From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Textbook active large-scale dilution vs float: a floating-price ELOC (96% of LOWEST 10-day VWAP with a downward true-up — look-back AND look-forward) has already printed 5,467,310 shares (~37% of the pre-draw float) for only $4.16M in ~3 months, with $45.8M of $50M capacity remaining against a $13M market cap and a fresh 10M-share resale S-1 pending. Share count grew 18.3% in six weeks (XBRL-deterministic) and ~98% since December 2025. Series G preferred carries a FULL-RATCHET conversion reset that ELOC sales below $2.0265 can trigger (up to ~6.9M shares at current price vs 1.2M as filed). Warrants are nominally OTM but have been repriced downward THREE times in four months ($12.35 → $1.25-$2.25), so strikes chase the stock down. Only mitigants: 9.99% blockers, Series C/D leak-out (10% of daily volume), and fixed $2.0265 preferred conversions currently ~4x above market
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry. Adjusted based on SEC filing analysis.
Float Discrepancy: our SEC analysis shows 17.76M vs 14.71M reported — understated 21%
Insight Sentry's 14.7M float ties to the 5/14/26 cover page and misses ~3.05M ELOC shares issued to Ascent since then (all registered and free-trading). True tradeable float is ~17.8M (+21% vs quote) and grows with every ELOC draw — the feed's outstanding count (24.46M) is also stale by ~3M shares
ELOC shares issued to Ascent after the 2026-05-14 cover date: S-1 (7/17/26) states 5,467,310 total ELOC shares sold for $4,160,242; ~2.42M of those (plus 970,874 commitment shares) are already inside the 5/14 count per XBRL delta (+3,788,886 from 3/31), leaving ~3.05M issued after 5/14 — registered for resale (effective 4/9/26) and free-trading
Source: S-1 filed 2026-07-17; XBRL share_count_delta
Reported float + filing adjustments
MEDIUM confidence
Registered and convertible shares that could enter the float relative to current float size.
Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.
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Sign in to continue- 1-for-3·Sep 19, 2025~10 mo ago
- ▸Equity Line SPA — $45.8M remaining of $50M, actively drawn (5.47M shares sold since April 2026), floating price at 96% of lowest 10-day VWAP with downward true-up
- ▸Pending 10M-share resale S-1 (filed 2026-07-17): 8.8M new ELOC shares + 1.2M Series G conversion shares
- ▸Series G Preferred full-ratchet conversion reset (triggered by any lower-priced issuance, including ELOC draws)
- ▸Series C/D preferred conversions at $2.0265 with demonstrated repricing history + stock-paid 8% dividends
- ▸7,574,000 Ascent warrants at $1.25-$2.25 with a 3x-in-4-months repricing pattern
- ▸247,000 preferred warrants at $0.4875 — in the money
Market Data
$0.46
$13.74M
29.97M
14.71M
500.9K