22.7 Million Shares on Paper, Nearly 500 Million Fully Diluted: Inside Quantum Cyber's Convertible Stock and Its "Broken Website" Drone Partner
On June 29, 2026, White Diamond Research published a short report on Quantum Cyber N.V. (NASDAQ: QUCY), a company that rebranded from molecular diagnostics firm Mainz Biomed (MYNZ) in March 2026 into a self-described "quantum," "cyber," and drone technology company. The report centers on a massive potential share dilution tied to the company's own CEO and what it characterizes as a series of thin or unverifiable drone and quantum technology partnerships.
Epistemic note. White Diamond Research's analysis is based on SEC filings, company press releases, website checks, and LinkedIn profiles. Its characterizations of QUCY's business segments as "laughable" and its conclusion that the company was created for insiders to sell shares are the opinions of a short seller with a disclosed financial interest in the stock's decline. None of this has been verified by The Forensic Ledger, adjudicated by a regulator or court, or admitted by Quantum Cyber.
From molecular diagnostics to quantum, cyber, and drones
QUCY completely changed its name and business from Mainz Biomed to Quantum Cyber in March 2026. The report questions the coherence of combining quantum computing, cybersecurity, and drone manufacturing under one ticker, noting these are "three sectors [with] little to no correlation."
A $6 million investment convertible into 477 million shares
According to an SEC filing quoted in the report, an investor — identified as QUCY's own CEO, David Lazar — committed $6 million in cash (in two $3 million closings) in exchange for securities "which such securities, upon becoming fully convertible will be convertible into an aggregate of 477,000,000 Ordinary Shares," implying a conversion price of roughly $0.013 per share. White Diamond notes Lazar also holds significant board rights, having become CEO alongside three new directors (Robert Liscouski, David Natan, and Avraham Ben-Tzvi) after four prior directors resigned per an April 28, 2026 filing.
A nearly 500 million share fully diluted count
While financial data sites such as Yahoo Finance reportedly showed only 22.77 million shares outstanding, White Diamond calculates a fully diluted share count of approximately 499.8 million shares once Series A through E preferred conversions are included — before any options or warrants. At the report's reference price of $1.50 per share, this would imply a fully diluted market capitalization of roughly $750 million.
The BP United drone license
On May 13, 2026, QUCY announced an IP license agreement with a company called BP United. White Diamond's website review found the BP United site displaying products — including a "Drone 'Bug,'" "Small Missile Launcher," and "Sky Guard Pro" — all priced at $0.00, and found the site's "Security and Defense Solutions" page to be entirely blank.
Project Lightshift: no search history before the announcement
On June 15, 2026, QUCY announced a licensing deal for "quantum photonic array technology" with Project LightShift, Inc., a Florida corporation, describing an invention by "Chief Scientist" Dr. Wolf Kohn. White Diamond reports that restricting Google searches to before the PR's publication date returned no results connecting a company or project called "Project Lightshift" to quantum arrays; the only pre-existing "Lightshift" search results referred to an unrelated battery energy storage company, Lightshift Energy. The report also connects Dr. Kohn and Project Lightshift's stated CEO, Nadab Akhtar, to a prior venture together at CrowdPoint Technologies, which White Diamond describes as a blockchain company, with no quantum-related public history for either individual prior to the QUCY announcement.
Buying SpaceX shares with no discount
On June 26, 2026, QUCY announced it would acquire shares of SpaceX (SPCX), a move the report says followed a similar announcement by ILLR the day before that reportedly sent that stock's price sharply higher. White Diamond notes ILLR was able to purchase SPCX shares at approximately $105, a discount to the roughly $151 market price, while QUCY's announcement did not disclose any comparable discount, appearing to reflect an open-market purchase like any other investor.
The report's conclusion
White Diamond states its view plainly: "We think QUCY is a project created for insiders to dump hundreds of millions of shares that they received for much lower than the current market price. We believe there is little to no fundamental value in the company and its business segments."
What would falsify this thesis
Falsification would look like: QUCY disclosing independent, verifiable technical validation of the BP United and Project LightShift technologies (patents, working prototypes, or third-party technical review); demonstrated commercial revenue from the drone or quantum antenna licenses; the CEO's convertible preferred position being restructured or capped in a way that materially reduces dilution risk; and insiders publicly committing to lock-up periods rather than selling into promotional price spikes. Conversely, further share issuances at similarly deep discounts, continued promotional press releases without verifiable underlying technology, or insider selling following price pumps would corroborate the thesis.
White Diamond Research's disclosed position
White Diamond Research disclosed that it, along with its clients, affiliates, and related entities, may have a short position in Quantum Cyber and stands to realize significant gains if the share price declines.
Source
⚖️ Editorial Disclaimer
This article summarizes with citation a research report already published by White Diamond Research. The Forensic Ledger is an independent newsroom and archive; it is not the author of the underlying allegations and does not adopt them as established fact. All figures, characterizations, and conclusions attributed to the report — including the fully diluted share count calculation, the characterization of BP United and Project LightShift, and the assessment of the SpaceX share purchase — are the opinions of a third party (White Diamond Research) that discloses a financial interest in the decline of the covered security. These claims have not been independently verified by The Forensic Ledger, have not been adjudicated by any court or regulator, and may be denied or disputed by Quantum Cyber N.V. or the individuals named in the report. This article is published for informational and journalistic purposes only, is not investment advice, and is not a recommendation to buy, sell, or hold any security.
Original reporting by White Diamond Research. This article is desk analysis prepared by The Forensic Ledger from publicly available sources, summarized with citation to the original.
Not investment advice. This is original reporting and analysis prepared by The Forensic Ledger from publicly available data. Nothing here is a recommendation to buy, sell, or hold any security. Always consult the original source and a licensed professional. See our full disclaimer and source-citation policy.
