every shitbox files dilution eventually. S-3s, ATMs, 4:01pm friday 8-Ks, going concern footnotes nobody reads. we read them. you get the ping. long, short, fade - your call. shitboxtracker.com

shitbox of the day: $INLF -88.5%. halted twice. "news pending." 1,000x average volume. 1:16 reverse split was april 6. compliance regained april 29. that lasted 49 days. pivoted from injection molding robot arms to "new energy" battery packing. $100M ATM open on a company with $6.7M cash at year-end. feb PIPE at $0.16/share. today's close: $0.44. the new energy announcement was the press release. today was the filing. shitbox score: 💩💩💩💩💩

after-hours 8-K dump - 5:15 PM ET $NXL: item 5.03. quorum to pass stockholder votes quietly dropped from 50% to 33%. nasdaq deficiency cure due july 20. cash runway: ~2.1 months. maxim ATM waiting. $DWTX: item 5.07. authorized shares 43M → 195M. delaware cert filed after close. 65% controlled by two shareholders. the reload is not subtle. $WHLR: 1-for-4 reverse split. reverse split #12 in 13 months. cumulative 2-year ratio: 1,512,000:1. market cap: $1.06M. debt: $475M. effective time: 5:00 PM ET exactly. they set an alarm.

after-hours 8-K dump - 4:00 PM ET $TWAV: item 7.01 - CEO shareholder letter (furnished, not filed). pivoted from video software to TAO token treasury to "Physical AI" in 18 months. just wired $1M to a UK startup whose platform "remains in early deployment." estimated cash remaining: ~$61K. their stated contribution to the partnership is "public market credibility." $100M S-3 shelf open. $AMZE: item 5.07 - stockholder meeting results. authorized shares: 100M → 750M. OID convertible notes now clear the 19.9% exchange cap. 4 employees. last known cash: $156K. formerly Fresh Vine Wine. the wine company and the AI company both need the same thing.

$MTNB S-3 (open-ended stock sale shelf) filed june 16. $150M registered. market cap: $4.5M cash: $2.4M burn: $534K/month runway: ~0.9 months employees: 3 accumulated deficit: $212.7M NYSE deficiency: active going concern: filed march 31 "cash may not fund operations beyond 12 months from the filing date" is in the S-3 itself. $150M shelf on a $4.5M cap. baby shelf rules cap actual issuable at ~$1.5M. they registered 33x the company to sell 0.3x the company.

the ballot in november. "cracking down on waste, fraud, and abuse" is item 7.01. furnished, not filed. no exhibit attached. the anti-fraud event is the campaign event.

midday dilution roast - 12:30 PM ET $ONCO: 424B3 hit today. resale prospectus. company receives zero proceeds. prior investors do. market cap: $894K Q1 revenue: $21,457 cash runway: ~6 weeks reverse splits: 6 total. cumulative ratio: 170,000:1 in under 2 years last split: 1:10 on may 21. that was 27 days ago. shitbox score: 💩💩💩💩💩 the split is not a strategy. it's a treadmill.

midday dilution roast - 12:00 PM ET $VALN: 424B3 hit this morning. registers 31.6M resale shares from an april deal. company receives zero proceeds. the april buyers do. deal price: €2.33. current price: €2.29. already underwater. warrants at €2.96 - 29% out of the money. 31.6M shares = 18% of float, unlocked, today. net loss FY2025: -$133.5M. debt: $243M. cash runway: ~12 months. shitbox score: 💩💩 the resale prospectus is the exit, not the raise.

$SXTP CEO bought $10,131 in open-market shares june 12. three reverse splits in two years. 240:1 cumulative. 1.1 months of cash left. H.C. Wainwright downgraded to neutral may 20 citing "untenable spending." the underwriter tapped out. the CEO did not.

Reverse Split Death Watch - 10:03 AM ET $IVDA: Nasdaq bid price deficiency, day 61. two 1:8 splits (2022, 2024). $0.45. $IMCC: day 58. five splits. price: $0.21. market cap: $717K. CEO personally loaning cash to the subsidiary. $BMGL: day 61. 1:12 split june 22. five days out. current: $0.55. $RVPH: day 30 today. 1:20 split was march 9. price: $0.59. that's 99 days from split to deficiency. the split is not the cure. the split is the clock reset.

filing scan - 9:43 AM ET $MBOT: 8-K item 7.01 filed yesterday. "opportunity to sell" LIBERTY robotic system at 2,000 government facilities. no purchase orders. no revenue. no dollar figure. furnished, not filed. H.C. Wainwright ATM: $39.2M open. $17K drawn. $BNAI: 8-K items 1.01 3.02 filed this morning. acquiring Cataneo GmbH for $9M cash on estimated $818K in the bank. 250,792 unregistered shares issued to close the gap. also issuing stock monthly to fund a different acquisition. $DUOT: 424B5 filed 1 hour ago. $55.1M at $9.50. raise #3 in 4 months. estimated cash post-close: $97-149M. burn: $454K/month. TD Cowen keeps loading a truck that doesn't need gas.

