Feb. 23 at 3:33 PM
$DXST live short interest 5.53%, CTB 66.52. Watching for D. Boral (EF Hutton) dead cat bounce 🤮
OS: 45.38M
Float: 30.45M
Market Cap: ~
$8.2M
• DXST is a post-IPO China microcap with classic small-banker structure. No convertibles, but the dilution already landed and the warrant overhang is massive relative to price.
Toxic Warrant / Note / Instrument blocks
• November 2025 Warrants (IPO follow-on)
26,666,666 warrants @
$0.66
Underwriter: D. Boral Capital
Protection: customary anti-dilution
Interpretation: these are deeply relevant. Warrants equal ~88% of current float and sit just above current price. Any sustained move invites exercise + supply.
Equity lines / ATM / Shelf
• None disclosed
Interpretation: dilution risk is front-loaded via warrants rather than rolling ATMs or notes.
Completed Dilutive Events (spaced)
November 2025 – Underwritten Offering (F-1)
• 13,333,333 shares @
$0.60
• 26,666,666 warrants attached (200% coverage)
•
$8.0M raised
Underwriter: D. Boral Capital
January 2025 – IPO (F-1)
• 1,250,000 shares @
$4.00
•
$5.0M raised
Underwriters: Craft Capital, D. Boral Capital
DXST isn’t a toxic-note death spiral, but it is a warrant-capped trade. The November deal doubled down on supply, and the
$0.66 strike is the ceiling until that block clears. Any upside needs real volume or catalyst to absorb warrant flow. This is a structure-first ticker, not a fundamentals-first one.
