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43 /100
MEDIUM RISK
Score updated Aug 06, 2026

EYES — Corgi Data & Surveillance ETF Dilution Risk Tracker

Track EYES dilution risk with DilutionWatch's stock tracker. DilutionScore™ measures dilution risk across 5 factors — lower scores indicate higher risk of share dilution.

⚠️ Not financial advice. Do your own research before making any investment decisions.

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As of August 06, 2026, Corgi Data & Surveillance ETF (EYES) has a DilutionWatch DilutionScore of 43/100, rated MEDIUM dilution risk. Corgi Data & Surveillance ETF has 86.24M shares outstanding. Key dilution vectors include 927.2K outstanding warrants, approximately 10 months of cash runway.

Source: DilutionWatch (dilutionwatch.com) — data updated daily from SEC EDGAR filings. Not financial advice.

Score Breakdown

📋 Offering Ability
46
💰 Cash Runway
65
📊 Float Risk
5
⚠️ Warrant Exposure
15
🔄Convertible Debt—

Dilution Forecast

☀️
Clear
No significant dilution signals
7%
💰 Capital Raise 15%
• Under 12 months cash (10mo)
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Market Data

Market CapN/A
Shares Outstanding86.24M
FloatN/A
Cash$19.75M
Debt$2.20M
Short InterestN/A

Institutional Holdings

Institutional data not yet available.

Short Interest

Short Interest1.7K
Days to Cover1.0
% of FloatN/A
FINRA data as of Jul 15, 2026

Recent SEC Activity

xbrl XBRL WARRANT 2024-12-31
xbrl XBRL CONVERTIBLE 2016-12-31
Full SEC filing analysis available with free account →

Recent News

No recent news

What This Means for EYES Shareholders

Corgi Data & Surveillance ETF (EYES) has a DilutionScore of 43/100, rated Medium dilution risk. This tier indicates some dilution exposure — often an older shelf registration with remaining capacity, warrants not yet exercised, or a cash position that will require monitoring over the next several quarters. Score as of August 06, 2026.

DilutionWatch tracks 927,152 outstanding warrants for EYES. Warrants become dilutive when exercised — converting to common shares at the strike price. Warrants near or in-the-money deserve particular attention since exercise can add materially to the outstanding share count within a short window. Cash runway is a key watch item: EYES has approximately 10 months of runway at current burn rate. Companies with less than 18 months of runway are statistically more likely to file new shelf registrations or ATM programs within the next two quarters. DilutionWatch monitors SEC 10-Q filings to update this estimate each quarter.

DilutionWatch tracks over 25 SEC filing types for EYES in real-time, scanning EDGAR every 60 seconds. The DilutionWatch shows real-time score changes for EYES alongside comparable medium-risk stocks. Not financial advice — this analysis is for informational purposes only.

Warrants Explained →

Understanding EYES's Dilution Risk Factors

Primary Risk Drivers

The most concerning factors for EYES are Offering Ability and Cash Runway. Offering Ability scores at a moderate level, indicating that the company has active programs in place that could lead to new share issuance. This creates dilution risk as more shares may be issued to raise capital or fund operations. Cash Runway is also elevated at 65, meaning the company’s cash reserves are insufficient to sustain operations for an extended period. This situation pressures management to seek additional funding through equity issuance, further increasing potential dilution.

Factors Currently Not a Concern

Float Risk and Warrant Exposure are currently low, indicating minimal risk from existing shareholders or convertible instruments. Float Risk at 5 signals that the company’s share distribution is stable and not overly concentrated in a small group. Warrant Exposure at 15 shows limited additional equity issuance potential through warrants. A change in either could raise concern if new warrants are issued or if a large shareholder significantly increases their holdings, which would be reflected in SEC filings.

SEC Filings to Watch

Several filing types signal potential dilution events. An S-3 registration statement would indicate plans for future equity offerings, directly increasing the share count. A 424B5 filing often accompanies new equity issuances and would alert investors to upcoming share sales. An 8-K Item 1.01 reports material events like new equity offerings or changes in capital structure. A 10-Q filing may reveal changes in cash reserves or ongoing financing plans that could lead to dilution.

How Dilution Happens

When a company faces financial strain, it often issues new shares to raise capital. If Offering Ability is high, management might initiate a public offering or private placement. As the Cash Runway declines, the pressure to secure funds increases, making equity issuance more likely. Each new share issued dilutes existing shareholders' ownership percentage, reducing their proportional value in the company.

What Would Make This Worse

A significant deterioration in EYES’s risk profile would occur if Offering Ability and Cash Runway both escalate dramatically, signaling an urgent need for capital. If convertible notes are converted into equity or a large warrant exercise occurs, it could rapidly increase share count. Additionally, a major financing event, such as a public offering or private investment, would further amplify dilution pressure and reduce the value of current holdings.

Key Insight

Despite moderate scores in Offering Ability and Cash Runway, EYES’s elevated risk factors indicate a need for careful monitoring of upcoming SEC filings and potential equity issuance events.

How to Monitor EYES for Dilution Risk

What This Risk Level Means

A medium dilution risk profile for an operating company like Corgi Data & Surveillance ETF (EYES) indicates that while the company is not currently in immediate danger of severe dilution, it has certain structural or operational factors that could lead to increased issuance of shares in the future. As a publicly traded company with a relatively small market presence, EYES may be more susceptible to capital-raising activities that dilute existing shareholders' stakes. The elevated scores for Offering Ability and Cash Runway suggest that management has access to financing options and may be under pressure to secure funds, which could lead to share issuance or convertible note conversions.

What Typically Happens Next

Companies with a medium dilution risk profile often proceed through capital-raising mechanisms such as shelf registrations or ATM programs. These activities are common for companies that are not yet profitable but need funding to grow operations or reduce debt. For EYES, the presence of elevated Offering Ability and Cash Runway scores suggests that management may be preparing for potential share issuance in the near term. Monitoring for announcements related to new equity offerings, convertible note conversions, or warrant exercises is essential as these can significantly impact share count and ownership dilution.

Monitoring Playbook

To effectively track EYES using DilutionWatch, set alerts for any changes in Offering Ability, Cash Runway, or Convertible Note Risk scores. Check these metrics weekly or bi-weekly to detect early shifts in risk trends. Additionally, monitor the Shelf & ATM Monitor for any filings related to new equity offerings or convertible note activity. If Offering Ability or Cash Runway scores rise above 50/100, immediate attention is warranted. When thresholds are hit, review recent SEC filings and consider escalating monitoring frequency.

Early Warning Signals

Several specific signals should raise concern when reviewing EYES' filings and metrics. First, a sudden increase in Offering Ability or Cash Runway scores may indicate an upcoming capital-raising event. Second, the filing of a new shelf registration or ATM program is a clear sign that management is preparing to issue shares. Third, an increase in Convertible Note Risk, especially if tied to recent convertible note issuances, suggests that dilution may be imminent as these notes convert into equity.

What a Positive Resolution Looks Like

A positive shift in EYES’ dilution risk profile would occur if the company secures a significant capital raise that reduces its cash runway or if convertible notes are repaid or converted into debt instead of equity. Additionally, a reduction in Offering Ability score due to fewer financing plans or a decrease in Cash Runway from near-critical levels to a safer range would indicate improved financial stability and lower dilution risk.

Watch For

Any sudden spike in Offering Ability or Convertible Note Risk scores, especially when coupled with new SEC filings related to equity issuance or convertible note conversions.

Full SEC filing analysis available with free account  →
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