morning shitbox scan - 8:15 AM ET $FTHM: 8-K item 1.01 - "transformational opportunity" = the company lending you $3M since march bought you for stock. cash: negative. missed 10-Q. waiver in hand. the lender is the acquirer. $BIRD: shoes → GPUs. $100M convertible at $4.00/share on a $32M cap. renamed Smartbird, not NewBird AI. $48M Chardan ATM open. $GOSS: exchange offer dumped 254M new shares onto a $41M market cap. burn: $12.9M/month. 4.6 months. $BGDE: 8-K item 7.01 (furnished, not filed) - "regained compliance." cash: -$12.4M estimated today. burn: $5.71M/month. the board owns the affiliate they signed the profit-sharing deal with. website still says mawsoninc.com. shitbox score (BGDE): 💩💩💩💩 compliance is easier to regain than it is to keep.

morning shitbox scan - 8:00 AM ET $ELTX: 8-K item 8.01 - "preliminary clinical observations" support phase 1 in pancreatic cancer. subhead: "subject to funding." cash: $14.9M. burn: $3.88M/month. runway: ~5 weeks. the press release is the fundraising round. $HRTX: 8-K item 5.07 - annual meeting approved 26.56M new shares on a $0.39 stock. also ratified a poison pill. protecting what exactly. $SOPH: 424B5 off $200M shelf. net tangible book value: $0.14/share. accumulated deficit: $538.6M. the shelf is 0.6x market cap. $COCH: paid a PR firm 140K shares june 1. EFFECT filing hit today. those shares are now registered. shitbox score (ELTX): 💩💩💩💩 the announcement is the ask.

shitbox of the day: $SDOT. -63%. burger chain. LATAM grain trading. UAE CTRM software. LA residential real estate option. one ticker. four businesses. all of them broke. $679K cash. $60M in current liabilities. 2,000:1 cumulative reverse split in under 2 years. going concern. Nasdaq equity deficiency. the real estate play: $125.5M option on 147 LA units. exercise price: $68.5M. they paid for the option in shares. exercise price is 100x cash on hand. shitbox score: 💩💩💩💩💩 the option is the press release.

after-hours 8-K dump - 5:15 PM ET $CVM: 8-K item 1.01 - $2.5M raise at $1.00 via ThinkEquity. five weeks ago: $7.2M at $1.20. same placement agent. same going concern. the second raise is 17% cheaper than the first. 43 years old. four reverse splits. Multikine still in phase 3. $MTNB: S-3 filed. $150M shelf on a $4.3M cap. cash: $2.4M. burn: $534K/month. employees: 3. NYSE deficiency notice april 2. the shelf is 35x the company. $FLZH: 8-K item 7.01 - cannabis grow rooms → Malaysian T20 cricket. market cap: $1.7M. they always wait for the bell.

after-hours 8-K dump - 4:00 PM ET $LIXT: 8-K item 1.01 - definitive merger to acquire NOMAD Transportable Power Systems (battery storage). closing condition: $16.5M unrestricted cash. they raised exactly $16.6M on june 4. the raise wasn't for LB-100. it was for the battery company. cancer drug → $2.6M crypto buy (sept 2025) → "AI energy infrastructure" (june 1) → NOMAD acquisition (june 12). eleven days between pivots. cash: $3.25M as of march 31. going concern auditor flag in the 10-Q. two reverse splits. zero revenue quarters: 21 . the closing cash condition is the business plan.

insider sell alert - 2:15 PM ET no confirmed microcap code S sales in the 48h window. what the form 4 scanner did find: $CTSO CEO buying 261K shares at $0.40-$0.43. $4.8M cash. $387K/month burn. $19.4M ATM with Jefferies still open. the absence of selling is not the story. the ATM is the story.

$NNVC just filed a $50M S-3 (open-ended stock sale shelf). translation: a company with $3.2M cash and $0 in lifetime revenue wants permission to sell 174% of its own market cap in new stock. market cap: $28.7M cash: $3.2M. burn: $610K/month. runway: 5.5 months S-3: $50M (1.7x market cap) last raise: $2M at $1.50, may 18. current price: $1.33. that raise is already -11%. placement agent: D. Boral Capital (formerly E.F. Hutton) accumulated deficit: $148.8M. employees: 7. revenue: $0. ever. two reverse splits. zero revenue quarters: 20 shitbox score: 💩💩💩💩 the shelf is 1.7x the company. the company is a shelf.

$NXTS. 424B5 filed june 15. $1.25M raise at $4.008 - 20% discount. 100% warrant coverage. no placement agent. five reverse splits. 245:1 cumulative since 2019. the april 7 split was 60 days ago. business: was potato sprout spray (SpuDefender). sold that. now: preclinical cancer drug italian solar JV 19.99% of a shell. options outstanding: strike price $3,858/share. not a typo. $100M shelf on a $3.9M float. KPMG going concern. shitbox score: 💩💩💩💩💩 the shelf is the company.

$GRDX. S-1 filed may 27, 2026. going concern admission is on page 1 of the prospectus. "our plans at this stage do not alleviate substantial doubt about the ability to continue as a going concern." that sentence is in the document they filed to sell you shares. cash: $386K. burn: ~$595K/month. estimated cash today: negative. shares registered for resale: 6.2M. shares outstanding: 6.65M. Q1 revenue from the AI energy pivot: $38,208. accumulated deficit: $212M. employees: 2. was a GI drug company. then a biopharmaceutical roll-up. then a GI drug company again. now AI energy orchestration. six reverse splits since 2005. going concern in 2024, 2025, and now the S-1. the prospectus is a going concern notice with a cusip attached.

$ZONE. cleaning products → dogecoin treasury → AI data centers. going concern the whole time. paid $1.5M to exit the old ATM to open a new $750M one. $750M ATM on a $5.9M cap. that's not a pivot. that's a witness protection program for a mop company.