Daily Dilution Report - Mar 20, 2026
All Events
$CV (MC: $289M)
- Direct Offering / PIPE deal for ~$14.0M.
- Issuing 2.87M shares at $4.883 per share.
- Private placement with accredited investors; registration rights for resale.
$AHRT (MC: $624M)
- 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock has $25.00/share liquidation preference.
- 6.8M preferred shares outstanding carry conversion rights.
- Converts upon change of control; capped at 2.97796 common shares per preferred (up to 20.3M common shares).
$SLDB (MC: $555M)
- Direct Offering: 1,316,899 shares issued to FA212 LLC on Jan 15, 2026, in a private placement for resale.
- Direct Offering: 975,496 shares issued to FA212 LLC on Feb 28, 2025, in a private placement for resale.
- Equity Lines (Potential Future Dilution): Company may elect to make future milestone payments in cash or shares of common stock, with registration for resale if shares are elected.
$ASMB (MC: $435M)
- S-3 shelf registration filed for up to $400M in various securities.
- ATM program for up to $100M (est. 3.63M shares @ $27.52/share).
- Outstanding warrants for 8.67M shares @ $21.60/share (4.2M currently exercisable).
$SLDB (MC: $555M)
- Pre-funded Warrants (PIPE component): 27.8M shares potential @ $0.001/share exercise price, warrants issued at $5.609 each.
- Direct Offering: 15.0M shares sold at $5.61/share to institutional investors.
$SMA (MC: $1.3B)
- ATM Program: Up to $300M in common stock to be sold at market prices.
- Exchangeable OP Units: 2,995,565 Class A-1 Units exchangeable 1:1 for common stock.
$BACC (MC: $285M)
- Post-Closing Incentive Plan to be issued.
- Reserves 8% of shares outstanding upon close (up from 5%).
$SMA (MC: $1.3B)
- ATM Program: $300M shares to be sold over time.
- Sales through agents including J.P. Morgan, BMO, Evercore; commissions up to 2.0%.
- Forward Sale Agreements: related to ATM, expected to be physically settled by delivering new shares.
$SATL (MC: $328M)
- New S-3 ATM filed for $200M Class A Common Stock.
- Recent offerings include Jan 2026 Registered Direct for $35M (7.4M shares @ ~$4.73/share); Oct 2025 Underwritten for $90M; Apr 2025 Registered Direct for $20M.
- Convertible Notes: Up to 25M shares issuable upon conversion. Prior $150M ATM fully utilized.
$UMAC (MC: $579M)
- Common Stock Offering (Registered Direct / Best Efforts) expected March 2026; shares, price, and proceeds TBD. 7.0% placement agent fees apply.
- 785,883 shares granted to officers/employees after Dec 31, 2025 under 2022 Equity Incentive Plan.
- 674,459 shares issuable from outstanding options & 415,225 shares issued from warrant/option exercises in Jan-Mar 2026.
$WOLF (MC: $769M)
- PIPE deal for 3.25M common shares at $18.458/share.
- Pre-funded Warrants PIPE for up to 2M shares exercisable at $0.01/share, warrants sold at $18.448 each.
- Convertible Notes PIPE: $379M of 3.5% Notes due 2031, convertible at ~$20.14/share (~18.83M potential shares).
$PTOR (MC: $291M)
- Public Warrants: 8.43M potential shares at $11.50/share to be issued upon exercise.
- Private Placement Warrants: 5M potential shares from $5M total proceeds, to be issued upon exercise.
- Underwriter Shares: 189.75K Class A Ordinary Shares issued upon IPO and over-allotment.