Monitor for any exercise of the warrants or open-market sales by Sabby; the deep out-of-the-money strike ($3.80 vs $1.23 spot) makes cash exercise unlikely, but the holder could sell existing shares or use cashless exercise if the stock rallies. The registration keeps the overhang alive until March 2027.
Price Chart
Executive Summary
Vivani Medical filed a 424B5 prospectus supplement registering up to 3,947,368 shares of common stock for resale by Sabby Volatility Warrant Master Fund, Ltd., the holder of warrants issued in March 2024. The company receives no proceeds from any resale; the filing merely enables the warrant holder to sell shares into the market at prevailing prices, creating potential overhang. At the current stock price of $1.23, the warrants (exercise price $3.80) are deeply out of the money and unlikely to be exercised, so the immediate dilution risk is limited but the overhang from potential resale of already-issued shares remains.
Key Facts
- Registers up to 3,947,368 shares for resale by Sabby Volatility Warrant Master Fund, Ltd.
- Warrants have an exercise price of $3.80 per share, expiring March 1, 2027.
- Company receives no proceeds from any resale of the warrant shares.
- Current stock price is $1.23 per share (as of Sept 24, 2026), well below the $3.80 exercise price.
- Outstanding shares prior to offering: 90,203,356; fully diluted after warrant exercise: up to 94,150,724.
- Warrants are subject to a 4.99% beneficial ownership limitation (can be increased to 9.99% on 61 days' notice).
- Sabby currently holds 3,947,368 shares (4.38% of outstanding) from the original March 2024 purchase.
Financial Impact
Potential overhang of up to 3.95M shares (4.4% of current float) that could be sold into the market; no new capital raised for the company.
Risk Factors
- Resale of registered shares could pressure the stock price, especially if Sabby sells into thin liquidity.
- Warrants are deeply out of the money; any catalyst that pushes the stock above $3.80 could trigger exercise and further dilution.
- The company has no control over the timing or volume of sales by the warrant holder.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001753926-26-001863 |
| Document: 0001753926-26-001863-index-headers.html | 0001753926-26-001863 |
| Document: 0001753926-26-001863-index.html | 0001753926-26-001863 |
| Document: 0001753926-26-001863.txt | 0001753926-26-001863 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 424B5 | $1.25 $1.13 | ▲ +9.60% | ▲ +9.57% | $1.14 (+8.80%) |
Aug 17, 2026 10w ago | 8-K | $1.35 $1.23 | ▼ −8.89% | ▼ −6.91% | $1.14 (−15.56%) |
Jul 16, 2026 14w ago | 8-K | $1.35 $1.34 | ▼ −0.74% | ▼ −4.36% | $1.14 (−15.56%) |
Jul 7, 2026 16w ago | 8-K | $1.35 $1.33 | ▼ −1.48% | ▼ −2.81% | $1.14 (−15.56%) |
Jul 2, 2026 16w ago | Press Release | $1.26 $1.30 | ▲ +3.17% | ▲ +3.59% | $1.14 (−9.52%) |
Jun 30, 2026 17w ago | 8-K | $1.24 $1.30 | ▲ +4.84% | ▲ +5.87% | $1.14 (−8.06%) |
Jun 4, 2026 20w ago | 8-K | $1.28 $1.26 | ▼ −1.56% | ▼ −0.19% | $1.14 (−10.94%) |
Mar 26, 2026 30w ago | Press Release | $1.02 $1.39 | ▲ +36.27% | ▲ +23.53% | $1.14 (+11.76%) |
US Market Status
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