Three live at-or-below-market issuance mechanisms sit against a ~1.85M post-split float: (1) White Lion convertible notes with ~$1.11M face converting at 90% of the lowest 10-day VWAP with NO FLOOR — a true death-spiral mechanic that produces ~722,000 post-split shares at $1.71 and MORE as the price falls, equal to ~39% of float; (2) a $4.353M Roth ATM that went live 2026-08-13 and would represent ~2.55M shares at $1.71 — roughly 138% of the entire float — though the baby-shelf cap has likely shrunk to ~$1.77M as the non-affiliate market value fell; (3) a $25M White Lion ELOC priced at 96.5%–98% of VWAP (or the lowest traded price) with a commitment period running to 2027-06-30, drawn as recently as 2026-08-05. Recent activity is relentless: share count rose 23.4% between 2026-05-13 and 2026-08-10, with four White Lion note closings (Jan/Apr/May/Jul 2026), $1.75M of NLabs demand notes in July–August alone, two preferred exchanges, and a June 2026 note conversion plus share issuance to six investors. The one genuinely mitigating factor — and the reason this is a 7 and not a 9 — is that the entire ~3.83M-share warrant book is now DEEP out of the money post-split (weighted-average strike ~$83.20; lowest strike $6.20 vs a $1.71 market, and the NLabs $6.20 warrants are not even exercisable until 2027-01-01), and both preferred series convert at $10.06 and $6.20, well above market, making voluntary conversion economically irrational near term. Warrant and preferred overhang is therefore paper-only at current prices. All of the actionable risk is concentrated in the floating convert and the at-market equity facilities.