CHEETAH NET SUPPLY CHAIN SERVICE INC. (NASDAQ: CTNT) signed a new at-the-market equity program on August 21, 2026, with Pacific Century Securities that registers up to 22,615,521 Class A shares for sale at prevailing market prices — with no minimum floor price and no obligation to notify the market before selling. That registered capacity is 8.1 times the company's 2,787,958-share tradeable float.
The program also dwarfs the company's own market capitalization. At an assumed $1.56 per share, the ATM — a facility that lets an issuer drip-feed new shares into the open market through a broker — could raise up to $35.3 million against a total market cap of roughly $4.7 million.
The Prior ATM: A Velocity Template
This is CTNT's second ATM in five months. The first, run by AC Sunshine Securities, sold 2,775,000 split-adjusted shares for approximately $30.9 million net between late April and mid-June 2026 — under three months. That share count equals 94% of all Class A shares currently outstanding. The program was then mutually terminated, and Pacific Century was engaged eight weeks later.
The pattern matters. The company has demonstrated it will draw an ATM to near-exhaustion at maximum speed.
Reverse Splits and the Dilution Cycle
CTNT has executed two reverse splits in eighteen months: a 1-for-16 in October 2024 and a 1-for-200 in April 2026, compressing the share count by a combined factor of 3,200. On a split-adjusted basis, Class A outstanding grew from roughly 13,360 shares to 2,955,935 shares over twelve months — an increase of approximately 22,000%.
Critically, residual board authority exists for an additional reverse split. Stockholder approval granted in February 2026 by written consent — possible because CEO Huan Liu's 203,456 Class B shares carry 15 votes each, giving him roughly 79.16% of total voting power — permits aggregate splits up to 1-for-500. Only 1-for-200 has been used. The board can execute the remainder without another shareholder vote through approximately February 2027.
What Is Not in the Structure
The balance sheet is unusually clean in one respect. There are no convertible notes outstanding as of June 30, 2026. No preferred stock has been issued. The sole warrant on record covers 20 shares at a $16,000 strike — roughly 10,700 times the current stock price — and was terminated in March 2026. Warrant overhang is effectively zero.
However, stockholders approved in November 2025 the potential issuance of shares upon conversion of "certain convertible notes" at a price below Nasdaq's minimum-price threshold — meaning the company could issue below-market convertible debt and convert it into common stock without further shareholder approval. No such notes have been issued, but the pre-clearance is on the books.
Restricted Shares Approaching Free-Trading Status
A block of 167,250 Class A shares issued in a $40.14 million Regulation S private placement — a sale limited to non-U.S. investors — in February 2026 remains restricted. The Rule 144 six-month holding period lapsed on August 12, but the Regulation S one-year distribution compliance period runs to approximately February 2027. Those shares represent 6.0% of the current tradeable float.
Dilution Risk Grade: 8 out of 10 (HIGH)
The score reflects the live ATM's scale relative to the float, the demonstrated issuance velocity of the prior program, unused reverse-split authority, and a serial financing cadence that has produced twelve distinct capital-structure events in twenty-four months. The company's own prospectus supplement discloses that full utilization of the ATM would collapse net tangible book value per share from $23.37 to $4.18.
Authorized shares stand at 2.2 billion against 2,955,935 outstanding — leaving the charter ceiling roughly 744 times higher than the current share count.