Started from the 2026-10-01 outstanding count in the S-1.
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener is showing a float that no longer exists. Trade off 4.66M shares.
The float your screener shows is understated 57%: 2.96M reported, 4.66M actual. 1 floorless convertible note and 6 reverse splits can add another 4,847% of the float. This company has cut its own floor prices before.
Variable-rate preferred (death spiral). Series C converts at 85% of the lowest trading price with no fixed price in play: the $125 cap is about 250x the current price.
Preferred warrant overhang. 9,400 Series C warrants ($94M) let Hexstone keep creating new variable-price preferred.
Pending resale registration. A 6.5M-share Hexstone resale S-1 is pending.
From today's float to the ceiling
sharesWhere the shares come from
each subtotal is a rung on the ladder above
Not counted anywhere: ATM and shelf capacity. Convertible share counts use stated conversion prices.
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Market data as of Oct 26, 2026
Key dates
- Oct 28, 2026 · Rule 144 eligibility for 1.32M April 2026 services shares
- Jan 24, 2027 · Rule 144 eligibility for 3.5M July 2026 services shares
- Nov 4, 2027 · Series C Warrant expiration