ATIF Holdings Ltd (ZBAI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: December 29, 2025

Risk Assessment Details

Potential Dilution: 818.42% of current shares
Recent Dilution: 82.38% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
10M
Potential Supply
84M
Additional shares possible
Splits
None
Past 2 years

Summary

ZBAI currently has 10.3M outstanding shares. with significant dilution risk as 84.4M authorized shares could dilute existing holders by 818.4%. The company has significantly diluted shareholders by 82.38% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Dec 29, 2025

F-3 filing: ATIF Holdings Limited files an F-3 registration statement to offer and sell up to $500,000,000 in the aggregate of ordinary shares, preferred shares, warrants to purchase Ordinary Shares or preferred shares, debt securities, rights or any combination of the foregoing, either individually or as units, and also relates to the resale by certain selling shareholders of up to (i) 9,000,000 units, (ii) 9,000,000 Ordinary Shares underlying the Units, (iii) 9,000,000 Warrants underlying the Units, and (iv) 9,000,000 Ordinary Shares issuable upon the exercise of the Warrants.

10M 84M
Dec 09, 2025

20-F filing | 23.6M shares outstanding

24M 48M
Jul 31, 2025

8-K filing: ATIF Holdings Limited completed the sale of 5,434,782 ordinary shares at $0.368 per share to non-U.S. investors for gross proceeds of $2 million on July 29, 2025. Following the closing, the company has 23,639,787 ordinary shares outstanding. ($2.0M proceeds)

24M 48M
Jun 06, 2025

10-Q filing | 17.2M shares outstanding

17M 48M
Apr 18, 2025

S-1/A filing: This is an S-1/A filing for an offering of up to 2,467,553 ordinary shares underlying restricted warrants, which can be exercised at a price of $1.20 per share by selling stockholders.

17M 48M
Mar 21, 2025

S-1 filing: S-1 filing for offering of Ordinary Shares underlying Restricted Warrants.

17M 48M
Mar 13, 2025

10-Q filing | 17.3M shares outstanding

17M 46M
Feb 05, 2025

8-K filing: ATIF Holdings Limited completed a registered direct offering of 1,580,000 ordinary shares, pre-funded warrants to purchase up to 887,553 ordinary shares, and restricted warrants to purchase up to 2,467,553 ordinary shares, for gross proceeds of approximately $2.5 million. ($2.5M proceeds)

12M 46M
Jan 21, 2025

8-K filing: ATIF Holdings Limited completed a registered direct offering on January 21, 2025, selling 3,820,000 ordinary shares at $1.25 per share, resulting in gross proceeds of approximately $4.7 million. ($4.7M proceeds)

12M 46M
Dec 19, 2024

10-Q filing | 11.9M shares outstanding

12M 46M
Nov 13, 2024

10-K filing | 11.9M shares outstanding

12M 46M
Jun 14, 2024

10-Q filing | 11.9M shares outstanding

12M 46M
May 29, 2024

S-3 filing: This S-3 filing relates to the offering and resale of 2,290,000 ordinary shares by selling stockholders, who acquired these shares through a private placement at $1.23 per share and a deferred salary conversion at $0.91 per share. The company will not receive any proceeds from this sale.

9.6M 46M
May 01, 2024

8-K filing: The Company entered into a deferred salary conversion agreement with Mr. Jun Liu, president, chief executive officer and chairman of the board of directors, to issue 384,478 ordinary shares in lieu of an unpaid salary of $349,875 at a per share price of $0.91. ($0.35M proceeds)

9.6M 44M
Apr 19, 2024

8-K filing: ATIF Holdings Limited entered into a Securities Purchase Agreement to sell 1,092,512 newly issued ordinary shares at $1.23 per share, receiving gross proceeds of $1,343,789.76. ($1.34M proceeds)

9.6M 44M
Mar 18, 2024

10-Q filing | 9.6M shares outstanding

9.6M 44M
Dec 15, 2023

10-Q filing | 9.6M shares outstanding

9.6M 44M
Nov 13, 2023

10-K filing | 9.6M shares outstanding

9.6M 44M
Jun 14, 2023

10-Q filing | 9.6M shares outstanding

9.6M 44M
Mar 17, 2023

10-Q filing | 9.6M shares outstanding

9.6M 44M
Mar 08, 2023

S-3/A filing: ATIF Holdings Limited is filing an S-3/A to offer ordinary shares, preferred shares, warrants to purchase ordinary shares, rights to purchase ordinary shares, or a combination of these securities for an aggregate initial offering price of up to $100,000,000.

9.6M 44M
Feb 10, 2023

S-3/A filing: ATIF Holdings Limited is filing an S-3/A to register the potential sale of ordinary shares, preferred shares, warrants, rights, or a combination of these securities for an aggregate initial offering price of up to $100,000,000.

9.6M 44M
Dec 21, 2022

S-3 filing: This S-3 filing by ATIF Holdings Limited covers the potential offering of ordinary shares, preferred shares, warrants, rights, or a combination of these securities, for an aggregate initial offering price of up to $100,000,000.

9.6M 4.7M
Dec 15, 2022

10-Q filing | 9.6M shares outstanding

9.6M 4.7M
Nov 18, 2022

RW filing: ATIF Holdings Limited has withdrawn its proposed public offering, as indicated in the RW filing dated 2022-11-18, and confirms that no securities have been sold pursuant to the Registration Statement.

9.5M 4.7M
Nov 02, 2022

10-K filing | 9.5M shares outstanding

9.5M 9.5M
Dec 09, 2021

20-F filing | 9.2M shares outstanding

9.2M 9.5M
Apr 27, 2021

F-1 filing: This is an F-1 filing for Global Capital, Inc. regarding the offering of shares and warrants and recent sales of unregistered securities, including warrants sold in a private placement.

47M 9.5M
Jan 06, 2021

F-1 filing: Resale of 4,739,130 ordinary shares issuable upon exercise of outstanding warrants by selling shareholders. The company will not receive any proceeds from the sale of these shares.

47M 4.7M
Dec 31, 2020

20-F filing | 47.0M shares outstanding

47M 0
Jun 12, 2020

F-3 filing: ATIF Holdings Limited is filing an F-3 registration statement to offer ordinary shares, preferred shares, debt securities, warrants, or units for an aggregate initial offering price not to exceed $50,000,000.

47M 0
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