Daily Dilution Report - Dec 3, 2025

Key Takeaways

• Belite Bio (BLTE) accounted for the vast majority of the day's capital, raising $350.0 million through a single public offering.
• Aqua Metals (AQMS) was notably active with two separate financing events, announcing a $50.0 million ATM equity line and a $12.0 million offering.

Dilution Events

$BLTE (Market Cap: $5.32B)

• Public Offering: Raised $350.0 million via the sale of 2272727 million shares at a price of $154.00 per share. View SEC Filing →

$APUS (Market Cap: $28M)

• Convertible Note: Secured up to $120.9M toxic convertible note financing, converts @ 80% of 5-day low VWAP. View SEC Filing →

$AQMS (Market Cap: $24M)

AQMS executed a 2-component financing totaling $62.0 million:

• Public Offering: Raised $12.0 million via the sale of 1133794 million shares at a price of $11.34 per share, with 100% warrant coverage. View SEC Filing →
• ATM Program: Has active $50M At-The-Market (ATM) offering program. View SEC Filing →

↳ Total Capital Raised: ~$62.0 million.

$KTTA (Market Cap: $27M)

• Public Offering: Raised $60.0 million via the sale of 80000000 million shares at a price of $0.75 per share. View SEC Filing →

$EJH (Market Cap: $16M)

• PIPE: Closed $13.5 million PIPE of 30000000 million shares at $0.45 per share. Special terms: Deep discount View SEC Filing →

$GPUS (Market Cap: $100M)

• Convertible Note: Raised ~$12M via toxic convertible notes, converts @ 85% of 3-day low VWAP. View SEC Filing →

$MGAM (Market Cap: N/A)

MGAM executed a 2-component financing totaling $10.1 million:

• Convertible Note: Raised $65k via toxic convertible note, converts @ $0.06 or lowest traded price | MC: N/A. View SEC Filing →
• ATM Program: Secured $10M Equity Line of Credit (ELOC) | MC: N/A. View SEC Filing →

↳ Total Capital Raised: ~$10.1 million.

$SGBX (Market Cap: $17M)

• Convertible Note: Raised $4.05M via convertible preferred, converts @ $3.19 (subject to adjustment). View SEC Filing →

$ENSC (Market Cap: $6M)

• PIPE: Closed $4.0 million PIPE of 1094078 million shares. Special terms: Price Reset/Full Ratchet, Alternate Conversion Price (Floating) View SEC Filing →

$COBA (Market Cap: N/A)

• PIPE: Closed $3.0 million PIPE of 6000000 million shares at $0.50 per share. View SEC Filing →

$WINT (Market Cap: N/A)

• Convertible Note: Raised ~$0.86M via toxic convertible note, converts @ 90% of 20-day low | MC: N/A. View SEC Filing →

$GNLN (Market Cap: $16M)

• Resale Registration: Registering resale of PIPE shares, includes pre-funded warrants @ $0.01. View SEC Filing →