FIEE FiEE, Inc.
Price Chart
Executive Summary
FiEE filed Amendment No. 1 to its Form S-3 shelf registration statement, registering up to $30,000,000 in common stock, preferred stock, warrants, and units. The company's most recent 10-Q shows a dramatic revenue improvement to $2.12M (from $125) and net income of $351,516, but both independent auditors have included going-concern qualifications in their reports. The shelf was filed just 22 days after the 10-Q, suggesting the company may need to raise capital despite the improved quarterly results.
Key Financial Metrics
Actionable Insight
The shelf filing signals potential dilution ahead even after a strong quarterly revenue turnaround. With going-concern qualifications from auditors and only ~$4.6M cash, the company likely needs capital. The I.B.6 limitation caps primary sales at ~$5.35M over 12 months, but the shelf also covers resale by selling stockholders. Watch for prospectus supplements that disclose actual offering terms — those will determine dilution magnitude. The 2.8M outstanding warrants at $1.00 strike are deeply in-the-money relative to the $6.12 stock price and represent a separate dilutive overhang.
Key Facts
- Shelf registration of up to $30,000,000 in securities (common, preferred, warrants, units)
- Public float of ~$16M as of May 21, 2026; one-third limit applies under I.B.6 limiting primary sales to ~$5.35M per 12 months
- Most recent quarterly revenue was $2,121,989 vs $125 YoY; net income of $351,516 vs loss of $(373,910)
- Both auditors (UHY LLP and Beckles & Co.) included going-concern explanatory paragraphs in their 2025 and 2024 reports
- Cash balance of $4.58M vs $3.08M at year-end; total equity of $8.9M
- 2,800,000 warrants outstanding at weighted avg exercise price of $1.00/share, creating additional overhang
- Stock price was $6.12 as of May 21, 2026, near recent levels but far from warrants' $1.00 strike
- Warrants to purchase 2,800,000 shares at $1.00/share — deeply in-the-money (current price $6.12) and highly dilutive if exercised
Financial Impact
Up to $30M shelf, but I.B.6 limits primary sales to ~$5.35M (one-third of $16M public float) in any 12-month period
Risk Factors
- Potential dilution of 60-100%+ if full shelf is utilized given current ~8.5M shares outstanding
- Going-concern qualifications from two successive auditors signal financial distress
- Warrant overhang of 2.8M shares at $1.00 strike vs $6.12 stock creates massive potential dilution if exercised
- Hong Kong/PRC regulatory risks for cash repatriation from subsidiaries
- Low public float ($16M) means any primary offering could be highly dilutive
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3/A Filing (Primary) | 0001829126-26-005625 |
| Document: fieeinc_ex23-2.htm | 0001829126-26-005625 |
| Document: fieeinc_ex23-1.htm | 0001829126-26-005625 |
| Document: 0001829126-26-005625-index-headers.html | 0001829126-26-005625 |
| Document: 0001829126-26-005625-index.html | 0001829126-26-005625 |
| Document: 0001829126-26-005625.txt | 0001829126-26-005625 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 12, 2026
1d ago
|
EFFECT
| $4.13 awaiting T+5 | awaiting T+5 | — | $4.43 (−7.26%) |
|
Jun 11, 2026
2d ago
|
EFFECT
| $4.13 awaiting T+5 | awaiting T+5 | — | $4.43 (−7.26%) |
|
May 22, 2026
21d ago
|
S-3/A
| $5.89 $5.15 | ▲ +12.56% | ▲ +13.78% | $4.43 (+24.79%) |
US Market Status
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