The Structural Picture
CHEETAH NET SUPPLY CHAIN SERVICE INC. (NASDAQ: CTNT) has a live at-the-market equity program — a facility that lets the company sell newly issued shares directly into the open market at prevailing prices, with no floor — that registers up to 22,615,521 Class A shares. The company's tradeable float is 2,787,958 shares.
That is an 8.1-to-1 ratio of potential new supply to existing supply.
The program, signed August 21, 2026 with Pacific Century Securities as sales agent, carries a dollar cap of $35.28 million — roughly 7.5 times CTNT's $4.7 million market capitalization. Shares are sold at a 3% commission with no minimum price, and the company can begin or halt sales at any time without notifying the market.
Why the ATM Capacity Is Not Theoretical
CTNT's prior ATM, operated by AC Sunshine Securities, sold 2,775,000 split-adjusted shares for approximately $30.9 million net in under three months — April through June 2026. That single drawdown created 94% of all Class A shares currently outstanding. The program was then mutually terminated, and within eight weeks Pacific Century was engaged as its replacement.
The pattern is the risk. The company has completed twelve distinct capital-structure transactions in twenty-four months, raising approximately $75 million in gross equity during calendar 2026 alone — sixteen times its current market capitalization.
What the Float Looks Like Today
Shares outstanding stand at 2,955,935 Class A plus 203,456 Class B (a super-voting class held entirely by CEO Huan Liu). The tradeable Class A float is 2,787,958 after subtracting 727 director-held shares and 167,250 shares issued in a February 2026 Regulation S private placement — a sale restricted to non-U.S. investors — that remain classified as restricted securities. Those restricted shares clear their one-year Regulation S distribution compliance period around February 2027.
Authorized share capacity is enormous. The charter permits 2.2 billion shares. Only 3.16 million are issued.
The Reverse-Split Cycle
Two reverse splits in eighteen months — 1-for-16 in October 2024 and 1-for-200 in April 2026 — have compressed the share count by a combined factor of 3,200. On a split-adjusted basis, Class A outstanding grew roughly 22,000% in twelve months as the company issued stock and then consolidated it.
Residual board authority for an additional reverse split of up to approximately 1-for-2.5 remains unused and exercisable without a further shareholder vote through roughly February 2027. That authority was approved by written consent of the Class B holder — Liu controls approximately 79.16% of total voting power through his 15-votes-per-share Class B block.
What Is Not Present
The structure is notable for what it lacks. There are no convertible notes outstanding as of June 30, 2026. No preferred stock has been issued (though 500,000 blank-check preferred shares are authorized). The sole warrant — 20 shares at a $16,000 strike — was terminated in March 2026. There are no pre-funded warrants — instruments issued at a nominal exercise price that function as shares on arrival.
However, shareholders approved in November 2025 the potential issuance of convertible notes convertible below Nasdaq's minimum price threshold — meaning below the lower of the last closing price or the five-day average — without any further vote. No such notes have been issued, but the pre-clearance is on the books.
Dilution Risk Grade: 8 out of 10 — HIGH
The score reflects the live ATM's scale relative to the float, the demonstrated velocity of the prior ATM drawdown, and the serial financing cadence. It is held below the maximum by the absence of outstanding convertible debt, the zero warrant overhang, and the lack of issued preferred stock. The company's 424B5 prospectus supplement itself quantifies the dilution impact: net tangible book value per share would fall from $23.37 to $4.18 if the program were fully drawn.