Monitor for the Next Equity Financing (≥$3M) which would trigger conversion of the AKA Convertible Note and potentially dilute existing shareholders. The Graf Warrants are fully exercisable at $5.50/share through October 2030, adding overhang.
Price Chart
Executive Summary
Andre Agassi and his affiliated entities filed Amendment No. 6 to Schedule 13D, reporting an increase in beneficial ownership due to the Graf Warrants becoming fully exercisable within 60 days, and disclosing a new $1,000,000 convertible note (AKA Convertible Note) issued to Investments AKA, LLC. The filing is a routine update of ownership and a capital infusion, not an escalation of activist demands.
Key Financial Metrics
Key Facts
- Andre K. Agassi's beneficial ownership increased to 23.3% (3,291,398 shares), including 1,000,000 shares from fully exercisable Graf Warrants.
- Investments AKA, LLC holds 2,291,398 shares (17.5%), including 637,044 shares via ASI Group, LLC.
- Stefanie Graf holds 1,000,000 shares (7.1%) issuable upon exercise of the Graf Warrants.
- On July 28, 2026, the Company issued a $1,000,000 Convertible Promissory Note to Investments AKA, LLC, with 3.96% interest, maturing July 27, 2027.
- The AKA Convertible Note automatically converts into equity in the next financing of at least $3,000,000; no securities are currently convertible.
- No plans or proposals for changes in board, management, or corporate structure were disclosed.
Financial Impact
The $1,000,000 convertible note provides near-term liquidity; no dilution until a future equity financing of at least $3,000,000 occurs.
Risk Factors
- Potential dilution from conversion of the $1M AKA Convertible Note upon a future equity financing.
- Warrant overhang: 1,000,000 Graf Warrants exercisable at $5.50/share could pressure stock price if exercised.
- The company's going-concern status and history of losses (per 10-K) raise financing risk.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001472375-26-000219 |
| Document: 0001472375-26-000219-index.html | 0001472375-26-000219 |
| Document: 0001472375-26-000219.txt | 0001472375-26-000219 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $5.49 | awaiting T+20 | — | $5.20 (−5.28%) |
Oct 20, 2026 6d ago | SC 13D/A | $5.20 | awaiting T+20 | — | $5.20 (−0.00%) |
Oct 19, 2026 8d ago | 8-K | $5.00 | awaiting T+20 | — | $5.20 (+4.00%) |
Oct 1, 2026 26d ago | 8-K | $5.00 | awaiting T+20 | — | $5.20 (+4.00%) |
Sep 24, 2026 4w ago | SC 13D/A | $4.75 $5.50 | ▲ +15.79% | ▲ +16.21% | $5.20 (+9.47%) |
Aug 13, 2026 10w ago | EFFECT | $6.30 $5.70 | ▲ +9.52% | ▲ +7.78% | $5.20 (+17.46%) |
Aug 10, 2026 11w ago | S-1/A | $6.20 $5.50 | ▲ +11.29% | ▲ +10.23% | $5.20 (+16.13%) |
Aug 10, 2026 11w ago | 8-K | $6.20 $5.50 | ▼ −11.29% | ▼ −10.23% | $5.20 (−16.13%) |
Aug 4, 2026 12w ago | 8-K | $6.50 $6.22 | ▼ −4.31% | ▼ −3.07% | $5.20 (−20.00%) |
Jul 30, 2026 12w ago | 8-K | $6.40 $6.50 | ▲ +1.56% | ▼ −2.40% | $5.20 (−18.75%) |
US Market Status
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