Dec. 30 at 11:56 PM
$FLGC micro float heading towards oversold conditions, live short interest 8.48%, CTB 35.42
OS: 16.63M
Float: 0.61M
Market Cap:
$107.3M (free float MC under
$4M)
Key Dilution Weapons Active
• August 2023 Shelf
Remaining capacity:
$69.66M
No baby shelf restriction
Actively usable at current prices
• September 2022 Shelf
Remaining capacity:
$15.0M
No baby shelf restriction
Secondary backstop shelf
• November 2025 White Lion Equity Line
Total capacity:
$50.0M
Registered, discretionary draw structure
High optional dilution risk if utilized
• September 2025 Revere ATM
Remaining capacity:
$3.45M
Registered and immediately usable
• September 2025 Convertible Note
$22.88M principal
686k shares @
$33.34 conversion
Anti-dilution protected
Not economically dilutive at spot, but structural overhang
Completed Dilutive Events (most relevant recent)
September 2025 – Private Placement
15.9M shares @
$25.19
$401M raised
September 2025 – Convertible Note
686k share equivalent @
$33.34
$22.88M raised
May 2025 – Private Placement
3.86M shares @
$0.30
$1.16M raised
December 2024 – RDO
2.85M shares @
$1.25
$3.56M raised
April 2024 – Underwritten Offering
1.7M shares @
$1.90
$3.23M raised
Most Dangerous Instruments
Equity line + shelf combination
Company has multiple live issuance paths with no price constraints
Dilution risk driven by access, not necessity
Cap Table Overhang Summary
Large OS with extremely tight float
OS: 16.63M
Float: 0.61M
Shelf + equity line capacity exceeds current market cap
Deal Memory (Price Levels That Matter)
$10.45 (highest 60D close)
$6.45 (recent reference price)
$6.33 (spot)
$1.25–
$2.50 (recent RDO pricing zone)
Narrative Summary
Not cash-stressed, but structurally aggressive.
Capital access is wide open and historically exercised.
Float dynamics can drive volatility, but dilution risk remains ever-present due to unrestricted issuance capacity.
