<h2>Key Takeaways</h2>
<ul><li>Shelf registrations dominated the day's activity, led by BCAX with a $400.0 million filing, PYXS with $350.0 million, and RGNX with $300.0 million.</li><li>Two companies filed for both shelf and ATM facilities, with BCAX registering a $400.0 million shelf and a $150.0 million ATM, and PYXS filing for $350.0 million and $150.0 million respectively.</li></ul>

<h2>Dilution Events</h2>

<h3>$BCAX (Market Cap: $1.04B)</h3>

BCAX executed a 2-component financing totaling $150.0 million:

<ul>
<li>ATM Program: Filed to sell up to $150M in stock via ATM. <a href="https://www.sec.gov/Archives/edgar/data/2023658/0001193125300510/d54249d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/2023658/0001193125300510/d54249d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$150.0 million.

<h3>$PYXS (Market Cap: $329M)</h3>

PYXS executed a 2-component financing totaling $150.0 million:

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1782223/000143774925036389/pyxs20251125_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Filed to sell up to $150M in stock via ATM. <a href="https://www.sec.gov/Archives/edgar/data/1782223/000143774925036389/pyxs20251125_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$150.0 million.

<h3>$NXTC (Market Cap: $46M)</h3>

<ul>
<li>PIPE: Closed $21.5 million PIPE of 2.523 million shares at $8.52 per share. <a href="https://www.sec.gov/Archives/edgar/data/1661059/000110465925116418/tm2532242-1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CMND (Market Cap: $3M)</h3>

CMND executed a 6-component financing totaling $8.1 million:

<ul>
<li>Public Offering: Raised $1.3 million via the sale of 10.81 million shares at a price of $0.12 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $788 thousand via the sale of 3.94 million shares at a price of $0.20 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $1.4 million via the sale of 5.51 million shares at a price of $0.25 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $2.2 million via the sale of 10.925 million shares at a price of $0.20 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Converted $2.5M of notes into 5.17M shares using toxic variable price. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Issued 2.09M shares from warrant exercises (mostly cashless) for $183k proceeds. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025115106/ea0267301-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$8.1 million.

<h3>$YGMZ (Market Cap: $600.00B)</h3>

<ul>
<li>Public Offering: Raised $7.2 million via the sale of 8 million shares at a price of $1.00 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1782037/000121390025115214/ea0267352-424b5_mingzhu.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$VSEE (Market Cap: $17M)</h3>

<ul>
<li>PIPE: Closed $6.0 million PIPE of 9.83 million shares at $0.61 per share, with 200% warrant coverage. Special terms: Warrant exercise requires stockholder approval <a href="https://www.sec.gov/Archives/edgar/data/1864531/000118518525001870/vsee8k112625.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$SNYR (Market Cap: $25M)</h3>

SNYR executed a 2-component financing totaling $5.7 million:

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1562733/000121390025115554/ea0266812-s3_synergy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Activated $5.69M ATM offering under Baby Shelf Rule. <a href="https://www.sec.gov/Archives/edgar/data/1562733/000121390025115554/ea0266812-s3_synergy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$5.7 million.

<h3>$AMIX (Market Cap: $7M)</h3>

<ul>
<li>PIPE: Closed $5.0 million PIPE of 13.5 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1617867/000143774925036460/amix20251121_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TPST (Market Cap: $14M)</h3>

<ul>
<li>Public Offering: Raised $4.3 million via the sale of 1.172 million shares at a price of $3.63 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525298604/d37881d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$MYNZ (Market Cap: $6M)</h3>

MYNZ executed a 2-component financing totaling $2.6 million:

<ul>
<li>ATM Program: Activated $2.6M ATM offering. <a href="https://www.sec.gov/Archives/edgar/data/1874252/000121390025115593/ea0266986-424b5_mainzbiomed.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1874252/000121390025115593/ea0266986-424b5_mainzbiomed.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$2.6 million.

<h3>$BRN (Market Cap: $12M)</h3>

<ul>
<li>PIPE: Closed $2.4 million PIPE of 2.22 million shares at $1.10 per share, with 46% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/10048/000114036125043421/ef20060056_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RDHL (Market Cap: $4M)</h3>

<ul>
<li>ATM Program: Increased remaining ATM capacity to $352k under Baby Shelf Rule. <a href="https://www.sec.gov/Archives/edgar/data/1553846/000117891325003962/zk2534071.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ACHR (Market Cap: $4.88B)</h3>

ACHR executed a 2-component financing totaling $0 thousand:

<ul>
<li>Shares for Services: Issued 1.517 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1824502/000110465925116152/tm2532126-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed private placement (PIPE) of 81.25 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1824502/000110465925116152/tm2532126-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RDVT (Market Cap: $769M)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1720116/000119312525300654/rdvt_base_prospectus_nov.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RGNX (Market Cap: $671M)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1590877/000119312525300539/d75937ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GOCO (Market Cap: $47M)</h3>

<ul>
<li>PIPE: Closed private placement (PIPE) of 4.766 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1808220/000162828025054143/gohealth-amendmenttosx3reg.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's SEC filings detail $0.36 billion in potential capital raised, driven by 26 events including several large shelf registrations from BCAX and PYXS.

Daily Dilution Report - Nov 27, 2025

<h2>Key Takeaways</h2>
<ul><li>Utility giant American Electric Power (AEP) dominated filings, establishing a $10 billion universal shelf alongside a $3.5 billion at-the-market equity program.</li><li>Other significant potential offerings include a $1 billion shelf from BKV Corporation (BKV) and a $300 million at-the-market program from HIVE Digital (HIVE).</li></ul>

<h2>Dilution Events</h2>

<h3>$AEP (Market Cap: $64.94B)</h3>

AEP executed a massive capital raise totaling over $3.50 billion through two primary channels:

<ul>
<li>ATM Program: Launched a $3.5B At-the-Market (ATM) offering program. <a href="https://www.sec.gov/Archives/edgar/data/4904/000000490425000180/a11-2025424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/4904/000000490425000180/a11-2025424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.50 billion.

<h3>$HIVE (Market Cap: $754M)</h3>

HIVE executed a 2-component financing totaling $300.0 million:

<ul>
<li>ATM Program: Launched a $300M At-the-Market (ATM) offering program. <a href="https://www.sec.gov/Archives/edgar/data/1720424/000106299325017025/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 1 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1720424/000106299325017025/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$300.0 million.

<h3>$ALDS (Market Cap: N/A)</h3>

ALDS executed a 3-component financing totaling $15.4 million:

<ul>
<li>Convertible Note: Took $180k principal in toxic conv. notes | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1755101/000109690625001931/alds-20251125_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Entered $15M toxic ELOC w/ variable pricing at 95% of VWAP | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1755101/000109690625001931/alds-20251125_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issued $225k convertible note as ELOC commitment fee | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1755101/000109690625001931/alds-20251125_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$15.4 million.

<h3>$NNOX (Market Cap: $296M)</h3>

NNOX executed a 2-component financing totaling $15.0 million:

<ul>
<li>Public Offering: Raised $15.0 million via the sale of 3.827 million shares at a price of $3.92 per share. <a href="https://www.sec.gov/Archives/edgar/data/1795251/000121390025114806/ea0267079-424b5_nanox.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1795251/000121390025114806/ea0267079-424b5_nanox.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$15.0 million.

<h3>$CJET (Market Cap: $890.00B)</h3>

CJET executed a 2-component financing totaling $11.0 million:

<ul>
<li>Public Offering: Raised $11.0 million via the sale of 8.462 million shares at a price of $1.30 per share. <a href="https://www.sec.gov/Archives/edgar/data/1957413/000149315225024938/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 0.423 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1957413/000149315225024938/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$11.0 million.

<h3>$KALA (Market Cap: $5M)</h3>

KALA executed a 2-component financing totaling $6.0 million:

<ul>
<li>Convertible Note: Raised $6M via convertible preferred; potential for >900M shares. <a href="https://www.sec.gov/Archives/edgar/data/1479419/000182912625009432/kalabio_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 1.62 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1479419/000182912625009432/kalabio_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$6.0 million.

