Share Dilution

Ensurge Micropower announced that its board cancelled the planned secondary offering of up to 22,222,222 shares at NOK 0.90 each, after the subscription period (Dec 5‑14, 2025) saw the stock trade below that price with ample volume, allowing investors to buy shares on the open market. The move avoids additional dilution while the earlier November private placement proceeds unchanged. Management says the decision preserves capital for scaling its thin‑film micro‑battery production and advancing AI‑enabled device applications.

.Terns Pharmaceuticals (NASDAQ: TERN) priced an upsized underwritten public offering of 16,250,000 common shares at $40.00 each, generating about $650 million in gross proceeds. Underwriters have a 30‑day option to purchase an additional 2,437,500 shares. The transaction is expected to close on December 11, 2025. Net proceeds will fund research, clinical trials, development, and manufacturing of the lead candidate TERN‑701, support initial launch activities, and cover working‑capital and general corporate needs.

.GoldMining Inc. (GLDG) renewed its at‑the‑market equity program on Dec 8 2025, authorizing up to US $50 million of common shares to be sold at market price by a syndicate led by BMO Capital Markets. Proceeds will fund exploration, property maintenance, potential acquisitions and working capital. The program replaces the 2024 ATM, expires when the $50 million cap is reached or on Dec 8 2026, and may cause shareholder dilution.

Prospera Energy increased its non-brokered convertible debenture offering to CAD $4.0 million, targeting a close date on or before December 14, 2025, pending TSXV approval. Proceeds will fund well reactivation, production optimization, and working capital. The debenture includes a 12% interest rate and conversion options into units at CAD $0.05/$0.10, with warrants. Prospera will also issue 1,000,000 shares to settle $82,144 in payables. While the offering aims to boost production, investors face potential dilution from conversion features and share issuance.

VIQ Solutions (VQSSF) closed the second tranche of an upsized private placement on November 5, 2025, raising approximately C$585,000. The company issued 3,146,063 units at C$0.186 per unit, each including a share and a warrant exercisable at C$0.190 until 2030. Total proceeds from the placement exceed C$3.0 million. Proceeds will fund technology innovations, organic growth, acquisitions, and restructuring. The issuance of new units will cause some share dilution.

Erayak Power Solution Group (RAYA) announced a $7 million registered direct offering, selling 107,692,307 Class A ordinary shares at $0.065 each. The offering, expected to close around August 1, 2025, includes pre-funded warrants with a $0.0001 exercise price. Craft Capital Management is the sole placement agent. This infusion of capital aims to bolster Erayak’s financial position, but the issuance of a large number of new shares will likely cause significant dilution for existing shareholders.

SeaStar Medical raised $4M through a registered direct offering of 5.24 million shares priced at $0.763 each, with five-year warrants exercisable at $0.638. The capital infusion supports commercialization of its FDA-approved pediatric AKI device and adult trials, but triggers 33% equity dilution. Analysts note the structure creates potential stock price pressure, as warrants priced 16% below offering prices might constrain valuations. While addressing immediate liquidity needs, the conventional equity approach suggests urgency in funding operations rather than strategic growth initiatives, with funds allocated vaguely for corporate purposes.