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$MULTIPLEdaily-report

Daily Dilution Report - December 4, 2025

Filed: 12/4/2025
Published: 12/4/2025

Key Takeaways

  • Sonnet BioTherapeutics (SONN) executed the day's largest capital raise with a $299.9 million PIPE financing.
  • BKV Corp. (BKV) was highly active, filing for a $1.00 billion universal shelf registration alongside a separate $156.0 million equity offering.

Dilution Events

$SONN (Market Cap: N/A)

SONN executed a 2-component financing totaling $299.9 million:

  • PIPE: Closed $299.9 million PIPE of 239921355 million shares at $1.25 per share. Special terms: Financing to facilitate merger with HSI View SEC Filing →
  • Shares for Services: Issued 375000000 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$299.9 million.

$BKV (Market Cap: $2.51B)

BKV executed a 3-component financing totaling $156.0 million:

  • Public Offering: Raised $156.0 million via the sale of 6000000 million shares at a price of $26.00 per share. View SEC Filing →
  • Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →
  • Resale Registration: Registered up to 63.88M shares for resale by selling stockholder. View SEC Filing →

↳ Total Capital Raised: ~$156.0 million.

$EU (Market Cap: $530M)

EU executed a 2-component financing totaling $90.0 million:

↳ Total Capital Raised: ~$90.0 million.

$RANI (Market Cap: $158M)

  • PIPE: Closed $60.3 million PIPE of 42633337 million shares at $0.48 per share. Special terms: Includes common warrants for 125,000,004 shares at $0.48 exercise price, Includes pre-funded warrants for 82,366,667 shares at $0.0001 exercise price, Includes conversion of $6.0M in outstanding debt, Governance changes tied to purchase agreement View SEC Filing →

$RYDE (Market Cap: $20M)

RYDE executed a 5-component financing totaling $13.6 million:

  • Public Offering: Raised $2.0 million via the sale of 5556000 million shares at a price of $0.36 per share. View SEC Filing →
  • PIPE: Closed $10.0 million PIPE of 33340000 million shares at $0.30 per share. View SEC Filing →
  • Public Offering: Raised $1.6 million via the sale of 6422000 million shares at a price of $0.25 per share. View SEC Filing →
  • Shares for Services: Issued 4850000 million shares for services rendered. View SEC Filing →
  • Shares for Services: Issued 32000000 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$13.6 million.

$CMND (Market Cap: $5M)

CMND executed a 4-component financing totaling $9.7 million:

  • Public Offering: Raised $1.6 million via the sale of 16000000 million shares at a price of $0.10 per share. View SEC Filing →
  • Convertible Note: Issued toxic convertible note; $2.5M principal converted to 5.17M shares. View SEC Filing →
  • Public Offering: Raised $5.6 million via the sale of 31180000 million shares. View SEC Filing →
  • Warrant Exercise: Issued 2.09M shares from warrant exercises for ~$183k proceeds. View SEC Filing →

↳ Total Capital Raised: ~$9.7 million.

$NCRA (Market Cap: $13M)

  • Convertible Note: Raised $7.28M from initial $8M toxic convertible note; facility up to $300M. View SEC Filing →

$SNAL (Market Cap: $33M)

$MNDR (Market Cap: $3M)

  • ATM Program: Increased ATM program limit by ~$0.49M, total capacity now ~$3.38M. View SEC Filing →

$TOVX (Market Cap: $7M)

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

  • Warrant Exercise: Raised $4.4M via warrant inducement @ $0.54, issued 16.18M New Warrants @ $0.54. View SEC Filing →
  • ATM Program: Disclosed ATM sales are permitted despite temporary ban on other equity issuance. View SEC Filing →

$AIFF (Market Cap: $22M)

$ALLR (Market Cap: $17M)

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

$SYM (Market Cap: $8.32B)

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