<h3>$NWBO (Market Cap: N/A)</h3>

<ul>
<li>Convertible Note: Raised $5M via toxic convertible note | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1072379/000110465925116045/tm2532073d1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TPST (Market Cap: $14M)</h3>

<ul>
<li>Public Offering: Raised $4.3 million via the sale of 1.172 million shares at a price of $3.63 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525294736/d45518d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$LNAI (Market Cap: $25M)</h3>

<ul>
<li>PIPE: Closed $3.1 million PIPE of 3.133 million shares at $1.00 per share, with 33% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1527728/000173112225001597/e7070_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$FBLG (Market Cap: $14M)</h3>

FBLG executed a 2-component financing totaling $1.5 million:

<ul>
<li>Public Offering: Raised $1.5 million via the sale of 4.478 million shares at a price of $0.34 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1958777/000119312525294631/prosup_hcw_11.25.25.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 0.313 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1958777/000119312525294631/prosup_hcw_11.25.25.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.5 million.

<h3>$AZTR (Market Cap: $3M)</h3>

<ul>
<li>PIPE: Closed $1.5 million PIPE of 0.536 million shares at $0.32 per share, with 933% warrant coverage. Special terms: Pre-funded warrants have nominal $0.0001 exercise price <a href="https://www.sec.gov/Archives/edgar/data/1701478/000149315225025001/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$BKV (Market Cap: $2.30B)</h3>

BKV executed a 2-component financing totaling $0 thousand:

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1838406/000110465925115702/tm2527002-5_s3a.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: Filed resale of 63.9M shares for selling stockholder. <a href="https://www.sec.gov/Archives/edgar/data/1838406/000110465925115702/tm2527002-5_s3a.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$AASP (Market Cap: N/A)</h3>

<ul>
<li>Shares for Services: Issued 1 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/930245/000147237525000143/ixform8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's 22 SEC filings detail $3.85 billion in capital raised, led by American Electric Power's massive $3.5 billion at-the-market program.

Daily Dilution Report - Nov 26, 2025

<h2>Key Takeaways</h2>
<ul><li>PPL dominated the day's activity, raising $1.15 billion through a single convertible note offering.</li><li>EOSE executed a mixed capital strategy, raising a combined $1.13 billion from notes and an offering while also announcing a $564.6 million share buyback.</li></ul>

<h2>Dilution Events</h2>

<h3>$PPL (Market Cap: $26.99B)</h3>

<ul>
<li>Convertible Note: Issued $1.15B of exchangeable notes, convertible @ ~$42.66. <a href="https://www.sec.gov/Archives/edgar/data/922224/000092222425000057/ppl-20251119.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$EOSE (Market Cap: $3.78B)</h3>

EOSE executed a massive capital raise totaling over $1.13 billion through multiple channels:

<ul>
<li>Convertible Note: Issued $675M of convertible notes, convertible @ $16.29. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025114153/ea0266865-8k_eos.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $458.2 million via the sale of 35855647 million shares at a price of $12.78 per share. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025114153/ea0266865-8k_eos.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $564.6 million. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025114153/ea0266865-8k_eos.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.13 billion.

<h3>$CNTA (Market Cap: $4.34B)</h3>

CNTA executed a 2-component financing totaling $519.6 million:

<ul>
<li>ATM Program: Filed a new ATM for up to $250M. <a href="https://www.sec.gov/Archives/edgar/data/1847903/000119312525292008/d81553d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $269.6 million via the sale of 13372093 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1847903/000119312525292008/d81553d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$519.6 million.

<h3>$ENLV (Market Cap: $25M)</h3>

ENLV executed a 3-component financing totaling $511.6 million:

<ul>
<li>PIPE: Closed $212.0 million PIPE of 212000000 million shares at $1.00 per share. Special terms: Proceeds payable in USD or Tether (USDT), Pre-funded warrants issued in lieu of shares, Accelerated vesting of all existing equity awards <a href="https://www.sec.gov/Archives/edgar/data/1596812/000121390025113879/ea0266872-424b5_enlivex.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Filed a new ATM for up to $299.6M. <a href="https://www.sec.gov/Archives/edgar/data/1596812/000121390025113879/ea0266872-424b5_enlivex.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 455000000 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1596812/000121390025113879/ea0266872-424b5_enlivex.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$511.6 million.

<h3>$HKIT (Market Cap: $46M)</h3>

HKIT executed a 2-component financing totaling $100.0 million:

<ul>
<li>ATM Program: Upsized ATM offering from $30M to $100M. <a href="https://www.sec.gov/Archives/edgar/data/1742341/000121390025114167/ea0266984-424b5_hitek.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 14907000 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1742341/000121390025114167/ea0266984-424b5_hitek.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$100.0 million.

<h3>$SRFM (Market Cap: $131M)</h3>

SRFM executed a 3-component financing totaling $74.0 million:

<ul>
<li>Convertible Note: Has $74M of conv notes outstanding, convertible into 19.5M shares @ ~$3.98. <a href="https://www.sec.gov/Archives/edgar/data/1936224/000119312525293741/srfm_warrant_pro_supp_11.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: Registered 4.0M shares issuable from warrants exercisable @ $3.32. <a href="https://www.sec.gov/Archives/edgar/data/1936224/000119312525293741/srfm_warrant_pro_supp_11.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1936224/000119312525293741/srfm_warrant_pro_supp_11.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$74.0 million.

<h3>$VRCA (Market Cap: $45M)</h3>

<ul>
<li>PIPE: Closed $50.1 million PIPE of 11804990 million shares at $4.24 per share, with 25% warrant coverage. Special terms: Warrants have price reset/down-round protection <a href="https://www.sec.gov/Archives/edgar/data/1660334/000119312525292155/d692687d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CGEH (Market Cap: N/A)</h3>

<ul>
<li>PIPE: Closed $15.0 million PIPE of 7500000 million shares at $2.00 per share. Special terms: Pre-funded warrants issued in lieu of shares, Includes 1-year covenant against variable rate transactions <a href="https://www.sec.gov/Archives/edgar/data/1009759/000110465925115134/tm2532029d1_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$PRKR (Market Cap: N/A)</h3>

PRKR executed a 2-component financing totaling $4.5 million:

<ul>
<li>Public Offering: Raised $3.5 million via the sale of 16481579 million shares at a price of $0.21 per share. <a href="https://www.sec.gov/Archives/edgar/data/914139/000143774925036134/prkr20251120_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $1.0 million via the sale of 4761905 million shares at a price of $0.21 per share. <a href="https://www.sec.gov/Archives/edgar/data/914139/000143774925036134/prkr20251120_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$4.5 million.

<h3>$MNDR (Market Cap: $4M)</h3>

<ul>
<li>ATM Program: Increased ATM size to $2.26M, with ~$1.0M remaining to be sold. <a href="https://www.sec.gov/Archives/edgar/data/1976695/000149315225024791/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$IDAI (Market Cap: $21M)</h3>

<ul>
<li>Warrant Exercise: Induced exercise of 1M wrts @ $4.20, issued 2.5M new toxic wrts @ $4.20. <a href="https://www.sec.gov/Archives/edgar/data/1718939/000110465925115456/tm2531867d1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$SCLX (Market Cap: $135M)</h3>

SCLX executed a 2-component financing totaling $0 thousand:

<ul>
<li>Warrant Exercise: Induced exercise of 904k wrts @ $22.51, issued 1.36M new wrts @ $29.00. <a href="https://www.sec.gov/Archives/edgar/data/1820190/000119312525293861/d54587d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Issued 72k agent warrants exercisable @ $29.00. <a href="https://www.sec.gov/Archives/edgar/data/1820190/000119312525293861/d54587d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ADTI (Market Cap: N/A)</h3>

<ul>
<li>Shares for Services: Issued 240000 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1420924/000149315225024849/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's 23 SEC filings detail $1.66 billion in capital raised, with PPL's $1.15 billion convertible note accounting for the majority of funds.

Daily Dilution Report - Nov 25, 2025

<h2>Key Takeaways</h2>
<ul><li>Eos Energy Enterprises (EOSE) was the most active filer, announcing a $525.0 million convertible note alongside a separate $458.2 million stock offering.</li><li>Other significant deals included a $431.3 million convertible note from Plug Power (PLUG) and a $386.8 million stock offering by Amprius Technologies (AHR).</li></ul>

<h2>Dilution Events</h2>

<h3>$EOSE (Market Cap: $3.56B)</h3>

EOSE executed a 2-component financing totaling $983.2 million:

<ul>
<li>Public Offering: Raised $458.2 million via the sale of 35855647 million shares at a price of $12.78 per share. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025113620/ea0266691-424b5_eosenergy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Raised $525M via 1.75% conv. notes due 2031, convertible @ $16.29. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025113620/ea0266691-424b5_eosenergy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$983.2 million.

<h3>$AHR (Market Cap: $8.55B)</h3>

AHR executed a 2-component financing totaling $523.4 million:

<ul>
<li>Public Offering: Raised $386.8 million via the sale of 8100000 million shares at a price of $47.75 per share. <a href="https://www.sec.gov/Archives/edgar/data/1632970/000119312525291395/ahr-20251121.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Sold 659k shares for $32.5M via ATM; 2.15M shares remain under unsettled forward sales. <a href="https://www.sec.gov/Archives/edgar/data/1632970/000119312525291395/ahr-20251121.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$523.4 million.

<h3>$PLUG (Market Cap: $2.76B)</h3>

<ul>
<li>Convertible Note: Raised $431.25M via 6.75% conv. notes due 2033, convertible @ $3.00. <a href="https://www.sec.gov/Archives/edgar/data/1093691/000110465925114978/tm2531936d1_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$OGE (Market Cap: $8.92B)</h3>

<ul>
<li>Public Offering: Raised $334.7 million via the sale of 8023256 million shares at a price of $43.00 per share. <a href="https://www.sec.gov/Archives/edgar/data/1021635/000110465925115028/tm2530364-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$IKT (Market Cap: $112M)</h3>

IKT executed a 2-component financing totaling $100.0 million:

<ul>
<li>Public Offering: Raised $100.0 million via the sale of 68965518 million shares at a price of $1.45 per share. <a href="https://www.sec.gov/Archives/edgar/data/1750149/0001193125291433/d944552d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1750149/0001193125291433/d944552d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$100.0 million.

<h3>$LODE (Market Cap: $173M)</h3>

<ul>
<li>ATM Program: Launched $100M ATM program. <a href="https://www.sec.gov/Archives/edgar/data/1120970/000143774925035999/lode20251007_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$BCAB (Market Cap: $51M)</h3>

BCAB executed a 2-component financing totaling $22.5 million:

<ul>
<li>ATM Program: Entered $7.5M toxic pre-paid advance; shares issued at lower of $1.39 or 95% of VWAP (floor $0.23). <a href="https://www.sec.gov/Archives/edgar/data/1826892/000119312525290676/d827777d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Entered $15M SEPA (equity line) with shares sold at 97% of market price. <a href="https://www.sec.gov/Archives/edgar/data/1826892/000119312525290676/d827777d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$22.5 million.

<h3>$SLE (Market Cap: $9M)</h3>

<ul>
<li>PIPE: Closed $20.0 million PIPE of 20000000 million shares at $1.00 per share, with 148% warrant coverage. Special terms: Pre-funded warrants, Anti-dilution protection on warrants, Call option on warrants @ $3.00 stock price <a href="https://www.sec.gov/Archives/edgar/data/1621672/000143774925036024/slgg20251119_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$AMZE (Market Cap: $2M)</h3>

<ul>
<li>ATM Program: Increased ATM program by an additional $18.1M. <a href="https://www.sec.gov/Archives/edgar/data/1880343/000155479525000255/amze1118prosupp424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TNGX (Market Cap: $1.35B)</h3>

<ul>
<li>PIPE: Closed $15.0 million PIPE of 1732101 million shares at $8.66 per share. <a href="https://www.sec.gov/Archives/edgar/data/1819133/000119312525290673/d921086ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$JTAI (Market Cap: $6M)</h3>

JTAI executed a 2-component financing totaling $10.0 million:

<ul>
<li>ATM Program: Launched $10M ATM program, with initial takedown of up to $3.54M. <a href="https://www.sec.gov/Archives/edgar/data/1861622/000149315225024695/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1861622/000149315225024695/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$10.0 million.

<h3>$HUSA (Market Cap: $105M)</h3>

HUSA executed a 2-component financing totaling $8.0 million:

<ul>
<li>Public Offering: Raised $8.0 million via the sale of 2285715 million shares at a price of $3.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1156041/000149315225024558/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1156041/000149315225024558/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$8.0 million.

<h3>$HCTI (Market Cap: $14M)</h3>

<ul>
<li>Convertible Note: Raised up to $15M via toxic conv. notes; initial $6M cash received for $7.5M principal. <a href="https://www.sec.gov/Archives/edgar/data/1839285/000121390025113672/ea0266767-8k_healthcare.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$AUID (Market Cap: $18M)</h3>

AUID executed a 2-component financing totaling $3.6 million:

<ul>
<li>Public Offering: Raised $3.6 million via the sale of 2688747 million shares at a price of $1.35 per share. <a href="https://www.sec.gov/Archives/edgar/data/1534154/000121390025113673/ea0266798-424b5_authidinc.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 534370 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1534154/000121390025113673/ea0266798-424b5_authidinc.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.6 million.

<h3>$VRAR (Market Cap: $23M)</h3>

VRAR executed a 2-component financing totaling $3.5 million:

<ul>
<li>ATM Program: Launched ATM program for up to $3.5M. <a href="https://www.sec.gov/Archives/edgar/data/1854445/000149315225024654/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1854445/000149315225024654/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.5 million.

<h3>$NVVE (Market Cap: $9M)</h3>

<ul>
<li>Convertible Note: Raised $250k via toxic conv. note @ $0.1384 w/ accompanying wrts @ $0.1384. <a href="https://www.sec.gov/Archives/edgar/data/1836875/000183687525000179/nvve-20251117.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GNLN (Market Cap: $5M)</h3>

<ul>
<li>Resale Registration: Registering resale of 33.9M shares from prior PIPE, including 30.6M shares underlying wrts @ $0.01. <a href="https://www.sec.gov/Archives/edgar/data/1743745/000149315225024709/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ANY (Market Cap: $15M)</h3>

<ul>
<li>Warrant Exercise: Raised $4.1M via warrant inducement; issued 8.7M new wrts @ $0.94 for exercised wrts. <a href="https://www.sec.gov/Archives/edgar/data/1591956/000106299325016980/forms3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$SFL (Market Cap: $1.19B)</h3>

<ul>
<li>ATM Program: Offering 10M shares via Dividend Reinvestment Plan (DRIP) with optional cash purchases. <a href="https://www.sec.gov/Archives/edgar/data/1289877/000091957425007142/d12039455_424b-5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$NTRP (Market Cap: $31M)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/788611/000149315225024620/forms-3a.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$WRAP (Market Cap: $109M)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1702924/000149315225024636/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RELI (Market Cap: $6M)</h3>

<ul>
<li>Shares for Services: Issued 450000 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1812727/000149315225024713/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's SEC filings detail $1.62 billion in capital raised across 30 events, led by Eos Energy's dual convertible note and stock offerings.

Daily Dilution Report - Nov 22, 2025

<h2>Key Takeaways</h2>
<ul><li>Activity was concentrated at the top, with an offering from OGE ($345.0 million), a shelf registration from IKT ($300.0 million), and a PIPE from POAI ($224.1 million) leading the day.</li><li>Two companies announced multiple capital events: RDZN filed a $100.0 million shelf alongside a $5.0 million convertible note deal, while ECO paired its $115.0 million offering with a $5.0 million buyback.</li></ul>

<h2>Dilution Events</h2>

<h3>$OGE (Market Cap: $8.89B)</h3>

<ul>
<li>Public Offering: Raised $345.0 million. <a href="https://www.sec.gov/Archives/edgar/data/1021635/000110465925114613/tm2530364-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$POAI (Market Cap: $20.53B)</h3>

POAI executed a 2-component financing totaling $224.1 million:

<ul>
<li>Resale Registration: Files to register resale of 5.97M shares from prior PIPE & warrants. <a href="https://www.sec.gov/Archives/edgar/data/1446159/000117184325007486/s3a_112025.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed $224.1 million PIPE of 2547789 million shares. Special terms: Cash PIPE Warrants have a nominal $0.01 exercise price, representing near-certain future dilution., Crypto PIPE used a digital asset (ATH) as consideration. <a href="https://www.sec.gov/Archives/edgar/data/1446159/000117184325007486/s3a_112025.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$224.1 million.

