Daily Dilution Report - Feb 11, 2026
All Events
$LUDG (MC: $3M)
- Alumni Capital LP: Warrants for 4.17M shares @ $0.06/share.
- Alumni Capital LP: $250K convertible note at variable price (70% of lowest 20-day average).
$DUOT (MC: $196M)
- ATM program: Up to $250M via common, preferred, debt, warrants, etc.
- Convertible Preferred: Series D (332.7K potential shares) and Series E (4.79M potential shares).
- Options (325K shares) @ $5.16/share. Warrants (375K shares) @ $7.20/share w/ full ratchet.
$AASP (MC: $46M)
- Investments AKA, LLC exercised warrants for 651,231 net shares.
- Exercise price $0.397/share via cashless method.
- Shares outstanding now 12.53M.
$GEVO (MC: $451M)
- No new common stock dilution events described in this filing.
$CLRS
- Initial Public Offering: 23.8M Class A shares @ est. $40-44/share, plus 3.57M underwriter option.
- Pre-IPO Conversions: ~180.9M shares (112.6M Class B & ~68.3M Preferred) convert to Class A. 12M warrants also convert.
- Future Dilution: Millions of shares reserved for stock plans (e.g., 35M for 2026 Omnibus) & up to $180M in stock for acquisitions.
$PANW (MC: $113.2B)
- Convertible Notes: Assumed CyberArk notes now exchangeable into PANW shares + cash (due 2030).
- Capped Call Transactions: Amended; dealers may deliver PANW shares, representing potential future dilution.
$EMPD (MC: $139M)
- Here's an analysis of the provided SEC filing for Empery Digital Inc. ($EMPD) and the extraction of stock dilution events:
- Potential Exercise of Pre-funded Warrants
- Type of Instrument: Pre-funded Warrants
- Number of Shares (Potential): 870,240 shares
- Key Terms: These are already reflected in the "current number of shares outstanding" and are a potential exercise of warrants that have already been issued. The filing doesn't provide exercise price or expiration for these specific pre-funded warrants, only that they are included in the calculation of outstanding shares.
- Share Repurchase Program
- Type of Instrument: Share Repurchase Program
- Dollar Amount: $200,000,000 (total authorized program)
- Shares Repurchased: 15,882,992 shares
- Average Purchase Price Per Share: $6.63
- Key Terms: This is a reduction in outstanding shares, which is the opposite of dilution, but the program itself is a "dilution instrument" in the sense that it represents authorized but not yet retired shares that *could* have been outstanding. However, the phrasing of the request is for "dilution events" meaning increases in shares outstanding. Therefore, this is not a dilution event.
- The filing primarily discusses an amendment to a loan agreement and a share repurchase program. It mentions "potential exercise of 870,240 pre-funded warrants" as being factored into the current outstanding share count. While pre-funded warrants are a form of potential dilution, the filing indicates their impact is already incorporated into the reported outstanding share count. No new warrants, convertible notes, preferred stock, ATM programs, equity lines, direct offerings, PIPE deals, or stock compensation plans with specific dilution terms are described as being entered into or amended in this filing that would represent a new dilution event.
- (+2 more items; see filing)
$NXGL (MC: $14M)
- Convertible Note Facility: Up to $56.6M, including Series A ($1.79M) and Series B ($54.8M).
- Series A/B Convertible Notes: Convertible @ fixed $1.244/share (total ~45.5M potential shares) but with a $0.2488 floor.
- Requires stockholder approval for Series B Notes, increase authorized shares (25M to 250M), and potential 250:1 reverse split.
$HIW (MC: $2.9B)
- ATM program: Up to $300M common stock sales via various methods.
- Includes Forward Sale & Warrant Agreements for stock issuance.
- Redeemable Common Partnership Interests: 2.0M potential shares.
$GLDD (MC: $1.1B)
- However, the filing does discuss the treatment of various equity awards and a stock purchase plan, which, while not a dilution event in the sense of increasing outstanding shares for existing shareholders, involves the settlement of these awards and plans as part of the acquisition.
- Here's a breakdown of the relevant items from the filing concerning equity, but note these are not new issuances of stock that dilute existing shareholders' ownership percentage of the publicly traded entity before the acquisition:
- Treatment of Outstanding Equity Awards and Equity Plans:
- Type of instrument: Time-Based RSU Awards (granted prior to Merger Agreement)
- Key terms: Fully vest and are cancelled. Holders receive a cash payment equal to the Offer Price ($17.00 per share) multiplied by the number of shares subject to the award.
