Two Ceilings, One Nano Cap: Regulation A's $75 Million Limit Against Form S-3's One-Third-of-Float Cap
A US-listed micro cap that wants to sell stock to the public often runs into one of two pieces of federal arithmetic: the one-third public float limit in Form S-3's General Instruction I.B.6, or the twelve-month dollar ceilings in 17 CFR 230.251(a). The rulebook text, the math, and what each route costs.
More top stories
Which ASX Small Cap Wins 2026? Six Tech Categories Say Scalare Partners Belongs in the Conversation
27 Startups. One Ticker. How Scalare Partners (ASX: SCP) Turned a Founder Pipeline Into a Listed Portfolio
Eastern International Draws a $1 Bid-Price Notice, Opening a First 180-Day Clock to March 9, 2027
Latest coverage
Which ASX Small Cap Wins 2026? Six Tech Categories Say Scalare Partners Belongs in the Conversation
Fintech, healthtech, regtech, cleantech, SaaS and AI, all inside one ASX-listed share with 360% lodged revenue growth. This is the one the market is sleeping on.
27 Startups. One Ticker. How Scalare Partners (ASX: SCP) Turned a Founder Pipeline Into a Listed Portfolio
Scalare sees Australia's best early-stage founders before anyone else does. Then it invests. Then it lodges the numbers. Read them before the crowd.
Eastern International Draws a $1 Bid-Price Notice, Opening a First 180-Day Clock to March 9, 2027
The Hangzhou logistics and infrastructure-construction issuer disclosed a Nasdaq deficiency letter under Rule 5550(a)(2) on Friday. Its shares last changed hands around two-thirds of the level it needs to hold for ten straight sessions, and the March 2027 date is the first deadline, not the last.
ICZOOM Sets a 5-for-1 Consolidation for Sept. 15, Twenty Sessions Before Its Oct. 12 Nasdaq Deadline
The B2B electronic-components platform will cut its Class A and Class B ordinary shares fivefold on Tuesday to address a Rule 5550(a)(2) bid-price deficiency. On the last quote this desk could verify -- a week old -- the implied post-consolidation reference price clears $1.00 by about sixteen cents.
Stewards uplists from OTCID to the Nasdaq Capital Market with no offering and no new shares
The private-credit and real-assets company said Nasdaq's Listing Qualifications Department approved a direct uplisting from the OTCID Market with no concurrent public offering and no issuance of new shares, with trading under the symbol SWRD scheduled to begin on the Nasdaq Capital Market at Thursday's open. A summary of its June-quarter Form 10-Q shows a $7.236 million GAAP net loss, $136.1 million of total liabilities and a liquidity conclusion resting on a $24.0 million funding commitment from what the filing calls a related Stewards International fund.
NextNRG's 1-for-10 reverse split takes effect on the last day of its Nasdaq bid-price compliance period
The company said Thursday the split becomes effective at 12:00 a.m. ET on Monday, Sept. 14 — the date its Form 8-K gives as the end of the 180-day period to regain compliance with Nasdaq's $1.00 minimum bid price rule. Nasdaq's rules require at least ten consecutive business days at the standard to cure, and only one split-adjusted session falls inside the window. NextNRG held $883,696 of cash at June 30 against a $6,624,702 GAAP quarterly loss, with two secured loans maturing Oct. 1.
bioAffinity clears two Nasdaq deficiencies and its hearing is cancelled, leaving about 592,373 shares outstanding
A Nasdaq letter dated Sept. 8 confirmed compliance with both the minimum bid price rule and the rights-and-warrants rule, cancelling a Hearings Panel appearance the company had been pushed into because a reverse split within the prior year disqualified it from any cure period. Two splits in eleven months compound to 450-to-1, above the 250-to-1, two-year threshold written into the same rule.
Nuburu shares to resume NYSE American trading Sept. 14 after 1-for-40 reverse split
The exchange suspended the blue-laser maker's stock on July 17 under its low-selling-price rule and began delisting proceedings. A 1-for-40 reverse split effective Sept. 1 cut shares outstanding from roughly 370.5 million to about 9.3 million; it is the company's second reverse split of 2026.
Movers
BioRestorative's 1-for-20 Split Opens Today With About 1.4 Million Shares Outstanding
The consolidation also takes authorized common stock from 1.5 billion shares back to 75 million — the level shareholders voted to leave five months ago. The company's Nasdaq bid-price deadline is Sept. 22.
OSR Health Says It Received a Nasdaq Delisting Determination; Suspension Set for August 26, With No Automatic Stay From a Hearing Request
OSR Health said Wednesday afternoon that Nasdaq's staff had issued a delisting determination and that its shares and warrants are set to be suspended at the opening of business on August 26. The company said it intends to request a hearing, and said that because it used the second 180-day compliance period, a timely hearing request will not automatically stay the suspension.
Sensus Healthcare Books a $5.7 Million Tax Charge on a $2.3 Million Quarter
Revenue fell 68.5% and a non-cash valuation allowance against deferred tax assets drove an $8.7 million quarterly loss at the Boca Raton device maker. Shares fell further in Friday's session.
Rocky Mountain Chocolate more than doubles after an 8-K discloses the board is weighing a sale
A one-page disclosure filed August 11 sent the loss-making confectioner sharply higher on volume orders of magnitude above normal, with no transaction agreed and no assurance one will be.
Uplistings & IPOs
Stewards uplists from OTCID to the Nasdaq Capital Market with no offering and no new shares
The private-credit and real-assets company said Nasdaq's Listing Qualifications Department approved a direct uplisting from the OTCID Market with no concurrent public offering and no issuance of new shares, with trading under the symbol SWRD scheduled to begin on the Nasdaq Capital Market at Thursday's open. A summary of its June-quarter Form 10-Q shows a $7.236 million GAAP net loss, $136.1 million of total liabilities and a liquidity conclusion resting on a $24.0 million funding commitment from what the filing calls a related Stewards International fund.
