the rows.

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The facts

Price
—
Market cap
$3.43M
Shares outstanding
28.85M
Reported float
—
Avg volume
50.86M
Reverse splits
None on record
Going concern
Yes · 0 quarters runway
Quarterly burn
—

Market data as of Oct 20, 2026

Key dates

  • Nov 2, 2026 · Nasdaq minimum bid deadline (a second 180-day period may be available)
NWGL Float & Dilution Analysis | ShareStructure.io