- Type of instrument: Time-Based RSU Awards (granted after Merger Agreement but prior to Effective Time)
- Key terms: Vest on a pro-rated basis upon merger. Holders receive cash payment equal to Offer Price ($17.00 per share) multiplied by the number of vested shares. Unvested portion is replaced by a cash-based "Replacement Award" with equivalent value, subject to time-based vesting.
- Type of instrument: Deferred stock units (DSUs) granted to non-employee directors (granted after Merger Agreement)
- Key terms: Fully vest and are cancelled. Holders receive a cash payment equal to the Offer Price ($17.00 per share) multiplied by the number of shares subject to the DSU.
- Type of instrument: Performance-Based RSU Awards
- Key terms: Fully vest and are cancelled. Holders receive a cash payment equal to the Offer Price ($17.00 per share) multiplied by the number of shares earned or deemed earned. Specific terms for "Special PSUs" and PSUs with performance periods ending prior to Merger Agreement, for the 2026 annual performance period, and for the 2027 annual performance period are detailed regarding how performance will be deemed achieved.
- Company ESPP (Employee Stock Purchase Plan):
- (+4 more items; see filing)
$LIMN (MC: $34M)
- S-1 filing for Registered Direct Offering of up to ~24.5M potential shares from common stock, pre-funded warrants (exercise $0.0001), and accompanying warrants.
- Past PIPE deal: 1.5M shares for $15M ($10/share); Debt Conversion: 4M shares for ~$11.5M (eff. ~$2.87/share).
- Existing warrants: Public and Private Placement warrants total ~6.7M shares (@ $11.50/share). 2M shares reserved for equity incentive plan.
$NBHC (MC: $1.6B)
- Merger Consideration: Stock-for-stock acquisition of Vista Bancshares, Inc.; 3.1161 shares of NBHC Class A common stock issued per Vista share.
$QXO (MC: $16.4B)
- Merger Consideration: 13.16M shares of common stock issued to Kodiak Building Partners Inc. equityholders.
- QXO has right to repurchase shares at $40/share. Rollover shares also issued to Kodiak employees.
$SGLA (MC: $252M)
- Direct Offerings: 283,500 shares issued across 3 private placements for total gross proceeds of $314,700.
- Shares priced at $1.80, $1.20, and $1.00/share to individual investors.
$SGLA (MC: $252M)
- Direct Offerings: 283,500 shares issued across 3 private placements for total gross proceeds of $314,700.
- Shares priced at $1.80, $1.20, and $1.00/share to individual investors.
$SGLA (MC: $252M)
- Direct Offerings: 283,500 shares issued across 3 private placements for total gross proceeds of $314,700.
- Shares priced at $1.80, $1.20, and $1.00/share to individual investors.
$BCAC (MC: $560M)
- Public Rights: 10M rights (1M Class A shares potential).
- Private Placement: Sponsor bought 236.2K units @ $10.00/unit (~260K Class A shares potential from units + rights).
- Founder Shares: 4.58M Class B shares convertible to Class A (>1:1 ratio potential).
- Convertible Loans: Up to $1.5M loans convertible to ~150K units ($10/unit).
$RLEA
- IPO: 5M shares at $4.00/share + 750K over-allotment option.
- Warrants: Underwriter received 150K potential shares @ $5.00/share.
- Stock Plan: 5M shares reserved. 40M historical shares issued.
$LILW
- The filing is primarily an amendment to update exhibits and the exhibit index. While it mentions a "Form of Underwriting Agreement" (Exhibit 1.1) and a "Form of Little West Holdings Inc. 2025 Stock Option and Incentive Plan" (Exhibit 10.2), the content of these exhibits is not provided in the text you supplied, and therefore the specific details required for dilution analysis (exercise price, number of shares, expiration for warrants; principal amount, conversion price, maturity for convertible notes; etc.) cannot be extracted.
- The "Form of Little West Holdings Inc. 2025 Stock Option and Incentive Plan" (Exhibit 10.2) is marked with a "†", indicating it is a management contract or compensatory plan or arrangement. However, without the actual content of this exhibit, the number of shares reserved for the plan cannot be determined.
- Therefore, based *solely* on the provided text:
- NONE
$BRTX (MC: $6M)
- Numerous warrants outstanding (specific terms not detailed in filing).
- Active At-the-Market (ATM) Offering Agreement.
- 2021 Stock Incentive Plan with many stock option awards.
$STRO (MC: $133M)
- Public Offering: ~$110M from 7.87M shares at $13.98/share.
- Warrants: 12.76K potential shares @ $94.03/share.
- Options & RSUs: ~1.5M potential shares outstanding.
- ATM Program: Undisclosed amount available on $300M shelf, paused for 60 days.
$SDOT (MC: $3M)
- Debentures: $1.09M debt issued with 300K incentive shares.
- 8% original issue discount.
$STRO (MC: $133M)
- Public Offering: ~$110M from 7.87M shares at $13.98/share.
- Warrants: 12.76K potential shares @ $94.03/share.
- Options & RSUs: ~1.5M potential shares outstanding.
- ATM Program: Undisclosed amount available on $300M shelf, paused for 60 days.
$CAQ
- Warrants: 23.5M potential shares @ $11.50/share.
- PIPE: Sponsor bought 495.5K units @ $10.00/unit (includes Class A shares).
$DRCT (MC: $1M)
- Shelf Registration for $400M, limited to ~$2.48M in any 12-month period due to low public float.
- Series A Conv. Preferred Stock: 35K shares ($1K liquidation pref), converts based on $137.50/share.
$ARAI (MC: $43M)
- Convertible Notes (Streeterville): Up to $40M commitment, floor $0.25/share.
- Jan 26: $10M note issued; 6.79M potential shares remaining from Streeterville.
- 7M shares reserved for 2023 Equity Incentive Plan.
$RILY (MC: $228M)
- Recent Debt-to-Equity Exchange (Feb 4): 621.6K shares @ $9.00/share.
- Outstanding Warrants: 1.83M shares @ $5.14/share & 0.91M shares @ $10.00/share.
- 2.95M shares reserved for future compensation grants.
$AIM (MC: $3M)
- Item 15. Recent Sales of Unregistered Securities.
- This section details recent sales of unregistered securities. While it lists individuals and the "cost basis per share" and "indirect-post split" shares, it does not specify the terms of warrants, convertible notes, convertible preferred stock, ATM programs, equity lines, direct offerings, or PIPE deals with specific exercise prices, conversion prices, expiration dates, commitment amounts, or detailed share counts/prices per share for these instruments. It states these issuances were made pursuant to "employment agreements, reductions in salaries and compensation for directors serving on committees" and were exempt under Section 4(a)(2) or Rule 701.
- Item 16. Exhibits and Financial Statement Schedules.
- This section lists various exhibits, some of which are related to potential future or past dilution. The relevant exhibits are listed below with the information that can be extracted directly from the filing.
- Exhibit 4.17: 2024 Class A/B Common Stock Purchase Warrant
- Type of instrument: Warrant
- Shares offered: Not specified in the exhibit description.
- Price per share: Not specified in the exhibit description.
- Key terms: Issued to Purchaser of facility.
- Exhibit 4.18: 2024 Class C Common Stock Purchase Warrant with Armistice Capital Master Fund Ltd
- Type of instrument: Warrant
- Shares offered: Not specified in the exhibit description.
- (+69 more items; see filing)
$NXGL (MC: $14M)
- Conv. Notes: Series A (up to $1.8M @ $1.244/share) & Series B (up to $54.9M).
- Outstanding Warrants: 5.14M shares @ ~$5.11/share.
- Placement Agent Warrants: 7% of shares from Series A & B note conversions @ $1.244/share.
$NKTR (MC: $1.1B)
- New offering: Up to $300M common stock & pre-funded warrants ($0.0001/share exercise).
- Remaining ATM capacity: Up to $110M.
- 2.18M outstanding stock options & 41.9K RSUs.
$GLTO (MC: $34M)
- ATM program up to $150M common stock.
- Feb 9: 42K Series C Preferred converted into 42M common shares.
- Nov 2025 PIPE: $285M for 39.6M common share equivalent via Series C Preferred.
$FLYX (MC: $236M)
- 66.8M shares potential from LGM Common Units conversion.
- Series B Conv. Preferred: 29.7K shares outstanding (initial conv. $5.00/share).
- New ATM program up to $6.9M; various warrants outstanding.
$ADVB (MC: $5M)
- Equity Line of Credit (ELOC): Up to $25M commitment.
- Issued 1.65M shares (~$0.30/share) for a $0.5M commitment fee.
$ALAB (MC: $30.9B)
- Warrants to Amazon: 3.26M potential shares @ $142.82/share, expiring 2033.
- Warrants vest upon achievement of $6.5B purchase conditions.
$IBATF (MC: $34M)
- Private Placement Units: $2M for 25M common shares & 25M warrants ($0.08/unit).
- Warrants: 25M potential shares @ C$0.14/share, 4-year term.
$HTGC (MC: $3.1B)
- This filing reports on the issuance of new debt, not equity, and therefore does not contain any direct stock dilution events as defined by the requested categories.
