Mar. 3 at 6:07 PM
$NIXX live short interest 6.29%, CTB 3.61, .47 important support, pump candidate
Float is 24.74M against 24.88M shares outstanding, meaning almost no insider lock-up. Institutional ownership is only 6.6% and short interest is 4.1%. Estimated net cash per share is negative
$0.10. Cash runway is negative 4.8 months based on estimated current cash of negative
$2.2M against
$1.35M quarterly burn. The company is already past due on cash needs. Overall risk is rated Medium but cash need is High with potential for a pump.
S-1 Offering
A December 2024 S-1 for an anticipated
$60M was filed and then withdrawn with no pricing, no shares offered, and no underwriter disclosed. This is a significant red flag given the current cash position.
Warrants
The August 2022 note warrants have 201,389 remaining at
$5.70, expiring August 2027. Holders include Cavalry, L1, Newark Venture, Parrut Inc, Puritan Partners, Stobie Creek, and Various Individuals. Customary anti-dilution. Effectively out of the money.
The June 2021 uplist warrants (RCRTW) have 160,000 remaining at
$82.50, expiring July 2026, issued through Joseph Gunnar to L1. Deeply out of the money, effectively worthless.
The debenture warrants have 99,306 remaining at
$5.70, expiring July 2026, held by Cavalry, L1, Newark Venture, Parrut Inc, Puritan Partners, Stobie Creek, and Various Individuals. Out of the money.
The October 2022 note warrants have 47,103 remaining at
$30.00, expiring October 2027, held by Montage Capital. Deeply out of the money.
The August 2023 warrants are fully exercised, zero remaining. Originally 222,222 warrants at
$2.78, issued through Joseph Gunnar, expiring February 2029. Not registered.
The April 2024 warrants are fully exercised, zero remaining. Originally 292,000 warrants at
$0.01, customary anti-dilution, expiring April 2027. Not registered.
The May/June 2020 warrants are fully expired. Originally 93,290 warrants at
$5.70, held by Cavalry, L1, Newark Venture, Parrut Inc, Puritan Partners, Stobie Creek, and Various Individuals. Expired May 2023.
Convertible Notes
The September 2025 convertible note has 1,000,000 shares remaining to be issued when converted on
$2,000,000 remaining principal at a
$2.00 conversion price. Held by Siwatex OU, unregistered, no maturity date disclosed, no price protection verified. Issued September 4, 2025.
Shelves
The September 2022 shelf has
$7.35M of
$100M remaining raisable capacity, but is subject to baby shelf restrictions. The stock needs to reach
$3.10 to lift those restrictions against a current price of
$0.52. Only
$1.27M was raised in the last 12 months. The shelf expired September 30, 2025, meaning it is now expired and no longer usable.
This is a deeply distressed capital structure. The company has negative cash, an expired shelf, a withdrawn
$60M S-1 with no replacement, a baby shelf wall at
$3.10 against a
$0.52 stock price, and a
$50M January 2025 convertible note that is wildly disproportionate to the company's
$13M market cap and needs further scrutiny. The Siwatex OU convertible note adds another
$2M of conversion overhang at
$2.00, nearly 4x the current price. Effective capital access is near zero at current prices. A dilutive emergency raise or restructuring appears inevitable.