Nuburu shares to resume NYSE American trading Sept. 14 after 1-for-40 reverse split
The exchange suspended the blue-laser maker's stock on July 17 under its low-selling-price rule and began delisting proceedings. A 1-for-40 reverse split effective Sept. 1 cut shares outstanding from roughly 370.5 million to about 9.3 million; it is the company's second reverse split of 2026.
Check-Cap Closes MBody AI Merger and $10 Million Share Sale; the Nasdaq Listing Now Trades as MBAI
The Israeli-registered listed vehicle has been renamed MBody AI Ltd. and moved to the ticker MBAI. About 81 percent of the roughly 15.3 million shares outstanding are restricted securities issued to the private company's former holders, and only a majority of that block is under lock-up.
GlobalTech's 1-for-3 Reverse Split Took Effect Thursday, Ahead of a Nasdaq Application Its Own Filing Says It Does Not Yet Meet All the Requirements For
The OTCQB-quoted company cut its share count from about 152 million to about 50 million, citing a Nasdaq Capital Market application that, by its own written account, it has not been approved for and does not currently meet all the requirements for.
Deals & Filings
27 Startups. One Ticker. How Scalare Partners (ASX: SCP) Turned a Founder Pipeline Into a Listed Portfolio
Scalare sees Australia's best early-stage founders before anyone else does. Then it invests. Then it lodges the numbers. Read them before the crowd.
Eastern International Draws a $1 Bid-Price Notice, Opening a First 180-Day Clock to March 9, 2027
The Hangzhou logistics and infrastructure-construction issuer disclosed a Nasdaq deficiency letter under Rule 5550(a)(2) on Friday. Its shares last changed hands around two-thirds of the level it needs to hold for ten straight sessions, and the March 2027 date is the first deadline, not the last.
NextNRG's 1-for-10 reverse split takes effect on the last day of its Nasdaq bid-price compliance period
The company said Thursday the split becomes effective at 12:00 a.m. ET on Monday, Sept. 14 — the date its Form 8-K gives as the end of the 180-day period to regain compliance with Nasdaq's $1.00 minimum bid price rule. Nasdaq's rules require at least ten consecutive business days at the standard to cure, and only one split-adjusted session falls inside the window. NextNRG held $883,696 of cash at June 30 against a $6,624,702 GAAP quarterly loss, with two secured loans maturing Oct. 1.
NeOnc Technologies prices $15 million registered direct at $4.20 with one-for-one warrant coverage
The Nasdaq-listed brain-cancer developer is selling about 3.57 million shares or pre-funded warrants, each unit carrying a five-year warrant at the same $4.20 exercise price. The company reported roughly $2.0 million of cash at June 30 and a $14.2 million second-quarter net loss.
Market Pulse
bioAffinity clears two Nasdaq deficiencies and its hearing is cancelled, leaving about 592,373 shares outstanding
A Nasdaq letter dated Sept. 8 confirmed compliance with both the minimum bid price rule and the rights-and-warrants rule, cancelling a Hearings Panel appearance the company had been pushed into because a reverse split within the prior year disqualified it from any cure period. Two splits in eleven months compound to 450-to-1, above the 250-to-1, two-year threshold written into the same rule.
Two Nasdaq Companies Got Second Bid-Price Windows Running to March 1, 2027. A Third Closed Its Case Today
Alpha Compute and DeFi Technologies each disclosed an additional 180-day period this week, both ending on the same date despite deficiency notices issued three days apart in March. CLPS said on Sept. 4 that it cleared the $1.00 threshold for ten sessions running to Sept. 2.
Edible Garden Regains Nasdaq $1.00 Bid-Price Compliance; the Hearings Panel Keeps Jurisdiction Through Nov. 23
The controlled-environment agriculture company said on Sept. 2 that Nasdaq had confirmed it has regained compliance with the $1.00 minimum closing bid price rule. The company said in July that its closing bid price had stayed at or above $1.00 since a 1-for-45 reverse split took effect on July 13, and the Panel that granted continued listing retains jurisdiction through Nov. 23.
Four Nasdaq companies disclosed late-filing deficiencies in nine days, and the cure clocks run to very different places
Gulf Resources, Breeze Acquisition Corp. II, Shuttle Pharmaceuticals and Netcapital each told investors in the second half of August that Nasdaq had cited them under Listing Rule 5250(c)(1) for overdue periodic reports. The rule is the same in each case; the deadlines the four companies disclosed range from this Monday to February 2027.
Analysis
Which ASX Small Cap Wins 2026? Six Tech Categories Say Scalare Partners Belongs in the Conversation
Fintech, healthtech, regtech, cleantech, SaaS and AI, all inside one ASX-listed share with 360% lodged revenue growth. This is the one the market is sleeping on.
Two Ceilings, One Nano Cap: Regulation A's $75 Million Limit Against Form S-3's One-Third-of-Float Cap
A US-listed micro cap that wants to sell stock to the public often runs into one of two pieces of federal arithmetic: the one-third public float limit in Form S-3's General Instruction I.B.6, or the twelve-month dollar ceilings in 17 CFR 230.251(a). The rulebook text, the math, and what each route costs.
ICZOOM Sets a 5-for-1 Consolidation for Sept. 15, Twenty Sessions Before Its Oct. 12 Nasdaq Deadline
The B2B electronic-components platform will cut its Class A and Class B ordinary shares fivefold on Tuesday to address a Rule 5550(a)(2) bid-price deficiency. On the last quote this desk could verify -- a week old -- the implied post-consolidation reference price clears $1.00 by about sixteen cents.
Delinquent-filing notices pile up at the small end of Nasdaq, on a clock that runs differently from the bid-price rule
Premium Catering became the latest issuer to disclose a Rule 5250(c)(1) letter, joining Borealis Foods, Netcapital and SolarMax since late August. The filing rule gives 60 calendar days to submit a plan and an outer limit measured from the report's due date — not the 10 consecutive business days that cure a bid-price deficiency.
