Dilution profile // every instrument, one screen, from SEC filings

IT TECH PACKAGING, INC. (ITP)

CIK 1358190 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3/A on file 2023-04-03
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 2% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+69% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-03-232025-11-13

Latest: 17.0M shares as of Nov 13, 2025 (10-Q). Share count fell from 99.0M to 9.9M between May 10, 2022 and Aug 9, 2022, a pattern consistent with a reverse split (roughly 1-for-10); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
March2021 Warrants1.5Mnot tagged
January2021 Warrants1.2Mnot tagged
May2020 Warrants440,000not tagged

Tranches exactly as the company dimensioned them in its 10-Q filed Nov 13, 2025. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 352,000 underlying shares, as reported Dec 31, 2024 (10-K).

Reported exercise price: $7.5 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 17.3M = 17.0M O/S + 352,000 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Nov 13, 2025. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding17.0MNov 13, 2025
+ March2021 Warrants (if exercised)1.5MSep 30, 2025
+ January2021 Warrants (if exercised)1.2MSep 30, 2025
+ May2020 Warrants (if exercised)440,000Apr 29, 2020
Fully diluted estimate20.1M+18.3% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

EXECUTEDMay 14, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDMay 12, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEApr 14, 2023SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 3, 2023S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDFeb 23, 2023S-3/A registration — capacity to sell shares, not a sale yetS-3/A
REGISTEREDDec 22, 2022S-3 registration — capacity to sell shares, not a sale yetS-3
REGISTEREDNov 24, 2021S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDFeb 26, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 24, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDFeb 24, 2021S-3MEF registration — capacity to sell shares, not a sale yetS-3MEF
UPDATEFeb 17, 2021Prospectus update — often a resale registration, not necessarily new capital424B3
EXECUTEDJan 15, 2021Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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