Daily Dilution Report - Apr 23, 2026
All Events
$LZM (MC: $396M)
- Direct Offering: 5.7M shares at $4.40/share for $25.08M gross proceeds.
- Convertible Debentures: $50M principal convertible @ $8.00/share (~6.25M potential shares).
- Contingent Earnout: 26.8M shares to be issued if VWAP hits $14.00 or $16.00.
$TBRG (MC: $343M)
- Common Stock: Each outstanding share of TruBridge's common stock will be converted into the right to receive $26.25 in cash per share. This is a cash-out event, not a dilution event for existing shareholders, as it represents a purchase of their shares.
- Equity-Based Awards: Outstanding equity awards (restricted stock awards and performance share awards) will be treated as follows:
- Restricted Stock Awards (RSAs): Vesting conditions will be accelerated, and RSAs will be converted into the right to receive the Per Share Merger Consideration ($26.25 in cash).
$TOYO (MC: $506M)
- ATM Offering: Up to $30M via 3M ordinary shares (illustrative) at market prices.
- Stock Plan: 2.83M ordinary shares reserved for future issuance.
- Shelf Registration: Up to $200M for future offerings of various instruments (incl. shares, warrants, debt securities).
$NKTR (MC: $1.9B)
- Direct Offering of 3.53M shares at $92.00, raising $325M. Potential 0.53M additional shares via Greenshoe.
- Feb 2026 Public Offering sold 7.64M shares & 0.29M pre-funded warrants, raising ~$432M. Warrants exercisable at $0.0001/share.
- ATM sales of 1.53M shares at avg $71.76, raising ~$110M. Plus 2.33M shares from outstanding stock options.
$NKTR (MC: $1.9B)
- Underwritten Offering of Common Stock.
- 4.06M shares offered at $92.00/share.
- Estimated net proceeds of $350.9M, with expected closing April 23, 2026.
$CYDY (MC: $466M)
- Authorized common stock increased to 2.25B shares. 579.2M shares reserved for future issuance via warrants, convertibles, options, ELOC, & legal settlements.
- Ongoing conversion of ~$57M in convertible notes & preferred stock. Accrued preferred dividends (e.g., $4.24M Series C, $5.13M Series D) could convert to millions of shares at $0.50/share.
- Recent private placements (e.g., ~$17.5M for 81.2M shares + warrants in Jan-Feb 2026) & warrant exercises (e.g., ~$11.9M from 127.1M warrants + 25.4M bonus shares) add shares. 49M shares set for a legal settlement.
$ALT (MC: $306M)
- Authorized common stock increased from 200M to 400M shares on April 16, 2026.
- Jan 2026 Registered Direct Offering issued 17.05M shares/warrants for ~$70.3M.
- Up to $165.3M remains under Nov 2025 ATM; $325M unsold from Dec 2025 shelf registration.
$MAZE (MC: $1.3B)
- Direct Offering: 5.54M shares @ $23.50 & 850k shares from new pre-funded warrants ($23.499 per warrant, $0.001 EP). Net proceeds ~$144.7M.
- ATM Program: Up to $200M of common stock available to be sold via Jefferies LLC.
- Existing Warrants/Options: 4.33M shares from prior pre-funded warrants ($0.001 EP) & 5.48M shares from stock options ($11.62 avg EP) outstanding.
$BZAI (MC: $263M)
- Rights Agreement (Poison Pill) implemented to deter hostile takeovers.
- Potential for substantial dilution via issuance of Series A Junior Participating Preferred Stock to unwanted acquirers.
- Each right allows purchase of 1/100th Series A Preferred at $11.00; 6M Series A shares reserved for issuance.
$IRHO (MC: $235M)
- Existing IRHO Units, Ordinary Shares, and Rights will convert into Parent Class A Common Shares and rights upon domestication.
- Up to 3.99M Parent Class B Common Shares to be issued as merger consideration.
- Up to 15M additional Parent Common Earnout Shares contingent on performance milestones (VWAP $14-$18 or ARR $45M-$65M). Company Options and Convertible Notes will also convert into Parent Common Shares.