Listing is at risk and the usual cures are constrained. Next thing to watch: a reverse-split proxy, a hearings-panel 8-K, or a Form 25.
Radar 87 (high attention) · dilution pressure high · listing risk high · governance risk elevated · runway 3.9 mo · strongest signal: Equity line (Jul 24, 2026)
What would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
What would prove it wrong: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.
Direction is stated for existing shareholders (▼ more shares / survival or listing risk; ▲ insiders or holders buying). It is a characterization of the filings, not a forecast or a recommendation.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
Listing is at risk and the usual cures are constrained. Next thing to watch: a reverse-split proxy, a hearings-panel 8-K, or a Form 25. Exchange deficiency plus a structural reason cure is hard (sub-$5M float, negative equity, no cash, or a reverse split already used). Under Nasdaq's 2026 rules (one reverse split per 12 months; $5M MVLS floor with no cure period from Sept 2026) the usual escape hatches are narrower.
Variable-priced paper is outstanding while the listing is under stress — the structure where dilution can accelerate. Watch the share count each quarter. Discount-priced or variable-priced securities are outstanding while the company is managing its listing with reverse splits/notices. Each conversion lowers the price, which lowers the next conversion price.
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Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 138 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
Last 30 days of filing signals plus current balance-sheet flags, newest first. ▼ pressure · ▲ support · hover a score for its components; every row links to the filing.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Aug 14, 2026 | ▼ Late filing (NT) | NT 10-Q filed 2026-08-14 filing | 49 |
| Jul 27, 2026 | ▼ Reverse split | “reverse split” language in 8-K (8-K) filed 2026-07-27 filing | 32 |
| Jul 24, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.3) filed 2026-07-24 filing | 51 |
| Jul 24, 2026 | ▼ Convertible note | “convertible note” language in 8-K (EX-10.2) filed 2026-07-24 filing | 45 |
| Jul 24, 2026 | ▼ ATM program | “atm” language in 8-K (EX-10.1) filed 2026-07-24 filing | 44 |
| Jul 24, 2026 | ▼ PIPE | “pipe” language in 8-K (8-K) filed 2026-07-24 filing | 33 |
| Jul 24, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-10.2) filed 2026-07-24 filing | 32 |
| Jul 24, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.3) filed 2026-07-24 filing | 32 |
| Jul 22, 2026 | ▼ Minimum bid deficiency | “min bid” language in 8-K (EX-99.1) filed 2026-07-22 filing | 42 |
| Jul 22, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-99.1) filed 2026-07-22 filing | 37 |
| Jul 22, 2026 | ▼ Holder rights modified | 8-K Item 3.03 filed 2026-07-22 (accepted 16:50 ET) filing | 26 |
| Jul 20, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-07-20 (accepted 16:52 ET) filing | 28 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~3.9 months runway: liquidity $5,120,371 as of 2026-03-31, burn $15,877,168/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 37 |
| Mar 31, 2026 | ▼ Share count +25% | Shares outstanding 16,629,371 (2026-04-15) -> 22,985,558 (2026-05-20), +38% filing | 34 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $5,120,371 vs current liabilities $26,838,996 filing | 21 |
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