From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.
Pending share supply is ~11x the tradeable float. The Perceptive conversion documents alone carry up to 5,598,367 post-split ADSs (889% of float) on a VARIABLE conversion price with a $15.18 split-adjusted floor — a floating-rate mechanism on a $114M senior secured/convertible debt stack against a $5.8M market cap, meaning conversion economics are driven by debt recovery, not upside. Layered on top: an active $25M Yorkville SEPA with only ~$0.86M drawn (leaving ~$24.1M of capacity, ~4.2x market cap) whose resale registration for 1,125,081 post-split ADSs (178% of float) went effective 2026-06-16; a brand-new ATM signed 2026-06-12 with Lucid; four live F-3 shelves; and 110,333 ADSs of undisclosed-strike warrants (17.5% of float). Issuance is demonstrably active — ordinary shares rose 8.2% in the five months from 2025-12-31 to 2026-05-31 on top of a 134% increase in 2024 — and the company just executed its third reverse split (1-for-30, 2026-07-24) following the 2024 1-for-5, the classic reverse-split-reset pattern that resets the runway for further ELOC issuance. Score is held at 8 rather than 9-10 only because the Perceptive floor price and the MiCo fixed strike ($486/ADS split-adjusted) are both above the current $8.45 print and the SEPA requires company-initiated draws.
Share Structure
Float to Fully Diluted Breakdown
Reported float from Insight Sentry (unit reconciled: post-1-for-30-split ADSs). Adjusted based on SEC filing analysis.
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-30·Jul 24, 2026this month
- 1-for-5·Feb 23, 2024~2 yr ago
- 1-for-4·Jun 2, 2005~21 yr ago
- ▸Yorkville SEPA / ELOC — $25M facility through 2029-02-24, priced at 97% of the lowest daily VWAP over a 3-day pricing period or 95% of 1-day VWAP; ~$24.1M undrawn
- ▸Perceptive convertible note + conversion rights agreement — variable conversion price, up to 3,359,019,957 ordinary shares (5,598,367 post-split ADSs)
- ▸Lucid ATM program (signed 2026-06-12), ~$4.35M currently sellable under baby-shelf Instruction I.B.5
- ▸Four effective Form F-3 shelf registrations (333-267160, 333-280391, 333-286020, 333-295842)
- ▸Form F-1 333-293717 resale registration effective 2026-06-16 for 1,125,081 post-split ADSs
- ▸Warrants: 110,333 post-split ADSs, strike undisclosed
- ▸Employee options: 66,696 post-split ADSs, split-adjusted strikes $3.60–$33.00 (partially in the money)
Market Data
$8.45
$5.44M
644.6K
N/A
13.1K