Daily Dilution Report - Feb 13, 2026
All Events
$EVMN (MC: $359M)
- PIPE Deal: ~$125M gross proceeds.
- 4.5M shares offered at $27.88/share.
- Expected to close around Feb 17, 2026.
$IMUX (MC: $86M)
- New Pre-funded & Common Warrants issued with an aggregate exercise price of ~$200M.
- Common Warrants exercisable at ~$0.87/share, implying ~229M potential shares, significant vs $86M MC.
- Placement agents receive a 6% fee on gross proceeds.
$TPH (MC: $3.1B)
- Stock Compensation Plans
- Type of instrument: Company Equity Plan (specifically, Company RSUs and Company PSUs)
- Key terms: These outstanding equity awards (RSUs and PSUs) will be vested, cancelled, and converted into cash upon the merger. While this is not a future issuance of stock that dilutes existing shareholders, it represents a conversion of potential future equity into cash consideration for the acquisition. The filing does not specify the exact number of shares reserved under these plans that would have been issued upon exercise/vesting but rather states that the value will be based on the aggregate number of shares subject to these awards multiplied by the merger consideration.
- Merger Consideration (for outstanding Company Common Stock)
- Type of instrument: Merger Consideration (cash payment for outstanding shares)
- Dollar amounts: $47.00 per share
- Key terms: This represents the cash paid to existing shareholders in exchange for their shares. While it's not a dilution event in the traditional sense of issuing new shares, it signifies the end of public trading for existing equity.
- Merger Consideration (for vested Company RSUs and Company PSUs)
- Type of instrument: Merger Consideration (cash payment for vested RSUs and PSUs)
- Key terms: These awards will be fully vested, cancelled, and converted into cash. The value is based on the aggregate number of shares subject to such Company RSU/PSU multiplied by the Merger Consideration ($47.00 per share).
- Merger Consideration (for unvested Company RSUs not covered by accelerated vesting)
- Type of instrument: Merger Consideration (cash award for unvested RSUs)
- (+10 more items; see filing)
$ROLR (MC: $34M)
- Registered Direct Offering of ~1.9M shares @ $13.21/share, ~$25M total.
- 2024 Equity Incentive Plan shares increased from 1.7M to 4.2M.
- Private Placement of ~0.36M shares @ $2.80/share (significant discount).
$ASTS (MC: $24.6B)
- Potential conversion of AST LLC Common Units into ~89.4M Class A shares.
- New $1B convertible notes (2.25%) @ ~$116.30/share (~9.9M potential shares).
- Current Registered Direct Offerings: ~6.3M shares @ $96.92/share for ~$614M.
$ASTS (MC: $24.6B)
- Potential conversion of AST LLC Common Units into ~89.4M Class A shares.
- New $1B convertible notes (2.25%) @ ~$116.30/share (~9.9M potential shares).
- Current Registered Direct Offerings: ~6.3M shares @ $96.92/share for ~$614M.
$AIP (MC: $652M)
- Stock Comp Plans: ~1.7M options & ~4.4M RSUs outstanding.
- Secondary Offering: 1.0M common shares by selling stockholders.
$FIGR (MC: $6.0B)
- Warrants for ~0.5M potential Class A shares at $3.23 exercise price.
- Direct Offering of up to 4.2M Series A Blockchain Common shares, convertible 1:1 to Class A.
- Stock Comp: ~35.2M options & ~11.5M RSUs outstanding, plus 14.4M shares reserved for plans.
$SDOT (MC: $3M)
- Here's an analysis of the provided SEC filing for Sadot Group Inc. ($SDOT) to extract stock dilution events:
- Type of instrument: Convertible Preferred Stock
- Series name: Series A Preferred Stock
- Liquidation preference: Stated value of $14.5244 per share. Ranks *pari passu* with common stock with respect to dividends and distributions upon liquidation, dissolution or winding up.