More coverage
Matinas BioPharma Falls Below the Last of NYSE American's Three Stockholders' Equity Standards
An Aug. 31 notice, disclosed Friday, adds Section 1003(a)(i) to two the company was already breaching. Equity was $1.8 million at June 30 against a $2.0 million floor, and the exchange's plan period runs to Oct. 2, 2027.
BioRestorative's 1-for-20 Split Opens Today With About 1.4 Million Shares Outstanding
The consolidation also takes authorized common stock from 1.5 billion shares back to 75 million — the level shareholders voted to leave five months ago. The company's Nasdaq bid-price deadline is Sept. 22.
La Rosa Holdings Sets a 1-for-6 Reverse Split for Tuesday, the Fourth Consolidation It Has Announced Since July 2025
The Nasdaq-listed real estate brokerage says it has not received a bid-price deficiency notice and is acting before one arrives, the same framing it used in January and April. Share counts published in each of the four announcements show the float rebuilding between every split.
Two Nasdaq Companies Got Second Bid-Price Windows Running to March 1, 2027. A Third Closed Its Case Today
Alpha Compute and DeFi Technologies each disclosed an additional 180-day period this week, both ending on the same date despite deficiency notices issued three days apart in March. CLPS said on Sept. 4 that it cleared the $1.00 threshold for ten sessions running to Sept. 2.
Polyrizon Prices a $4.0 Million Registered Direct and Concurrent Private Placement at $12.00 a Unit, With One Warrant Attached to Every Unit
The Nasdaq-listed nano-cap said the deal covers 333,333 units and 333,333 private placement common warrants struck at the same $12.00. It expects to close today; the company said last year, after a Nasdaq hearings panel process, that it would avoid what its chief executive called overly complex or inherently dilutive financing instruments.
Tantech Sets 1-for-50 Reverse Split for Sept. 4, Its Second Share Consolidation in 19 Months
The Nasdaq-listed company's record date falls today, weeks ahead of the compliance deadline reported for a bid-price deficiency it received in March. Combined with a 1-for-40 split in February 2025, the two consolidations total 2,000-to-1 in about 19 months.
Cyabra Holders Approve Retiring All Three Preferred Series, Removing Conversion-Price Resets and Leaving a 123% Resale Registration
The AI narrative-intelligence company said stockholders backed the conversion and exchange with about 98% of votes cast. The transactions have not closed, and a resale registration filed Sept. 1 covers more shares than are currently outstanding.
Five Nasdaq Micro Caps Announced Reverse Splits in Eight Days. The Rulebook Now Gives Them Fewer Second Chances
Ratios from 1-for-5 to 1-for-50 landed between Aug. 27 and Sept. 3. Amendments to Nasdaq's bid-price rules, as described in two law firm summaries, remove the compliance period entirely for companies that split too often or too hard.
Intelligent Bio Solutions Prices Private Placement Expected to Bring About $5.0m at Closing; the Balance Rests on Two Warrant Series, Neither Yet Exercisable in Full
The Nasdaq-listed drug-screening company said on Sept. 1 it had agreed a private placement expected to produce approximately $5.0m of gross proceeds at closing, which it said was expected on or about Sept. 2. The release's up-to-$15m headline is reached only if two warrant series are exercised in full for cash: one the company can force only after it publicly announces FDA 510(k) clearance, the other not exercisable at all until shareholders approve.
Shengfeng Development Sets 1-for-15 Reverse Split for Sept. 8; the Release Gives No Reason for It
The Fuzhou-based contract logistics company will consolidate both share classes 15-to-1, with its Class A ordinary shares to begin trading on a split-adjusted basis at the market open on Monday, taking roughly 82.5m ordinary shares down to about 5.5m. Its announcement states no purpose for the split and makes no reference to any Nasdaq listing rule, bid-price requirement or deficiency.
Edible Garden Regains Nasdaq $1.00 Bid-Price Compliance; the Hearings Panel Keeps Jurisdiction Through Nov. 23
The controlled-environment agriculture company said on Sept. 2 that Nasdaq had confirmed it has regained compliance with the $1.00 minimum closing bid price rule. The company said in July that its closing bid price had stayed at or above $1.00 since a 1-for-45 reverse split took effect on July 13, and the Panel that granted continued listing retains jurisdiction through Nov. 23.
ENvue Medical's Third Reverse Split Since 2025 Takes Effect Under a Nasdaq Delisting Determination
The enteral-care device maker's 1-for-12 consolidation became effective Tuesday, cutting shares outstanding from 11.08 million to roughly 923,700. Proxy materials disclose that ENvue was ruled ineligible for any Nasdaq bid-price compliance period because it had effected a reverse split within the prior one-year period, and its most recent quarterly report carries substantial-doubt going-concern language.
Three Bid-Price Cures and One Suspension: How Nasdaq's $1 Rule Played Out in Late August
TryHard Holdings, Onfolio and T3 Defense each announced in the last three weeks of August that Nasdaq had confirmed them back above the $1.00 minimum. OSR Health, which had already used both of its 180-day compliance periods, was suspended from the exchange on August 26 and is appealing. The gap between those outcomes turns on one procedural fact.
Capstone Holding Maps Remaining Convertible-Note Dilution and an Unused Reverse-Split Window
An August 26 filing from the building-products roll-up puts potential dilution from its remaining convertible notes at about 28 percent of shares outstanding, after the conversion price was cut to $0.2949 earlier in the month. The company trades below Nasdaq's $1.00 minimum with a compliance period running to January 4, 2027 and shareholder authority for a reverse split it has not yet used.
Glucotrack's 1-for-15 reverse split takes effect; its latest quarterly report shows $1.12m of cash and going-concern doubt
The share consolidation that took effect at Monday's open shrinks Glucotrack's common count to roughly 798,000 shares. The company's most recent quarterly report, covering the period ended June 30, 2026, carries substantial-doubt going-concern language and $1.12m of cash. Separately, a business combination completed in July would leave former Lōkahi Therapeutics securityholders with about 90 percent of the company on a fully diluted basis once preferred stock converts — a step the company says still requires stockholder approvals and Nasdaq clearance.
