The full conversion of the note removes near-term debt service but adds heavy dilution to a micro-cap stock. Monitor for any future draw on the $200M shelf agreement, which would trigger further dilution.
Price Chart
Executive Summary
Black Titan Corp announced that its $1.515M senior unsecured convertible note has been fully converted into 2,924,082 ordinary shares, with no remaining obligations. The conversion occurred in tranches between May and August 2026, and the underlying Securities Purchase Agreement (up to $200M) remains in effect through 2029 with no additional notes issued. For a $4M market cap company, the issuance of ~2.9M shares represents significant dilution, though the note's extinguishment removes a debt overhang. The ongoing shelf capacity creates future dilution risk.
Key Facts
- A $1,515,000 convertible note was converted into 2,924,082 ordinary shares between May and August 2026.
- The note was issued at a 10% original issue discount (purchase price $1.35M vs. $1.515M principal).
- The Securities Purchase Agreement allows up to $200M in additional notes through January 2029; no additional notes have been issued.
- BTTC has a market cap of ~$4M, making the 2.9M share issuance highly dilutive relative to current float.
- The company has no remaining obligations under the converted note.
Financial Impact
2,924,082 shares issued to extinguish $1,515,000 in convertible debt; at a ~$4M market cap, this represents substantial dilution (likely 40-70% of pre-conversion float). The $200M shelf capacity remains a material overhang.
Risk Factors
- Future draws on the $200M Securities Purchase Agreement would cause additional dilution.
- The company's $4M market cap makes it vulnerable to further selling pressure from converted shares entering the market.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (BTTC) — Batch item 1 | 0001493152-26-041160 |
| Exhibit: ex99-1.htm | 0001493152-26-041160 |
| Document: 0001493152-26-041160-index-headers.html | 0001493152-26-041160 |
| Document: 0001493152-26-041160-index.html | 0001493152-26-041160 |
| Document: 0001493152-26-041160.txt | 0001493152-26-041160 |
| 6-K Filing (BTTC) — Batch item 6 | 0001493152-26-041160 |
| Exhibit: ex99-1.htm | 0001493152-26-041160 |
| Document: 0001493152-26-041160-index-headers.html | 0001493152-26-041160 |
| Document: 0001493152-26-041160-index.html | 0001493152-26-041160 |
| Document: 0001493152-26-041160.txt | 0001493152-26-041160 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $0.4160 $0.3840 | ▼ −7.69% | ▼ −8.15% | $0.3675 (−11.66%) |
Sep 22, 2026 4w ago | SC 13G/A | $0.5660 $0.4630 | ▼ −18.20% | ▼ −17.01% | $0.3675 (−35.07%) |
Sep 18, 2026 5w ago | 6-K | $0.3650 $0.4981 | ▲ +36.47% | ▲ +35.20% | $0.3675 (+0.68%) |
Sep 4, 2026 7w ago | 6-K | $0.4000 $0.3800 | ▲ +5.00% | ▲ +4.34% | $0.3675 (+8.12%) |
Sep 2, 2026 7w ago | 6-K | $0.4227 $0.3667 | ▲ +13.25% | ▲ +12.29% | $0.3675 (+13.06%) |
Jun 12, 2026 19w ago | 6-K | $0.8514 $0.7865 | ▼ −7.62% | ▼ −6.24% | $0.3675 (−56.84%) |
May 15, 2026 23w ago | 6-K | $1.23 $1.08 | ▲ +12.20% | ▲ +13.81% | $0.3675 (+70.12%) |
May 15, 2026 23w ago | EFFECT | $1.23 $1.10 | ▼ −10.57% | ▼ −11.53% | $0.3675 (−70.12%) |
Apr 23, 2026 26w ago | 6-K | $1.33 $1.23 | ▼ −7.52% | ▼ −8.43% | $0.3675 (−72.37%) |
Apr 15, 2026 27w ago | 6-K | $1.47 $1.34 | ▼ −8.84% | ▼ −9.83% | $0.3675 (−75.00%) |
US Market Status
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