DEF 14A count of 14,473,292 shares at 9/30, less officer and director holdings and less the Sponsor's 13.5% block (1,954,241 beneficially owned minus 37 warrant shares).
Data-service feed, fetched today. The number TradingView and most screeners show.
Your screener is showing a float that no longer exists. Trade off 10.71M shares.
The float your screener shows is understated 25%: 8.59M reported, 10.71M actual. An active $9.2M ATM, 1 convertible note and 4 reverse splits can add another 75% of the float.
Rapid share count growth. Outstanding shares went from 1,349,019 (2026-08-06) to 5,560,256 (2026-08-13) to 14,473,292 (2026-09-30): about 10.7x in 8 weeks.
At-the-money warrant overhang unlocking. 7,288,274 warrants (3.22M Series F, 3.22M Series G, 629K Series E at $0.2603, and 225K PA at $0.3254) sit at or near the $0.2628 price.
Oversized ATM vs market cap. The HCW ATM has $9.2M remaining against a $3.8M market cap (2.4x).
From today's float to the ceiling
sharesWhere the shares come from
each subtotal is a rung on the ladder above
ATM program active with $9.2M of registered capacity remaining. Sales are paced by the agent against daily volume; the headline figure is not the near-term supply.
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 · Deadline to file resale S-3 for 6,433,856 F/G warrant shares
- Nov 30, 2026 · Nasdaq bid-price compliance deadline (approx.); another raise or inducement is likely around the split
- Feb 15, 2027 · Original Sponsor note maturity; litigation outcome could produce settlement shares