Fundamental Global Inc. (FGF) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 07, 2026

Risk Assessment Details

Potential Dilution: 26.67% of current shares
Recent Dilution: 2917.68% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
6.6M
Potential Supply
1.8M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

FGF currently has 6.63M outstanding shares. with moderate dilution risk from 1.77M authorized shares representing 26.7% potential dilution. The company has significantly diluted shareholders by 2917.68% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 07, 2026

10-Q filing | 6.6M shares outstanding

6.6M 1.8M
Apr 07, 2026

8-K filing: FG Nexus Inc. repurchased approximately 2.2 million shares of its common stock at an average price of $16.04 per share and approximately 220 thousand shares of its Series A Preferred Stock at an average price of approximately $24.88 per share through April 6, 2026.

6.5M 1.9M
Mar 27, 2026

S-3 filing: FG Nexus Inc. filed an S-3 form on 2026-03-27 for a combination offering of up to $5,000,000,000 in securities, including common stock, preferred stock, depositary shares, and debt securities.

40M 0
Mar 27, 2026

S-3 filing: This prospectus relates to the resale of up to an aggregate of 8,000,000 shares of common stock of FG Nexus Inc. by the selling stockholders, issued or issuable upon the exercise of the issued and outstanding pre-funded warrants to purchase common stock, pursuant to a private placement transaction.

40M 0
Nov 14, 2025

10-Q filing | 39.6M shares outstanding

40M 0
Oct 14, 2025

8-K filing: On October 14, 2025, FG Nexus Inc. reported the filing of a resale registration statement, the status of pre-funded warrants, sales pursuant to an At-the-Market offering, and the total shares of common stock outstanding.

40M 0
Oct 09, 2025

RW filing: The company is withdrawing the registration statement and plans to file an automatic shelf registration statement on Form S-3ASR to register for resale the shares of the company's common stock by the Selling Stockholders.

1.3M 0
Sep 09, 2025

RW filing: This is an RW filing indicating a request to withdraw a registration statement, with no securities having been sold under it, and a subsequent filing of an automatic shelf registration statement on Form S-3ASR for an at-the-market offering.

1.3M 39M
Sep 05, 2025

RW filing: FG Nexus Inc. requests the withdrawal of its registration statement and intends to file an automatic shelf registration statement on Form S-3ASR for an at-the-market offering.

1.3M 39M
Sep 04, 2025

S-3 filing: Fundamental Global Inc. is offering up to 40,000,000 shares of common stock issuable upon exercise of pre-funded warrants held by selling stockholders.

1.3M 79M
Aug 27, 2025

S-3/A filing: This S-3/A filing describes a shelf offering of up to $5,000,000,000 of various securities, including common stock, preferred stock, depositary shares, and debt securities. It also describes a private placement offering (the PIPE Offering) pre-funded warrants to purchase up to an aggregate of 40,000,000 shares of the Company's common stock.

1.3M 39M
Aug 08, 2025

8-K filing: Fundamental Group Inc. completed a private placement offering (PIPE Offering) selling pre-funded warrants to purchase up to 40,000,000 shares of common stock, issued warrants to OGroup LLC designees, and entered into an ATM Sales Agreement to potentially sell additional shares. ($200.0M proceeds)

1.3M 39M
Aug 07, 2025

S-3 filing: The filing is an S-3 registration statement for the potential offering of up to $5,000,000,000 of various securities including common stock, preferred stock, depositary shares and debt securities. It also discusses a private placement offering of pre-funded warrants to purchase up to 40,000,000 shares of common stock.

1.3M 39M
Jul 30, 2025

8-K filing: Fundamental Global Inc. entered into a securities purchase agreement to sell pre-funded warrants to purchase up to 40,000,000 shares of common stock at $5.00 per warrant, with ThinkEquity LLC acting as the placement agent and receiving warrants to purchase up to 7.5% of the pre-funded warrants sold. ($200.0M proceeds)

1.3M 0
May 14, 2025

10-Q filing | 1.3M shares outstanding

1.3M 0
Mar 31, 2025

10-K filing | 1.3M shares outstanding

1.3M 0
Nov 14, 2024

10-Q filing | 1.3M shares outstanding

1.3M 0
Oct 31, 2024
Stock Split

8-K filing: Stock split 1-for-25 | Outstanding: 28,566,164 → 1,257,752

1.3M 0
Aug 14, 2024

10-Q filing | 28.6M shares outstanding

29M 0
May 20, 2024

10-Q filing | 28.4M shares outstanding

28M 0
Mar 14, 2024

10-K filing | 28.4M shares outstanding

28M 0
Nov 09, 2023

10-Q filing | 10.3M shares outstanding

10M 0
Aug 10, 2023

10-Q filing | 9.7M shares outstanding

9.7M 320K
Jun 02, 2023

8-K filing: FG Financial Group, Inc. completed a public offering of 865,000 shares of common stock at a price of $1.85 per share, resulting in net proceeds to the company of $1,388,232.50, after deducting underwriting discounts and commissions and other estimated offering expenses.

9.4M 600K
May 12, 2023

10-Q filing | 9.4M shares outstanding

9.4M 32M
Mar 24, 2023

10-K filing | 9.4M shares outstanding

9.4M 32M
Nov 09, 2022

10-Q filing | 9.3M shares outstanding

9.3M 32M
Aug 11, 2022

10-Q filing | 9.3M shares outstanding

9.3M 32M
Aug 02, 2022

8-K filing: FG Financial Group, Inc. closed on the sale of an additional 71,770 shares of common stock at a price of $1.58 per share on August 2, 2022, as part of an over-allotment option, bringing the total shares sold in the offering to 2,821,770 and the total net proceeds to approximately $3.89 million.

