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

BNB Standard Corp (BNCWW)

CIK 1482541 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$2153M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
LOWwarrants = 19% 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
HIGH+410% 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
LOW~27.8 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

2021-03-232026-09-04

Latest: 41.2M shares as of Sep 4, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-09-04
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →
Share count fell from 237.5M to 7.8M between Nov 9, 2021 and Mar 29, 2022, a pattern consistent with a reverse split (roughly 1-for-31); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Stapled Warrants49.5M$15.15——
Prefunded Warrants7.8M$0.00001——
Investor Warrants4.9M$60——
Strategic Advisor Warrants3.6M$0.00001——
Two Thousand and Twenty Two Underwriter Warrants1.0M$60.51——
Asset Manager Warrants990,099$10.23——
Public Warrants409,117not tagged——

Tranches exactly as the company dimensioned them in its 10-Q filed Sep 11, 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: 7.6M underlying shares, as reported Jun 30, 2022 (10-Q).

Reported exercise price: $2.22 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 48.8M = 41.2M O/S + 7.6M 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
Convertible Promissory Note$734,000$734,000$197%~38,632 sh

If every note above converted at its tagged price: ~38,632 new shares on 41.2M 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 Sep 11, 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 outstanding41.2MSep 4, 2026
+ Stapled Warrants (if exercised)49.5MJul 31, 2026
+ Prefunded Warrants (if exercised)7.8MJul 31, 2026
+ Investor Warrants (if exercised)4.9MJul 31, 2026
+ Strategic Advisor Warrants (if exercised)3.6MJul 31, 2026
+ Two Thousand and Twenty Two Underwriter Warrants (if exercised)1.0MJul 31, 2026
+ Asset Manager Warrants (if exercised)990,099Jul 31, 2026
+ Public Warrants (if exercised)409,117Jul 31, 2026
+ Convertible Promissory Note (if fully converted)38,632Jul 31, 2026
Fully diluted estimate109.4M+165.6% 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

Registered offering capacity on live registrations: $2153.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRSep 22, 2025$2103.5M registeredfiling →
S-3ASRAug 25, 2025$50.0M registeredfiling →
S-3Jan 15, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 0 executed · 0 registered.

EFFECTIVENov 4, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 22, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR →
REGISTEREDAug 25, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR →
EXECUTEDAug 8, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDAug 1, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJun 9, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDJan 24, 2025Prospectus supplement priced — shares or notes (large filers: often a bond deal)424B2 →
EFFECTIVEJan 24, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDJan 15, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EFFECTIVEOct 11, 2022SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDSep 22, 2022S-1 registration — capacity to sell shares, not a sale yetS-1 →
EXECUTEDJun 27, 2022Final 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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