<h3>$ECO (Market Cap: $1.18B)</h3>

ECO executed a 2-component financing totaling $115.0 million:

<ul>
<li>Public Offering: Raised $115.0 million via the sale of 3239436 million shares at a price of $35.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1964954/000110465925114352/tm2531451-6_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $5.0 million. <a href="https://www.sec.gov/Archives/edgar/data/1964954/000110465925114352/tm2531451-6_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$115.0 million.

<h3>$AHR (Market Cap: $8.71B)</h3>

AHR executed a 3-component financing totaling $32.5 million:

<ul>
<li>Public Offering: Offering of 8100000 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1632970/000119312525289725/ahr_nov_2025_prosuppleme.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Sold $32.5M (659k shares) via ATM; 2.15M shares remain in ATM forward agreements. <a href="https://www.sec.gov/Archives/edgar/data/1632970/000119312525289725/ahr_nov_2025_prosuppleme.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 147468 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1632970/000119312525289725/ahr_nov_2025_prosuppleme.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$32.5 million.

<h3>$VHAI (Market Cap: N/A)</h3>

VHAI executed a 3-component financing totaling $25.2 million:

<ul>
<li>ATM Program: Enters toxic $25M equity line of credit (ELOC); purchase price at 70% of 10-day low | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1880431/000149315225024411/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issues $240k toxic convertible notes; converts @ $0.0025 w/ default price reset | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1880431/000149315225024411/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 250000000 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1880431/000149315225024411/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$25.2 million.

<h3>$RDZN (Market Cap: $104M)</h3>

RDZN executed a 3-component financing totaling $5.0 million:

<ul>
<li>Convertible Note: Offers $5.56M convertible notes (10% OID) converting @ $2.25. <a href="https://www.sec.gov/Archives/edgar/data/1868640/000149315225024500/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1868640/000149315225024500/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 31483958 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1868640/000149315225024500/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$5.0 million.

<h3>$IKT (Market Cap: $115.02B)</h3>

IKT executed a 3-component financing totaling $0 thousand:

<ul>
<li>Public Offering: . <a href="https://www.sec.gov/Archives/edgar/data/1750149/000119312525289894/d944552d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 139256432 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1750149/000119312525289894/d944552d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1750149/000119312525289894/d944552d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$HCWB (Market Cap: $5M)</h3>

<ul>
<li>Warrant Exercise: Raises $4.0M via induced warrant exercise @ $2.66; issues 3.02M new warrants @ $2.41. <a href="https://www.sec.gov/Archives/edgar/data/1828673/000119312525289873/hcwb-20251119.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$VCIG (Market Cap: $8M)</h3>

VCIG executed a 2-component financing totaling $0 thousand:

<ul>
<li>Convertible Note: Massively increases shares issuable under convertible notes from 2.3M to 50M. <a href="https://www.sec.gov/Archives/edgar/data/1930510/000121390025113151/ea0266248-424b5_vciglobal.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/1930510/000121390025113151/ea0266248-424b5_vciglobal.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's SEC filings detail $0.74 billion in capital raised across 20 events, led by a $345.0 million stock offering from OGE Energy Corp. See all deals.

Daily Dilution Report - Nov 21, 2025

<h2>Key Takeaways</h2>
<ul><li>Large-cap financing dominated the day, led by STEX's new $1.00 billion at-the-market facility and a $900.0 million financing event from SR.</li><li>STEX was particularly active, filing for its large ATM alongside two separate $25.0 million convertible note deals.</li><li>Secondary offerings also featured prominently, with NUVL raising $471.9 million and OLMA raising $178.0 million.</li></ul>

<h2>Dilution Events</h2>

<h3>$STEX (Market Cap: $149M)</h3>

STEX executed a massive capital raise totaling over $1.05 billion through multiple channels:

<ul>
<li>Resale Registration: Registering 27.9M shares for resale by selling shareholders from convertibles and merger. <a href="https://www.sec.gov/Archives/edgar/data/1530766/000149315225024333/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Sold first $25M convertible debenture to Yorkville, convertible into 13.3M shares. <a href="https://www.sec.gov/Archives/edgar/data/1530766/000149315225024333/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Has option for second $25M convertible debenture from Yorkville. <a href="https://www.sec.gov/Archives/edgar/data/1530766/000149315225024333/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Entered $1B Standby Equity Purchase Agreement (SEPA) with Yorkville. <a href="https://www.sec.gov/Archives/edgar/data/1530766/000149315225024333/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 1.5 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1530766/000149315225024333/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.05 billion.

<h3>$NUVL (Market Cap: $7.79B)</h3>

NUVL executed a 3-component financing totaling $471.9 million:

<ul>
<li>Public Offering: Raised $471.9 million via the sale of 4.95 million shares at a price of $101.00 per share. <a href="https://www.sec.gov/Archives/edgar/data/1861560/000119312525288263/d919750d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 0.742 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1861560/000119312525288263/d919750d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 15 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1861560/000119312525288263/d919750d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$471.9 million.

<h3>$OLMA (Market Cap: $1.33B)</h3>

OLMA executed a 3-component financing totaling $178.0 million:

<ul>
<li>Public Offering: Raised $178.0 million via the sale of 10 million shares at a price of $19.00 per share. <a href="https://www.sec.gov/Archives/edgar/data/1750284/000119312525288287/d846460d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/1750284/000119312525288287/d846460d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 32.6 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1750284/000119312525288287/d846460d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$178.0 million.

<h3>$ODYY (Market Cap: N/A)</h3>

ODYY executed a 2-component financing totaling $27.3 million:

<ul>
<li>Convertible Note: Issued $2.26M toxic convertible note; converts @ 85% of 10-day low VWAP | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1626644/000168316825008530/odyssey_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Entered $25M toxic note facility; converts @ 85% of 10-day low VWAP, $0.5M first tranche | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1626644/000168316825008530/odyssey_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$27.3 million.

<h3>$HCTI (Market Cap: $14M)</h3>

HCTI executed a 4-component financing totaling $20.0 million:

<ul>
<li>ATM Program: Initiated $20M At-The-Market (ATM) offering. <a href="https://www.sec.gov/Archives/edgar/data/1839285/000121390025112544/ea0265944-424b5_health.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 1.43 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1839285/000121390025112544/ea0265944-424b5_health.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Raised ~$2.85M via warrant inducement @ $2.00; issued 1.43M new warrants @ $3.00. <a href="https://www.sec.gov/Archives/edgar/data/1839285/000121390025112544/ea0265944-424b5_health.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1839285/000121390025112544/ea0265944-424b5_health.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$20.0 million.

<h3>$CMND (Market Cap: $1M)</h3>

CMND executed a 6-component financing totaling $14.4 million:

<ul>
<li>Public Offering: Raised $2.2 million via the sale of 10.925 million shares at a price of $0.20 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issued notes from $10M facility; conv. price is lower of $1.01 or 88% of 20-day low VWAP. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $788 thousand via the sale of 3.942 million shares at a price of $0.20 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $1.4 million via the sale of 5.51 million shares at a price of $0.25 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Issued 2.09M shares from warrant exercises for ~$0.18M in proceeds. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025112329/ea0266329-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$14.4 million.

<h3>$ONFO (Market Cap: $5M)</h3>

<ul>
<li>Convertible Note: Raised $6M via convertible notes @ $0.984 with rights tied to crypto performance. <a href="https://www.sec.gov/Archives/edgar/data/1825452/000165495425013270/onfo_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$AMIX (Market Cap: $6M)</h3>

AMIX executed a 2-component financing totaling $5.0 million:

<ul>
<li>PIPE: Closed $5.0 million PIPE of 13.505 million shares at $1.11 per share. Special terms: Sold as unit of 1 pre-funded warrant and 2 common warrants, 60-day restriction on subsequent equity sales, 6-month restriction on Variable Rate Transactions (VRTs) <a href="https://www.sec.gov/Archives/edgar/data/1617867/000143774925035733/amix20251118c_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: To file resale registration for 13.5M shares underlying warrants from private placement. <a href="https://www.sec.gov/Archives/edgar/data/1617867/000143774925035733/amix20251118c_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$5.0 million.

<h3>$TPST (Market Cap: $21M)</h3>

TPST executed a 4-component financing totaling $5.0 million:

<ul>
<li>Shares for Services: Issued 8.268 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525287163/d97617d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: To issue warrants to existing holders for each share held, exercise price $18.48. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525287163/d97617d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed $5.0 million PIPE. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525287163/d97617d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/1544227/000119312525287163/d97617d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$5.0 million.

