VSEE HEALTH, INC. (VSEE) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 216.75% of current shares
Recent Dilution: 157.01% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
48M
Potential Supply
100M
Additional shares possible
Splits
None
Past 2 years

Summary

VSEE currently has 47.9M outstanding shares. with significant dilution risk as 104M authorized shares could dilute existing holders by 216.8%. The company has significantly diluted shareholders by 157.01% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 47.9M shares outstanding

48M 100M
Mar 31, 2026

10-K filing | 47.3M shares outstanding

47M 100M
Dec 29, 2025

S-1 filing: This S-1 filing registers for resale up to 33,808,195 shares of common stock held by selling stockholders, including shares issuable upon conversion of Series B Preferred Stock and exercise of warrants.

33M 100M
Nov 26, 2025

8-K filing: VSee Health, Inc. entered into a securities purchase agreement to sell 9,836,065 shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants for gross proceeds of approximately $6 million in a private placement. ($6.0M proceeds)

31M 70M
Nov 17, 2025

8-K filing: VSee Health, Inc. entered into an exchange agreement with an accredited institutional investor to exchange a promissory note for 941,352 shares of common stock and also entered into a $25,000,000 Equity Line of Credit arrangement with another accredited institutional investor.

31M 70M
Nov 14, 2025

10-Q filing | 31.3M shares outstanding

31M 70M
Oct 29, 2025

8-K filing: VSee Health, Inc. entered into a warrant exchange agreement with an accredited institutional investor, where the investor agreed to exercise approximately 130,000 outstanding warrants and exchange an additional 2,250,000 outstanding warrants for 2,175,000 shares of common stock of the Company.

16M 70M
Oct 15, 2025

10-Q filing | 16.4M shares outstanding

16M 70M
Oct 15, 2025

10-Q filing | 16.3M shares outstanding

16M 70M
Mar 21, 2025

8-K filing: VSee Health, Inc. issued a senior secured note and 100,000 shares of common stock to an investor, and also issued a secured note and 25,000 shares of common stock to a second investor.

16M 70M
Nov 19, 2024

S-1/A filing: This S-1/A filing registers for resale up to 4,495,119 shares of the Company's Common Stock consisting of shares issuable upon conversion of the Quantum Note, the Ascent Note, shares issuable pursuant to the Ascent Warrants and shares issued to Tidewater and SCS pursuant to respective agreements.

16M 70M
Nov 14, 2024

10-Q filing | 15.1M shares outstanding

15M 70M
Nov 12, 2024

S-1 filing: This S-1 filing registers for resale up to 4,495,119 shares of common stock by selling stockholders, including shares issuable upon conversion of convertible notes and warrants, as well as shares already issued under prior agreements.

16M 70M
Oct 15, 2024

S-1/A filing: The company will transfer Advance Shares to the Investor, and the Investor will pay the aggregate purchase price in cash.

15M 66M
Oct 11, 2024

S-1/A filing: VSee Health, Inc. is offering up to 36,550,000 shares of its Common Stock, including shares issuable upon exercise of Public Warrants and shares that may be sold to Dominion pursuant to an Equity Purchase Agreement, as well as shares upon conversion of an Equity Purchase Note.

15M 66M
Oct 01, 2024

8-K filing: VSee Health, Inc. entered into a securities purchase agreement for the issuance of senior secured convertible notes, warrants to purchase common stock, and commitment shares.

15M 24M
Sep 23, 2024

10-Q filing | 15.3M shares outstanding

15M 24M
Aug 07, 2024

S-1 filing: VSee Health, Inc. is offering up to 36,550,000 shares of its Common Stock, consisting of shares issuable upon exercise of Public Warrants, shares that may be sold to Dominion Capital LLC under an Equity Purchase Agreement, and shares upon conversion of an Equity Purchase Note issued to Dominion.

15M 24M
Jul 17, 2024

S-1 filing: This S-1 filing describes the offering of up to 2,310,545 shares of the Company's Common Stock, including shares issuable pursuant to Bridge Warrants, Commitment Shares, shares issued to the Selling Stockholder, and shares issuable upon conversion of Additional Bridge Notes and Exchange Note.

15M 12M
May 15, 2024

10-Q filing | 3.6M shares outstanding

3.6M 10M
Apr 12, 2024

10-K filing | 3.5M shares outstanding

3.5M 10M
Nov 20, 2023

10-Q filing | 3.5M shares outstanding

3.5M 10M
Nov 13, 2023

8-K filing: Digital Health Acquisition Corp. amended its certificate of incorporation to extend the date to consummate a business combination up to November 8, 2024, and permit stockholders to act by written consent. 579,157 shares of Common Stock were tendered for redemption. The company extended the period of time it has to consummate its business combination by three months from November 8, 2023 to February 8, 2024.

3.5M 10M
Aug 21, 2023

10-Q filing | 3.5M shares outstanding

3.5M 10M
May 15, 2023

10-Q filing | 3.5M shares outstanding

3.5M 10M
Apr 12, 2023

10-K filing | 3.4M shares outstanding

3.4M 10M
Nov 10, 2022

10-Q filing | 3.4M shares outstanding

3.4M 10M
Nov 03, 2022

8-K filing: Digital Health Acquisition Corp. amended its Business Combination Agreement to remove a condition precedent regarding minimum cash proceeds and the company will issue 4,370 shares of Series B Convertible Preferred Stock to A.G.P./Alliance Global Partners at $1,000 per share in satisfaction of a $4,370,000 deferred underwriting fee upon the closing of the Business Combination Agreement. ($4.37M proceeds)

3.4M 10M
Oct 26, 2022

8-K filing: The stockholders of the Company approved an amendment to the Company's Amended and Restated Certificate of Incorporation to extend the date by which the Company has to consummate a business combination for an additional three months, provide the Company's board of directors the ability to further extend the date, and allow for the Company to provide redemption rights to the Company's public stockholders.

3.4M 10M
Oct 07, 2022

8-K filing: Digital Health Acquisition Corp. entered into a Second Amended and Restated Business Combination Agreement and related agreements, including a First Amended and Restated PIPE Securities Purchase Agreement, involving the issuance of convertible preferred stock and warrants for aggregate proceeds of at least $8,000,000, along with a bridge financing agreement issuing convertible notes and warrants.

3.4M 10M
Aug 15, 2022

10-Q filing | 3.4M shares outstanding

3.4M 10M
May 16, 2022

10-Q filing | 3.4M shares outstanding

3.4M 10M
Nov 15, 2021

8-K filing: Digital Health Acquisition Corp. consummated its initial public offering of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000, and simultaneously consummated a private placement with the Sponsor of 557,000 units at $10.00 per unit, generating total gross proceeds of $5,570,000. ($241.14M proceeds)

2.9M 10M
Nov 08, 2021

8-K filing: Digital Health Acquisition Corp. consummated its initial public offering of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000, and simultaneously consummated a private placement with the Sponsor of 557,000 units at $10.00 per unit, generating gross proceeds of $5,570,000. ($120.57M proceeds)

2.9M 10M
Oct 28, 2021

S-1/A filing: Digital Health Acquisition Corp. is offering 10,000,000 units at $10.00 per unit in an initial public offering.

2.9M 10M
Oct 14, 2021

S-1 filing: Digital Health Acquisition Corp. is offering 15,000,000 units at $10.00 per unit in an initial public offering. Each unit consists of one share of common stock and one warrant to purchase one-half of a share of common stock at a price of $11.50 per whole share.

4.3M 15M
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