Jonas Halvorsen
Jonas reports on individual micro-cap companies and their catalysts, with an emphasis on verifying claims against filings rather than press releases.
Articles by Jonas Halvorsen
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.
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.
Xiao-I's 1-for-7 ADS Ratio Change Takes Effect Today, Leaving the Ordinary Share Count Untouched
Each American depositary share now represents 420 ordinary shares instead of 60. The company's open Nasdaq deficiency is a $15 million market-value test rather than the $1 bid price, and it runs to Feb. 1, 2027.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.