Mingteng International Corp Inc. (NASDAQ: MTEN), a Cayman-domiciled holding company for a China-based automotive mold manufacturer, has a resale registration statement — a filing that converts restricted shares into freely sellable stock — covering 3,871,000 Class A Ordinary Shares. That is 101% of the company's actual tradeable float.
The tradeable float is smaller than it appears. Data services quote roughly 6.11 million shares, but that figure embeds 2,280,000 restricted, unregistered shares issued in an April 2026 private placement at $0.25 apiece. Those shares are legally unsellable today. Strip them out and the free-trading supply drops to approximately 3.83 million shares — 37% below the published number.
When the Form F-1 goes effective, likely within 30 to 75 days of its July 10 filing, those 2.28 million shares become sellable in a single event. No data-service float figure will visibly change because the shares are already counted as "held by non-affiliates." The supply arrives silently. Holders paid $0.25 per share and sit on a roughly 308% paper gain, with no lock-up disclosed.
The Warrant Layer
Behind the restricted shares sit 1,480,000 Investor Warrants struck at $2.00 — equal to 39% of the tradeable float. These warrants carry full-ratchet anti-dilution, meaning the exercise price resets downward to match any lower price at which the company issues new stock or stock equivalents. They also contain a Share Combination Event provision: if a reverse split occurs, the strike resets to the lowest volume-weighted average price in the five trading days before or after the split.
The warrants permit cashless exercise — the holder surrenders no cash, receiving a net number of shares instead. A beneficial-ownership blocker caps each holder at 4.99% or 9.99%, keeping positions below regulatory reporting thresholds. The warrants expire December 18, 2027.
Serial Issuance History
MTEN has completed five distinct capital raises in nine months. A $100 million at-the-market facility — an open-ended program to sell shares directly into the market — issued 222.6 million pre-split shares for just $20.6 million gross, forcing a 1-for-200 reverse split in January 2026. That ATM was terminated June 8, 2026, but within 24 hours the company executed a registered direct offering through a new placement agent, followed by a second nine days later.
On a split-adjusted basis, the Class A share count has grown from 101,275 at year-end 2025 to approximately 7.64 million today — an increase of roughly 7,443% in seven months.
Structural Capacity
Shareholders approved expanding authorized share capital to 998 million Class A shares at the May 2026 annual meeting. Against 7.65 million shares outstanding, that leaves a 130-to-1 ratio of authorized-but-unissued shares to existing stock. The company's F-3 shelf registration — a pre-approved SEC filing that permits future stock sales — retains roughly $74.2 million of nominal capacity, though a baby-shelf limitation caps primary issuance at about one-third of the non-affiliate float value per rolling 12-month period. At the current float value of approximately $6.2 million, that ceiling is around $2.1 million.
The company demonstrated its workaround the same month: the July 10 Form F-1, which is a resale registration rather than a primary offering, carries no baby-shelf cap.
The placement agent on both June deals holds a nine-month tail financing right at a 7% fee, running through approximately March 2027 — a contractual incentive to bring additional deals to the same issuer through the same channel.