<h3>$FBLG (Market Cap: $18M)</h3>

FBLG executed a 2-component financing totaling $4.0 million:

<ul>
<li>Public Offering: Raised $4.0 million via the sale of 12.11 million shares at a price of $0.33 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1958777/000119312525288264/fblg-20251118.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/1958777/000119312525288264/fblg-20251118.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$4.0 million.

<h3>$SR (Market Cap: $5.03B)</h3>

<ul>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/1126956/000119312525288350/d19267d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Filings reveal $1.69 billion raised across 33 events, led by a $1.00 billion at-the-market facility from STEX and a $900.0 million deal from SR.

Daily Dilution Report - Nov 20, 2025

<h2>Key Takeaways</h2>
<ul><li>EOSE announced the day's largest transaction with a proposed $500.0 million convertible senior notes offering.</li><li>SLMT is pursuing a dual-track financing strategy, combining a $300.0 million PIPE with a $98.5 million at-the-market equity program.</li></ul>

<h2>Dilution Events</h2>

<h3>$EOSE (Market Cap: $3.89B)</h3>

EOSE executed a 2-component financing totaling $500.0 million:

<ul>
<li>Convertible Note: Announced concurrent offering of common stock and $500M+ convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025112214/ea0265876-424b5_eosenergy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Issued warrants for 0.57M shares to DOE @ $0.01 exercise price. <a href="https://www.sec.gov/Archives/edgar/data/1805077/000121390025112108/ea0266148-8k_eosener.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$500.0 million.

<h3>$SLMT (Market Cap: $16M)</h3>

SLMT executed a 3-component financing totaling $398.5 million:

<ul>
<li>PIPE: Closed $300.0 million PIPE of 61.5 million shares at $4.50 per share, with 100% warrant coverage. Special terms: Massive deal size relative to market cap, Also includes 5.16M pre-funded warrants @ $4.45/unit, Multiple tranches of warrants issued to advisors and placement agents tied to PIPE volume <a href="https://www.sec.gov/Archives/edgar/data/1939965/000121390025112135/ea0265735-424b5_brera.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Filed for $98.5M at-the-market (ATM) equity program. <a href="https://www.sec.gov/Archives/edgar/data/1939965/000121390025112135/ea0265735-424b5_brera.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shares for Services: Issued 0.4 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1939965/000121390025112135/ea0265735-424b5_brera.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$398.5 million.

<h3>$FVR (Market Cap: $314M)</h3>

FVR executed a 2-component financing totaling $75.0 million:

<ul>
<li>Convertible Note: Raised $75M via Series A convertible preferred @ implied $17.00/share. <a href="https://www.sec.gov/Archives/edgar/data/1988494/000119312525286433/fvr-20251112.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Discloses potential future warrants upon preferred stock redemption @ implied $17.00/share. <a href="https://www.sec.gov/Archives/edgar/data/1988494/000119312525286433/fvr-20251112.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$75.0 million.

<h3>$NXXT (Market Cap: $207M)</h3>

<ul>
<li>Convertible Note: Conducting private placement of up to $11.8M convertible notes @ $1.688/share w/ warrants @ $5.00. <a href="https://www.sec.gov/Archives/edgar/data/1817004/000149315225024085/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$APYX (Market Cap: $146M)</h3>

<ul>
<li>Public Offering: Raised $10.0 million via the sale of 2.762 million shares at a price of $3.62 per share. <a href="https://www.sec.gov/Archives/edgar/data/719135/000149315225024075/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CVKD (Market Cap: $25M)</h3>

CVKD executed a 2-component financing totaling $3.4 million:

<ul>
<li>ATM Program: Adds $3.4M to existing at-the-market (ATM) equity program. <a href="https://www.sec.gov/Archives/edgar/data/1937993/000121390025112118/ea0266063-424b5_cadrenal.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Discloses prior toxic warrant inducement w/ 200% new warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1937993/000121390025112118/ea0266063-424b5_cadrenal.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.4 million.

<h3>$EUDA (Market Cap: $99M)</h3>

EUDA executed a 3-component financing totaling $1.0 million:

<ul>
<li>Shares for Services: Issued 8.571 million shares for services rendered. <a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315225024074/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Discloses prior issuance of 0.69M shares from convertible notes; terminates offering. <a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315225024074/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1847846/000149315225024074/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.0 million.

<h3>$OLMA (Market Cap: $1.38B)</h3>

<ul>
<li>Public Offering: . <a href="https://www.sec.gov/Archives/edgar/data/1750284/000119312525286466/d846460d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ECO (Market Cap: $1.28B)</h3>

<ul>
<li>Public Offering: . <a href="https://www.sec.gov/Archives/edgar/data/1964954/000110465925113663/tm2531451-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CHPT (Market Cap: $192M)</h3>

<ul>
<li>Convertible Note: Exchanged $328.6M of notes; issued 1.67M warrants @ $25.00 & new debt with PIK option. <a href="https://www.sec.gov/Archives/edgar/data/1777393/000177739325000173/chpt-20251114.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GXO (Market Cap: $5.49B)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1852244/000110465925113376/tm2530142-3_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's SEC filings detail $0.41 billion in potential dilution from 18 capital raising events, including shelf registrations and note offerings.

Daily Dilution Report - Nov 19, 2025

<h2>Key Takeaways</h2>
<ul><li>HYPD and GPUS filed for substantial future raises, combining billion-dollar shelf registrations with ATM programs of $500 million and $125 million, respectively.</li><li>Ionis Pharmaceuticals (IONS) was notably active, raising $770 million via convertible notes while concurrently authorizing a $200 million share buyback.</li></ul>

<h2>Dilution Events</h2>

<h3>$IONS (Market Cap: $11.87B)</h3>

IONS executed a 2-component financing totaling $770.0 million:

<ul>
<li>Convertible Note: Issued $770M of 0.00% convertible senior notes due 2030. <a href="https://www.sec.gov/Archives/edgar/data/874015/000119312525284609/d31230d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $200.0 million. <a href="https://www.sec.gov/Archives/edgar/data/874015/000119312525284609/d31230d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$770.0 million.

<h3>$HYPD (Market Cap: $42M)</h3>

HYPD executed a 2-component financing totaling $500.0 million:

<ul>
<li>ATM Program: Has $500M ATM offering program active. <a href="https://www.sec.gov/Archives/edgar/data/1682639/000110465925112966/tm2531328d1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1682639/000110465925112966/tm2531328d1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$500.0 million.

<h3>$NUVL (Market Cap: $7.85B)</h3>

NUVL executed a 2-component financing totaling $500.0 million:

<ul>
<li>Public Offering: Raised $500.0 million. <a href="https://www.sec.gov/Archives/edgar/data/1861560/000119312525284602/d919750d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1861560/000119312525284602/d919750d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$500.0 million.

<h3>$HASI (Market Cap: $4.16B)</h3>

HASI executed a 2-component financing totaling $403.0 million:

<ul>
<li>Convertible Note: Has $403M of outstanding 3.75% exchangeable senior notes due 2028. <a href="https://www.sec.gov/Archives/edgar/data/1561894/000119312525284790/d61044d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1561894/000119312525284790/d61044d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$403.0 million.

<h3>$GPUS (Market Cap: $78M)</h3>

GPUS executed a 4-component financing totaling $200.0 million:

<ul>
<li>ATM Program: Sold 255.5M shares for $125M via active ATM program. <a href="https://www.sec.gov/Archives/edgar/data/896493/000121465925016805/p117250s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issued multiple series of toxic conv. preferred (B, C, G, H) for >$75M. <a href="https://www.sec.gov/Archives/edgar/data/896493/000121465925016805/p117250s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Recently converted numerous notes, issuing over 9M shares for debt. <a href="https://www.sec.gov/Archives/edgar/data/896493/000121465925016805/p117250s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/896493/000121465925016805/p117250s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$200.0 million.