Four Nasdaq companies disclosed late-filing deficiencies in nine days, and the cure clocks run to very different places
Gulf Resources, Breeze Acquisition Corp. II, Shuttle Pharmaceuticals and Netcapital each told investors in the second half of August that Nasdaq had cited them under Listing Rule 5250(c)(1) for overdue periodic reports. The rule is the same in each case; the deadlines the four companies disclosed range from this Monday to February 2027.
MicroVision clears its Nasdaq bid-price deficiency seven months on, after a 1-for-15 split and a $17m raise at $2.50
MicroVision said Monday that Nasdaq confirmed on August 26 that the company had regained compliance with the exchange's $1 minimum bid price rule and closed the matter. The cure followed a reverse split effective August 1 and a registered offering priced two weeks later that added 6.8m shares and an equal number of five-year warrants.
Cycurion's 1-for-8 Reverse Split Takes Effect Friday While Its Nasdaq Delisting Appeal Is Still Live
The consolidation cuts shares outstanding from about 25.8 million to about 3.2 million and is aimed at the exchange's minimum bid price rule. A separate Nasdaq standard the SEC approved in July measures market value, which a reverse split does not change.
Check-Cap Closes MBody AI Merger and $10 Million Share Sale; the Nasdaq Listing Now Trades as MBAI
The Israeli-registered listed vehicle has been renamed MBody AI Ltd. and moved to the ticker MBAI. About 81 percent of the roughly 15.3 million shares outstanding are restricted securities issued to the private company's former holders, and only a majority of that block is under lock-up.
Nasdaq's New $5 Million Market-Value Floor Has No Cure Period, and a Reverse Split Does Not Lift It
The SEC's July order lets Nasdaq suspend a company that spends 30 consecutive business days below $5 million in market value, with no automatic compliance window and no stay while a hearing is pending. The order's own analysis says 91 issuers would have failed the standard in 2025.
GlobalTech's 1-for-3 Reverse Split Took Effect Thursday, Ahead of a Nasdaq Application Its Own Filing Says It Does Not Yet Meet All the Requirements For
The OTCQB-quoted company cut its share count from about 152 million to about 50 million, citing a Nasdaq Capital Market application that, by its own written account, it has not been approved for and does not currently meet all the requirements for.
Ten Weeks After Its Nasdaq Debut, Bitzero's Quarterly Filing Carries Going-Concern Uncertainty and a $24 Million Working Capital Deficit
Bitzero Holdings uplisted to Nasdaq in June without a reverse split. Its June-quarter Form 6-K reports a $26.5 million quarterly loss and material uncertainty about the company continuing as a going concern.
Four Micro-Cap Consolidations Across Three Sessions Cut Vision Marine to About 653,000 Shares and Longeveron to About 3.0 Million Class A
Vision Marine, Longeveron and Cycurion each moved this week to consolidate shares and defend a Nasdaq listing. A fourth, OTCQB-quoted GlobalTech, split to try to obtain one. All four left authorized share counts untouched.
Greenland Mines Prices $20 Million Offering of 4 Million Shares Two Days After 1-for-50 Reverse Split
The 4 million shares being sold exceed the roughly 3.18 million shares the company said were outstanding after Monday's split. A separate Aug. 24 filing set up an at-the-market facility of up to $50 million on top of the offering.
Celularity Discloses Nasdaq Notice With Two 10-Qs Unfiled and a Sept. 4 Deadline to Submit a Compliance Plan
The company said Nasdaq wrote on Aug. 21 citing Listing Rule 5250(c)(1). Any exception the exchange grants would expire Nov. 16, and the most recent Celularity quarterly report on file, covering the first quarter of 2025, carries a going-concern warning.
Algorhythm Holdings Opens Sale Review of SemiCab Logistics Unit 11 Days After Filing a Going-Concern 10-Q
The company says it has received indications of interest in its AI freight unit, but no determination has been made. Algorhythm reported $3.0 million of second-quarter revenue and a $593,000 gross loss. Its share count rose from 3.41 million at year-end to 16.99 million by Aug. 11.
Singularity Future Technology Priced Two Registered Directs Two Days Apart, Raising About $6.8 Million for a Data Center Business Its Last Annual Report Does Not Describe
The logistics company sold 2,162,500 shares at $3.00 and $3.20 in offerings announced Aug. 18 and Aug. 20. Its most recent quarterly filing shows $455,462 of six-month revenue against a $10.2 million net loss.
American Fusion Cleared FINRA and OTC Markets in Four Days. Its June Quarterly Report Shows $79,341 in Cash, 1.62 Billion Shares and a Going-Concern Warning.
The fusion developer says OTCQB is a step toward a Nasdaq or Texas Stock Exchange listing. Its June quarter filing lists 2.45 billion potentially dilutive underlying shares against an authorized ceiling of 1.8 billion, and it has not announced an exchange application, a share consolidation or terms for the $50 million raise.
TNL Mediagene Won a Second Nasdaq Panel Exception in Eight Months. The 1-for-20 Split That Saved It in January Is the Reason It Got No Cure Period in June.
A Hearings Panel granted continued listing on Aug. 23, conditioned on bid-price compliance by Sept. 21 and stockholders' equity compliance by Oct. 30. The company's last reported equity figure was $918,088 against a $2.5 million floor.
Greenland Mines 1-for-50 Reverse Split Took Effect Monday, Cutting Shares to About 3.18 Million While Leaving the Authorized Count Untouched
The Nasdaq-listed exploration company's 1-for-50 consolidation became effective at 12:01 a.m. Eastern on Aug. 24, reducing roughly 158,850,637 shares outstanding to about 3,177,012, according to its Aug. 20 release. The board acted without a stockholder vote, fractional shares round up, and the number of authorized shares does not change. Neither the split release nor Friday's Greenland licence announcement disclosed a cash position or discussed how the company will fund its field programs.
Jupiter Neurosciences Priced a $2.0 Million Registered Direct of 307,692 Shares Two Weeks After a 1-for-75 Reverse Split That Left About 770,081 Shares Outstanding
The Nasdaq-listed clinical-stage company said on Aug. 21 it had priced 307,692 shares for gross proceeds of approximately $2.0 million, with closing expected on or about Aug. 24. Its 1-for-75 reverse split took effect Aug. 6, cutting roughly 57,756,143 shares to about 770,081. A raise of the same $2.0 million in May required 7,142,858 pre-split shares — about 95,238 on a split-adjusted basis, roughly a third of the share count in the new deal.
La Rosa Holdings Reported a $7.8 Million Stockholders' Deficit at June 30 and 2,025,470 Shares Outstanding, Against 20,963 in the Prior-Period Column
The Nasdaq-listed brokerage's Aug. 24 first-half release shows revenue down 17.9% to $28.6 million, a net loss of $15.6 million and $2.3 million of unrestricted cash. Shares outstanding are presented as 2,025,470 at June 30, 2026 against 20,963 at Dec. 31, 2025, a period in which the company executed two separate 1-for-10 reverse splits. The stockholders' equity deficiency Nasdaq has flagged was not cured in the half, and the company's own forward-looking statements list its ability to continue as a going concern among the risks.
Three Reverse Splits Hit the Nasdaq Tape Friday Morning. The market-value rule that would matter most to the companies behind them was approved on July 22, automatically stayed on July 29 and is not in force today.
PMGC Holdings consolidated 1-for-10 at midnight Friday, taking roughly 8.1 million shares to about 809,584; Bit Origin went 1-for-5 at the open and Smartkem 1-for-50 after Thursday's close. None of it moves market value — and a Nasdaq rule approved July 22 that would delist companies below $5 million of market value with no cure period was automatically stayed a week later pending full Commission review.
Firsthand Technology Value Fund Says It Expects to Withdraw Its BDC Election Before August 31 and Pursue Liquidation
A Form 8-K filed August 18, 2026 reports that both of the fund's independent directors resigned effective August 17, leaving Kevin Landis as the sole director, and that the company expects to file Form N-54C before August 31, 2026 to withdraw its election to be regulated as a business development company, then pursue liquidation and dissolution. The same filing states that upon that withdrawal the fund will file to delist its common stock from OTCQB and that its shares will then cease trading — steps that follow a Form N-54C the company has not yet reported filing. The 10-Q filed four days earlier shows net assets of negative $447,081 and net asset value per share of $0.00.
Bit Origin's 1-for-5 Reverse Split Took Effect Friday Morning, Its Second Consolidation in Seven Months. The January split cut the Class A count to about 1.5 million shares; by Wednesday it was back to 3,999,568.
Bit Origin Ltd (Nasdaq: BTOG) consolidated its ordinary shares 1-for-5 at Friday's open, seven months after a 1-for-60 split it said was aimed at the same Nasdaq bid-price rule. Applied in sequence the two ratios come to a cumulative 1-for-300. The company's own releases show the Class A count more than doubling in between, and neither release explains why.
Smartkem's 1-for-50 Reverse Split Began Trading Friday. Behind it sit a going-concern warning, a $500 million equity line priced at a discount to the day's low, and board authority for a second consolidation.
Smartkem, Inc. (Nasdaq: SMTK) consolidated its common stock 1-for-50 after Thursday's close, saying the action was intended to satisfy the Nasdaq minimum bid price requirement. The company's most recent annual report disclosed $0.4 million of cash, a $125.1 million accumulated deficit and substantial doubt about its ability to continue as a going concern. Shareholders have authorised up to five billion shares and up to two reverse splits.
OSR Health Says It Received a Nasdaq Delisting Determination; Suspension Set for August 26, With No Automatic Stay From a Hearing Request
OSR Health said Wednesday afternoon that Nasdaq's staff had issued a delisting determination and that its shares and warrants are set to be suspended at the opening of business on August 26. The company said it intends to request a hearing, and said that because it used the second 180-day compliance period, a timely hearing request will not automatically stay the suspension.
Alternus Sets a 1-for-2,500 Reverse Split That Will Leave About 290 Common Shares Outstanding
The third reverse split in 22 months will take Alternus Clean Energy from roughly 724,658 common shares to about 290 at 12:01 a.m. Eastern on Thursday. Behind that sliver of common sits preferred stock convertible into 375,820,000 shares at $0.10 apiece on pre-split terms, plus a further 150,300,000 Series F shares registered for resale on August 5.
K Wave Media Clears Nasdaq's Bid-Price Test and Prices a $1.0 Million Registered Direct the Same Day
Nasdaq determined that KWM's closing bid held at or above $1.00 for the ten sessions from August 4 through August 17, the window that followed a 1-for-30 reverse split. The same day the company priced 526,314 ordinary shares at $1.90 for roughly $1.0 million gross — about 20% of an implied post-split share count the desk derived, because the company has not published one. A separate $15 million market-value-of-publicly-held-shares deficiency stays open until December 14.
Ming Shing Failed Nasdaq's $2.5 Million Equity Test Six Days After Agreeing to a $510 Million All-Paper Acquisition
The Hong Kong contractor has until Oct. 1 to file a compliance plan. The 150 million Class A shares it agreed on Aug. 11 to issue are about 11.6 times its entire existing share count of 12,975,000.
Fast Track Group Called a 1-for-20 Consolidation Vote for Monday. Nasdaq Set the Stock's Suspension for Tuesday.
The delisting determination issued Aug. 11, six days before the meeting. A timely appeal stays the Form 25-NSE but, the company's own filing says, does not stay the suspension.
T3 Defense Says It Regained Nasdaq Bid-Price Compliance After 1-for-125 Reverse Split
The micro-cap defense company told investors on August 17 that Nasdaq confirmed it back in compliance with the $1.00 minimum bid price rule, roughly a month after a steep reverse stock split cut its share count to about one million.