6.5M 34M
Jun 21, 2022

8-K filing: FG Financial Group, Inc. closed its underwritten public offering of 2,750,000 shares of common stock at $1.58 per share, with net proceeds of approximately $3.8 million. ($3.8M proceeds)

6.5M 34M
Jun 17, 2022

8-K filing: FG Financial Group, Inc. entered into an underwriting agreement for a firm commitment underwritten public offering of 2,750,000 shares of common stock at $1.58 per share, with an option for the underwriters to purchase up to 412,500 additional shares.

6.5M 34M
Jun 14, 2022

S-1/A filing: This is a firm commitment underwritten public offering of 1,822,987 shares of common stock of FG Financial Group, Inc., based on an assumed public offering price of $2.385 per share, which was the last reported sale price of our Common Stock on The Nasdaq Global Market on June 13, 2022.

6.5M 34M
May 31, 2022

S-1/A filing: This is a firm commitment underwritten public offering of shares of common stock of FG Financial Group, Inc.

6.5M 32M
May 16, 2022

10-Q filing | 6.5M shares outstanding

6.5M 32M
May 06, 2022

S-1 filing: FG Financial Group, Inc. is offering shares of common stock in a firm commitment underwritten public offering.

6.5M 32M
Mar 30, 2022

10-K filing | 6.5M shares outstanding

6.5M 32M
Dec 02, 2021

8-K filing: The registrant completed its previously announced rights offering, issuing 691,735 shares of common stock at $4.00 per share, resulting in gross proceeds of $2,766,940. ($2.77M proceeds)

5.8M 33M
Nov 15, 2021

10-Q filing | 5.8M shares outstanding

5.8M 33M
Nov 03, 2021

8-K filing: FG Financial Group, Inc. consummated an underwritten public offering of 750,000 shares of its common stock at $4.00 per share, resulting in net proceeds of approximately $2.5 million after deducting underwriting discounts and estimated offering expenses. ($2.5M proceeds)

5.1M 34M
Oct 29, 2021

8-K filing: FG Financial Group, Inc. commenced a rights offering to holders of its common stock, distributing one non-transferable subscription right to purchase 0.15 share of common stock at $4.00 per share for each share held as of October 25, 2021, potentially issuing up to 757,720 shares for approximately $3.0 million. ($3.0M proceeds)

5.1M 34M
Oct 28, 2021

8-K filing: FG Financial Group, Inc. closed its underwritten public offering of 652,174 shares of common stock at $4.00 per share, with net proceeds to the Company of approximately $2.2 million. ($2.61M proceeds)

5.1M 34M
Oct 27, 2021

S-1/A filing: This S-1/A filing relates to an offering of common stock, including shares issuable upon exercise of subscription rights and an underwritten offering, with an option for underwriters to purchase additional shares.

5.1M 34M
Oct 26, 2021

8-K filing: FG Financial Group, Inc. completed a public offering of 652,174 shares of common stock at $4.00 per share.

5.1M 34M
Oct 15, 2021

8-K filing: FG Financial Group, Inc. declared a distribution of subscription rights to purchase 0.15 share of common stock for each share of common stock held, with the rights expected to be distributed on October 29, 2021, and expiring on November 29, 2021.

5.1M 34M
Oct 05, 2021

S-1 filing: The company is filing an S-1 to register a rights offering for up to 757,720 shares of common stock and a firm commitment underwritten offering of 652,174 shares of common stock with an option for underwriters to purchase up to an additional 97,826 shares.

5M 34M
Oct 05, 2021

S-1/A filing: This is a firm commitment public offering of 652,174 shares of common stock of FG Financial Group, Inc.

5.1M 34M
Aug 16, 2021

10-Q filing | 5.0M shares outstanding

5M 34M
Aug 04, 2021

S-1 filing: This is a firm commitment public offering of 2,811,482 shares of common stock of FG Financial Group, Inc.

5M 34M
May 21, 2021

8-K filing: FG Financial Group, Inc. issued 194,580 shares of Series A Preferred Stock at $25.00 per share in an underwritten public offering, generating net proceeds of approximately $4.24 million. ($0.0M proceeds)

5M 31M
May 19, 2021

8-K filing: FG Financial Group, Inc. completed a public offering of 169,200 shares of its 8.00% Cumulative Preferred Stock, Series A at a price of $25.00 per share.

5M 31M
May 14, 2021

10-Q filing | 5.0M shares outstanding

5M 31M
Mar 24, 2021

S-3/A filing: Financial Group, Inc. may offer up to $150,000,000 of common stock, preferred stock, and debt securities.

6.1M 30M
Mar 18, 2021

10-K filing | 6.1M shares outstanding

6.1M 26M
Feb 19, 2021

S-3 filing: Financial Group, Inc. may offer up to $150,000,000 of common stock, preferred stock, and debt securities from time to time.

6.1M 26M
Nov 16, 2020

10-Q filing | 6.1M shares outstanding

6.1M 0
Sep 21, 2020

8-K filing: 1347 Property Insurance Holdings, Inc. entered into a Share Repurchase and Cooperation Agreement with Hale Partnership Capital Management, LLC and certain of its affiliates to repurchase 1,130,152 shares of the Company's common stock in exchange for $2,752,617 in cash and 330,231 shares of FedNat Holding Company common stock. ($2.75M proceeds)

6.1M 0
Aug 14, 2020

10-Q filing | 6.1M shares outstanding

6.1M 0
May 14, 2020

10-Q filing | 6.1M shares outstanding

6.1M 0
Mar 30, 2020

10-K filing | 6.1M shares outstanding

6.1M 0
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