Daily Dilution Report - Nov 21, 2025

Key Takeaways

• Activity was concentrated at the top, with an offering from OGE ($345.0 million), a shelf registration from IKT ($300.0 million), and a PIPE from POAI ($224.1 million) leading the day.
• Two companies announced multiple capital events: RDZN filed a $100.0 million shelf alongside a $5.0 million convertible note deal, while ECO paired its $115.0 million offering with a $5.0 million buyback.

Dilution Events

$OGE (Market Cap: $8.89B)

• Public Offering: Raised $345.0 million. View SEC Filing →

$POAI (Market Cap: $20.53B)

POAI executed a 2-component financing totaling $224.1 million:

• Resale Registration: Files to register resale of 5.97M shares from prior PIPE & warrants. View SEC Filing →
• PIPE: Closed $224.1 million PIPE of 2547789 million shares. Special terms: Cash PIPE Warrants have a nominal $0.01 exercise price, representing near-certain future dilution., Crypto PIPE used a digital asset (ATH) as consideration. View SEC Filing →

↳ Total Capital Raised: ~$224.1 million.

$ECO (Market Cap: $1.18B)

ECO executed a 2-component financing totaling $115.0 million:

• Public Offering: Raised $115.0 million via the sale of 3239436 million shares at a price of $35.50 per share. View SEC Filing →
• Share Buyback: Repurchased $5.0 million. View SEC Filing →

↳ Total Capital Raised: ~$115.0 million.

$AHR (Market Cap: $8.71B)

AHR executed a 3-component financing totaling $32.5 million:

• Public Offering: Offering of 8100000 million shares. View SEC Filing →
• ATM Program: Sold $32.5M (659k shares) via ATM; 2.15M shares remain in ATM forward agreements. View SEC Filing →
• Shares for Services: Issued 147468 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$32.5 million.

$VHAI (Market Cap: N/A)

VHAI executed a 3-component financing totaling $25.2 million:

• ATM Program: Enters toxic $25M equity line of credit (ELOC); purchase price at 70% of 10-day low | MC: N/A. View SEC Filing →
• Convertible Note: Issues $240k toxic convertible notes; converts @ $0.0025 w/ default price reset | MC: N/A. View SEC Filing →
• Shares for Services: Issued 250000000 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$25.2 million.

$RDZN (Market Cap: $104M)

RDZN executed a 3-component financing totaling $5.0 million:

• Convertible Note: Offers $5.56M convertible notes (10% OID) converting @ $2.25. View SEC Filing →
• Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →
• Shares for Services: Issued 31483958 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$5.0 million.

$IKT (Market Cap: $115.02B)

IKT executed a 3-component financing totaling $0 thousand:

• Public Offering: . View SEC Filing →
• Shares for Services: Issued 139256432 million shares for services rendered. View SEC Filing →
• Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

$HCWB (Market Cap: $5M)

• Warrant Exercise: Raises $4.0M via induced warrant exercise @ $2.66; issues 3.02M new warrants @ $2.41. View SEC Filing →

$VCIG (Market Cap: $8M)

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

• Convertible Note: Massively increases shares issuable under convertible notes from 2.3M to 50M. View SEC Filing →
• Shares for Services: Issued shares for services/fees. View SEC Filing →