Daily Dilution Report - Dec 02, 2025

Key Takeaways

• The day's activity was dominated by two multi-billion dollar announcements: a $2.00 billion convertible note from IREN and a $2.00 billion PIPE from SNPS.
• A significant number of at-the-market facilities were also filed, including three separate $100.0 million equity lines by BLTE, CAMP, and ARMP.

Dilution Events

$IREN (Market Cap: $13.75B)

IREN executed a massive capital raise totaling over $2.00 billion through multiple channels:

• Public Offering: . View SEC Filing →
• Convertible Note: Offering $2.0B in convertible senior notes. View SEC Filing →
• Share Buyback: . View SEC Filing →

↳ Total Capital Raised: ~$2.00 billion.

$SNPS (Market Cap: $81.41B)

• PIPE: Closed $2.00 billion PIPE of 4.82 million shares at $414.79 per share. View SEC Filing →

$BTBD (Market Cap: $10M)

BTBD executed a 3-component financing totaling $107.7 million:

• ATM Program: Expanded ATM program, up to $3.57M available. View SEC Filing →
• Convertible Note: To issue $101.1M in conv. preferred stock for merger, causing massive dilution. View SEC Filing →
• Convertible Note: To issue $3M-$5M in conv. preferred stock as part of merger financing. View SEC Filing →

↳ Total Capital Raised: ~$107.7 million.

$BLTE (Market Cap: $5.37B)

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

• Public Offering: . View SEC Filing →
• ATM Program: Has active $100M ATM program. View SEC Filing →

↳ Total Capital Raised: ~$100.0 million.

$CAMP (Market Cap: $152M)

• ATM Program: Filed for new $100M ATM offering. View SEC Filing →

$ARMP (Market Cap: $246M)

• ATM Program: Filed for new $100M ATM offering. View SEC Filing →

$IMPP (Market Cap: $166M)

• Public Offering: Raised $60.0 million via the sale of 9.52 million shares at a price of $6.30 per share, with 200% warrant coverage. View SEC Filing →

$NVVE (Market Cap: $6M)

NVVE executed a 2-component financing totaling $30.4 million:

• Convertible Note: Raised $5.4M via toxic conv. preferred w/ 100% wrts. View SEC Filing →
• ATM Program: Secured toxic $25M equity line of credit. View SEC Filing →

↳ Total Capital Raised: ~$30.4 million.

$UPXI (Market Cap: $159M)

• PIPE: Closed $10.0 million PIPE of 3.29 million shares at $3.04 per share, with 100% warrant coverage. View SEC Filing →

$MNDR (Market Cap: $3M)

• ATM Program: Continues ATM, $0.65M remaining for sale. View SEC Filing →

$ADIL (Market Cap: $8M)

• Warrant Exercise: Raised $2.86M via wrt exercise @ $0.31; issued 150% new wrts @ $0.31. View SEC Filing →

$APYX (Market Cap: $165M)

• Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →