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NTRP

NextTrip, Inc.
Nasdaq · Transportation Services · EDGAR filings (CIK 788611) · 18 signals · 3 setups · updated Aug 16, 2026

What the filings say Pressure ▼

The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.

Radar 89 (high attention) · dilution pressure high · listing risk elevated · governance risk elevated · runway 2.1 mo · strongest signal: Convertible note (Jul 22, 2026)

What would confirm: 424B5/8-K announcing an offering, ATM sales disclosed in next 10-Q, or Form 4 sales by insiders ahead of it.
What would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).

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.

89Radar · attention score (0–100)
89Dilution pressure · financing + balance sheet
69Listing risk · exchange standards
45Governance risk · reporting, auditor, going concern

Setups

Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.

Forced-raise setup Pressure ▼ strength 0.95

The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K. Cash need (going concern in 8-k, runway < 6 months) coexists with live selling machinery (atm program, convertible note, equity line, pipe, shelf filed). Base case is a discounted raise; the question is when, not if.

Would confirm: 424B5/8-K announcing an offering, ATM sales disclosed in next 10-Q, or Form 4 sales by insiders ahead of it.
Would invalidate: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).
ATM programConvertible noteEquity lineGoing concern in 8-KPIPERunway < 6 monthsShelf filed

Listing cliff Pressure ▼ strength 0.60

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.

Would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
Would invalidate: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.
Minimum bid deficiencyReverse splitRunway < 6 months

Death-spiral watch Pressure ▼ strength 0.80

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.

Would confirm: Rising share count in 10-Q cover vs prior quarter; repeated 424B3 resales; another reverse split proposal.
Would invalidate: Notes repaid in cash / equity line terminated (8-K 1.02); share count flat quarter over quarter.
Convertible noteEquity lineMinimum bid deficiencyReverse split

Analyst note

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Balance sheet (XBRL)

$803Kcash + short-term investments as of May 31, 2026
2.1 moestimated runway (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts])
$3.7Mstockholders' equity as of May 31, 2026
$17.9Mpublic float (10-K cover)
14.9Mshares outstanding as of Jul 14, 2026 · was 14.5M May 28, 2026

Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 77 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.

Signal timeline

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.

DateSignalEvidenceScore
Aug 13, 2026 Shelf filed S-3/A filed 2026-08-13 filing 30
Aug 10, 2026 Reverse split “reverse split” language in PRE 14A (PRE 14A) filed 2026-08-10 filing 27
Aug 7, 2026 Shelf filed S-3 filed 2026-08-07 filing 30
Aug 4, 2026 PIPE “pipe” language in 8-K (EX-10.1) filed 2026-08-04 filing 38
Aug 4, 2026 Unregistered sale 8-K Item 3.02 filed 2026-08-04 (accepted 17:17 ET) filing 32
Jul 22, 2026 Convertible note “convertible note” language in 8-K (EX-10.2) filed 2026-07-22 filing 45
Jul 22, 2026 Equity line “equity line” language in 8-K (EX-4.1) filed 2026-07-22 filing 45
Jul 22, 2026 ATM program “atm” language in 8-K (EX-10.1) filed 2026-07-22 filing 44
Jul 22, 2026 Minimum bid deficiency “min bid” language in 8-K (EX-10.1) filed 2026-07-22 filing 39
Jul 22, 2026 PIPE “pipe” language in 8-K (EX-10.1) filed 2026-07-22 filing 38
Jul 22, 2026 Unregistered sale 8-K Item 3.02 filed 2026-07-22 (accepted 09:15 ET) filing 32
Jul 22, 2026 Reverse split “reverse split” language in 8-K (EX-4.1) filed 2026-07-22 filing 32
Jul 22, 2026 Delisting language “delisting notice” language in 8-K (EX-10.1) filed 2026-07-22 filing 32
Jul 22, 2026 Going concern in 8-K “going concern 8k” language in 8-K (EX-10.1) filed 2026-07-22 filing 31
Jul 22, 2026 New debt obligation 8-K Item 2.03 filed 2026-07-22 (accepted 09:15 ET) filing 27
Jul 17, 2026· Officer/director change 8-K Item 5.02 filed 2026-07-17 (accepted 15:26 ET) filing 25
May 31, 2026 Runway < 6 months ~2.1 months runway: liquidity $803,490 as of 2026-05-31, burn $4,561,463/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing 41
May 31, 2026 Cash < current liabilities Liquidity $803,490 vs current liabilities $4,091,409 filing 21

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