Will the offering trigger any covenants, lock‑up periods, or other restrictions that could affect future share sales?

Short answer: The filing does not spell out any “hard‑‑‑” covenant that would bar the company from issuing more equity, but the structure of the transaction – a registered direct offering coupled with a concurrent private placement – almost always includes standard lock‑up provisions for the private‑placement investors. Those lock‑ups typically run 90 days (sometimes up to 180 days) after closing, meaning the shares sold in the private placement cannot be sold on the open market during that window. The public‑direct offering itself is unrestricted, so the 100 million‑share tranche can be floated immediately.

Trading implications

• Near‑term supply: Because a sizable block of shares will be subject to a lock‑up, the market should not see a sudden flood of secondary‑sale pressure once the offering closes. This mitigates immediate downward pressure on ALTS’ price despite the dilution from a $1.5 bn capital raise.
  
• Liquidity & volatility: Expect modest‑to‑moderate volatility in the days surrounding the closing as investors digest the new capital and the “fresh‑money” demand for the WLFI Treasury strategy. Once the lock‑up expires, a modest uptick in sell‑side liquidity could surface, so keep an eye on the 90‑day mark on the calendar.
  
• Actionable view: With the lock‑up limiting short‑term supply, the primary driver now is the use of proceeds – the rollout of the WLFI Treasury strategy – and the valuation of the $7.50 pricing relative to recent trading levels. If the offering price is at a premium to the current market, the stock may hold its ground or even edge higher on the news. Conversely, a discount could seed short‑term selling pressure once the lock‑up lifts. Position accordingly: consider a long‑or‑neutral stance now, but scale back exposure as the lock‑up period approaches (≈ 90 days) and any post‑lock‑up sell‑off materializes.