Daily Dilution Report - Mar 17, 2026
All Events
$NFE (MC: $385M)
- Major restructuring will result in existing equity holders retaining only 35% of NFE common stock.
- CoreCo Convertible Preferred Stock (up to $2.5B liquidation pref.) is set for mandatory conversion, which will represent 87% of NFE's fully diluted common stock after 3 years.
- Further dilution includes the potential issuance of 1.0% of outstanding common stock at the company's option and an increase in shares reserved for an incentive plan.
$LAES (MC: $412M)
- New Registered Direct Offering: 22.9M shares @ $4.11/share for ~$116.9M net proceeds, expected Mar 17, 2026.
- Ongoing ATM facility: $100M total. 15.45M shares sold as of Mar 13, 2026 @ avg $5.39/share.
- Potential dilution from 60.8M Class E warrants (issuable @ $5.50) & 1.5M Class F shares (convertible to ~7.5M ordinary shares).
$PONO (MC: $616M)
- IPO Units: $120M gross proceeds for 12M Units ($10.00/Unit), each includes a Class A share & right for 1/5 Class A share.
- Private Units: $1.9M proceeds for 190,000 Units ($10.00/Unit), each includes a Class A share & right for 1/5 Class A share.
- Share Rights: Up to 2.438M additional Class A shares set to be issued upon business combination (1/5 share per right).
$SFL (MC: $1.3B)
- ATM Program: Up to $100M common shares via BTIG LLC, expires April 2026.
- DRIP/Direct Offering: Up to 10M shares, potential 0-5% discount on cash investments, expires April 2026.
- July 2024 Underwritten Offering: 8M common shares at $12.50/share.
$SFL (MC: $1.3B)
- ATM program up to $100M of common shares (assumed 10.12M shares @ $9.88/share); no shares sold yet.
- DRIP registered for up to 10M common shares; renewal intended after April 2026 expiration.
- Past dilution includes 8M shares from 2016 convertible notes & 3.76M shares from 2018 convertible notes (700 cancelled).
$MTAL (MC: $1.0B)
- Warrants (public): ~7.67M potential shares at $11.50/share, exercisable post-business combination.
- Private Placement Warrants: 5.07M shares at $11.50/share, purchased for $1.50 per warrant.
$CTMX (MC: $1.1B)
- Offering: Up to $250M of common stock & pre-funded warrants; includes $37.5M underwriters' option.
- Warrants: Tranche Warrants for 5.77M shares @ $3.77/share. Pre-funded warrants at $0.00001/share.
- ATM Program: Open market sale agreement for ongoing sales.
$CABO (MC: $611M)
- Convertible Notes (0.000% senior notes due 2026) with $575M principal.
- Notes repaid in full on March 16, 2026; conversion did not occur.
$PENN (MC: $1.9B)
- Form 8-K details a private offering of senior notes due 2031.
- This is a debt offering, not an equity offering.
- The filing identifies no instruments for direct stock dilution (e.g., warrants, convertible notes, ATM).
$ACRE (MC: $268M)
- The filing primarily concerns an amendment to a secured revolving funding facility, which is a debt instrument and not an equity dilution event.