The rapid capital raise immediately after a significant earnings miss suggests cash burn is outpacing revenue generation. Traders should expect continued dilution pressure on SLE shares, with the ATM allowing sales at any time. Monitor for further 8-K filings disclosing additional share sales and watch for any going-concern language in the next 10-Q.
Price Chart
Executive Summary
Super League Enterprise filed Amendment No. 1 to its prospectus supplement to increase the at-the-market (ATM) offering by up to an additional $2.27 million in common stock, bringing total potential gross proceeds under the Sales Agreement to approximately $4.5 million. This comes just 4 days after reporting a Q2 2026 EPS miss of -$2.70 versus consensus -$1.33 and flat revenue, signaling the company is aggressively raising capital to fund operations amid ongoing losses.
Key Facts
- Company increased ATM offering by up to $2.27 million in common stock via Sales Agreement with Benchmark and StoneX.
- Already sold 475,598 shares for ~$2.23 million gross proceeds under the same agreement prior to this amendment.
- Q2 2026 results (filed 4 days ago) showed flat revenue ~$3.0M, GAAP net loss -$4.39M, and EPS -$2.70 vs consensus -$1.33 (103% miss).
- Public float is ~$13.5M based on 2.47M shares outstanding; the offering is capped at one-third of float under I.B.6.
- Stock closed at $4.03 on August 21, 2026, down from the $5.50 reference price used for float calculation.
Financial Impact
Up to $2.27 million in additional gross proceeds from ATM sales, adding to ~$2.23 million already raised, for total potential of ~$4.5 million in new equity capital.
Risk Factors
- Dilution from ATM sales could further depress the already low stock price.
- Company may be unable to achieve profitability or positive cash flow, leading to further capital needs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001437749-26-028768 |
| Document: 0001437749-26-028768-index.html | 0001437749-26-028768 |
| Document: 0001437749-26-028768.txt | 0001437749-26-028768 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | — | awaiting T+5 | — | — |
Oct 21, 2026 4d ago | 8-K | $5.57 | awaiting T+5 | — | $5.89 (−5.66%) |
Oct 21, 2026 4d ago | 424B5 | $5.57 | awaiting T+5 | — | $5.89 (−5.66%) |
Oct 19, 2026 7d ago | 8-K | $4.80 | awaiting T+5 | — | $5.89 (+22.60%) |
Oct 15, 2026 11d ago | DEFA14A | $4.65 $5.57 | ▲ +19.78% | ▲ +20.80% | $5.89 (+26.56%) |
Oct 13, 2026 13d ago | Press Release | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.89 (+20.59%) |
Oct 13, 2026 13d ago | 8-K | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.89 (+20.59%) |
Oct 9, 2026 16d ago | DEFA14A | $4.86 $4.80 | ▼ −1.23% | ▲ +0.26% | $5.89 (+21.09%) |
Oct 6, 2026 20d ago | DEFA14A | $5.03 $4.88 | ▼ −2.98% | ▼ −2.84% | $5.89 (+17.00%) |
Sep 30, 2026 25d ago | SC 13D/A | $5.42 $4.77 | ▼ −11.99% | ▼ −13.29% | $5.89 (+8.58%) |
US Market Status
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