Was just doing a bit of research on the outstanding and fully diluted number.
There were roughly 2.3 million warrants and options outstanding last year (YE 2024) .... probably a few more than that.
But in essence about 1.2 million in outstanding registered and unregistered warrants. Looking at the last 10k from 2024 ..... 675K+ outstanding unregistered warrants. Of those by current date, the vast majority of those have or are about to expire .... leaving an estimated 275K warrants mostly owned by Armistice Capital (249k)
Registered warrants are the publicly traded warrants which encompass 495K shares. Those expire pretty much expire in a week or so.
So in total ...... the ~1.2 million in outstanding warrants since the 2024 10K are down to about 300K remaining assuming the public warrants are not extended. I'm sure some new ones were issued with 10% coverage on some of the 2025 private placements but not many. So for a company with only 4 million shares out, dropping close to 900K warrants for the potential dilution pool is alot.
The Options total ~1.1 million and is tied to mgmt incentive awards that have a longer time period and aren't going away soon.
But overall ALOT of warrants have or will be shortly dropping off the fully diluted number. Stock price going to reflect that ? Prolly not. =)
Buyers seemed to lap things up today. Kinda surprised more stock wasn't offered and I think it closed with the high ask of the day. Let's see what the rest of the week brings. Amigo Mike
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