MiniLuxe Announces a C$6 Million Dutch-Auction Buyback at C$0.40 to C$0.48, Above Monday's C$0.385 Close
The Boston-based nail-care operator said Tuesday morning that its board authorized a substantial issuer bid to repurchase for cancellation up to C$6,000,000 of its Class A subordinate voting shares through a modified Dutch auction priced at C$0.40 to C$0.48 a share — a range entirely above the C$0.385 close of Monday, August 17, the last completed session. The offer does not open until August 20 and runs to September 24. The August 18 release sets out the price range, the share math and the conditions; it does not state how the purchase would be funded, gives no cash balance and offers no rationale.
Gaxos.ai Closes $3.6 Million Warrant Repricing, Issuing Two New Warrants for Every Share Exercised
The nano-cap AI developer cut the strike on 3,007,654 outstanding warrants to $1.20 and handed holders 6,015,308 fresh warrants at $0.95 as the inducement. The transaction raises cash and enlarges the potential share count; it does not establish that the company has resolved the sub-$1.00 trading level that preceded the reverse-split authority put before shareholders at its August 11 annual meeting.
AMASS Brands Issued Guidance Through 2027 That Its Own Release Says Does Not Assume the Capital It Still Needs to Raise
The beverage company, which reached Nasdaq by direct listing in May without raising capital, reported $5.6 million of second-quarter net revenue and $1.6 million of cash and cash equivalents on Monday. Its own risk list names past-due notes, substantial doubt about going concern, and dilution from a convertible preferred facility of up to $30 million.
Callan JMB Cleared Nasdaq's $1.00 Bid Price Without a Reverse Split. Its Other Listing Clock Runs to Oct. 4.
A letter dated Aug. 14 closed the bid-price file about six weeks after the notice arrived, and the company says the cure came from the closing bid price alone. A separate stockholders' equity deficiency disclosed in April has its own deadline.
C3is Sets a 1-for-40 Reverse Split for Aug. 18, Its Third Since December 2024 — a Cumulative 1-for-2,000
Shares outstanding go from about 57.6 million to about 1.44 million. The Nasdaq-listed shipowner's Class B and Class C warrants keep adjusting for five trading days after the split takes effect.
Cycurion's Nasdaq Hearing Is Thursday. The Rule That Denied It a Cure Period Is Its Own 1-for-30 Split From Last October.
Cycurion, Inc. goes before a Nasdaq Hearings Panel on Aug. 20. Nasdaq determined the company is not eligible for the customary 180-day bid-price compliance period, and the company disclosed that determination in a July 16 release filed with the SEC. The provision cited, Listing Rule 5810(c)(3)(A)(iv), bars a compliance period for a company with a bid-price deficiency that has reverse split within the prior year — and Cycurion split 1-for-30 on Oct. 27, 2025.
NexGel's 100 Million Share Increase Failed At The July 31 Vote. Two Weeks Later It Asked Holders For 150 Million.
Stockholders did not deliver the majority of outstanding shares needed to lift NexGel's authorized common stock to 100 million or to authorize a reverse split, according to an Aug. 5 filing that reported the July 31 annual meeting. A preliminary proxy filed Friday asks again — for a ceiling of up to 150 million shares and a split of up to 1-for-20 — at a Sept. 23 special meeting, with the company's Nasdaq bid-price deadline on Oct. 19.
Air T's Revenue Rose $44.6 Million. One Segment That Did Not Exist A Year Ago Contributed $55.9 Million.
All of Air T's 63% growth came from two businesses it bought — the legacy segments shrank about $12.8 million — and Friday's release is the first to split the $3.6 billion asset-management platform announced in June into $3.0 billion actively managed and $0.6 billion committed under letters of intent.
Eightco Has Until February 1 To Close Above $1.00. Its Treasury Has Fallen $94 Million Since Mid-June.
On August 5 Eightco Holdings fixed its treasury at roughly $378 million and, the same day, received a Nasdaq notice that its stock had closed below $1.00 for 30 straight business days. The clock and the treasury move on the same input: a token price that has more than halved since June 17. Here is what the filings and the rulebook actually say, and what they do not.
Next Technology's Second Reverse Split In Eleven Months Puts Its Cumulative Ratio At 20,000-To-1
Next Technology Holding (Nasdaq: NXTT) combined every 100 shares into one on August 10, eleven months after a 200-for-1 consolidation. Multiplied, the two ratios come to 20,000-to-1 — eighty times the 250-to-1 threshold in Nasdaq Listing Rule 5810(c)(3)(A)(iv), the limb that strips a company of the 180-day bid-price cure period. The bar is conditional, not present: the stock closed Friday at $6.54, and no deficiency notice appears anywhere in the company's 2026 filings.
Liminatus Pharma Has Fourteen Trading Sessions To Show A $1 Bid. Its Reverse Split Is Authorized, But No Ratio Has Been Announced.
A Nasdaq Hearings Panel moved the company's stock to the Nasdaq Capital Market effective Aug. 4 and set a Sept. 3 deadline to demonstrate compliance with the minimum bid price requirement, according to the company's Aug. 13 release. Shareholders authorized a reverse split of up to 1-for-50 on Aug. 3; the company has not announced a ratio or an effective date.
NuRAN's C$7.6 Million Nasdaq Financing Brought In C$3 Million of Cash. The Other C$4.6 Million Cleared Debt.
NuRAN Wireless says Nasdaq has approved its common shares for the Capital Market and that trading is expected to begin Monday under the ticker NUR. The preferred-share placement that closed after Friday's bell settled a convertible debenture, supplier bills and three executives' unpaid salaries.
Farmmi Discloses Nasdaq Bid-Price Deficiency Seventeen Months After Its Last 1-for-12 Consolidation
The Chinese mushroom supplier said on August 12 that Nasdaq had notified it a day earlier of non-compliance with the $1.00 minimum bid price rule, giving it until February 8, 2027. Shareholders have already been asked for authority to consolidate at ratios as wide as one-for-250 — a range that runs up against a Nasdaq rule withdrawing the cure period from repeat splitters.
