T3 Defense's 704,000-Share Float Faces a 3.3x Overhang From a Single Preferred Instrument

A cumulative 1,000-to-1 reverse split has compressed the share count, but reset-priced convertible preferred, a $250 million equity line, and Black-Scholes-exchangeable warrants — all held by a single counterparty — mean the post-split structure is designed to re-expand.