Massive dilution event — watch for potential further warrant exercises by Mandragola up to the 9.99% beneficial ownership cap, which could add more overhang. Monitor trading volume and price action for signs of selling pressure as restricted shares become eligible for resale under Rule 144.
Price Chart
Executive Summary
Tessera Defense issued 6,529,494 restricted common shares to Mandragola Ltd. via cashless warrant exercises between Oct 13-19, 2026, increasing total outstanding shares to 20,663,177. The shares were issued under the DFSL Warrant tied to the April 2026 acquisition of a 60% interest in Dr. Frucht Systems Ltd. This represents ~46% dilution from the pre-exercise share count, a material overhang for existing holders.
Key Financial Metrics
Key Facts
- 6,529,494 restricted shares issued to Mandragola Ltd. via cashless warrant exercises in four tranches
- Shares issued under the DFSL Warrant dated April 13, 2026, related to acquisition of 60% of Dr. Frucht Systems Ltd.
- Post-issuance outstanding shares: 20,663,177 (pre-issuance was ~14,133,683, implying ~46% dilution)
- Warrant exercise price uses Black-Scholes value with a floor of $0.10 per share; shares are restricted under Rule 144
- Beneficial ownership cap of 9.99% applies to Mandragola
Financial Impact
~46% dilution of existing shareholders based on post-issuance share count of 20,663,177 vs pre-issuance of ~14,133,683
Risk Factors
- Continued dilution if Mandragola exercises remaining warrant tranches
- Potential selling pressure once restricted shares become tradable under Rule 144
- No cash proceeds to the company from cashless exercises — dilutive without capital infusion
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-110754 |
| Document: 0001213900-26-110754-index-headers.html | 0001213900-26-110754 |
| Document: 0001213900-26-110754-index.html | 0001213900-26-110754 |
| Document: 0001213900-26-110754.txt | 0001213900-26-110754 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $0.2131 | awaiting T+5 | — | $0.2070 (+2.86%) |
Oct 19, 2026 8d ago | 8-K | $0.2335 $0.2073 | ▲ +11.22% | ▲ +11.30% | $0.2070 (+11.35%) |
Oct 13, 2026 14d ago | 8-K | $0.2382 $0.2390 | ▼ −0.34% | ▲ +0.12% | $0.2070 (+13.10%) |
Oct 8, 2026 19d ago | DEFA14A | $0.2850 $0.2230 | ▼ −21.75% | ▼ −19.79% | $0.2070 (−27.37%) |
Oct 8, 2026 19d ago | DEFA14A | $0.2850 $0.2230 | ▼ −21.75% | ▼ −19.79% | $0.2070 (−27.37%) |
Oct 6, 2026 21d ago | SC 13D/A | $0.3110 $0.2600 | ▼ −16.40% | ▼ −16.26% | $0.2070 (−33.44%) |
Oct 5, 2026 22d ago | SC 13G | $0.3110 $0.2600 | ▼ −16.40% | ▼ −16.26% | $0.2070 (−33.44%) |
Oct 5, 2026 22d ago | 8-K | $0.3110 $0.2600 | ▲ +16.40% | ▲ +16.26% | $0.2070 (+33.44%) |
Sep 25, 2026 4w ago | 8-K | $0.5280 $0.3600 | ▼ −31.82% | ▼ −31.60% | $0.2070 (−60.80%) |
Sep 22, 2026 5w ago | 8-K | $0.5500 $0.4008 | ▼ −27.13% | ▼ −26.45% | $0.2070 (−62.36%) |
US Market Status
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