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Daily Dilution Report - Nov 20, 2025

Filed: 11/20/2025
Published: 11/20/2025

Key Takeaways

  • 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.
  • STEX was particularly active, filing for its large ATM alongside two separate $25.0 million convertible note deals.
  • Secondary offerings also featured prominently, with NUVL raising $471.9 million and OLMA raising $178.0 million.

Dilution Events

$STEX (Market Cap: $149M)

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

  • Resale Registration: Registering 27.9M shares for resale by selling shareholders from convertibles and merger. View SEC Filing →
  • Convertible Note: Sold first $25M convertible debenture to Yorkville, convertible into 13.3M shares. View SEC Filing →
  • Convertible Note: Has option for second $25M convertible debenture from Yorkville. View SEC Filing →
  • ATM Program: Entered $1B Standby Equity Purchase Agreement (SEPA) with Yorkville. View SEC Filing →
  • Shares for Services: Issued 1.5 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$1.05 billion.

$NUVL (Market Cap: $7.79B)

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

  • Public Offering: Raised $471.9 million via the sale of 4.95 million shares at a price of $101.00 per share. View SEC Filing →
  • Shares for Services: Issued 0.742 million shares for services rendered. View SEC Filing →
  • Shares for Services: Issued 15 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$471.9 million.

$OLMA (Market Cap: $1.33B)

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

  • Public Offering: Raised $178.0 million via the sale of 10 million shares at a price of $19.00 per share. View SEC Filing →
  • Shares for Services: Issued shares for services/fees. View SEC Filing →
  • Shares for Services: Issued 32.6 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$178.0 million.

$ODYY (Market Cap: N/A)

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

  • Convertible Note: Issued $2.26M toxic convertible note; converts @ 85% of 10-day low VWAP | MC: N/A. View SEC Filing →
  • Convertible Note: Entered $25M toxic note facility; converts @ 85% of 10-day low VWAP, $0.5M first tranche | MC: N/A. View SEC Filing →

↳ Total Capital Raised: ~$27.3 million.

$HCTI (Market Cap: $14M)

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

  • ATM Program: Initiated $20M At-The-Market (ATM) offering. View SEC Filing →
  • Shares for Services: Issued 1.43 million shares for services rendered. View SEC Filing →
  • Warrant Exercise: Raised ~$2.85M via warrant inducement @ $2.00; issued 1.43M new warrants @ $3.00. View SEC Filing →
  • Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$20.0 million.

$CMND (Market Cap: $1M)

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

  • Public Offering: Raised $2.2 million via the sale of 10.925 million shares at a price of $0.20 per share. View SEC Filing →
  • Convertible Note: Issued notes from $10M facility; conv. price is lower of $1.01 or 88% of 20-day low VWAP. View SEC Filing →
  • Public Offering: Raised $788 thousand via the sale of 3.942 million shares at a price of $0.20 per share. View SEC Filing →
  • Public Offering: Raised $1.4 million via the sale of 5.51 million shares at a price of $0.25 per share. View SEC Filing →
  • Warrant Exercise: Issued 2.09M shares from warrant exercises for ~$0.18M in proceeds. View SEC Filing →
  • Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$14.4 million.

$ONFO (Market Cap: $5M)

  • Convertible Note: Raised $6M via convertible notes @ $0.984 with rights tied to crypto performance. View SEC Filing →

$AMIX (Market Cap: $6M)

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

  • 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) View SEC Filing →
  • Resale Registration: To file resale registration for 13.5M shares underlying warrants from private placement. View SEC Filing →

↳ Total Capital Raised: ~$5.0 million.

$TPST (Market Cap: $21M)

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

↳ Total Capital Raised: ~$5.0 million.

$FBLG (Market Cap: $18M)

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

  • 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. View SEC Filing →
  • Shares for Services: Issued shares for services/fees. View SEC Filing →

↳ Total Capital Raised: ~$4.0 million.

$SR (Market Cap: $5.03B)