Daily Dilution Report - Mar 26, 2026
All Events
$PGC (MC: $606M)
- Convertible Preferred Stock: $30M initial issuance, potential for $20M more (total $50M).
- 50,000 Series B Preferred Shares convertible @ ~$38.00/common share (~1.32M potential common shares).
$MGTX (MC: $613M)
- Warrants: Up to 700k shares @ $8.00/share (amended from $15/$20) with Perceptive Credit.
- Convertible Notes: $25M outstanding principal to be redeemed by Jun 30, 2026.
- Convertible Notes: Maturity date extended to May 2, 2027 (from Aug 2, 2026).
$BRCC (MC: $235M)
- Shelf Registration (S-3) filed for up to $500M in aggregate.
- Authorizes future offerings of Class A Common Stock, Preferred Stock (1M shares), Subscription Rights, Warrants, and Units.
- Potential "at the market" offerings; specific terms to be detailed in future prospectus supplements.
$IMMX (MC: $472M)
- ATM program for up to $100M, 1.7M shares sold for $4.4M net proceeds (total 11M potential shares at $9.11/share).
- 5.3M shares from outstanding options (WAP $2.20/share).
- 5.6M shares from outstanding warrants (WAP $1.32/share) & 2.4M shares reserved for future grants.
$IMMX (MC: $472M)
- ATM Program established to sell common stock.
- Up to $100M in common stock to be sold.
- Sales agent: Citizens JMP Securities, LLC (3.0% commission).
$VREOF (MC: $433M)
- Debt Financing: Secured $26M (CO Acquisition LSA) at 20% interest & ~$62.7M (LSA Tranche A&B) at 12% interest for asset acquisition.
- CO Acquisition LSA interest payable in kind until June 2026.
- Significant debt obligations noted as potential indirect future dilution if company cannot repay and must issue equity.
$NFE (MC: $202M)
- Here's an analysis of the relevant sections:
- Item 1.01. Entry into a Material Definitive Agreement: This item discusses an amendment to a Letter of Credit and Reimbursement Agreement. This is a debt-related agreement and does not involve the issuance of new equity that would dilute existing shareholders.
- Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year: This item details the filing of a Certificate of Elimination for the Company's 4.8% Series A Convertible Preferred Stock and 4.8% Series B Convertible Preferred Stock. The filing states that these preferred stocks were *eliminated* and returned to authorized but unissued shares because all outstanding shares had been redeemed. The historical context provided explains a prior exchange of Series A for Series B and the subsequent redemption of Series B. Crucially, there are no outstanding shares of preferred stock mentioned at the time of this filing. Therefore, this action is not a dilution event but rather a cleanup of authorized capital.