The March 2026 registered direct embedded a cashless zero-exercise-price warrant with a floor price mechanic — functionally a variable-rate instrument. On a post-split basis there are ~839,999 warrant shares outstanding against a reported float of only 181,670, i.e., pending warrant supply equals ~4.6x the current float. Because the current stock price (~$4.17) sits far below the post-split floor price (~$40), the floor price is the governing denominator in the cashless formula, maximizing the number of shares the warrant holder can extract without paying additional cash. Overlay this with (a) three reverse splits in three years, (b) a $200M universal shelf (34x market cap) that is already effective, and (c) unlimited authorized share capacity — the structure is built for rapid float expansion.