Jan. 10 at 7:08 PM
$RDHL took a peak at my YA II watchlist, another gross one ready to potentially pop. Over 1.45 for fun. Tel Aviv delight.
live short interest 9%
OS: 4.55M
Float: 4.48M
Market Cap: ~
$6.1M
Key Dilution Weapons Active
• January 2024 Warrant
– 400,000 @
$25.00 (5yr)
– Registered, customary AD only
– Holders: Armistice, CVI, Intracoastal, Lind, Sabby
– Deep OTM, low-risk in current tape
• Alumni Capital Equity Line (June 2025)
– Capacity:
$10M
– Active through 2026
• YA II Equity Line (December 2025)
– Capacity:
$25M
– Pending Effect; not usable until effective
• HCW ATM (Feb 2025)
– Remaining: ~
$352K
– Baby Shelf constrained
• Baby Shelf Restriction
– Locks raise ability until price rerates materially or float value expands
Completed Dilutive Events (recent first)
• Nov 25, 2025 — ATM Draw
– 0.89M shares @
$3.82
–
$3.4M raised
• Aug 30, 2025 — Equity Line Draw
– 1.01M shares @
$1.67
–
$1.69M raised (Alumni)
• May 14, 2025 — Warrant Exercise
– 85,778 @
$1.50
–
$128.7K raised
• Apr 2, 2024 — RDO
– 2.14M shares @
$0.58 + 2.14M warrants
–
$1.25M raised
• Jan 25, 2024 — RDO
– 10.0M shares @
$0.80 + 10.0M warrants
–
$8.0M raised (HCW)
• Multiple 2023-2022 Armistice/Cantor/Aegis RDOs
– Pattern: cash-for-stock at successively lower reference prices
– Heavy historical cap-table damage
Most Dangerous Instruments
• Equity Lines (Alumni + YA II)
– These are the real financing tools going forward
– Continuous drip supply depending on utilization
• Baby Shelf Constraint
– Forces dilution through ATMs / equity lines in small clips
– Prevents large clean financings unless price rerates above IB6 threshold
Deal Memory (Price Levels That Matter)
$8.00 (2023 RDO)
$4.00 (2023 RDO)
$3.82 (2025 ATM draw)
$1.67 (2025 Alumni draw)
$0.80 /
$0.58 (2024 RDO resets)
Now trades
$1.20–
$1.35 range (post-split adjusted)
