Monitor the pace of ATM sales in subsequent filings; continued equity issuance at declining stock prices ($4.51 vs $5.50 reference) suggests persistent capital needs. Watch for any operational update or earnings release that could justify the ongoing dilution.
Price Chart
Executive Summary
Super League Enterprise filed Amendment No. 2 to its ATM prospectus supplement, increasing the aggregate offering amount under its Sales Agreement with Benchmark and StoneX to $5,465,000. The company has already sold 983,292 shares for ~$4.5 million in gross proceeds under this agreement, and this amendment adds up to $966,000 in additional capacity. The filing signals ongoing equity dilution via at-the-market sales, with the company's public float at ~$16.4 million and the stock closing at $4.51 on September 28, 2026.
Key Facts
- Amendment No. 2 increases aggregate ATM offering to $5,465,000 from prior amount.
- 983,292 shares already sold for ~$4.5 million gross proceeds under the Sales Agreement.
- Additional $966,000 of common stock authorized for sale under the ATM program.
- Public float ~$16.4 million (3,008,498 shares outstanding, 2,980,998 held by non-affiliates).
- Stock closed at $4.51 on September 28, 2026, down from $5.50 reference price used for float calculation.
- Sales Agreement with Benchmark and StoneX dated August 18, 2026.
Financial Impact
Up to $966,000 in additional gross proceeds from ATM sales, on top of ~$4.5 million already raised. Total potential offering size $5.465 million.
Risk Factors
- Ongoing dilution from ATM sales as stock price declines.
- Public float below $75M limits primary offering capacity to 1/3 of float per 12-month period.
- No stated use of proceeds beyond general corporate purposes and working capital.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001437749-26-031476 |
| Document: 0001437749-26-031476-index-headers.html | 0001437749-26-031476 |
| Document: 0001437749-26-031476-index.html | 0001437749-26-031476 |
| Document: 0001437749-26-031476.txt | 0001437749-26-031476 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | — | awaiting T+5 | — | — |
Oct 21, 2026 4d ago | 8-K | $5.57 | awaiting T+5 | — | $5.64 (−1.26%) |
Oct 21, 2026 4d ago | 424B5 | $5.57 | awaiting T+5 | — | $5.64 (−1.26%) |
Oct 19, 2026 7d ago | 8-K | $4.80 | awaiting T+5 | — | $5.64 (+17.50%) |
Oct 15, 2026 11d ago | DEFA14A | $4.65 $5.57 | ▲ +19.78% | ▲ +20.80% | $5.64 (+21.29%) |
Oct 13, 2026 13d ago | Press Release | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.64 (+15.57%) |
Oct 13, 2026 13d ago | 8-K | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.64 (+15.57%) |
Oct 9, 2026 16d ago | DEFA14A | $4.86 $4.80 | ▼ −1.23% | ▲ +0.26% | $5.64 (+16.05%) |
Oct 6, 2026 20d ago | DEFA14A | $5.03 $4.88 | ▼ −2.98% | ▼ −2.84% | $5.64 (+12.13%) |
Sep 30, 2026 25d ago | SC 13D/A | $5.42 $4.77 | ▼ −11.99% | ▼ −13.29% | $5.64 (+4.06%) |
US Market Status
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