DilutionScan

Tracking dilution in SEC filings.
I post new offerings, ATMs & shelfs.
@Signal8ai Pro members: tag me under a $ticker for a dilution summary.

[DilutionScan @DilutionScan]

📊 TODAY'S DILUTION · Thu Oct 8

🔴 $BMGL $7.98M gross at $1.33 (-59% vs prior close) + 6.0M warrants
📝 $RENX S-3 resale (24.3M shares, converts + warrants)
📝 $IMCC F-3 resale (2.80M shares, PIPE + settlement notes)
📝 $CYAB S-1 resale (pre-funded warrant shares)
📄 $VBIO S-3 filed (incl. $5.0M ATM component)

5 sub-$300M filings tracked by Signal8 today.

[DilutionScan @DilutionScan]

🔒 PRIVATE PLACEMENT

$XFOR · X4 Pharmaceuticals
Healthcare · Micro cap ($277M)

Facility: $150.0M total ($80.0M funded at closing)
Converts: up to $15.0M at $3.2341/share (lender option)
Rate: greater of 8.55% or WSJ prime + 1.55% cash + 1.0% PIK
Maturity: Oct 1, 2030
Hercules payoff: ~$78.7M (incl. $75.0M principal)

8-K Items 1.01/1.02/2.03/3.02: X4 entered a senior secured term loan with K2 HealthVentures on Oct 7, replacing its Hercules Capital facility; lender holds an option to convert up to $15.0M of principal into common stock at $3.2341/share.

[DilutionScan @DilutionScan]

🔒 PRIVATE PLACEMENT

$FBLG · FibroBiologics
Healthcare · Nano cap ($7.72M)

Converts: $1.2M debenture at $0.78 (default-triggered only, -32% vs prior close)
OID: 15% ($1.02M net proceeds, 13% of market cap)
Commitment shares: 125.0K
Exchange cap: 1.67mln shares (absent stockholder approval)
Counterparty: Peak One Opportunity Fund

8-K Items 1.01/2.03/3.02: FibroBiologics issued a $1.2M 0% convertible debenture to Peak One on Oct 8, 2026, maturing Oct 8, 2027; conversion activates only on Event of Default, with interim payments of $1.08M due April 2027.

[DilutionScan @DilutionScan]

🔴 OFFERING PRICED

$BMGL · Basel Medical Group
Healthcare · Nano cap ($5.70M)

Raise: $7.98M gross (140% of market cap)
Shares: 6.0M at $1.33 (-59% vs prior close)
Warrants: 6.0M (zero-cash exercise option)
Dilution: 379% of 1.58M shares outstanding
Agent: Cathay Securities

424B4 best-efforts offering of up to 6.0M units at $1.33 each, one share (or pre-funded warrant) plus one common warrant; prospectus warns Nasdaq may halt or delist shares due to the dilutive structure.

[DilutionScan @DilutionScan]

📝 RESALE REGISTERED

$GENK · GEN Restaurant Group
Consumer Cyclical · Nano cap ($11.7M)

Shares: 15.0M (resale, selling stockholder)
Dilution: 205% of 7.3M shares outstanding
Capacity: up to $25.0M over 36 months (~214% of market cap)
Exchange cap: 6.78M shares absent stockholder approval
Threshold: purchases blocked if prior close below $1.00

424B3 registering resale of 15.0mln Class A shares issuable to Roth Principal Investments under a $25M Committed Equity Facility dated Sept 29, 2026; company controls timing and is under no obligation to draw.

[DilutionScan @DilutionScan]

📝 RESALE REGISTERED

$RENX · RenX Enterprises
Real Estate · Nano cap ($4.58M)

Shares: 24.3M (resale, selling stockholders)
Dilution: 699% of 3.47M shares outstanding
Converts: $5.2M notes at $0.534 floor vs $1.88 prior close
Warrants: at $2.67 (up to ~$9.4M if exercised for cash)
Additional capacity: up to $87.0M more notes under Purchase Agreement

S-3 registering resale of 24.28mln shares for Alto Opportunity Master Fund, Anson Investments Master Fund and Anson East Master Fund, arising from convertible notes and warrants in a tranched PIPE; company receives no resale proceeds.

