Keel Infrastructure Corp. (KEEL)
CIK 1812477 · all EDGAR filings →
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
Latest: 617.6M shares as of Aug 7, 2026 (10-Q).
Cash runway
Self-funding
generates cash
Full breakdown: cash runway tool · source filing →
Warrants
| Tranche | Warrants | Exercise price | Term | Notes |
|---|---|---|---|---|
| Stronghold Warrants | 12.9M | $1.24 | — | FV $11.5M |
| Macquarie Equity Warrants | 5.3M | $1.17 | — | FV $2.9M |
| Additional Equity Warrants | 2.2M | $5.69 | 5y | FV $7.1M |
| Equity Warrants | 2.2M | $5.69 | 4.3y | — |
| A2023 Warrants | not tagged | $1.23 | — | — |
| A2023 Private Placement Warrants | not tagged | $1.17 | — | — |
Tranches exactly as the company dimensioned them in its 10-Q filed Aug 10, 2026 →. 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: 2.2M underlying shares, as reported Oct 31, 2025 (10-K).
Reported exercise price: $43.69 (aggregate figure as tagged; individual tranches vary).
Rough fully diluted estimate: 619.8M = 617.6M O/S + 2.2M 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
| Note | Principal | Carrying | Conv. price | Rate | If converted |
|---|---|---|---|---|---|
| 2025 Convertible Senior Notes | $588.0M | $593.6M | $6.86 | 1.375% | ~85.7M sh |
| 2026 Convertible Senior Notes | $458.0M | $458.3M | $7.41 | 1.25% | ~61.8M sh |
If every note above converted at its tagged price: ~147.5M new shares on 617.6M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.
Notes exactly as the company dimensioned them in its 10-Q filed Aug 10, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay 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 outstanding | 617.6M | Aug 7, 2026 |
| + Stronghold Warrants (if exercised) | 12.9M | Mar 14, 2025 |
| + Macquarie Equity Warrants (if exercised) | 5.3M | Jun 30, 2026 |
| + Additional Equity Warrants (if exercised) | 2.2M | Jun 30, 2026 |
| + Equity Warrants (if exercised) | 2.2M | Jun 30, 2026 |
| + 2025 Convertible Senior Notes (if fully converted) | 85.7M | Oct 1, 2025 |
| + 2026 Convertible Senior Notes (if fully converted) | 61.8M | Jun 30, 2026 |
| Fully diluted estimate | 787.7M | +27.6% 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: 2 executed · 1 registered.
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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