Jan. 18 at 3:49 AM
$NOTE live short interest 22.85%, CTB 4.71, YA II doing YA II things
OS: 15.71M
Float: 10.98M
Market Cap:
$27.4M
• Convertible Notes (Variable-Rate Stack)
– Aug 2025 YA II Note:
$20.4M remaining, conv @
$7.20 floor mechanics = 94% of 5-day low VWAP, hard floor = 20% VWAP adjustment trigger. Remaining shares to issue: 2.83M.
– Mar 2025 EGT Note:
$5.5M, conv @ 30-day VWAP mechanics, no disclosed floor protection. Remaining shares: 0.51M.
– Jun 2023 GPO FN Notes:
$46.79M @
$95.04 WAAD, still fully outstanding (492,360 sh). Legacy SPAC debt, economically irrelevant at current price but blocks balance sheet repair until restructured.
– Legacy 2023–2024 EGT Notes: Multiple
$5.5M issuances converted @ VWAP / 30-day VWAP. Mechanically less toxic than YA II but serial issuance tells the story (path dependency + dilution drift).
multiple vintage convertibles priced against VWAP bands, not hard-dollar coupons. These facilities suppress pop-throughs because any rally feeds conversion liquidity.
• SPAC Warrant Overhang
– 1.09M SPAC Public + 0.92M PIPE @
$87.84 strikes.
Structurally irrelevant at current pricing, but persist in FD counts and prevent cleanup until tendered/cancelled.
• Shelf Capacity
– Nov 2023 S-3 Shelf:
$100M total,
$100M unused, no baby shelf.
This is their primary financing firearm, usable instantly once market conditions allow.
No ATM disclosed, meaning convertible flow + shelf is the playbook.
