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

SHF Holdings, Inc. (SHFSW)

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)

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

Funded — but tight

~20 months of cash · watch

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$10.7M—not 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: 1 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.

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