An active, variable-rate $18M Hudson ELOC priced at 91% of the lowest recent trades (9% discount, floating) is the dominant overhang — once its resale F-1 is effective, draws can be sold continuously into a sub-1M-share float, with share counts inflating as price falls (death-spiral mechanics). Remaining best-efforts Common Warrants (~520,000 post-split) are in the money at a $1.25 strike vs ~$5.43 market. Issuance activity is intense (PIPE + warrant exercises April 2026, best-efforts offering ongoing, ELOC live since Dec 2025), and the company has executed two reverse splits in eight weeks. Pending registered/convertible supply (~1.24M) is roughly 2x the estimated float. Not scored 8-10 only because the ELOC resale registration is not yet effective and the variable converts are not yet being actively drawn into the tape.