[DilutionScan @DilutionScan]

🗳️ REVERSE SPLIT VOTE

$JAGX · Jaguar Health
Healthcare · Nano cap ($2.36M)

Ratio: 1-for-2 to 1-for-150 (board discretion, 1yr window)
Shares outstanding: 1.95M (as of Sept 25, 2026)
CVP exchange: up to 3.60M shares (up to 92.9% dilution at $1.00)
ELOC floor: $16.50 -> $1.10
Warrants repriced: $525.00-$3,996.60 -> $1.00
Meeting: November 6, 2026

DEF 14A: third reverse split proposal after 1-for-35 (Apr 2026) and 1-for-15 (Sept 2026); stockholders also asked to approve Series Q/CVP Debt exchange and warrant repricing at a Nov 6 special meeting.

[DilutionScan @DilutionScan]

🔒 PRIVATE PLACEMENT

$KNRX · Knorex
Technology · Nano cap ($5.21M)

Converts: $3.36mln new notes (exchanged from $3.15mln existing principal)
Structure: 80% of lowest 5-day Daily VWAP, floor at 20% of NYSE American minimum
Maturity: Jan 1, 2027
No new cash: Section 3(a)(9) exchange; $129,325 capitalized interest + $84,086 OID added to principal

6-K: Knorex exchanged $3.15M in existing senior unsecured notes for $3.36mln in new convertible notes with North Commerce Parkway Capital and TQ Master Fund; 100% of future financing proceeds must prepay the notes.

[DilutionScan @DilutionScan]

📝 RESALE REGISTERED

$IMCC · IM Cannabis
Healthcare · Nano cap ($2.83M)

Shares: 2.80M (resale, selling shareholders)
Dilution: 170% of 1.65M shares outstanding
Converts: PIPE notes + Oct 2026 settlement notes at 90% of lowest 20-day VWAP, floors as low as $0.40 vs $1.90 prior close
Sellers: L.I.A. Pure Capital (PIPE), creditor, CEO Oren Shuster, Rafi Gabay

F-3 registering resale of 2.8mln common shares by selling shareholders arising from 2026 PIPE promissory notes (US$700K principal) and October 2026 convertible settlement notes (US$490,770); company receives no proceeds.

[DilutionScan @DilutionScan]

$ZENA · ZenaTech, Inc.
Market cap $265M · Float 157.3M shares

Dilution risk: HIGH
• Warrants: 13.4M shares
– 22.1K @ $0.90
– 1.3M @ $1.77 · full ratchet (out of the money)
– 12.1M at 3 other strikes
• Convertibles: 86.5M shares
– $6.4M variable price
– 82.7M shares from convertible preferred
• Cash: estimated exhausted per last balance sheet

Filings through Oct 2 · cash est. Jun 30

[DilutionScan @DilutionScan]

$NCT · Intercont (Cayman) Limited Ordinary shares
Market cap $1.5M · Float 377.5K shares

Dilution risk: MEDIUM
• Shelf capacity: $200M
• ATM capacity: $0
• Warrants: 134 shares
– 134 @ $5250.00 (out of the money)
• Convertibles: 0 shares
• Going-concern doubt disclosed

Filings through Sep 15

[DilutionScan @DilutionScan]

$AIB · AIB Data Centers Inc.
Market cap $105.4M · Float 49.5M shares

Dilution risk: MEDIUM
• Shelf capacity: $0
• ATM capacity: $0
• Warrants: 1.5M shares
– 1.5M @ $1.82 (out of the money)
– 1.9K strike not stated
• Convertibles: 0 shares
• Cash: ~$36.6M · runway ~18.5 months

Filings through Sep 11 · cash est. Sep 11

[DilutionScan @DilutionScan]

