Planet Green Holdings Corp. (NYSE American: PLAG) signed an at-the-market equity offering agreement — a facility that lets a company dribble new shares directly into the open market at prevailing prices — on July 13, 2026. The ATM, operated by sole agent Curvature Securities, carries $8.92 million in capacity. That figure exceeds the company's entire market capitalization of roughly $8.4 million.
At the assumed price written into the prospectus supplement ($1.98), the ATM would produce about 4.5 million new shares. At the stock's recent level of $0.589, the same dollar capacity translates to approximately 15.1 million shares — 130% of PLAG's 11.6-million-share public float, meaning the float could more than double without a single additional filing beyond routine sales-notice supplements.
No shares have been sold under the ATM yet. The facility sits on an effective $200 million universal shelf registration — a blanket SEC filing that pre-authorizes future issuance of common stock, preferred stock, debt, warrants, and other instruments. Practical capacity is throttled by the SEC's "baby shelf" rule (formally General Instruction I.B.6), which limits smaller issuers to selling roughly one-third of their non-affiliate float value over any trailing twelve-month window. That cap currently equals the $8.92 million figure. If the float's market value shrinks further, the usable dollar amount shrinks with it.
The float today
PLAG's current float is unusually transparent. Three independent sources — the company's own SEC baby-shelf calculation, its 10-K beneficial-ownership table, and commercial data feeds — converge on 11,638,514 tradeable shares, or 81.8% of 14,232,714 outstanding. The only excluded block is the 2,594,200 shares held by Chairman and CEO Bin Zhou.
There are zero warrants, zero stock options, zero convertible instruments, and zero shares of preferred stock outstanding. The ATM is the sole overhang.
How the share count got here
Twelve months ago, PLAG had 7,282,714 shares outstanding. The count rose 95.4% to its current level entirely through grants to nine employees under the 2025 Equity Incentive Plan — 6,950,000 shares valued at $14.43 million, including 1,100,000 to CEO Zhou. Nearly all of the non-affiliate portion is already counted in the tradeable float. Only 50,000 shares remain unissued under the plan.
This expansion followed a 1-for-10 reverse split in June 2024 — the company's third consolidation after 1-for-32.84 in 2007 and 1-for-25 in 2018. In September 2025, shareholders authorized an increase from 100 million to 1.5 billion shares — 105 times the current outstanding count.
Dilution risk grade: 6 / 10 — ELEVATED
The score reflects a loaded ATM and aggressive recent issuance history, offset by the absence of any toxic convertible or discount-to-market instruments. ShareStructure's assessment flags a potential re-rating to 8 or higher if ATM sales prints begin appearing in prospectus supplements or the next quarterly filing. The Q2 10-Q — expected around August 14, 2026 — will be the first cover-page share count that could reveal whether Curvature has started selling.