Planet Green (PLAG) sets up a $22.54 million share-sale program, more than twice its market value

Planet Green Holdings (NYSE American: PLAG) signed an at-the-market sales agreement with Craft Capital Management on Friday, October 2, 2026 that allows it to sell up to $22.54 million of new common stock into the open market. At the last closing price before the filing, $0.68, all 14.23 million shares outstanding were worth about $9.7 million, so the program is roughly 2.3 times the size of the company. The filing reached the tape at 5:18 p.m. ET, and PLAG was quoted at 0.6735 a minute later against 0.6603 before, a 2.0% rise in thin after-hours trading.

How a $9.7 million company registers $22.54 million of stock

Companies with a public float below $75 million may sell no more than one-third of that float off a shelf registration in any twelve months. The rule lets the issuer value the float at any closing price from the 60 days before the sale, and Planet Green chose the close of August 11, 2026, when the stock finished at $5.81. On that price the 11.64 million shares held by outside investors were worth $67.6 million, and one-third of that is the $22.54 million in the agreement.

The stock has fallen about 88% since that date. Valued at the October 1 close of $0.68, the same outside float comes to about $7.9 million and the one-third limit to about $2.6 million. Because August 11 was 52 days before the agreement was signed, the company was still inside the 60-day window and could size the program on the older and much higher price.

What full use would do to the share count

The prospectus supplement works through the case in which the whole amount is sold at $0.715, the closing price on September 29. That takes 31.52 million new shares and lifts the total from 14.23 million to 45.76 million, so the holders of today's shares would own under a third of the enlarged company. Craft keeps a 4.0% commission on each sale and the remainder goes to working capital and general corporate purposes.

An at-the-market program is permission to sell and carries no obligation. Planet Green signed a similar agreement with Curvature Securities on July 13, 2026 for up to $8.92 million, ended it on August 24 and sold no shares under it. The ceiling also moves with the price: the one-third test is applied again at each sale using a recent close, so if the stock stays near 70 cents the amount the company can actually place will shrink well below the registered figure once August's prices fall out of the 60-day window.

Why the company needs the money

Planet Green is a Nevada holding company that sold its chemical products unit in June 2026 and now runs a tea business and an online advertising business through subsidiaries in China and Canada. Its auditor's report for 2025 carries a going-concern paragraph. At June 30, 2026 the company had a working capital deficit of about $6.1 million and a stockholders' deficit of about $2.7 million, which is why the filing shows net tangible book value turning from negative to positive if the full program were sold.

The listing is under review as well. NYSE American told the company on December 8, 2025 that it was below the exchange's continued listing standards, and it has accepted a plan that gives Planet Green until June 8, 2027 to comply. Raising equity is the most direct way to repair a stockholders' deficit, and this agreement is the second attempt in three months to put a sales channel in place.

The PLAG reaction, measured

The headline crossed after the close, when few shares of a stock this size trade. PLAG was at 0.6603 two minutes before it and at 0.6735 both one minute and ten minutes after, a rise of 2.0% with no measurable volume behind it. The first regular session in which shares could be sold under the agreement is Monday, October 5.