Monitor ATM sales velocity via periodic 424B5 filings and volume patterns. The combination of a $100M ATM, $500M shelf, and insider resale registration creates persistent overhang. Any acceleration of ATM usage would signal urgent cash needs and further pressure the stock.
Price Chart
Executive Summary
BOXABL filed Amendment No. 1 to its ATM prospectus supplement, correcting the S-3 filing date and restating the dilution table. The ATM allows for up to $100M in Class A common stock sales, with an illustrative 25.1M shares at $3.98/share. The correction filing itself is administrative, but the underlying $100M ATM program represents material potential dilution given the company's pre-revenue status and existing insider overhang.
Key Facts
- ATM sales agreement for up to $100M of Class A common stock with five placement agents
- Illustrative sale of 25,125,628 shares at $3.98/share would raise ~$100M gross proceeds
- Pro forma net tangible book value per share would increase from $0.18 to $0.55
- New investors would experience immediate dilution of $3.43 per share at the assumed price
- As of September 23, 2026, there were 9,471,524 Class A shares and 232,083,710 Class B shares outstanding
- Filing corrects a date error (S-3 filed July 27, not September 27) and restates dilution figures
- Cross-filing context shows a $500M S-3 shelf filed in July 2026 with full insider liquidation intent
Financial Impact
Up to $100M in potential equity dilution via ATM; illustrative 25.1M new shares represent ~265% of current Class A float
Risk Factors
- Massive dilution: 25.1M new shares vs 9.5M Class A shares outstanding
- Insider selling overhang from SPAC legacy holders registered to sell all positions
- Pre-revenue status with no operating history as a standalone public company
- Potential for further equity raises under the $500M shelf
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001493152-26-044957 |
| Document: 0001493152-26-044957-index-headers.html | 0001493152-26-044957 |
| Document: 0001493152-26-044957-index.html | 0001493152-26-044957 |
| Document: 0001493152-26-044957.txt | 0001493152-26-044957 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 424B5 | $3.27 | awaiting T+20 | — | $2.72 (+16.82%) |
Sep 25, 2026 4w ago | 8-K | $3.90 $2.81 | ▼ −27.95% | ▼ −27.92% | $2.72 (−30.26%) |
Sep 25, 2026 4w ago | 424B5 | $3.90 $2.81 | ▲ +27.95% | ▲ +27.92% | $2.72 (+30.26%) |
Sep 21, 2026 5w ago | 3 | $4.19 $2.81 | ▼ −32.94% | ▼ −32.03% | $2.72 (−35.08%) |
Sep 1, 2026 8w ago | 25-NSE | $4.14 $3.27 | ▲ +21.01% | ▲ +20.68% | $2.72 (+34.30%) |
Aug 28, 2026 8w ago | 8-K | $4.01 $3.90 | ▼ −2.74% | ▼ −3.00% | $2.72 (−32.17%) |
Aug 20, 2026 9w ago | 8-K | $4.28 $4.21 | ▲ +1.64% | ▲ +1.64% | $2.72 (+36.45%) |
Aug 11, 2026 11w ago | EFFECT | $4.71 $4.36 | ▲ +7.43% | ▲ +6.37% | $2.72 (+42.25%) |
Aug 5, 2026 11w ago | S-3/A | $4.27 $4.44 | ▼ −3.98% | ▼ −3.38% | $2.72 (+36.30%) |
Jul 27, 2026 13w ago | S-3 | $4.20 $4.27 | ▼ −1.67% | ▲ +1.71% | $2.72 (+35.24%) |
US Market Status
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