Daily Dilution Report - Mar 3, 2026
All Events
$SEM (MC: $1.9B)
- The filing describes an Agreement and Plan of Merger where Select Medical Holdings Corporation will be acquired by Stallion Intermediate Corporation. In this merger, existing shares of common stock will be converted into cash. This is a change of control transaction, not a dilution event where new shares are issued that would reduce the ownership percentage of existing shareholders.
- The filing mentions:
- Common Stock, par value $0.001 per share: This is the existing stock.
$ESPR (MC: $646M)
- This filing reports on a proposed merger, not a direct sale of Esperion's own stock that would cause dilution. The payment to Corstasis Therapeutics Inc. is described as cash and contingent consideration, not an issuance of Esperion's stock. There are no mentions of warrants, convertible notes, convertible preferred stock, ATM programs, equity lines, direct offerings, PIPE deals, or new stock compensation plan reservations within this specific Form 8-K.
$XRN (MC: $479M)
- The filing describes the entry into a Master Note and Guaranty Agreement with NYL Investors LLC and certain affiliates. This agreement establishes an uncommitted senior note facility for the Operating Partnership.
- Here's why this is not a stock dilution event based on the information provided:
- Debt Financing, Not Equity Issuance: The agreement pertains to the issuance of senior unsecured promissory notes, which is a form of debt financing, not equity. While future conversion or other scenarios *could* lead to dilution, the agreement itself as described in this 8-K does not involve the issuance of new stock or instruments that directly convert into stock at this moment.
$HTO (MC: $1.9B)
- Direct Offering: $150M common stock at $53.79/share.
- Forward Sale Agreements: $400M (initial $53.79/share), company expects future physical settlement.
- Underwriters' Option: Up to $82.5M (~1.5M shares) at $53.79/share, exercisable for 30 days.
$FVAV (MC: $315M)
- IPO: Issued 25M Class A shares for $250M at $10.00/share on Feb 27, 2026.
- Private Placement: Sold 200k Class A shares for $2M at $10.00/share to Sponsor on Feb 25, 2026.
$TPVG (MC: $213M)
- Analysis of Potential Stock Dilution Events
- This filing details a Master Note Purchase Agreement for the issuance of senior unsecured notes. While this is a debt offering and not a direct issuance of equity, certain terms within the agreement can potentially lead to future dilution or impact the Company's ability to issue equity.
- Type of instrument: Senior Unsecured Notes
$ELTX (MC: $239M)
- S-3/A shelf registration filed for potential future offerings.
- Indicates possibility of ATM, underwritten offerings, convertible debt, and warrants.
- No specific terms or amounts for any actual dilution events are detailed in this filing.
$NTLA (MC: $1.8B)
- ATM program for up to $400M in common stock (est. 28.0M shares).
- ~29.5M shares reserved for stock options, restricted stock, & future issuance.
- 5.0M shares of authorized but undesignated convertible preferred stock could lead to future dilution.
$FDUS (MC: $655M)
- ATM Program increased to $400M, up from $300M on March 2, 2026.
- ~$134.8M remains available for sale under the ATM Program.
$LYTS (MC: $668M)
- Public Offering of 4.6M common shares @ $19.75/share, raising $98.1M in net proceeds.
- Underwriters' option for an additional 0.69M shares @ $19.75/share, exercised on Feb 27, 2026.
$PBI (MC: $1.9B)
- The filing describes an offering of 7.250% Senior Notes due 2029. These are debt instruments and do not directly dilute existing common stock unless they are convertible into equity. The filing states these are "senior unsecured obligations" and does not mention any conversion features into common stock.
$TLRY (MC: $769M)
- The filing primarily concerns the acquisition of certain business and assets of the BrewDog Group. While this is a material transaction for Tilray Brands, Inc., it does not describe the issuance of new shares, warrants, convertible notes, or other instruments that would directly dilute existing shareholders through the creation of new equity.
$VGZ (MC: $355M)
- Public Offering: $39M gross proceeds from 15.6M shares @ $2.50/share.
- Over-allotment option: Underwriters can purchase 2.34M additional shares for $5.85M @ $2.50/share.