<h3>$ORGN (Market Cap: $73M)</h3>

<ul>
<li>Convertible Note: Offering up to $100M in toxic senior secured convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1802457/000180245725000078/orgn-20251114x424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$IVVD (Market Cap: $662M)</h3>

IVVD executed a 3-component financing totaling $75.0 million:

<ul>
<li>Public Offering: . <a href="https://www.sec.gov/Archives/edgar/data/1832038/000119312525284616/d835559d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Has active $75M ATM program; sold 32M shares for $72.7M recently. <a href="https://www.sec.gov/Archives/edgar/data/1832038/000119312525284616/d835559d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Has significant overhang from 21.3M pre-funded wrts @ $0.0001. <a href="https://www.sec.gov/Archives/edgar/data/1832038/000119312525284616/d835559d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$75.0 million.

<h3>$NYXH (Market Cap: $179M)</h3>

NYXH executed a 4-component financing totaling $72.7 million:

<ul>
<li>Public Offering: Raised $5.6 million via the sale of 1.216 million shares at a price of $4.63 per share. <a href="https://www.sec.gov/Archives/edgar/data/1857190/000110465925112911/tm2531378-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed $18.4 million PIPE of 4.266 million shares at $4.31 per share. Special terms: Unregistered shares (Reg S) <a href="https://www.sec.gov/Archives/edgar/data/1857190/000110465925112911/tm2531378-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issuing up to €45M in toxic amortizing convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1857190/000110465925112911/tm2531378-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1857190/000110465925112911/tm2531378-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$72.7 million.

<h3>$TE (Market Cap: $675M)</h3>

TE executed a 2-component financing totaling $50.0 million:

<ul>
<li>Resale Registration: Filed to register resale of 21.5M common shares for major investor. <a href="https://www.sec.gov/Archives/edgar/data/1992243/000121390025111622/ea0265741-s3_t1energy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Issued $50M in convertible preferred stock; conv prices $1.70-$1.90. <a href="https://www.sec.gov/Archives/edgar/data/1992243/000121390025111622/ea0265741-s3_t1energy.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$50.0 million.

<h3>$FENCF (Market Cap: N/A)</h3>

FENCF executed a 4-component financing totaling $40.0 million:

<ul>
<li>Public Offering: Raised $35.0 million via the sale of 4.667 million shares at a price of $7.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1211583/000110465925112916/tm2531139-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $5.0 million via the sale of 0.667 million shares at a price of $7.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1211583/000110465925112916/tm2531139-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $21.7 million. <a href="https://www.sec.gov/Archives/edgar/data/1211583/000110465925112916/tm2531139-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1211583/000110465925112916/tm2531139-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$40.0 million.

<h3>$VSEE (Market Cap: $12M)</h3>

VSEE executed a 2-component financing totaling $25.6 million:

<ul>
<li>Convertible Note: Exchanged $612k in debt for 941k shares. <a href="https://www.sec.gov/Archives/edgar/data/1864531/000118518525001763/vsee8k111425.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Entered $25M toxic ELOC at 4-6% discount to VWAP + 300k fee shares. <a href="https://www.sec.gov/Archives/edgar/data/1864531/000118518525001763/vsee8k111425.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$25.6 million.

<h3>$NXTC (Market Cap: $27M)</h3>

<ul>
<li>PIPE: Closed $21.5 million PIPE of 0.708 million shares at $8.52 per share. Special terms: Beneficial ownership limitation (4.99%/9.99%) <a href="https://www.sec.gov/Archives/edgar/data/1661059/000110465925112975/nxtc-20251112x8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$WKSP (Market Cap: $16M)</h3>

WKSP executed a 4-component financing totaling $14.0 million:

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1096275/000149315225023663/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Has active $4M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1096275/000149315225023663/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Public Offering: Raised $10.0 million via the sale of 3.075 million shares at a price of $3.25 per share. <a href="https://www.sec.gov/Archives/edgar/data/1096275/000149315225023663/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Issued 1.42M inducement warrants @ $6.502 to sweeten prior exercise. <a href="https://www.sec.gov/Archives/edgar/data/1096275/000149315225023663/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$14.0 million.

<h3>$CMND (Market Cap: $2M)</h3>

CMND executed a 3-component financing totaling $3.9 million:

<ul>
<li>Public Offering: Raised $1.4 million via the sale of 3.99 million shares at a price of $0.25 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025111233/ea0265946-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Converted $2.5M of toxic conv. notes into 5.17M shares. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025111233/ea0265946-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025111233/ea0265946-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.9 million.

<h3>$TNON (Market Cap: $10M)</h3>

<ul>
<li>PIPE: Closed $2.9 million PIPE of 2.218 million shares at $1.28 per share. Special terms: Registration rights granted <a href="https://www.sec.gov/Archives/edgar/data/1560293/000121390025111522/ea0265746-8k_tenon.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ENSC (Market Cap: $6M)</h3>

<ul>
<li>Convertible Note: Raised $1.7M via Series B Preferred conv @ $2.50 w/ 880k wrts @ $2.50. <a href="https://www.sec.gov/Archives/edgar/data/1716947/000149315225023933/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$PRKR (Market Cap: N/A)</h3>

PRKR executed a 2-component financing totaling $1.0 million:

<ul>
<li>Public Offering: Raised $1.0 million via the sale of 4.762 million shares at a price of $0.21 per share. <a href="https://www.sec.gov/Archives/edgar/data/914139/000143774925035441/prkr20251028_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/914139/000143774925035441/prkr20251028_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.0 million.

<h3>$FNGR (Market Cap: $78M)</h3>

FNGR executed a 2-component financing totaling $285 thousand:

<ul>
<li>PIPE: Closed $285 thousand PIPE of 0.19 million shares at $1.50 per share. Special terms: Offshore transaction (Regulation S) <a href="https://www.sec.gov/Archives/edgar/data/1602409/000152013825000362/fngr-20251117_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Board approved dividend of warrants to shareholders, terms TBD. <a href="https://www.sec.gov/Archives/edgar/data/1602409/000152013825000362/fngr-20251117_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$285 thousand.

Today's 42 filings from 13 companies outline $1.33 billion in capital, led by billion-dollar shelf registrations from both GPUS and HYPD.

Daily Dilution Report - Nov 18, 2025

<h2>Key Takeaways</h2>
<ul><li>Ford's $1.65 billion private placement (PIPE) was the day's largest single transaction, representing over a third of the total capital raised.</li><li>Bitdeer Technologies (BTDR) and Scholar Rock (SRRK) were notably active, announcing a combined $1.05 billion and $600 million respectively across multiple financing instruments.</li></ul>

<h2>Dilution Events</h2>

<h3>$FORD (Market Cap: $789M)</h3>

FORD executed a massive capital raise totaling over $1.65 billion through two primary channels:

<ul>
<li>PIPE: Closed $1.65 billion PIPE of 89.18 million shares at $18.50 per share. Special terms: pre-funded warrants (12.03M shares), advisor/investor warrants (8.92M shares @ $0.01) <a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825008451/forward_424b5-resale.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Converted all outstanding Series A-1 and B preferred stock. <a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825008451/forward_424b5-resale.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.65 billion.

<h3>$BTDR (Market Cap: $2.33B)</h3>

BTDR executed a massive capital raise totaling over $1.20 billion through multiple channels:

<ul>
<li>Public Offering: Raised $148.4 million via the sale of 10.66 million shares at a price of $13.94 per share. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025110978/ea0265759-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Offering $400M+ in new convertible notes due 2031. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025110978/ea0265759-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Has authorization for future $647.8M ATM offering. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025110978/ea0265759-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $10.0 million. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025110978/ea0265759-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.20 billion.

<h3>$CRBG (Market Cap: $14.69B)</h3>

<ul>
<li>Public Offering: Raised $500.0 million via the sale of 0.5 million shares at a price of $1000.00 per share. <a href="https://www.sec.gov/Archives/edgar/data/1889539/000162828025052412/crbg-final424b5xprospectus.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$SRRK (Market Cap: $3.60B)</h3>

SRRK executed a 3-component financing totaling $400.0 million:

<ul>
<li>ATM Program: Using $200M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1727196/000110465925111955/tm2530774-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: Using $200M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1727196/000110465925111955/tm2530774-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Using $200M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1727196/000110465925111955/tm2530774-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$400.0 million.

<h3>$GMRE (Market Cap: $439M)</h3>

GMRE executed a 2-component financing totaling $350.0 million:

<ul>
<li>Public Offering: Raised $50.0 million via the sale of 2 million shares at a price of $25.00 per share. <a href="https://www.sec.gov/Archives/edgar/data/1533615/000110465925112543/tm2531290d1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Has existing $300M ATM program for common stock. <a href="https://www.sec.gov/Archives/edgar/data/1533615/000110465925112543/tm2531290d1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$350.0 million.

