Jul. 31 at 7:28 PM
$WAI 🚨 Snapshot
Market Cap:
$2.8M
Enterprise Value (EV):
$5.4M
Float: 7.03M shares
Outstanding Shares: 7.32M
Est. Net Cash/Share: -
$3.02
Cash Runway: Negative (burn:
$9.85M/qtr; cash: -
$19.5M)
🧾 Convertibles (Outstanding Only)
– Nov 2024 JAK Note: 416.7K shares @
$6.00
↳
$2.5M principal | Variable pricing with 80% VWAP clause
– Feb 2025 JAK Note: 133.3K shares @
$7.50
↳
$1.0M principal | Full ratchet protection
🛡 Both are secured, floating risk via alt conversion clauses
📦 Shelf (Nov 2024)
– Raisable:
$8.59M
– Total Shelf:
$200M
– Baby Shelf: ✅ Yes
– Price to Exceed Restriction:
$10.71
– IB6 Float Value:
$25.76M
🔍 Key Takeaways
– Negative working capital and cash runway imply urgent financing needed
– Both convertibles are held by JAK, tied to VWAP floors and alternate pricing terms
– Trading price must lift substantially to unlock more shelf capital
– Despite modest float, high historical cash burn + structured dilution risk signals caution
