ATMs let issuers sell small share blocks over time; watch filings to spot creeping dilution.
Published: 2026-02-14
ATMs authorize brokers to sell newly issued shares directly into the open market. They are flexible and quiet, which makes them a subtle dilution channel.
“Operations not meeting these requirements are speculative.” — Benjamin Graham
What to check:
- 424B or 8-K updates announcing new or expanded ATM sizes.
- Daily share-count drift in the [Share-Changes table](/share-changes) table.
- Volume spikes that coincide with price softness—possible ATM activity.