Possible new Aqua Metals shares

AQMSDilution

Known so far: no new shares from the prospectus covers read · shelf room about $1.6M · not yet read: warrants, converts, options, ATM.

Shelf room

  • Room today about $1.6M, maybe lower
  • One third of float $1.6M ($4.8M float, Jun 30, 2025)
  • Sold off it, 12 months nothing
How this is worked out

Shelf room about $1.6M on the S-3 of Oct 17, 2025: the baby-shelf rule (public float under $75M) caps sales at one third of the $4.8M public float stated as of Jun 30, 2025, $1.6M, nothing sold off it in the last 12 months; 1 more sale off the shelf with no size read, so the room may be lower. Sources: S-3 Oct 17, 2025, effective Dec 2, 2025 · public float, as of Jun 30, 2025 · 424B5 Dec 2, 2025.

What could become new Aqua Metals (AQMS) shares, from its 10-Q, 10-K, S-3 or 424B filings.

Read so far: the cover share count (3.6M shares, +153% from 1.4M on Aug 4, 2025). Not read yet: warrants, convertible notes, options and RSUs and an ATM program. Read them on EDGAR: the latest 10-Q · S-3 shelf filings.

Shares outstanding

3.6M

Nov 2024 to Jul 2026: from 713K to 3.6M. Adjusted for the 1-for-10 reverse split by Aug 4, 2025: each earlier count is divided by the ratio of every split after it.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.