Snail Inc. (NASDAQ: SNAL) filed an amendment to increase the capacity of its at-the-market offering program to $3.66 million in Class A common stock shares, according to a May 20 filing.

The Delaware-based company filed Amendment No. 1 to its prospectus supplement originally dated August 7, 2025, expanding its existing at-the-market program. The increased capacity does not include $4.37 million worth of Class A common stock shares previously sold under the original program.

The company stated it has no obligation to issue shares under the expanded program and that any utilization will depend on market conditions and strategic priorities. Snail characterized the expanded facility as intended to enhance financial flexibility and provide access to capital when deemed appropriate.

The at-the-market offering operates under an agreement dated August 7, 2025, between Snail and H.C. Wainwright & Co. LLC, which serves as the sales agent. The company noted that completion of future placements under the agreement cannot be assured, even if the sales agent receives instructions to proceed.

According to the filing, the number of shares ultimately sold will depend on factors including the stock's market price during sales periods, limits set by the company, and demand for the shares during applicable sales periods.