<h3>$GRAL (Market Cap: $3.10B)</h3>

<ul>
<li>ATM Program: Launched $300M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1699031/000162828025052182/grail-atmprosuppnovember20.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TELA (Market Cap: $40M)</h3>

TELA executed a 3-component financing totaling $153.0 million:

<ul>
<li>Public Offering: Raised $13.0 million via the sale of 11.71 million shares at a price of $1.11 per share. <a href="https://www.sec.gov/Archives/edgar/data/1561921/000110465925112577/tm2530987-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed $70.0 million PIPE. Special terms: warrants for 2.33M shares issued as consideration for debt facility <a href="https://www.sec.gov/Archives/edgar/data/1561921/000110465925112577/tm2530987-2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed $70.0 million PIPE. Special terms: warrants for 2.33M shares issued as consideration for debt facility <a href="https://www.sec.gov/Archives/edgar/data/1561921/000110465925112653/tm2531310d1_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$153.0 million.

<h3>$OMER (Market Cap: $536M)</h3>

<ul>
<li>ATM Program: Launched $150M ATM offering program. <a href="https://www.sec.gov/Archives/edgar/data/1285819/000155278125000420/e25416_omer-424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ENGN (Market Cap: $437M)</h3>

<ul>
<li>Public Offering: Raised $130.0 million via the sale of 15.29 million shares at a price of $8.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1980845/000119312525281504/d34778d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ASPI (Market Cap: $897M)</h3>

ASPI executed a 3-component financing totaling $128.6 million:

<ul>
<li>Convertible Note: Sub raises $64.3M+ via toxic convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1921865/000147793225008327/aspi_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: Sub raises $64.3M+ via toxic convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1921865/000147793225008327/aspi_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Sub raises $64.3M+ via toxic convertible notes. <a href="https://www.sec.gov/Archives/edgar/data/1921865/000147793225008327/aspi_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$128.6 million.

<h3>$ASBP (Market Cap: $5M)</h3>

<ul>
<li>ATM Program: Entered new $100M ELOC at 96% of VWAP. <a href="https://www.sec.gov/Archives/edgar/data/1847345/000149315225022580/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$UNCY (Market Cap: $122M)</h3>

<ul>
<li>ATM Program: Increased ATM offering program to $100M total capacity. <a href="https://www.sec.gov/Archives/edgar/data/1766140/000121390025111042/ea0265675-424b5_unicycive.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$NVVE (Market Cap: $5M)</h3>

NVVE executed a 2-component financing totaling $30.0 million:

<ul>
<li>Convertible Note: Raised $5M via toxic convertible preferred w/ 100% warrants. <a href="https://www.sec.gov/Archives/edgar/data/1836875/000121390025110411/ea0265751-8k_nuvve.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Secured $25M ELOC; issued 2.22M share pre-funded warrant as fee. <a href="https://www.sec.gov/Archives/edgar/data/1836875/000121390025110411/ea0265751-8k_nuvve.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$30.0 million.

<h3>$CREG (Market Cap: $4M)</h3>

<ul>
<li>PIPE: Closed $22.2 million PIPE of 17 million shares at $1.30 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/721693/000121390025110369/ea0265699-8k_smart.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$NNVC (Market Cap: $25M)</h3>

<ul>
<li>Public Offering: Raised $6.0 million via the sale of 3.57 million shares at a price of $1.68 per share, with 200% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1379006/000110465925112644/tm2531119d1_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ENSC (Market Cap: $6M)</h3>

<ul>
<li>Convertible Note: Raised $4M via toxic preferred stock w/ 880k warrants. <a href="https://www.sec.gov/Archives/edgar/data/1716947/000149315225023321/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RNXT (Market Cap: $28M)</h3>

RNXT executed a 3-component financing totaling $3.7 million:

<ul>
<li>ATM Program: Using ATM to sell up to $3.7M in common stock. <a href="https://www.sec.gov/Archives/edgar/data/1574094/000149315225023592/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1574094/000149315225023525/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1574094/000149315225023525/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$3.7 million.

<h3>$AIHS (Market Cap: $1M)</h3>

AIHS executed a 2-component financing totaling $2.8 million:

<ul>
<li>Public Offering: Raised $2.8 million via the sale of 2.255 million shares at a price of $1.26 per share, with 200% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1711012/000121390025110950/ea0265742-424b5_senmiao.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1711012/000121390025110950/ea0265742-424b5_senmiao.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$2.8 million.

<h3>$BOF (Market Cap: $36M)</h3>

<ul>
<li>Public Offering: Raised $2.6 million via the sale of 1.03 million shares at a price of $2.50 per share, with 4% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1962481/000149315225023178/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$HCWC (Market Cap: $9M)</h3>

<ul>
<li>Convertible Note: Raised $2M via convertible preferred, converts to 1.45M shares. <a href="https://www.sec.gov/Archives/edgar/data/1948864/000149315225023636/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GP (Market Cap: $5M)</h3>

GP executed a 2-component financing totaling $2.0 million:

<ul>
<li>Convertible Note: Raised $1.1M via convertible preferred, agreement for $18M total. <a href="https://www.sec.gov/Archives/edgar/data/1584547/000121390025110423/ea026572902-424b5_greenpower.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Sold $0.46M of $0.85M ATM capacity in last 6 months. <a href="https://www.sec.gov/Archives/edgar/data/1584547/000121390025110423/ea026572902-424b5_greenpower.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$2.0 million.

<h3>$BCLI (Market Cap: N/A)</h3>

<ul>
<li>Convertible Note: Raised $0.12M via toxic convertible note w/ 25% discount to lowest price | MC: N/A. <a href="https://www.sec.gov/Archives/edgar/data/1137883/000110465925112682/tm2531319d1_8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ASTS (Market Cap: $17.05B)</h3>

<ul>
<li>Public Offering: Offering of 0.38 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1780312/000149315225023638/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$NOTE (Market Cap: $40M)</h3>

NOTE executed a 2-component financing totaling $0 thousand:

<ul>
<li>Resale Registration: Registering 2.35M shares from toxic convertible note. <a href="https://www.sec.gov/Archives/edgar/data/1823466/000119312525283136/d27486ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Resale Registration: Registering 2.35M shares from toxic convertible note. <a href="https://www.sec.gov/Archives/edgar/data/1823466/000119312525283136/d27486ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$LGN (Market Cap: $4.24B)</h3>

<ul>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/2052568/000119312525281519/d33982d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$EDBL (Market Cap: $4M)</h3>

<ul>
<li>Resale Registration: Registering 4.04M shares for resale from warrants @ $2.06. <a href="https://www.sec.gov/Archives/edgar/data/1809750/000147793225008342/elbl_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's SEC filings detail $4.69 billion in capital raised across 43 events, led by Ford's significant $1.65 billion PIPE transaction.

Daily Dilution Report - Nov 15, 2025

<h2>Key Takeaways</h2>
<ul><li>The day was defined by two billion-dollar convertible note offerings from CLSK ($1.15 billion) and ASTS ($1.00 billion).</li><li>Key issuers announced multiple events, including ASTS pairing its note with an $800.0 million ATM and CLSK announcing a $460.0 million buyback.</li></ul>

<h2>Dilution Events</h2>

<h3>$ASTS (Market Cap: $17.06B)</h3>

ASTS executed a massive capital raise totaling over $1.96 billion through multiple channels:

<ul>
<li>Public Offering: Raised $161.1 million via the sale of 2.048 million shares at a price of $78.61 per share. <a href="https://www.sec.gov/Archives/edgar/data/1780312/000149315225022352/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1780312/000149315225022352/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1780312/000149315225022352/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.96 billion.

<h3>$CLSK (Market Cap: $3.57B)</h3>

CLSK executed a massive capital raise totaling over $1.15 billion through two primary channels:

<ul>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/827876/000119312525280105/clsk-20251113.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Share Buyback: Repurchased $460.0 million (30.6 million shares). <a href="https://www.sec.gov/Archives/edgar/data/827876/000119312525280105/clsk-20251113.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$1.15 billion.

