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

SHF Holdings, Inc. (SHFS)

CIK 1854963 · 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
HIGH$213M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 0% 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
LOW-73% 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
MEDIUM~20.1 months of runway
= 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

2022-11-112026-08-05

Latest: 12.3M shares as of Aug 5, 2026 (10-Q). Share count fell from 55.7M to 2.8M between Nov 12, 2024 and Mar 31, 2025, a pattern consistent with a reverse split (roughly 1-for-20); 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
Series B Warrants9.8M$1.5528
Public Warrants287,500not tagged
Abaca Warrants250,000$405y
PIPE Warrants51,125$100
Private Placement Warrants13,205not tagged

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 7, 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: 0 underlying shares, as reported Dec 31, 2021 (10-K).

Reported exercise price: $230 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 12.3M = 12.3M O/S + 0 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

NotePrincipalCarryingConv. priceRateIf converted
Unsecured Convertible Promissory Notes$10.7Mnot tagged

Notes exactly as the company dimensioned them in its 10-Q filed Aug 7, 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 outstanding12.3MAug 5, 2026
+ Series B Warrants (if exercised)9.8MJun 30, 2026
+ Public Warrants (if exercised)287,500Jun 30, 2026
+ Abaca Warrants (if exercised)250,000Dec 31, 2025
+ PIPE Warrants (if exercised)51,125Dec 31, 2025
+ Private Placement Warrants (if exercised)13,205Jun 30, 2026
Fully diluted estimate22.8M+84.7% 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

Registered offering capacity on live registrations: $213.2Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Jul 31, 2026$1.9M registeredfiling →
S-1May 6, 2026$17.8M registeredfiling →
S-1Oct 21, 2025$193.4M registeredfiling →

Last 12 months: 3 executed · 8 registered.

UPDATEAug 11, 2026Resale prospectus — existing holders registering to sell424B7
EFFECTIVEAug 10, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJul 31, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDJul 31, 2026S-1 registration — capacity to sell shares, not a sale yetS-1
REGISTEREDJul 16, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDJun 4, 2026S-1/A registration — capacity to sell shares, not a sale yetS-1/A
REGISTEREDMay 6, 2026S-1 registration — capacity to sell shares, not a sale yetS-1
UPDATENov 12, 2025Resale prospectus — existing holders registering to sell424B7
UPDATENov 7, 2025Resale prospectus — existing holders registering to sell424B7
REGISTEREDOct 21, 2025S-1 registration — capacity to sell shares, not a sale yetS-1
REGISTEREDOct 17, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A
EXECUTEDOct 3, 2025Unregistered share sale disclosed (8-K item 3.02)8-K

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.

Keep going: float checker · offering calendar · short-squeeze screener · full SHFS workspace