TH International Ltd (THCH) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Medium Risk

Moderate dilution risk

Last updated: April 30, 2026

Risk Assessment Details

Potential Dilution: 94.24% of current shares

Recent Dilution: 0.23% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

33M

Potential Supply

31M

Additional shares possible

Splits

None

Past 2 years

Summary

THCH currently has 32.5M outstanding shares. with significant dilution risk as 30.6M authorized shares could dilute existing holders by 94.2%. The company has minimally diluted shareholders by 0.23% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
Apr 30, 2026	20-F filing \| 32.5M shares outstanding	33M	31M
Mar 27, 2026	F-3 filing: The selling shareholders may effect sales of securities in connection with forward sale, option or other types of agreements with third parties.	32M	31M
May 15, 2025	20-F filing \| 32.4M shares outstanding	32M	31M
Apr 30, 2024	20-F filing \| 154.2M shares outstanding	150M	31M
Apr 28, 2023	20-F filing \| 149.2M shares outstanding	150M	31M
Nov 17, 2022	F-1 filing: This F-1 filing describes the terms of the offering of Ordinary Shares by Cantor, including Commitment Fee Shares and Ordinary Shares that may be issued and sold to Cantor under the Purchase Agreement. The company may receive up to $100.0 million in aggregate gross proceeds from sales of Ordinary Shares to Cantor, which will be used for working capital and general corporate purposes.	N/A	31M

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