<h3>$BTDR (Market Cap: $2.46B)</h3>

BTDR executed a 2-component financing totaling $548.6 million:

<ul>
<li>Public Offering: Raised $148.6 million via the sale of 10.661 million shares at a price of $13.94 per share. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025109593/ea0265489-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1899123/000121390025109593/ea0265489-424b5_bitdeer.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$548.6 million.

<h3>$HASI (Market Cap: $4.16B)</h3>

<ul>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1561894/000119312525279112/d61044d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GRAL (Market Cap: $3.01B)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1699031/000162828025052182/grail-atmprosuppnovember20.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GMRE (Market Cap: $431M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1533615/000110465925110926/tm2530976d1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CNTA (Market Cap: $3.49B)</h3>

<ul>
<li>Public Offering: Raised $250.0 million via the sale of 11.627 million shares at a price of $21.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1847903/000119312525278668/d83899d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$SRRK (Market Cap: $2.89B)</h3>

SRRK executed a 2-component financing totaling $200.0 million:

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1727196/000110465925111955/tm2530774-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1727196/000110465925111955/tm2530774-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$200.0 million.

<h3>$ALT (Market Cap: $424M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1326190/000132619025000073/alt-20251113xs3a.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$BHVN (Market Cap: $855M)</h3>

<ul>
<li>Public Offering: Raised $175.0 million via the sale of 23.333 million shares at a price of $7.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1935979/000162828025051841/biohaven-final424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$OMER (Market Cap: $427M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1285819/000155278125000420/e25416_omer-424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$IVA (Market Cap: $559M)</h3>

IVA executed a 2-component financing totaling $150.0 million:

<ul>
<li>Public Offering: Raised $150.0 million via the sale of 38.961 million shares at a price of $3.85 per share. <a href="https://www.sec.gov/Archives/edgar/data/1756594/000110465925111403/tm2528355-6_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1756594/000110465925111403/tm2528355-6_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$150.0 million.

<h3>$ENGN (Market Cap: $432M)</h3>

<ul>
<li>Public Offering: Raised $130.0 million via the sale of 15.294 million shares at a price of $8.50 per share. <a href="https://www.sec.gov/Archives/edgar/data/1980845/000119312525281504/d34778d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GWH (Market Cap: $83M)</h3>

GWH executed a 2-component financing totaling $115.0 million:

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1819438/000162828025052031/essinc-424b5november2025.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1819438/000162828025052031/essinc-424b5november2025.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$115.0 million.

<h3>$ASBP (Market Cap: $5M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1847345/000149315225022580/form8-k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$RBNE (Market Cap: $13M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/2039060/000114036125041824/ny20057681x2_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$EQ (Market Cap: $50M)</h3>

EQ executed a 2-component financing totaling $75.0 million:

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1746466/000119312525280396/d53133ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>PIPE: Closed private placement (PIPE) of 35.087 million shares at $0.57 per share. Special terms: pre-funded warrants <a href="https://www.sec.gov/Archives/edgar/data/1746466/000119312525280396/d53133ds3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$75.0 million.

<h3>$ANNX (Market Cap: $321M)</h3>

ANNX executed a 2-component financing totaling $75.0 million:

<ul>
<li>Public Offering: Raised $75.0 million via the sale of 28.846 million shares at a price of $2.60 per share. <a href="https://www.sec.gov/Archives/edgar/data/1528115/000119312525280384/d34136d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1528115/000119312525280384/d34136d424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$75.0 million.

<h3>$INHD (Market Cap: $12M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1961847/000149315225022188/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$FOSL (Market Cap: $113M)</h3>

FOSL executed a 2-component financing totaling $50.0 million:

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/883569/000110465925111445/tm2530810-1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/883569/000110465925111445/tm2530810-1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$50.0 million.

<h3>$DC (Market Cap: $473M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1852353/000110465925111324/tm2530313-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$ABOS (Market Cap: $110M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1576885/000162828025051852/acumen-424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$NVVE (Market Cap: $10M)</h3>

NVVE executed a 2-component financing totaling $29.5 million:

<ul>
<li>PIPE: Closed $4.5 million PIPE of 0.005 million shares at $900.00 per share, with 100% warrant coverage. Special terms: full ratchet, floor price, additional investment right <a href="https://www.sec.gov/Archives/edgar/data/1836875/000121390025110411/ea0265751-8k_nuvve.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1836875/000121390025110411/ea0265751-8k_nuvve.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$29.5 million.

<h3>$CREG (Market Cap: $4M)</h3>

<ul>
<li>PIPE: Closed $22.2 million PIPE of 17 million shares at $1.30 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/721693/000121390025110369/ea0265699-8k_smart.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$GP (Market Cap: $5M)</h3>

<ul>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1584547/000121390025110423/ea026572902-424b5_greenpower.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TORO (Market Cap: $74M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1941131/000114036125041829/ny20058761x1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$VSA (Market Cap: $11M)</h3>

<ul>
<li>Public Offering: Raised $12.0 million via the sale of 9.23 million shares at a price of $1.30 per share, with 100% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1592560/000121390025109735/ea0265272-424b5_vision.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CMND (Market Cap: $2M)</h3>

CMND executed a 2-component financing totaling $10.8 million:

<ul>
<li>Public Offering: Raised $790 thousand via the sale of 3.942 million shares at a price of $0.20 per share. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025109567/ea0265392-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1892500/000121390025109567/ea0265392-424b5_clearmind.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$10.8 million.

<h3>$ELTX (Market Cap: $149M)</h3>

<ul>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1601485/000162828025052119/elicio-resalesx3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TELA (Market Cap: $44M)</h3>

TELA executed a 2-component financing totaling $8.5 million:

<ul>
<li>Public Offering: Raised $8.5 million. <a href="https://www.sec.gov/Archives/edgar/data/1561921/000110465925111400/tm2530987-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1561921/000110465925111400/tm2530987-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$8.5 million.

<h3>$SLRX (Market Cap: $1M)</h3>

SLRX executed a 2-component financing totaling $6.3 million:

<ul>
<li>Public Offering: Raised $6.3 million via the sale of 4.666 million shares at a price of $1.50 per share, with 200% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1615219/000161521925000162/flks-20251111.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1615219/000161521925000162/flks-20251111.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

↳ Total Capital Raised: ~$6.3 million.

<h3>$HOTH (Market Cap: $16M)</h3>

<ul>
<li>ATM Program: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1711786/000121390025109813/ea0265549-424b5_hoth.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$BOF (Market Cap: $38M)</h3>

<ul>
<li>Public Offering: Raised $2.6 million via the sale of 1.034 million shares at a price of $2.50 per share, with 4% warrant coverage. <a href="https://www.sec.gov/Archives/edgar/data/1962481/000149315225023178/form424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$VSTM (Market Cap: $542M)</h3>

<ul>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1526119/000110465925111326/tm2529742-1_424b5.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CRBG (Market Cap: $14.69B)</h3>

<ul>
<li>Convertible Note: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1889539/000162828025051869/crbg-prelim424b5xprelimpro.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CTRI (Market Cap: $1.86B)</h3>

<ul>
<li>Public Offering: Offering of 10.93 million shares. <a href="https://www.sec.gov/Archives/edgar/data/1981599/000162828025052176/centuriholdingsinc-final42.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$LGN (Market Cap: $1.95B)</h3>

<ul>
<li>Shares for Services: Issued shares for services/fees. <a href="https://www.sec.gov/Archives/edgar/data/2052568/000119312525281519/d33982d8k.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$BPAC (Market Cap: N/A)</h3>

<ul>
<li>IPO: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/2064177/000118518525001705/bpac8k071225.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$CHRS (Market Cap: $152M)</h3>

<ul>
<li>Shelf Registration: Filed shelf registration for future capital raises. <a href="https://www.sec.gov/Archives/edgar/data/1512762/000110465925111503/tm2530769-1_s3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>


<h3>$TLSI (Market Cap: $219M)</h3>

<ul>
<li>Warrant Exercise: Details available in SEC filing. <a href="https://www.sec.gov/Archives/edgar/data/1826667/000149315225022367/forms-3.htm" target="_blank" rel="nofollow noopener noreferrer">View SEC Filing →</a></li>
</ul>

Today's filings detail $3.65 billion in capital raised across 54 events, led by billion-dollar convertible note offerings from CLSK and ASTS.

Dilution Reports