Core terms
Baby Shelf
The market-value limit in Form S-3 Instruction I.B.6 for certain issuers whose public float is below $75 million, measured across sales under that instruction during a rolling 12-month period.
Calculation framework
Rolling limit ≈ one-third of eligible non-affiliate public float − I.B.6 sales in the prior 12 monthsPublic float ≈ non-affiliate common shares × permitted reference price; use the filing's measurement rulesWhat traders should verify
Rebuild the float measurement date and price, non-affiliate share count, prior-12-month sales ledger, and any move above or below the $75 million threshold.
Do not conflate
It is a company-wide rolling constraint, not extra capacity on top of the shelf or ATM.