- Conversion ratio: The Series A Preferred Stock is non-convertible into common stock. The filing states, "The Series A Preferred Stock is non-convertible into common stock." The voting provision is based on an "as-converted basis" with each share carrying 14.5244 votes assuming a $1.00 conversion price *for voting purposes*, but this does not represent an actual conversion into common stock.
- Type of instrument: Direct Offering / Registered Direct
- Shares offered: 10,000 shares of Series A Preferred Stock
- Price per share: Not directly stated as a price per share of common stock. The aggregate purchase price was $145,244 for 10,000 shares of Series A Preferred Stock. The stated value per share of Series A Preferred Stock is $14.5244.
- Counterparty: Stanley Hills, LLC
- Dollar amounts: $145,244 (aggregate purchase price)
- NONE
$BURU (MC: $53M)
- Subordinated Convertible Note: ~0.3M potential shares convertible at $0.1515/share.
- Indigo Warrant: ~55.8M potential shares at $0.0001 exercise price.
- 50.0M Common shares issued for $8.75M (in lieu of preferred shares).
$CRBG (MC: $15.8B)
- Type of instrument: Share Repurchase Agreement
- Dollar amounts: $750,000,000 (aggregate purchase price)
- Prices per share: $30.42 (per share purchase price)
- Key terms: Counterparty: American International Group, Inc. (AIG). This is a share repurchase, which *reduces* the number of outstanding shares, thus *reducing* dilution for remaining shareholders, rather than *causing* dilution. However, it is a material transaction affecting the share count and is explicitly detailed as a definitive agreement. The filing does not contain any instruments that *increase* the number of outstanding shares.
- Analysis of Dilution Instruments:
- The filing for Corebridge Financial, Inc. ($CRBG) dated February 12, 2026, primarily reports an Entry into a Material Definitive Agreement concerning a share repurchase. A share repurchase reduces the number of outstanding shares, which is the opposite of dilution. Dilution occurs when the number of outstanding shares increases.
- NONE
$IMDX (MC: $160M)
- Registered Direct Offering of 3.5M shares at $5.75/share, net ~$24.5M.
- Pre-Funded Warrants for ~1.0M potential shares at $0.0001 exercise price.
$ALLR (MC: $14M)
- PIPE Deals: $2.5M gross (760,916 shares @ $1.60 + 801,584 pre-funded warrants).
- ELOC (Tumim Stone Capital): Up to $6M.
- Additional PIPE: $250K gross (255,103 shares @ $0.98).
$ADBT
- Acquisition: 410.47M shares for Advasa Japan ownership.
- Founders: 75M shares issued at nominal value.
- Equity Plan: 72M shares reserved under 2025 Equity Incentive Plan.
$MOVE (MC: $9M)
- ELOC (Chardan): Up to $1B common stock; 110M shares registered for resale.
- Merger: ~46.6M shares + up to 10M earnout shares.
- PIPE/SAFE: $37.2M for 6.49M shares @ $10.87/share.
- Authorized Shares: Increased from 500M to 2.5B.
$MGAM (MC: $5M)
- ELOC (ClearThink): Up to $10M, 100M shares for resale; 500K commitment shares.
- Convertible Notes: >$900K principal, conversions as low as $0.06/share. 7.87M shares issuable.
- Warrants: >8M shares outstanding/issuable ($2.27 weighted avg. ex. price).
- Stock Comp: 100M shares reserved under 2025 Equity Incentive Plan.
$AMZE (MC: $8M)
- ELOC: Up to $25M in proceeds; 50M shares registered for resale.
- Acquisition: 410.47M shares for Advasa Japan ownership.
- Convertible Notes: Multiple notes with aggregate >$9M principal.
- Warrants: Over 3.8M shares (aggregate from multiple warrants).
$RGNX (MC: $423M)
- ATM Program: Up to $150M common stock (est. 17.65M shares @ $8.50).
- Stock Options/RSUs: 11.73M options ($25.19 avg. ex.) + 2.9M RSUs outstanding.
