From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Active variable-rate (floating 80%-of-VWAP, $0.1567 floor) 20% OID convertible note convertible into up to 33.4M shares at floor — over 2x the current ~15.5M float — becomes convertible Sept 11, 2026. Stacked on 13.3M near-the-money ($0.38 vs $0.29 market) common warrants and 5.5M pre-funded warrants exercisable now, plus continuous serial financing (six raises in ~16 months) and a pending 1:2–1:35 reverse split that typically precedes another dilution cycle. Pending shares dwarf the float.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (as-of date unknown; pre-July-2026 offering — reconciles below shares outstanding of 11,849,674, so scale is post-1:8-split and pre-offering). Adjusted based on SEC filing analysis.
Float Discrepancy: our SEC analysis shows 15.55M vs 12.89M reported — understated 21%
Insight Sentry reports 10,025,321 float / 11,849,674 outstanding at $0.2923 — this is PRE the July 1, 2026 offering that added 5,526,315 free-trading common shares plus 5,526,316 pre-funded warrants. Data services have not yet captured the offering. True tradeable float is ~55% higher (~15.5M); effective near-term supply ~21M once pre-funded warrants exercise.
5,526,315 common shares issued in July 1, 2026 best-efforts public offering (closed, free-trading, registered)
Source: 8-K filed 2026-07-02
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-10·Nov 2, 2023~3 yr ago
- 1-for-8·Sep 6, 2024~2 yr ago
- ▸Variable-rate 20% OID convertible notes (floating 80% VWAP, $0.1567 floor, embedded derivative) — convertible from 2026-09-11
- ▸13,263,159 common warrants @ $0.38 (near-the-money) with reverse-split ratchet to 16,578,947
- ▸5,526,316 pre-funded warrants @ $0.001 exercisable now
- ▸Series C-1/C-2/D/E + PIPE warrants (in/near money on split-reset scenarios)
- ▸Series A & B convertible preferred with weighted-average anti-dilution
- ▸Contemplated post-offering ATM (may commence 30 days after July closing)
Market Data
$0.19
$3.30M
17.38M
12.89M
596.1K