Lument Finance Trust Sets 1-for-10 Reverse Split for Sept. 9 to Address NYSE Price Criteria
The NYSE-listed REIT disclosed the split on Thursday, Aug. 13, alongside second-quarter results. It follows a July 24 exchange notice that the stock's average closing price had fallen below $1.00 over 30 trading days. The company says the cure period ends Jan. 24, 2027, and compliance is not automatic on the split date.
Three Deficiency Notices, One Reverse Split, and Four Listing Deadlines Running Into 2027
Nerdy will consolidate its Class A and Class B shares 1-for-15 at 12:01 a.m. Eastern on Wednesday, August 19, cutting roughly 127.9 million Class A shares to about 8.5 million. Optimum Communications, PS International Group and Reed's each disclosed a separate deficiency notice on Friday, August 14, under three different rules on two different exchanges, with cure dates running from February 8, 2027 to November 29, 2027. Two of the four failures are price problems a split can address; two are not.
One Person, Three Roles: Scully Royalty's Executive Chairman Adds Interim CEO and Interim CFO
A one-paragraph August 13 filing hands Michael Smith the top executive and top financial post at a company that rescinded its own January disclosures, went four months without an auditor, and spent nearly two months suspended from the NYSE. The filing record, not the press release, tells the story.
Northann's Auditor Says It Never Signed the Audit. Seven Weeks Into a Halt, the Company Still Has No Replacement.
LAO Professionals told Northann Corp. it never issued or consented to the audit report filed with the 2025 Form 10-K. NYSE American halted the stock on June 25. On Friday the company told the SEC it cannot file its June-quarter 10-Q because it has no auditor. Shareholders cannot sell on the exchange, and no document on file carries a date for when that changes.
CleanCore's CEO Form 4 Records a Subscription Inside the Company's Own $100 Million Offering, Not an Open-Market Buy
Tyler Hassen acquired 2,000,000 shares at $0.25 plus 2,000,000 matching five-year warrants on August 12 — but the filing's own footnote places the transaction inside CleanCore's best-efforts public offering, on the same terms as every other subscriber, in a deal that takes shares outstanding from 226,260,684 to a stated 626,260,684.
Harte Hanks Agrees to a $5.00 Sale to Star Equity — and at Least Half the Price Is a 10% Perpetual Preferred
Star Equity Holdings and Harte Hanks announced a definitive merger at 8:30 a.m. ET Friday: $5.00 per share, about $38.4 million on roughly 7.68 million fully diluted shares. Cash is capped at about $19.2 million and elections are subject to proration, while elections for Star's 10% Series A Cumulative Perpetual Preferred are uncapped — so an all-cash election is not an all-cash outcome. Harte Hanks closed Friday at $4.30, 14% below the headline price.
Six Micro-Caps Report August 17-21 With Listing Clocks and Financing Votes Already Running
While Walmart, Target and Home Depot dominate the week's coverage, InspireMD, Evogene, Datavault AI, Accuray, Unifi and Flux Power all print results the same week. For four of the six, a dated Nasdaq compliance deadline, a shareholder vote or a covenant default is already on the record before the numbers land.
OLB Group Gets a Second Nasdaq Cure Period to January 2027 — While the Exchange's $5 Million Floor Sits Stayed at the SEC
The fintech said Friday that Nasdaq extended its minimum bid price deadline to January 25, 2027. Its own market value ended the week near $4.4 million, below a threshold the SEC approved in July and then stayed a week later.
Beyond Meat's 1-for-30 Split Trades for the First Time, Opening a 12-Session Run at an August 31 Nasdaq Deadline
Split-adjusted shares closed Friday at $13.47. The March deficiency notice requires ten consecutive business days at $1.00 or more before August 31, and twelve sessions remain in the window.
Sensus Healthcare Books a $5.7 Million Tax Charge on a $2.3 Million Quarter
Revenue fell 68.5% and a non-cash valuation allowance against deferred tax assets drove an $8.7 million quarterly loss at the Boca Raton device maker. Shares fell further in Friday's session.
CXApp Sets a 1-for-50 Reverse Split for Aug. 18, Three Weeks Before Its Nasdaq Clock Runs Out
The split lifts CXAI's warrant strike to $575 and cuts the share count to about 2.3 million. A further slip below $1.00 within the next year would leave the company ineligible for any cure period.
Today Is the SEC's Deadline on NYSE American's 25-Cent Delisting Floor. Hyperscale Data Just Set a Reverse Split.
The Commission designated August 14 as the date by which it must approve or disapprove a rule that would suspend any NYSE American security closing below $0.25, with no cure period. One 11-cent issuer scheduled a one-for-five consolidation the day before.
Haoxi's 1-for-20 Split Takes Effect Friday, the Third Consolidation Since January 2025
The Nasdaq-listed Beijing advertising group consolidates its Class A shares for the third time in nineteen months, five weeks after a $4 million registered direct offering rebuilt the share count the last split had erased.
Two Reverse Splits Take Effect Monday at Companies That Can No Longer Buy a Nasdaq Cure Period
AiRWA consolidates 1-for-20 and Profusa 1-for-4 at Monday's open, each for at least the third time inside twelve months. Because both have already effected reverse splits in the prior year, a rule the SEC approved in January 2025 means that if either security fails the $1.00 bid price test again, Nasdaq staff are directed to skip the 180-day compliance window a reverse split is normally used to buy.
bioAffinity prices a $4 million placement while appealing a Nasdaq delisting determination
The San Antonio diagnostics company agreed on Thursday to sell 8,462,027 shares plus warrants over 16,924,054 more, a package that would multiply its share count more than fourfold if fully exercised. It is doing so while barred from any Nasdaq compliance period and while management's own going-concern doubt remains unresolved.
