SNAL Snail, Inc.
Price Chart
Executive Summary
Snail, Inc. filed an 8-K and 424B5 on May 20, 2026, amending its existing ATM offering agreement with H.C. Wainwright & Co. to increase the remaining capacity by $3.66 million in new shelf capacity. The company has already sold $4.37 million under the prior ATM tranche. With a market cap of ~$48M and non-affiliate public float of ~$24M, the incremental $3.66M ATM capacity represents ~15% dilution overhang relative to current market cap at a stock price of $1.16 (last reported sale on May 15, 2026). This is a routine capital-access mechanism with no immediate issuance, but the persistent ATM overhang is a structural headwind for a micro-cap stock.
Actionable Insight
The ATM capacity expansion adds modest incremental dilution overhang for a micro-cap stock. Monitor daily SNAL trading volume for ATM tap activity — elevated volume on weak days likely signals H.C. Wainwright selling into the market. Longs should watch for any placement announcements; the $1.16 last-sale price against the $1.70 public-float reference suggests shares may be sold well below recent highs, exacerbating downward pressure.
Key Facts
- ATM capacity increased to $3,660,000 of Class A common stock via Amendment No. 1 to the prospectus supplement.
- $4,367,863 in shares already sold under the prior ATM program before this amendment.
- Non-affiliate public float valued at $24,086,494 (14,168,526 shares at $1.70 reference price).
- Last reported sale price of SNAL on May 15, 2026 was $1.16 per share, implying ~45% discount from the $1.70 reference used for the public float calculation.
- Sales agent H.C. Wainwright & Co. receives up to 3.0% commission on gross proceeds.
- Company is under no obligation to issue any shares under the expanded ATM; utilization is at its discretion.
Financial Impact
Potential dilution of up to $3.66M in new shares, representing ~15% of current ~$48M market cap, added on top of $4.37M already sold via prior ATM tranche.
Risk Factors
- Further dilution from ATM sales if management exercises discretion to issue shares below $1.16.
- Continued equity overhang suppresses any rally as the ATM cap creates an overhang.
- General Instruction I.B.6 of Form S-3 constrains further shelf access based on public float — this increase may be the last available tranche under current limits.
Market Snapshot
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (SNAL) — Batch item 1 | 0001493152-26-024701 |
| Exhibit: ex5-1.htm | 0001493152-26-024699 |
| Document: 0001493152-26-024701-index-headers.html | 0001493152-26-024701 |
| Document: 0001493152-26-024701-index.html | 0001493152-26-024701 |
| Document: 0001493152-26-024701.txt | 0001493152-26-024701 |
| 424B5 Filing (SNAL) — Batch item 6 | 0001493152-26-024699 |
| Document: 0001493152-26-024699-index-headers.html | 0001493152-26-024701 |
| Document: 0001493152-26-024699-index.html | 0001493152-26-024701 |
| Document: 0001493152-26-024699.txt | 0001493152-26-024701 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 22, 2026
18d ago
|
Press Release
| $1.10 $0.8850 | ▼ −19.55% | ▼ −21.22% | $0.7869 (−28.46%) |
|
May 21, 2026
20d ago
|
8-K / 424B5
| $1.14 $0.9040 | ▲ +20.70% | ▲ +22.55% | $0.7869 (+30.97%) |
|
Apr 6, 2026
9w ago
|
Press Release
| $0.5250 $0.3770 | ▼ −28.19% | ▼ −32.33% | $0.7869 (+49.89%) |
|
Mar 19, 2026
11w ago
|
Press Release
| $0.5300 $0.5280 | ▲ +0.38% | ▼ −1.77% | $0.7869 (−48.47%) |
|
Mar 17, 2026
12w ago
|
Press Release
| $0.6140 $0.5600 | ▼ −8.79% | ▼ −6.14% | $0.7869 (+28.16%) |
US Market Status
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