Monitor the pace of share sales under the ATM — actual dilution may be less than the full $17.5M if management sells opportunistically. The low net tangible book value ($0.45/share) and broad discretion over use of proceeds suggest ongoing cash burn; watch next quarterly filing for cash runway update.
Price Chart
Executive Summary
Digimarc Corp filed a 424B5 prospectus supplement to sell up to $17.5 million of common stock in an at-the-market offering through Needham & Company. The filing represents potential dilution of ~5.75% of outstanding shares at the current price of $13.63, with proceeds earmarked for working capital and general corporate purposes. The ATM facility signals ongoing cash needs for a smaller reporting company with a net tangible book value of just $0.45 per share as of March 31, 2026.
Key Facts
- Aggregate offering size up to $17,500,000 in common stock
- At-the-market offering through Needham & Company with 3.0% commission
- Assumes 1,283,932 shares sold at $13.63/share, representing ~5.75% of outstanding shares
- Net tangible book value as of March 31, 2026 was $9.9 million, or $0.45 per share
- After full offering, as-adjusted net tangible book value would be ~$26.4 million, or $1.13 per share
- New investors would face immediate dilution of $12.50 per share
- Proceeds to be used for working capital and general corporate purposes
- 22,327,310 shares outstanding as of June 5, 2026
Financial Impact
Up to $17.5 million in new equity issued, representing ~5.75% dilution at current price of $13.63 per share
Risk Factors
- Immediate and substantial dilution of $12.50 per share for new investors
- Ongoing dilution risk as shares can be sold at any time under the ATM
- No specific allocation of proceeds — management has broad discretion
- Company is a smaller reporting company with limited public disclosure requirements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-260762 |
| Document: 0001193125-26-260762-index-headers.html | 0001193125-26-260762 |
| Document: 0001193125-26-260762-index.html | 0001193125-26-260762 |
| Document: 0001193125-26-260762.txt | 0001193125-26-260762 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | SC 13D/A | $6.76 | awaiting T+60 | — | $7.83 (+15.83%) |
Sep 30, 2026 26d ago | 3 | $6.76 | awaiting T+60 | — | $7.83 (+15.83%) |
Sep 30, 2026 26d ago | 8-K | $5.82 | awaiting T+60 | — | $7.83 (−34.54%) |
Sep 30, 2026 26d ago | 424B5 | $5.82 | awaiting T+60 | — | $7.83 (−34.54%) |
Jul 14, 2026 14w ago | EFFECT | $6.71 $6.61 | ▼ −1.49% | ▼ −4.87% | $7.83 (+16.69%) |
Jul 6, 2026 16w ago | 8-K | $6.62 $5.82 | ▲ +12.02% | ▲ +14.22% | $7.83 (−18.37%) |
Jun 8, 2026 20w ago | 8-K | $13.34 $5.55 | ▲ +58.38% | ▲ +61.43% | $7.83 (+41.28%) |
Jun 8, 2026 20w ago | 424B5 | $13.34 $5.55 | ▲ +58.38% | ▲ +61.43% | $7.83 (+41.28%) |
May 22, 2026 22w ago | EFFECT | $13.68 $7.00 | ▼ −48.83% | ▼ −52.02% | $7.83 (−42.76%) |
May 18, 2026 23w ago | 8-K | $9.26 $7.46 | ▼ −19.44% | ▼ −24.29% | $7.83 (−15.44%) |
US Market Status
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