Jan. 28 at 3:00 AM
$NTCL live short interest 1.68%, CTB 165.24
OS: 21.99M
Float: 7.69M
Market Cap:
$9.4M
Toxic / Structured Instruments
• August 2025 Convertible Note
• Principal:
$2.2M
• Holder: Streeterville
• Converts at 88% of lowest 10-day VWAP
• Floor:
$0.7106
• Mechanics: Variable rate + VWAP lookback + floor
• Remaining shares: 1,222,222 (pending)
• Placement: Univest
Shelf / Equity Access
• December 2025 Shelf (Baby Shelf)
• Total:
$100.0M
• Remaining:
$2,792,955
• Baby Shelf: Yes
• OS: 21,992,031
• Float: 7,687,031
• Highest 60-day close:
$1.09
• Price to exceed baby shelf:
$9.76
• IB6 float value:
$8,378,864
Completed Dilutive Events (spaced)
• 2025-08-31
• Private Placement
• 1,500,000 shares @
$1.60
• Proceeds:
$2,400,000
• 2025-08-01
• Private Placement (Convertible Note)
• 1,111,111 shares @
$1.80
• Proceeds:
$2,000,000
• Investor: Streeterville
• Bank: Univest
• 2024-12-13
• IPO
• 1,800,000 shares @
$5.00
• Proceeds:
$9,000,000
• Banks: Newbridge, Revere
Streeterville converts on 88% of lookback VWAP with a floor, which creates forced pricing gravity into dilutive executions if liquidity is thin. Baby shelf limits S-3 usage until the stock clears valuation thresholds. Cash is tight and burn is high, so capital structure leans toward continued structured financing rather than clean follow-ons. Low float relative to OS means unlocks + structured conversion pressure is the core overhang.
