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Free course

Learn Dilution on Small Caps

How small caps issue shares, and what it does to the price. Every lesson runs next to the real Panda Desk.

20 short lessons~73 min in total6 modules
Start here · Lesson 1 · 4 minWhat dilution is and why it moves the priceWhat dilution is, why new shares move the price, and where to start on Panda Desk.Start the lesson →
Panda Desk · lit for module 1: Foundations
  1. 1Lesson 1 What dilution is and why it moves the priceOpen now →
  2. 2Lesson 2 Authorized, outstanding, float and fully dilutedOpen now →
  3. 3Lesson 3 Registered vs restricted sharesOpen now →
  4. 4Lesson 4 The shelf (S-3): the shares a company can sellOpen now →
  5. 5Lesson 5 The baby shelf rule, in one pictureOpen now →
  6. 6Lesson 6 The S-1: the route without a shelfOpen now →
  7. 7Lesson 7 ATM offerings: selling new shares straight into the marketOpen now →
  8. 8Lesson 8 Equity lines: the fund that buys and resellsOpen now →
  9. 9Lesson 9 Offerings and RDOs: the one-day raiseOpen now →
  10. 10Lesson 10 PIPEs: dilution at closing, pressure at resaleOpen now →
  11. 11Lesson 11 Warrants: strike, expiry and who decides to exerciseOpen now →
  12. 12Lesson 12 Price protection and cashless warrantsOpen now →
  13. 13Lesson 13 Fixed-price convertible notesOpen now →
  14. 14Lesson 14 Variable-price convertibles: the spiralOpen now →
  15. 15Lesson 15 Cash, burn, runway and going concernOpen now →
  16. 16Lesson 16 Nasdaq compliance as a dilution clockOpen now →
  17. 17Lesson 17 Reverse splits: what changes and what does notOpen now →
  18. 18Lesson 18 The filing as a timing signalOpen now →
  19. 19Lesson 19 Dilution risk is not a price forecastOpen now →
  20. 20Lesson 20 Anatomy of a runner: locked supply meets demandOpen now →
13 of 3 open

Foundations: why dilution moves the price

  1. 01What dilution is and why it moves the price
  2. 02Authorized, outstanding, float and fully diluted
  3. 03Registered vs restricted shares
23 of 3 open

The capacity to issue

  1. 04The shelf (S-3): the shares a company can sell
  2. 05The baby shelf rule, in one picture
  3. 06The S-1: the route without a shelf
34 of 4 open

How the company sells the shares

  1. 07ATM offerings: selling new shares straight into the market
  2. 08Equity lines: the fund that buys and resells
  3. 09Offerings and RDOs: the one-day raise
  4. 10PIPEs: dilution at closing, pressure at resale
44 of 4 open

Derivatives: dilution that is waiting

  1. 11Warrants: strike, expiry and who decides to exercise
  2. 12Price protection and cashless warrants
  3. 13Fixed-price convertible notes
  4. 14Variable-price convertibles: the spiral
53 of 3 open

The clocks: when the company needs cash

  1. 15Cash, burn, runway and going concern
  2. 16Nasdaq compliance as a dilution clock
  3. 17Reverse splits: what changes and what does not
63 of 3 open

Reading it all together

  1. 18The filing as a timing signal
  2. 19Dilution risk is not a price forecast
  3. 20Anatomy of a runner: locked supply meets demand

Not financial advice. PNDA is fictional, and nothing here is a recommendation to buy or sell.