ATM drip pace moderate
Prevailing share price $8.50
Funding structure
ATM facility as M&A financing: a slow-drip equity tap filling a cash obligation A plumbing waterfall showing the ATM equity tap dripping shares through four manager conduits into a share-count reservoir, whose outflow fills a $450M cash obligation tank due at a 1H 2027 close. Sliders for drip pace and share price reroute the cumulative dilution path. ATM facility as M&A financing — a slow-drip equity tap, not a priced follow-on $750M ATM facility ceiling, not commitment sole-discretion taps 1.67x the $450M cash need 4 managers · 3% commission Share-count reservoir $6.63 52w band $19.98 $450M cash obligation due 1H 2027 close 0% of $450M filled
Cumulative dilution—
Cash raised toward $450M—
Shares sold into market—
$50M fixed-VWAP stockcommitted
Priced-in drop—

The ATM tap is open from time to time at the company's sole discretion. Move the drip pace and the prevailing share price to see how the cumulative dilution path fills the $450M cash obligation. Toggle to a priced overnight follow-on to see the structural difference the market is pricing.