WKSPWorksport Ltd · Nasdaq Capital Market
Effective Supply — the real overhang

From what's tradeable today to what's realistically coming. Bigger = more selling pressure ahead.

12.43M
Reported Float
9.81M
Tradeable Now
(estimated float)
▲ data says 12.43M — overstated 27%
9.81M
Effective Supply
24.58M
Fully Diluted
Dilution risk6/10
CONFIDENCE: MEDIUM
ELEVATEDAssessed Jun 24, 2026Trigger: 8-K financing eventHIGHRapid share count growthHIGHSerial financing cadence + active ATM/registered directs

Risk is driven by relentless recent issuance rather than toxic converts. Series C preferred (453,026 shares, fixed 1:1, modest ~4.6% of float) and all warrants priced $1.50-$40 are OUT of the money vs the $1.03 stock, so instantaneous conversion/exercise pressure is limited. But the company sells continuously: quarterly ATM, two June 2026 registered directs priced as low as $0.70, plus serial Feb/Dec 2025 warrant inducements with Armistice that REPRICED warrants from $6.82 to $2.90 — establishing a clear precedent that nominally OTM warrants get repriced into exercisable money. Share count tripled post-reverse-split. Score reflects very high recent-activity and historical-pattern components against a currently OTM/low-convertible structure.

Share Structure

Float to Fully Diluted Breakdown

LIKELY STALE

Reported float from Insight Sentry. Adjusted based on SEC filing analysis.

Float Discrepancy: our SEC analysis shows 9.81M vs 12.43M reported — overstated 27%

Insight Sentry float 9,813,542 sits below outstanding 14,712,528 (sane). Our looser reconstruction (~11.2M) is higher because we only subtract Rossi/directors and Armistice's capped common; the feed applies a tighter restricted-share haircut. The events most likely missing from any standard feed are the two June 18, 2026 registered-direct issuances (884K shares) and continued ATM dribble — all imm...

Reported Float12.43M50.6%
Convertible Notes4.43M18.0%
Revolving Financing & Assignment Agreement (line of credit, secured by AR/factory/inventory)
Conv. Price: unknown
Est. Shares: ~4.43M (estimate)
Warrants7.54M30.7%
common3.84M shares at $3
common3.07M shares at $4.5
common200K shares at $5
common190K shares at $4
common30K shares at $40
common208K shares at $1.5
Options / RSUs1.82M7.4%
Stock Options1.82M shares
≈ Estimated Actual Float

Reported float + filing adjustments

9.81M

MEDIUM confidence

Pending Shares as % of Float100.1%

Registered and convertible shares that could enter the float relative to current float size.

Fully Diluted24.58M100%

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.

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Dilution profile
Reverse splits (4)
  • 1-for-10·Mar 18, 2025~1 yr ago
  • 1-for-20·Aug 4, 2021~5 yr ago
  • 1-for-6·Mar 29, 2019~7 yr ago
  • 1-for-100·May 9, 2003~23 yr ago
Active mechanisms
  • ▸Active ATM with H.C. Wainwright (baby-shelf limited, ~$291K I.B.6 capacity remaining)
  • ▸Baby shelf S-3 333-291582 ($30M authorized, I.B.6 capped near exhaustion)
  • ▸Serial best-efforts registered directs at deep discounts ($0.70)
  • ▸Series C preferred 1:1 conversions feeding common (2.6M+ already converted)
  • ▸Warrant inducement/repricing cycle with Armistice Capital

Market Data

Price

$0.51

Market Cap

$9.90M

Outstanding

15.30M

Float

12.43M

Avg Volume

19.50M

Exchange: NASDAQ|Source: Insight Sentry