The ELOC provides a funding source but at a 5% discount, and the Series X preferred stock gives management unilateral power to massively increase authorized shares and execute a reverse split. Monitor for the filing of the S-1 registration statement and any subsequent drawdowns on the ELOC, which will signal the pace of dilution. The Series X preferred stock's one-year life means any capital structure changes must be approved within that window.
Price Chart
Executive Summary
Amaze Holdings entered into a $100M equity line of credit (ELOC) with C/M Capital Master Fund, allowing the company to sell up to $100M of common stock at a 5% discount to market over 36 months. As a commitment fee, the company issued 1M shares of Series F convertible preferred stock (stated value $2.00/share, convertible at $0.025/share into 80M common shares). Separately, the company filed a Certificate of Designation for a single share of Series X preferred stock that grants its holder 51% voting power to approve a massive increase in authorized common shares (to 4B) and a reverse stock split of up to 1-for-500, effectively giving management unilateral control over capital structure changes. The combination of a deeply dilutive ELOC, a massive potential share increase, and concentrated voting control is highly bearish for existing common shareholders.
Key Financial Metrics
Key Facts
- Amaze Holdings entered into a $100M ELOC with C/M Capital Master Fund, selling common stock at 95% of market price (5% discount).
- Commitment fee: 1M shares of Series F convertible preferred stock (stated value $2.00/share), convertible into 80M common shares at $0.025/share.
- Series F preferred stock cannot be converted until the earlier of 12 months after the effective date, termination of the ELOC, or company consent.
- Series X preferred stock (1 share) grants 51% voting power to approve increasing authorized common shares to 4B and a reverse stock split of up to 1-for-500.
- Series X preferred stock automatically cancels after one year with no consideration.
- The ELOC has a 36-month term with no upper limit on price per share, and the company can terminate at any time with one business day's notice.
- The company expects to use net proceeds for working capital and general corporate purposes.
Financial Impact
Up to $100M in potential dilution from the ELOC, plus immediate issuance of 1M Series F preferred shares convertible into 80M common shares (representing massive potential dilution). The Series X preferred stock enables a 4B authorized share increase and a 1-for-500 reverse split, which could further dilute or consolidate the common stock.
Risk Factors
- Massive potential dilution from the $100M ELOC and the 80M-share conversion of Series F preferred stock.
- Series X preferred stock gives management unilateral control to increase authorized shares to 4B and execute a reverse split, potentially devastating existing shareholders.
- The 5% discount on ELOC purchases creates a built-in downward pressure on the stock price.
- The company's ability to draw down the ELOC at its sole discretion could lead to unpredictable dilution.
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-047401 |
| Exhibit: ex10-2.htm | 0001493152-26-047401 |
| Exhibit: ex3-2.htm | 0001493152-26-047401 |
| Exhibit: ex3-1.htm | 0001493152-26-047401 |
| Document: form8-k.htm | 0001493152-26-047401 |
| Document: 0001493152-26-047401-index-headers.html | 0001493152-26-047401 |
| Document: 0001493152-26-047401-index.html | 0001493152-26-047401 |
| Document: 0001493152-26-047401.txt | 0001493152-26-047401 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | S-1 | $0.0746 $0.0746 | · 0.00% | ▼ −0.14% | $0.0110 (+85.25%) |
Oct 16, 2026 10d ago | 8-K | $0.0140 $0.0102 | ▲ +27.14% | ▲ +27.00% | $0.0110 (+21.43%) |
Oct 1, 2026 25d ago | 25-NSE | $0.0270 $0.0180 | ▲ +33.33% | ▲ +34.63% | $0.0110 (+59.26%) |
Aug 20, 2026 9w ago | 8-K | $0.1910 $0.1690 | ▼ −11.52% | ▼ −12.63% | $0.0110 (−94.24%) |
Aug 17, 2026 10w ago | Press Release | $0.2114 $0.1792 | ▼ −15.23% | ▼ −14.04% | $0.0110 (−94.80%) |
Jun 9, 2026 19w ago | DEFA14A | $0.1320 $0.1434 | ▲ +8.64% | ▲ +6.50% | $0.0110 (−91.67%) |
Jun 3, 2026 20w ago | Press Release | $1.15 $1.06 | ▼ −8.33% | ▼ −4.51% | $0.0110 (−99.05%) |
Apr 1, 2026 29w ago | Press Release | $0.1400 $0.1740 | ▲ +24.29% | ▲ +20.52% | $0.0110 (−92.14%) |
Mar 25, 2026 30w ago | Press Release | $0.2200 $0.1400 | ▼ −36.36% | ▼ −36.12% | $0.0110 (−95.00%) |
Feb 27, 2026 34w ago | EFFECT | $0.3410 $0.3320 | ▼ −2.64% | ▼ −0.66% | $0.0110 (−96.77%) |
US Market Status
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