Daily Dilution Report - Dec 10, 2025

Key Takeaways

• SATA led today's financing with a new $500 million at-the-market equity line, followed by a $400 million ATM from DNLI and a $400 million offering from TERN.
• SPCE was highly active, announcing a $354.6 million buyback while raising $548.2 million through a new convertible note, an ATM facility, and a separate offering.

Dilution Events

$TERN (Market Cap: $3.83B)

TERN executed a 2-component financing totaling $550.0 million:

• Public Offering: Raised $400.0 million. View SEC Filing →
• ATM Program: Notes $150M remaining on ATM facility. View SEC Filing →

↳ Total Capital Raised: ~$550.0 million.

$SPCE (Market Cap: $241M)

SPCE executed a 6-component financing totaling $548.2 million:

• Public Offering: Raised $45.6 million via the sale of 10.6 million shares. View SEC Filing →
• PIPE: Closed private placement (PIPE) of 30.3 million shares. Special terms: Warrant exercise price is 155% of RDO price, Issued alongside ~$202.6M in New Notes View SEC Filing →
• Convertible Note: 's New Notes may be redeemed for shares, creating contingent dilution. View SEC Filing →
• ATM Program: Refills ATM capacity, maintaining $300M available for sale. View SEC Filing →
• Share Buyback: Repurchased $354.6 million. View SEC Filing →
• Resale Registration: To file resale registration for shares underlying new warrants and notes. View SEC Filing →

↳ Total Capital Raised: ~$548.2 million.

$SATA (Market Cap: N/A)

SATA executed a 3-component financing totaling $500.0 million:

• ATM Program: Files $500M ATM for Variable Rate Series A Preferred Stock | MC: N/A. View SEC Filing →
• Shares for Services: Issued 335.241 million shares for services rendered. View SEC Filing →
• Share Buyback: . View SEC Filing →

↳ Total Capital Raised: ~$500.0 million.

$DNLI (Market Cap: $2.88B)

DNLI executed a 2-component financing totaling $400.0 million:

• Public Offering: . View SEC Filing →
• ATM Program: Notes active $400M ATM program. View SEC Filing →

↳ Total Capital Raised: ~$400.0 million.

$OTLC (Market Cap: N/A)

• Convertible Note: Selling up to $12.5M in convertible notes ($0.10 conversion) & warrants ($0.12 exercise) | MC: N/A. View SEC Filing →

$SGD (Market Cap: $3M)

• Convertible Note: Raised $9.0M via toxic Series B Preferred & Warrants. View SEC Filing →

$SNYR (Market Cap: $20M)

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

• ATM Program: Files for $5.69M ATM offering. View SEC Filing →
• Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$5.7 million.

$APRE (Market Cap: $6M)

APRE executed a 2-component financing totaling $3.1 million:

• PIPE: Closed $3.1 million PIPE of 2.623 million shares at $1.17 per share, with 100% warrant coverage. Special terms: Warrants explicitly do not contain price reset provisions View SEC Filing →
• ATM Program: Notes existing ATM program available after 120-day lock-up. View SEC Filing →

↳ Total Capital Raised: ~$3.1 million.

$PLUR (Market Cap: $32M)

• PIPE: Closed $2.5 million PIPE of 0.625 million shares at $4.00 per share, with 100% warrant coverage. Special terms: Purchaser is an existing director View SEC Filing →

$PTLE (Market Cap: $6M)

• Public Offering: Raised $2.4 million via the sale of 60 million shares at a price of $0.04 per share. View SEC Filing →

$MODD (Market Cap: $29M)

• Public Offering: , with 50% warrant coverage. View SEC Filing →

$QCLS (Market Cap: $27M)

• Shares for Services: Issued 0.425 million shares for services rendered. View SEC Filing →