- Warrants: 1.13M pre-funded ($0.0001 ex.) + 268K other warrants ($14.92 ex.).
$CHRS (MC: $243M)
- Stock Options: 30.37M shares @ $11.36 weighted avg. exercise.
- Warrants: 463,498 shares @ $0.01 exercise.
- Convertible Notes: Up to 6,283 shares convertible @ ~$19.26/share. ATM program in place.
$OKYO (MC: $82M)
- Stock Options: 2.49M shares @ $1.70 weighted avg. exercise.
- Warrants: 538K shares @ $3.83 exercise (expires Jul 2026).
- Convertible Notes: 1.89M shares underlying. Past ATM sold 3.54M shares for $6M.
$CNVS (MC: $40M)
- Convertible Notes: $13M principal convertible @ Nasdaq Min Price. Interest payable in shares.
- Acquisition: $9.2M potentially paid in common stock (shares TBD).
- Stock Comp: 2.74M shares reserved under 2017 Plan; ELOC for 985K shares.
$XLO (MC: $31M)
- Direct Offering: 74.78M pre-funded warrants @ $0.0001 exercise ($0.5349/warrant). Net proceeds ~$37.6M.
- Existing Warrants: 119M pre-funded ($0.0001 ex.) + 48.2M Series C ($0.75 ex.) shares.
- Equity Plan: 39M options ($1.03 avg. ex.) & 222.7K RSUs outstanding. ATM up to $9.5M.
$NTHI (MC: $203M)
- Private Placement (Jan 2026): 1.475M shares @ $7.20/share + 1.475M warrants @ $9 exercise ($10.6M gross).
- Convertible Notes: $4M principal ($5M face value) @ 80% lowest closing price conversion.
- ELOC (Mast Hill): Up to $50M common stock available.
- Stock Comp & Debt Conversions: Millions of shares from various grants & debt-to-equity.
$PDEX (MC: $122M)
- The filing details an acquisition and a credit agreement. While these involve financial obligations and a promissory note, they do not represent the issuance of equity securities that would dilute existing shareholders' ownership percentage.
- Therefore, the output is:
- NONE
$JTAI (MC: $310,780)
- Here's an analysis of the provided SEC filing for Jet.AI Inc. ($JTAI) to extract stock dilution events:
- Item 1.01 Entry into a Material Definitive Agreement:
- Type of instrument: Warrant
- Dollar amounts: $50,000,000
- Key terms: The Amendment to the Merger Agreement *eliminates* a closing condition that would have required the Company to issue a warrant to purchase up to $50,000,000 worth of shares of a newly-designated series of preferred stock.
- Note: While this event *describes* a potential dilution instrument (a warrant), the filing explicitly states that this condition was *eliminated*. Therefore, this is a discussion of a *potential* dilution event that was *removed* and not an *actual* issuance of a dilutive instrument.
- Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing:
- Type of instrument: Potential Reverse Stock Split
- Key terms: The Company intends to consider implementing available options to regain compliance with the Minimum Bid Price Requirement, including the possibility of effecting a reverse stock split. The ratio for this potential reverse stock split was previously approved by stockholders at its 2025 annual meeting.
- Note: A reverse stock split is a corporate action that reduces the number of outstanding shares, thereby increasing the per-share price. While it doesn't directly issue new shares, it can be perceived as a precursor to other dilutive events or a response to past dilution, and it alters the share structure. The filing does not specify the exact ratio approved by stockholders or if it will be implemented.
- Item 8.01 Other Information:
- Key terms: The "Forward Looking Statements" section mentions: "our ability to raise funding in the future, as needed, and the terms of such funding, including potential dilution caused thereby."
- (+6 more items; see filing)
$MIAX (MC: $3.6B)
- Warrant Exercises: 3.97M shares issued (cash & cashless) since Dec 2025 ($462,976 cash).
