SBEVSPLASH BEVERAGE GROUP, INC. · NYSE American
Effective Supply — the real overhang

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

25.20M
Reported Float
15.39M
Tradeable Now
(estimated float)
▲ data says 25.20M — overstated 64%
15.86M
Effective Supply
65.00M
Fully Diluted
Dilution risk9/10
CONFIDENCE: MEDIUM
EXTREMEAssessed Jul 7, 2026Trigger: 8-K financing eventCRITICALVariable-priced ELOC (equity line) drawsCRITICALVariable-rate preferred conversion overhang

Multiple stacked variable-rate/floating conversion mechanisms are ACTIVELY hitting the tape against a ~15.9M share float: (1) a heavily-used $35M ELOC (variable price, 95% of low VWAP, floor $0.80) with ~9.7M shares already sold and ~$32M / up to ~43.75M shares of remaining capacity; (2) Series B preferred converting at 80% VWAP (24,252 sh → 1,940,120 common in Q1 2026 alone) with up to ~10.2M more; (3) death-spiral notes converting at 75% of 10-day low and 'lower of $1.75 / $0.01 above close'; (4) a new $5.5M Series D with full-ratchet reset (floor $0.15 → up to 36.7M shares) convertible from Dec 2026. Aggregate identified overhang is 300%+ of float, with the ELOC alone able to triple the float. Share count grew ~503% in ~7 months. This is textbook active, large-scale, at/below-market dilution.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry (AMEX:SBEV). Adjusted based on SEC filing analysis.

Float Discrepancy: our SEC analysis shows 15.39M vs 25.20M reported — overstated 64%

Insight Sentry reports 16.16M float / 16.16M outstanding at $0.2081 (mkt cap $3.36M). This is slightly ABOVE the latest SEC outstanding of 15.39M (June 5) and roughly captures post-split, post-ELOC issuance — the feed appears near-current, not pre-split. Data services will lag the continuous ELOC drip (767,953 more shares issued June 24) and ongoing Series B preferred conversions. They also do NOT...

Reported Float25.20M38.8%
Convertible Notes35.74M55.0%
September 2025 secured convertible notes ($2.2M)
Conv. Price: variable
Est. Shares: ~1.26M (fixed)
November 2025 convertible note ($500K)
Conv. Price: variable
Est. Shares: ~286K (fixed)
August 2025 convertible notes (floating discount, 4.99% blocker)
Conv. Price: floating_discount
Est. Shares: ~1.93M (variable-discount)
Series D Preferred underlying convertible ($5.5M stated value)
Conv. Price: floating_discount
Est. Shares: ~22.00M (agent-computed)
Aggregate outstanding convertible notes (per S-1)
Conv. Price: variable
Est. Shares: ~10.27M (agent-computed)
Warrants4.66M7.2%
common1.35M shares at $0.8
common3.31M shares at $10.3
Options / RSUs5.52M8.5%
Stock Options5.52M shares
≈ Estimated Actual Float

Reported float + filing adjustments

15.86M

MEDIUM confidence

Pending Shares as % of Float332%

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

Fully Diluted65.00M100%

Share estimates are approximate. Convertible share counts based on current price. Review SEC filings for exact terms.

See the full breakdown

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Dilution profile
Reverse splits (2)
  • 1-for-40·Mar 27, 2025~1 yr ago
  • 1-for-3·Jun 11, 2021~5 yr ago
Active mechanisms
  • ▸C/M Capital $35M ELOC (variable price, ~$32M / ~43.75M shares remaining) — actively drawn monthly
  • ▸Series B 12% preferred converting at 80% VWAP — active
  • ▸Floating-discount death-spiral notes (75% of 10-day low)
  • ▸Variable notes (lower of $1.75 / $0.01 above close)
  • ▸Series D full-ratchet preferred (floor $0.15) — convertible from Dec 2026
  • ▸Additional 'proportionate' reverse split contemplated to avoid $0.10 low-price delisting

Market Data

Price

$0.09

Market Cap

$1.51M

Outstanding

25.20M

Float

25.20M

Avg Volume

49.41M

Exchange: NYSE Arca|Source: Insight Sentry