The ATM facility creates persistent overhang on BLIN shares, as the company can sell stock at market prices without notice. Monitor trading volume for signs of active selling under the facility. The dilution is substantial relative to the $16M market cap, and the negative book value underscores the company's need for capital.
Price Chart
Executive Summary
Bridgeline Digital filed a 424B5 prospectus supplement for an at-the-market (ATM) offering of up to $3,950,000 of common stock through WestPark Capital. The company has a negative tangible book value of $(0.1621) per share, and the offering would cause immediate dilution of $1.1876 per share to new investors at the assumed price of $1.30. Proceeds are earmarked for working capital and general corporate purposes, with management retaining broad discretion.
Key Facts
- ATM offering of up to $3,950,000 of common stock via WestPark Capital.
- 3.0% commission to WestPark on gross proceeds.
- Historical net tangible book value as of March 31, 2026 was $(2,043,000), or $(0.1621) per share.
- Assumed sale of 3,038,461 shares at $1.30 per share would result in immediate dilution of $1.1876 per share to new investors.
- 12,599,879 shares outstanding before the offering; up to 15,638,340 shares after.
- Company regained Nasdaq minimum bid price compliance on June 10, 2026 after a deficiency notice in January 2026.
- Proceeds used for working capital and general corporate purposes.
- Brandon Ross, a Senior Managing Director at WestPark, is a member of Bridgeline's Board of Directors.
Financial Impact
Up to $3,950,000 gross proceeds; immediate dilution of $1.1876 per share (91.4% of assumed offering price) to new investors.
Risk Factors
- Immediate and substantial dilution to existing shareholders.
- ATM sales at market prices can depress the stock price, especially given the small market cap.
- No minimum offering amount; the company may sell shares opportunistically, creating uncertainty.
- Recent Nasdaq compliance issue highlights ongoing listing risk.
- Management has broad discretion over use of proceeds, which may not generate returns.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001437749-26-023552 |
| Document: 0001437749-26-023552-index-headers.html | 0001437749-26-023552 |
| Document: 0001437749-26-023552-index.html | 0001437749-26-023552 |
| Document: 0001437749-26-023552.txt | 0001437749-26-023552 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 8-K | $0.7000 | awaiting T+20 | — | $0.7200 (−2.86%) |
Oct 6, 2026 20d ago | 8-K | $0.7821 | awaiting T+20 | — | $0.7200 (−7.94%) |
Aug 18, 2026 9w ago | 8-K | $0.9667 $0.8705 | ▼ −9.95% | ▼ −8.00% | $0.7200 (−25.52%) |
Jul 14, 2026 14w ago | 8-K | $1.22 $1.09 | ▲ +10.66% | ▲ +13.00% | $0.7200 (+40.98%) |
Jul 14, 2026 14w ago | 424B5 | $1.22 $1.09 | ▲ +10.66% | ▲ +13.00% | $0.7200 (+40.98%) |
Jun 16, 2026 19w ago | 8-K | $0.9950 $1.22 | ▲ +22.61% | ▲ +22.41% | $0.7200 (−27.64%) |
May 4, 2026 25w ago | 8-K | $1.05 $1.25 | ▲ +19.05% | ▲ +14.09% | $0.7200 (−31.43%) |
US Market Status
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