SINTX clears Nasdaq's equity test with $4.83 million, a cushion its own burn rate could erase in a quarter
Nasdaq confirmed on Thursday that the Salt Lake City ceramics company has regained compliance with the $2.5 million stockholders' equity rule. The equity came from a June placement that by itself left 3,765,690 warrant shares outstanding — part of a disclosed warrant overhang above 5 million shares — and the company's latest 10-Q still carries substantial doubt about its ability to continue as a going concern.
Farmmi Discloses Nasdaq Bid-Price Notice and a Same-Day Debt-for-Shares Swap at About 12.7 Cents
The Chinese agricultural products supplier told the SEC on Wednesday that Nasdaq had flagged its Class A shares for trading under $1.00 for 30 straight business days. The same Form 6-K disclosed the issuance of 1,581,027 new shares to retire $200,000 of a 2024 promissory note.
Nauticus Robotics Posts $0.9 Million Quarter, Leaving a Thin Cushion Above Its Nasdaq Equity Floor
The subsea robotics company released second-quarter results after Wednesday's close showing revenue down 57% and a net loss of $11.1 million. Stockholders' equity of $5.2 million sits $1.7 million above the $3.5 million minimum a Nasdaq panel requires it to hold every quarter through December 19.
Silexion Prices $2.5 Million Nasdaq Offering With One-for-One Warrant Coverage, Expected to Close Thursday
The RNAi developer priced 3,846,161 ordinary shares at $0.65 on Wednesday alongside an equal number of five-year Series E warrants, a structure that puts more than 7.6 million potential shares behind gross proceeds smaller than the company's own most recent quarterly net loss.
Modiv Industrial pulls its shares off the NYSE as the Global Net Lease merger closes
A Form 25-NSE filed Wednesday removes Modiv's Class C common and its 7.375% Series A preferred from the New York Stock Exchange, completing a stock-for-stock deal the companies announced in May at a $535 million enterprise value and taking another small net-lease REIT off the listed tape.
Cash lines and covenant waivers define Wednesday's micro-cap earnings slate
Local Bounti, Direct Digital Holdings and SUNation Energy all reported June-quarter results on Wednesday. The revenue lines moved in different directions; the liquidity disclosures did not.
ENvue Medical's $50 million equity facility shows how differently micro-caps are paying for capital
A discount-to-VWAP facility with no disclosed floor price, a priced $30 million placement with 18.75 million warrants attached, and a secured convertible carrying a 24% default rate — three structures disclosed over the past six weeks, with three very different dilution profiles.
Three Nasdaq compliance letters in two days show the micro-cap cure clock running both ways
uCloudlink started a fresh 180-day bid-price clock, Netcapital was handed a second one, and Nocera declared its listing file closed. The three disclosures, all dated August 10 or 11, map the full lifecycle of a small-cap listing problem.
Short interest keeps building on Nasdaq's smallest tier while the big-cap tier unwinds
Nasdaq's July 31 settlement figures, published Wednesday, show Capital Market short interest up almost 10% since mid-June even as the Global Market tier shrank. Days to cover on the small tier has climbed for two straight reports, which says more about disappearing volume than about conviction.
Rocky Mountain Chocolate more than doubles after an 8-K discloses the board is weighing a sale
A one-page disclosure filed August 11 sent the loss-making confectioner sharply higher on volume orders of magnitude above normal, with no transaction agreed and no assurance one will be.
Reverse splits pile up on the tape as Nasdaq's narrowed cure rules leave less room to maneuver
Onfolio cut its share count by 98% and SolarMax follows Thursday, but exchange rule changes have stripped away the second compliance period companies once relied on.
The IPO market is raising record money while the smallest deals quietly disappear
Ninety-nine US IPOs have priced in 2026 against $145.3 billion raised, but the micro-cap end of the calendar has thinned to roughly a dozen deals as listing standards tighten.
Socket Mobile Rockets 450% on Distribution Pact as Micro-Cap Momentum Trades Return
A distribution partnership sent the $17 million scanner maker up more than 450% in a single session, leading a cluster of outsized micro-cap moves that traders say demands caution as much as attention.
BioStem Technologies Graduates to Nasdaq as the Small-Cap Listing Window Stays Open
The Florida tissue-allograft maker began trading on the Nasdaq Capital Market on August 7, joining a 2026 new-listings calendar that is running ahead of last year's pace.
Bernhard Capital's $1 Billion Bowman Buyout Headlines a Busy Week for Small-Cap Dealmaking
A 58% premium take-private for the engineering firm, a reverse split tied to Check-Cap's embodied-AI merger, and fresh micro-cap financings mark an active stretch of corporate actions down the cap spectrum.
Micro Caps Lead Again as Wednesday's CPI Looms Over a Historic Small-Stock Run
The Russell 2000 outpaced flat large-cap benchmarks Tuesday while the Russell Microcap Index sits on a roughly 59% one-year gain — and an inflation report now stands between the rally and its next leg.
Sionna's 92% Wipeout Shows How Fast a Clinical-Stage Biotech Can Land in Micro-Cap Territory
A failed cystic fibrosis readout erased more than nine-tenths of Sionna Therapeutics' value in a single session, leaving the company trading below its own cash pile and drawing a shareholder-firm investigation by Tuesday morning.
An $8 Million EXIM Check — and a White House Mention — Reprice 5E Advanced Materials' Boron Bet
The Export-Import Bank took an initial position in the Fort Cady boron project days after it appeared in a White House critical-minerals fact sheet, sending the $81 million company up more than 30% and putting a $285 million debt package in view.
First Phosphate Skips a Rung: ADR Uplisting Lands the LFP Developer on the Nasdaq Global Market
The Quebec-focused phosphate company moved its American Depositary Receipts from OTCQX to the Nasdaq Global Market on August 10 under the ticker PHOS — a cross-border listing route that raised no new capital and issued no new shares.
Analysis: Nasdaq's $5 Million Line in the Sand Is About to Thin the Micro-Cap Herd
New listing standards approved by the SEC call for suspending companies that spend 30 straight trading days below a $5 million market value — a threshold roughly 180 Nasdaq companies currently sit under. The reverse-split scramble is already visible.