State of small-cap dilution: Q4 2026

Offering filings

116

Prospectuses, shelf and resale registrations and offering 8-Ks SEC Tracker read as offerings

Companies

82

Issuers with a public float under $300M

Median new shares (3 filings)

10%

Shares offered over shares outstanding before, where both are stated

State warrant coverage

1%

Filings that state warrant coverage

Findings

1. 116 offering filings from 82 companies with a public float under $300M in Q4 2026 through 2026-11-06: 4 priced offerings, 9 at-the-market programs, 6 shelf registrations, 47 private placements, 14 resale registrations, 36 of a type not identified. Source rows
2. The largest stated size: $200.00M, an at-the-market program by Avalo Therapeutics, Inc. filed 2026-11-05. 424B5 0001104659-26-123069
3. Where the filing states both shares offered and shares outstanding (3 filings), the median offering added 10% new shares; 1 filing added 20% or more. Source rows
4. In the 3 filings that state a price and a last sale price, the median price was 8% below the last sale. Source rows
5. 1 of 116 filings (1%) state warrant coverage; the rest do not state it. Source rows
6. The 25 filings that state a size add up to $1.31B. Source rows

By type 6

What each filing is, as SEC Tracker reads it.

Largest by stated size 25

The 20 largest offerings by the size the filing states.

Showing 20 of 25.

20% or more new shares 1

Offerings that add at least a fifth to the shares outstanding before them.

All companies by size 4

Every offering filing in the quarter by public float, for context; the report above counts the first row only.

Every filing 116

Every small-cap offering filing counted above, newest first.

How this is counted

• Source: S-1, S-3, F-1, F-3, 424B prospectuses, resale registrations and offering 8-Ks on SEC EDGAR, read by SEC Tracker as they are filed.
• Small cap means a public float under $300M on the company's latest 10-K cover page; companies that state no float are left out of the headline and counted in the size table.
• New shares are shares offered over shares outstanding before the offering, both as the filing states them. Discount is the offering price against the last sale price the filing states. Nothing here uses market data.
• A filing SEC Tracker could not classify is counted as type not identified, never guessed.

Computed by SEC Tracker from SEC EDGAR filings; each row links to its filing. Not investment advice. Not affiliated with the U.S. SEC. The same data is available to AI assistants through the SEC Tracker MCP (tool get_report).