Renée Delacroix
Renée writes The MicroCap Herald's analysis desk, covering dilution mechanics, liquidity, listing standards, and the structural realities of investing at the bottom of the cap spectrum.
Articles by Renée Delacroix
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.