From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Every scoring component is maxed or near-maxed. (1) Convertibles/preferreds — a live $31,500,000 Smart Mart Pre-Paid Purchase priced at the LOWER of 50% of the signing-date close or 50% of the lowest close over the trailing 180 trading days, with the floor already blown through (post-split floor $16.00 vs a $3.59 market price), meaning the effective conversion rate is unbounded in practice; 157,500,000 pre-split shares are already registered for resale and the realized issuance history proves floors get reset rather than honored. (2) Warrant overhang — 4,500,000 Ordinary Warrants with a zero-price exercise formula that pays the company NOTHING and currently delivers the maximum 14x multiplier (787,500 post-split shares), plus a proven precedent: the May 2, 2026 warrants converted 3,500,000 into 31,500,000 shares on a cashless basis (9:1). (3) Recent activity — six financings in seven months (Jan RD, Apr RD at $0.38, May PIPE at $1.00, Jun $100M ATM, Jul $9M RD, Jul $31.5M Smart Mart) with roughly 2.53 billion pre-split shares actually issued between July 24 and August 10 alone. (4) Historical pattern — SIX reverse splits since 2021 for a cumulative 1-for-192,000,000, including 1-for-150 on 2026-02-03 and 1-for-80 today, the signature of a company recycling float through repeated toxic-conversion cycles. On top of all of it sits an untouched $100,000,000 ATM against a $117,000,000 market cap and roughly $580,000,000 of remaining shelf capacity.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (as-of date UNKNOWN). Adjusted based on SEC filing analysis.
Float Discrepancy: our SEC analysis shows 32.22M vs 1.03M reported — understated 31.4×
Insight Sentry reports float 25,002,631 but outstanding 2,577,446,220 — internally inconsistent: the float field appears split-adjusted for the 2026-08-10 1-for-80 reverse split while the outstanding field does not. Price × reported outstanding = $9.25 billion vs a reported market cap of $117.3 million, confirming the outstanding field is stale/pre-split. Our float sits ~29% above the reported fig...
SANITY CHECK PASSED: reported float 25,002,631 is on the POST-1-for-80-split scale (77.6% of derived post-split outstanding of 32,218,078). It is NOT pre-split — a pre-split reading would imply a 1% float, impossible given the company states 100% of Class A is non-affiliate held. No split re-scaling applied.
Source: Insight Sentry MARKET_DATA vs 424B5 filed 2026-07-24
True-up to full non-affiliate share count: issuer states ALL Class A Ordinary Shares are held by non-affiliates (only 4 Class B shares are insider-held). Data-service float lags the July–August issuance wave (Smart Mart Pre-Paid Purchase deliveries and zero-price Ordinary Warrant exercises). Adding the gap between reported float and derived outstanding.
Source: 424B5 filed 2026-07-24 ('shares held by non-affiliates' = 38,218,077 = 100% of Class A) + Insight Sentry outstanding ÷ 80
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.
See the full breakdown
Red flags, financing counterparties, the deal timeline, and every SEC filing — free with an account.
Sign in to continue- 1-for-80·Aug 10, 2026~1 mo ago
- 1-for-150·Feb 3, 2026~7 mo ago
- 1-for-8·Feb 25, 2025~2 yr ago
- 1-for-25·Oct 5, 2023~3 yr ago
- 1-for-20·May 19, 2022~4 yr ago
- 1-for-4·Feb 22, 2021~6 yr ago
- ▸Smart Mart Limited $31,500,000 Pre-Paid Purchase — variable conversion at 50% of the lowest close over 180 trading days, $0.20 pre-split floor, 9.99% ownership cap (rolling, so the cap throttles pace but not total)
- ▸Ordinary Warrants (2026-07-23) — zero-price exercise formula keyed to the lowest 10-day VWAP; up to 63,000,000 pre-split / 787,500 post-split shares issued for NO cash proceeds
- ▸$100,000,000 ATM with Univest Securities — fully undrawn as of 2026-06-01, terminable on 15 days' notice, capacity ≈ 85% of current market cap
- ▸F-3 shelf 333-291428 — approx. $580,000,000 of remaining capacity; no longer baby-shelf limited (non-affiliate value $102.4M as of 2026-07-22 exceeded $75M)
- ▸F-3 resale registration for 157,500,000 Smart Mart shares (pending effectiveness)
- ▸Recurring reverse splits that reset the share count and enable the next issuance cycle
Market Data
$2.56
$3.38M
1.32M
1.03M
1.50M