The ATM facility gives AEHL the ability to sell up to $100M in stock at any time, creating persistent overhang. Given the company's history of aggressive equity-linked financing (convertible notes with 80% of VWAP conversion, private placements), monitor daily trading volumes for signs of active ATM usage. The next 10-Q will reveal the actual dilution incurred.
Price Chart
Executive Summary
Antelope Enterprise Holdings filed a 424B5 prospectus supplement for an at-the-market (ATM) offering of up to $100 million of Class A ordinary shares through D. Boral Capital LLC. The filing follows a series of dilutive capital raises in 2026, including a $19 million private placement and convertible notes, and comes amid a volatile stock price history. The massive potential dilution from this ATM, combined with the company's history of aggressive equity-linked financing, poses a significant risk to existing shareholders.
Key Facts
- Up to $100,000,000 of Class A ordinary shares offered via ATM through D. Boral Capital LLC at a 2.5% commission rate.
- As of September 29, 2026, 16,459,359 Class A ordinary shares outstanding prior to offering.
- Pro forma as-adjusted shares outstanding could reach up to 28,100,802, assuming full ATM sale at $8.59/share.
- Net proceeds of up to $97,435,000 before expenses for general corporate purposes.
- Recent dilutive events: $19.0 million private placement (15M shares + warrants), $6M convertible note (80% of lowest VWAP).
- Reverse stock split 1-for-16 on August 7, 2026.
- Net tangible book value per share as of March 31, 2026 was $12.34; pro forma as-adjusted $7.10 after assumed ATM sale.
- Dilution per share to new investors in this offering: $1.37 per share.
- Company has no material operations; business conducted through PRC subsidiaries with significant regulatory risks.
- Planned energy supply business not yet operational; three PRC subsidiaries dissolved in September 2026.
Financial Impact
Up to $100 million in potential dilution from ATM offering, representing over 70% of current shares outstanding at the assumed price.
Risk Factors
- Massive dilution from up to $100M ATM offering could significantly increase share count by over 70%.
- Potential for further dilution from outstanding convertible notes ($6M at 80% of VWAP) and warrants (15M shares at $0.50).
- PRC regulatory risks: CSRC/CAC approval uncertainty, PCAOB inspection risks for auditor, and reliance on dividends from PRC subsidiaries.
- Volatile stock price history with history of reverse splits and Nasdaq compliance issues.
- Planned energy supply business is pre-revenue and may not generate revenue as planned.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-045257 |
| Document: 0001493152-26-045257-index-headers.html | 0001493152-26-045257 |
| Document: 0001493152-26-045257-index.html | 0001493152-26-045257 |
| Document: 0001493152-26-045257.txt | 0001493152-26-045257 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 424B5 | $8.65 | awaiting T+20 | — | $7.87 (+9.02%) |
Oct 1, 2026 26d ago | 424B5 | $10.16 | awaiting T+20 | — | $7.87 (+22.54%) |
Oct 1, 2026 26d ago | 6-K | $10.16 | awaiting T+20 | — | $7.87 (+22.54%) |
Sep 24, 2026 4w ago | 6-K | $8.96 $8.65 | ▲ +3.46% | ▲ +3.04% | $7.87 (+12.17%) |
Aug 28, 2026 8w ago | 6-K | $3.54 $8.23 | ▼ −132.49% | ▼ −132.23% | $7.87 (−122.32%) |
Jul 6, 2026 16w ago | Press Release | $1.04 $0.4500 | ▲ +56.73% | ▲ +57.58% | $7.87 (−656.73%) |
Jun 30, 2026 16w ago | 6-K | $1.02 $0.5050 | ▲ +50.49% | ▲ +49.94% | $7.87 (−671.57%) |
May 26, 2026 21w ago | 424B5 | $1.55 $1.07 | ▲ +31.29% | ▲ +29.34% | $7.87 (−407.74%) |
May 8, 2026 24w ago | Press Release | $1.20 $1.02 | ▼ −15.00% | ▼ −15.02% | $7.87 (+555.83%) |
Apr 30, 2026 25w ago | 6-K | $0.5100 $1.14 | ▼ −123.53% | ▼ −118.26% | $7.87 (−1443.14%) |
US Market Status
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