Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter.
Radar 84 (high attention) · dilution pressure high · listing risk elevated · governance risk low · runway n/a · strongest signal: ATM program (Sep 8, 2026)
What would confirm: Rising share count in 10-Q cover vs prior quarter; repeated 424B3 resales; another reverse split proposal.
What would prove it wrong: Notes repaid in cash / equity line terminated (8-K 1.02); share count flat quarter over quarter.
Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Discount-priced or variable-priced securities are outstanding while the company is managing its listing with reverse splits/notices. Each conversion lowers the price, which lowers the next conversion price.
No note yet. Notes are written each morning for the top-ranked setups; Pro subscribers get them in full the same day.
Runway = liquidity ÷ monthly operating burn at the latest reported period. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Sep 18, 2026 | ▼ Shelf filed | S-1 filed 2026-09-18 filing | 39 |
| Sep 11, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-3.1) filed 2026-09-11 filing | 45 |
| Sep 11, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-09-11 (accepted 17:25 ET) filing | 37 |
| Sep 8, 2026 | ▼ ATM program | “atm” language in 8-K (EX-10.1) filed 2026-09-08 filing | 46 |
| Sep 8, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-3.1) filed 2026-09-08 filing | 45 |
| Sep 8, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-09-08 (accepted 06:05 ET) filing | 37 |
| Sep 8, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-10.1) filed 2026-09-08 filing | 35 |
| Sep 8, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.1) filed 2026-09-08 filing | 32 |
| Aug 27, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-08-27 (accepted 16:50 ET) filing | 41 |
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