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This week’s dilution watch covers four different situations: TANH’s warrants, CHOW’s completed share sale, CLRO’s proposed merger and financing, and PCLA’s convertible preferred shares. The distinction matters: shares already issued, shares that could be issued, and shares available to trade are different measures.
This report reflects the filings reviewed through November 4, 2026. Estimates and gaps in the disclosures are identified below; reported cash balances are tied to their reporting dates.
TANH: Warrant exposure remains uncertain
TANH's last disclosed Series E and F warrants let holders buy about 860,000 new shares at $15 and $17.50 per share, adjusted for stock splits.
That's more than the 668,000 Class A shares reported in September. The remaining warrant count is unknown, so we can't confirm how many new shares could still be issued. Warrant filing · Share-count filing
The registration behind TANH's $2.15M stock-sale program expired in September. We found no replacement through November 4, limiting that funding option. ATM filing · Shelf rule
TANH reported $33M in cash at year-end 2025 and used $5.8M to run the business that year. Its current cash balance is unknown. Annual report
CHOW: A completed placement increased the share count
CHOW raised $500,000 on October 29, selling 86,207 shares at $5.80 each. Its Class A share count rose 7.8% to about 1.19M. This dilution has already happened. Closing report
The 3.64M total share count includes 2.45M unlisted Class B shares. Excluding those and the restricted shares from this deal, we estimate about 1.10M shares are available to trade. Share-class report
CHOW used about $605,000 a month to run the business in 2025, though some large outflows may not repeat. It received the $500,000 but hasn't disclosed its current cash balance. We found no active stock-sale program or shelf registration in the reviewed filings. Annual report · Placement proceeds
CLRO: Proposed deals could substantially expand the share count
CLRO's planned Cortigent merger would add 12.5M shares, versus about 2.68M today. A related $10M–$15M fundraising deal would add 2.86M–4.29M shares plus warrants to buy more. Advisors could receive up to 855,000 shares. Half the merger shares would be locked up for one year and half for two. Proposed terms
Neither deal has a confirmed closing as of November 4. The reviewed filings also don't show effective registrations for the fundraising deal or a separate $50M shelf. These shares and funding remain pending. Filing history
CLRO has warned it may struggle to stay in business. It received a $200,000 loan in October, but its remaining cash is unknown. Watch for the registrations to take effect and the deals to close. Quarterly report · October loan
PCLA: Preferred shares carry substantial conversion potential
PCLA had 9.61M common shares at September 30. Its 15M preferred shares could convert into another 15M common shares—or 30M if the stock trades at $0.50 or less for 20 consecutive trading days. The reviewed filings don't confirm whether that trigger has been met. Share balances · Conversion terms
Conversion brings in no new cash and doesn't automatically make the shares tradable. We estimate about 1.06M shares are available to trade, excluding disclosed company-affiliated holdings, including shares the controlling investor already converted.
PCLA raised about $4.45M after costs in July, but its latest reported cash balance dates to March 31. It has warned it may struggle to stay in business. We found no active shelf registration or ongoing stock-sale program in the reviewed filings. Financing report · Financial statements
What to watch next
- TANH: An updated warrant count and any replacement registration for its stock-sale program.
- CHOW: Updated cash disclosures and any further share issuance following the October placement.
- CLRO: Effective registrations, confirmed closings, and final share and warrant terms.
- PCLA: Confirmation of whether the lower-price conversion trigger has been met and any additional preferred-share conversions.
Across all four companies, the next filing may change the picture. A warrant or conversion right describes potential issuance; a completed share sale changes the outstanding count. Neither measure alone tells you how many shares can trade immediately.
Explore the latest company reports on Dilutracker and use the linked filings to check the underlying terms.