- NONE
$UUUU (MC: $5.2B)
- Conv. Senior Notes: $700M principal convertible @ ~$20.34/share (45.6M potential shares).
- Capped Call transactions ($53.55M cost) to mitigate dilution from notes.
$ELAB (MC: $181,359)
- The filing details a License Agreement between Northstrive Biosciences Inc. (a subsidiary of PMGC Holdings Inc.) and Modulant Biosciences LLC. While this agreement involves payments and potential revenue-sharing, it is a licensing agreement and does not represent the issuance of new equity or debt instruments that would directly dilute existing shareholders in the ways described in the prompt (warrants, convertible notes, ATM programs, etc.).
- Therefore, the output is:
- NONE
$FPH (MC: $384M)
- Warrants to Blue Owl: 1.5M potential shares @ $7.00/share, vesting on up to $1.7B capital contributions.
$IE (MC: $2.6B)
- The filing primarily discusses an amendment to a previous agreement for the sale of an interest in the Alacran Copper Project. While this transaction involves a significant dollar amount ($128 million), it is a sale of assets by a subsidiary and does not describe the issuance of new equity securities by Ivanhoe Electric Inc. that would directly dilute existing shareholders.
- Therefore, the output is:
- NONE
$AREB (MC: $18,625)
- Series D Conv. Preferred Stock converted 659.7K common shares in Feb.
- Direct Offerings: 572.5K shares for ~$0.74-$0.84/share to Silverback Capital.
- Recent 1-for-20 reverse stock split (Feb 2, 2026), cumulative 1-for-90,000.
$DEC (MC: $1.0B)
- This Form 8-K filing for Diversified Energy Co ($DEC) does not contain any stock dilution events as defined by the categories you listed (Warrants, Convertible Notes, Convertible Preferred Stock, ATM Programs, Equity Lines / ELOC, Direct Offerings / Registered Direct, PIPE Deals, or Stock Compensation Plans).
- The filing details a tap-on offering of senior secured bonds, which is a debt issuance and not an equity dilution event.
- NONE
$FLYX (MC: $236M)
- 66.8M shares potential from LGM Common Units conversion.
- Series B Conv. Preferred: 29.7K shares outstanding (initial conv. $5.00/share).
- New ATM program up to $6.9M; various warrants outstanding.
$OPRT (MC: $243M)
- The filing primarily discusses a securitization transaction where Oportun Financial Corporation's subsidiary issued asset-backed notes. This is a form of debt financing secured by the company's assets, not a direct issuance of equity that would dilute existing shareholders.
- Therefore, the output is:
- NONE
$FFAI (MC: $65M)
- Instrument: Advance Payment for Engineering Services
- Type: Payment for services that may lead to future equity dilution if not paid in cash or if financed through debt that is convertible to equity.
- Dollar Amount (Total Advance Payment): $43,200,000 (RMB300 million)
- Dollar Amount (First Installment): $11,500,000 (RMB80 million)
- Dollar Amount (Remaining Balance): $46,200,000 (RMB320 million)
- Key Terms: Non-refundable. Paid in installments. While not explicitly a direct equity issuance, significant advance payments for services can imply future financial commitments that might necessitate equity raises if not funded by existing cash flow. The filing states "The Advance Payment, once paid, is non-refundable under any circumstances." and "The remaining balance ... will be paid in connection with the achievement of certain project milestones."
- Instrument: Per-Set Procurement Price
- Type: Obligation to pay a price for each vehicle manufactured. This is an operational expense but could imply future financing needs if significant, potentially leading to equity dilution.
- Key Terms: To be paid to Hebei Huanzhou Automobile Sales Co., Ltd. for each vehicle manufactured. Specific amounts and timing are not detailed but represent a future financial commitment.
- Instrument: Fees and Expenses for Parts and Tooling Development
- Type: Obligation to pay for parts and tooling development and supply. Similar to the per-set procurement price, this is an operational commitment that could necessitate future financing.
- Key Terms: To be agreed between GlobeX, the Partner, and applicable parts suppliers.
- (+10 more items; see filing)
$KARX (MC: $40M)
- Stock Option Plan: Potential future dilution, number of reserved shares not specified in filing.
- Multiple Promissory Notes: Agreements with Labrys Fund, Firstfire Global, Jefferson Street, Debtfund, & Mast Hill could convert to shares; terms not detailed.
$TVCN
- IPO direct offering: 3.75M shares @ $4.00. Underwriter over-allotment for 562,500 additional shares.
- Underwriter warrants: Up to 206,250 shares exercisable @ $5.00/share.
- Historical issuances: Over 30M shares to CEO for services (~$0.01/share) & ongoing private placements at $1.00/share.