One & one Green Technologies. INC (NASDAQ: YDDL) carries roughly 9.2 million shares in pending overhang instruments — warrants, greenshoe rights, and pre-funded warrants — that together equal approximately 111% of its estimated public float of about 10 million shares. That ratio is the defining structural fact for anyone trying to understand the tradeable supply picture of this recently listed company.
YDDL earns a dilution risk grade of 4 out of 10 (MODERATE) from ShareStructure. The score is held down by one important absence: there are no convertible notes, no preferred stock, no equity line of credit (ELOC — a standing facility that lets a funder buy shares at a discount over time), and no at-the-market (ATM) program. Those are the instruments that typically deliver the most corrosive, below-market dilution in small-cap issuers. None exist here.
What does exist is velocity.
Three Offerings in 60 Days
Between late March and mid-May 2026, YDDL filed an F-1 registration, closed a $13 million best-efforts offering — meaning the placement agent sold as many units as the market would absorb rather than guaranteeing the full amount — and then filed a second F-1 to register additional resale shares. Reference prices dropped across those filings: $8.12, then $7.50, then $4.04. The sole placement agent across all three events is FT Global Capital, which collected a 7% cash fee plus 86,667 placement-agent warrants locked up under FINRA Rule 5110 until approximately October 10, 2026.
The Warrant Block
About 7.0 million shares underlie common, greenshoe, and placement-agent warrants struck between $7.50 and $10.15. At current levels those warrants are deeply out-of-the-money and therefore dormant — they create no immediate free-trading supply. But the terms contain a structural wrinkle: each offering warrant is exercisable for up to 1.5 shares, and the 400,000 greenshoe warrants trigger an automatic 150% increase in underlying shares upon cash exercise. A sustained recovery above the strike prices would therefore unlock outsized supply relative to the nominal warrant count.
The greenshoe warrants expire May 28, 2026. They are currently out-of-the-money.
Pre-Funded Warrants: Shares in Disguise
Up to 2,216,749 pre-funded warrants — warrants priced at $0.0001 that are economically equivalent to common shares and immediately exercisable — remain potentially outstanding. If still unexercised, they represent roughly 27% of the reported float in latent free-trading supply that data vendors may not yet capture. Their exercise status is unknown.
Float and Control
YDDL has 54.3 million shares outstanding, but only an estimated 10 million trade freely — about 15% of the total. The gap reflects a dual-class structure: Class B shares carry 20 votes each and are concentrated with insiders, leaving public investors with a narrow Class A float. Float-confidence is low because the company is barely two months past its IPO, data-vendor counts lag rapid-fire filings, and no SEC cover-page share count appears in available documents.
The next concrete structural date is October 10, 2026, when the FINRA lock-up on FT Global's placement-agent warrants (86,667 shares at $9.00) expires.