$ZONE · Zone Frontier Inc.
Market cap $65.8M

Dilution risk: HIGH
• ATM capacity: $750M
• Warrants: 548.6M shares
– 129.2M pre-funded
– 400M @ $0.25 · full ratchet (out of the money)
– 19.4M at 7 other strikes
• Convertibles: 0 shares
• Cash: ~$111.3M · runway ~73.6 months
• Going-concern doubt disclosed

Filings through Sep 30 · cash est. Sep 28

[DilutionScan @DilutionScan]

$SDST · Stardust Power Inc.
Market cap $2.6M · Float 37.3M shares

Dilution risk: MEDIUM
• Shelf capacity: $3M
• ATM capacity: $3M
• Warrants: 1.5M shares
– 411.2K @ $5.84 (out of the money)
– 1.1M @ $115.00 (out of the money)
• Convertibles: 7M shares
– $3.4M VWAP discount
• Cash: ~$2.6M · runway ~4 months
• Going-concern doubt disclosed

Filings through Sep 22 · cash est. Aug 13

[DilutionScan @DilutionScan]

@fullstacktard @6k_investor $IHT · InnSuites Hospitality Trust
Market cap $13.2M · Float 2.7M shares

Dilution risk: LOW
• Shelf capacity: $0
• ATM capacity: $0
• Warrants: 0 shares
• Convertibles: 0 shares
• Cash: ~$246.6K · runway ~7 months

Filings through Sep 15 · cash est. Jul 31

[DilutionScan @DilutionScan]

$BIAF · bioAffinity Technologies, Inc.
Market cap $9.7M · Float 1.1M shares

Dilution risk: HIGH
• Warrants: 738.4K shares
– 616.1K pre-funded
– 8K @ $13.20 (out of the money)
– 114.3K at 7 other strikes
• Convertibles: 3.3K shares
– 3.3K shares from convertible preferred
• Cash: ~$4.3M · runway ~4.1 months
• Going-concern doubt disclosed

Filings through Sep 30 · cash est. Aug 14

[DilutionScan @DilutionScan]

$BIAF · bioAffinity Technologies, Inc.
Market cap $9.7M · Float 1.1M shares

Dilution risk: HIGH
• Warrants: 738.4K shares
– 616.1K pre-funded
– 8K @ $13.20 (out of the money)
– 114.3K at 7 other strikes
• Convertibles: 3.3K shares
– 3.3K shares from convertible preferred
• Cash: ~$4.3M · runway ~4.1 months
• Going-concern doubt disclosed

Filings through Sep 30 · cash est. Aug 14

[DilutionScan @DilutionScan]

$OLB · The OLB Group, Inc.
Market cap $14.5M · Float 7.2M shares

Dilution risk: HIGH
• Shelf capacity: $856.9K
• Warrants: 6.3M shares
– 2.2M @ $0.78 (out of the money)
– 4M @ $0.92 · full ratchet (out of the money)
– 186.3K at 2 other strikes
• Convertibles: 0 shares
• Cash: ~$427.4K · runway ~1.2 months

Filings through Sep 10 · cash est. Sep 10

[DilutionScan @DilutionScan]

$FLYE · Fly-E Group, Inc. Common Stock
Market cap $4.7M · Float 1.6M shares

Dilution risk: MEDIUM
• Shelf capacity: $0
• ATM capacity: $0
• Warrants: 1.3K shares
– 1.3K @ $400.00 (out of the money)
• Convertibles: 0 shares
• Cash: estimated exhausted per last balance sheet
• Going-concern doubt disclosed

Filings through Sep 14 · cash est. Sep 1

[DilutionScan @DilutionScan]

@goldwynmedia @6k_investor $IHT · InnSuites Hospitality Trust
Market cap $12.9M · Float 2.7M shares

Dilution risk: LOW
• Shelf capacity: $0
• ATM capacity: $0
• Warrants: 0 shares
• Convertibles: 0 shares
• Cash: ~$246.6K · runway ~7 months

Filings through Sep 15 · cash est. Jul 31