$BMRN (MC: $11.5B)
- This filing pertains to BioMarin Pharmaceutical Inc.'s ($BMRN) completion of a private placement of Senior Notes and the potential entry into new credit facilities to fund an acquisition. The document does not describe any stock dilution events in the form of warrants, convertible notes, convertible preferred stock, ATM programs, equity lines, direct offerings, PIPE deals, or stock compensation plans. The instruments described are debt financings, not equity issuances that would directly dilute existing shareholders' ownership.
- NONE
$FVR (MC: $343M)
- Series A Convertible Preferred Stock: 250K shares @ $100/share ($25M gross), convertible.
$VTAK (MC: $2M)
- Series J Conv. Pfd. Stock: $9.49M stated value convertible to 6.083M common @ $1.56/share.
$VHUB (MC: $130M)
- Private Placement: 7.7M shares @ $2.45/share ($18.865M gross).
- Warrants: 7.7M shares @ $2.45 exercise; Agent's 385K shares @ $2.695 exercise.
$CVI (MC: $2.3B)
- The filing details the issuance of Senior Notes and an amendment to an ABL Credit Agreement. These are debt instruments and a credit facility, respectively, and do not involve the issuance of new equity that would dilute existing shareholders.
- NONE
$TMO (MC: $191.5B)
- This filing primarily concerns the issuance of senior notes, which are debt instruments and do not directly represent stock dilution. However, it does mention potential future uses of proceeds that *could* lead to dilution.
- Here's a breakdown based on your requested categories:
- Analysis of Dilution Instruments:
- Warrants: NONE
- Convertible Notes: NONE
- Convertible Preferred Stock: NONE
- ATM (At-the-Market) Programs: NONE
- Equity Lines / ELOC: NONE
- Direct Offerings / Registered Direct: NONE
- PIPE Deals: NONE
- Stock Compensation Plans: NONE
- Explanation for the absence of direct dilution events:
- (+3 more items; see filing)
$MWH
- IPO: 23.575M Class A shares sold @ $25/share ($589.375M gross).
- Future Dilution: Up to 87.14M Class A shares from LLC interest redemptions.
$CNVS (MC: $40M)
- Convertible Notes: $13M principal convertible @ Nasdaq Min Price. Interest payable in shares.
- Acquisition: $9.2M potentially paid in common stock (shares TBD).
- Stock Comp: 2.74M shares reserved under 2017 Plan; ELOC for 985K shares.
$CCL (MC: $45.1B)
- This filing does not contain any of the specified stock dilution instruments (Warrants, Convertible Notes, Convertible Preferred Stock, ATM Programs, Equity Lines/ELOC, Direct Offerings/Registered Direct, PIPE Deals, or Stock Compensation Plans).
- The filing discusses an amendment to a Deposit Agreement related to the potential unification of Carnival Corporation and Carnival plc and the migration of Carnival Corporation from Panama to Bermuda. This event, if it occurs, could result in the distribution of "New Carnival Shares" to holders of American Depositary Receipts (ADRs). While this involves a change in share ownership structure and potentially the type of shares held, it is described as a unification and migration, not a new issuance of securities that would dilute existing shareholders in the traditional sense of the dilution events you've listed. The distribution of "New Carnival Shares" would be in exchange for the existing ordinary shares represented by ADRs, not an offering of new shares to raise capital that would dilute existing holdings.
- NONE
$XLO (MC: $31M)
- Direct Offering: 74.78M pre-funded warrants @ $0.0001 exercise ($0.5349/warrant). Net proceeds ~$37.6M.
- Existing Warrants: 119M pre-funded ($0.0001 ex.) + 48.2M Series C ($0.75 ex.) shares.
- Equity Plan: 39M options ($1.03 avg. ex.) & 222.7K RSUs outstanding. ATM up to $9.5M.
$CLSO
- Private Placement Warrants: 5M-5.45M shares @ $11.50 exercise.
- Founder Shares: 5.75M shares issued for $25K (~$0.0055/share).