Next Technology's Second Reverse Split In Eleven Months Puts Its Cumulative Ratio At 20,000-To-1

by Adam Kowalczyk · August 16, 2026

Filings & Deals Reporter, The MicroCap Herald

At 12:01 a.m. Eastern on Monday, August 10, every 100 shares of Next Technology Holding Inc. (Nasdaq: NXTT) became one share. It was the company's second reverse stock split in under eleven months. Multiplied together, the two ratios come to 20,000-to-1.

The mechanics come from a Form 8-K filed August 5, 2026 under Items 3.03, 7.01 and 9.01, and are confirmed independently of the company by Nasdaq's own Equity Corporate Actions Alert #2026-557, published August 6, 2026, which gives the same 1-for-100 ratio, the same August 10 effective date and the new CUSIP, 961884400. The ticker is unchanged. Fractional shares "that would otherwise have resulted from the Specific Reverse Stock Split will be rounded up," per the filing text, and the filing states that "[t]he number of authorized shares of Common Stock and the par value of each share of Common Stock will remain unchanged." Shares outstanding went from approximately 147,296,192 pre-split to approximately 1,472,962 post-split.

The authority is older than the decision. The 8-K states that "[o]n June 20, 2025, Next Technology Holding Inc., a Wyoming corporation ... held the annual stockholders meeting and approved a proposal to authorize the Company's board of directors ... to effect one or multiple reverse stock splits ... at a ratio ranging from any whole number between 1-for-10 and 1-for-250." The board picked the number more than a year later: "On July 29, 2026, the Board approved a Reverse Stock Split at a ratio of 100-for-1." The same June 2025 meeting supplied the authority for the first split as well; there the board fixed the 200-for-1 ratio on August 28, 2025.

That first split is documented in the company's own Form 8-K filed September 11, 2025 under Items 3.03 and 7.01, and in the press release filed as Exhibit 99.1 to it — not merely in a newswire item. The 8-K and the exhibit both give a 200-for-1 ratio, an effective time of 12:01 a.m. Eastern on Tuesday, September 16, 2025, the same round-up treatment of fractions, CUSIP 961884301, and shares outstanding falling from approximately 566,265,135 pre-split to approximately 2,831,326 post-split. A separate release headed "Correction" was issued over GlobeNewswire the same evening at 18:55 Eastern; it carries the identical 566,265,135 and 2,831,326 figures the 8-K exhibit carries, and it does not state what was corrected. This desk did not verify the superseded figures the original release is said to have contained, so they are not reproduced here; the filed figures are used throughout.

One caution on the arithmetic. It is tempting to line up 566 million pre-split shares in September 2025 against 1.47 million post-split shares today and call the difference the splits. It is not. A capital raise sat in between — the $157 million registered direct offering of March 2026, detailed below — and share counts on either side of a split are not comparable without saying which side they sit on. Every figure here is labelled.

The rule that makes the cumulative ratio interesting is Nasdaq Listing Rule 5810(c)(3)(A)(iv). Read on the live Nasdaq Listing Center rulebook page for the 5800 Series, it provides: "Notwithstanding the foregoing, if a Company's security fails to meet the continued listing requirement for minimum bid price and the Company has effected a reverse stock split over the prior one-year period; or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security." Two independent limbs, not one: a prior-one-year reverse split of any ratio, or cumulative reverse splits of 250-to-1 or more over the prior two years. That text was added by SR-NASDAQ-2026-004's predecessor filing SR-NASDAQ-2024-045, filed August 6, 2024, which the Commission approved on January 17, 2025 in Release No. 34-102245. A note on sourcing that matters here: the approval order describes the proposal in the Commission's own words and does not print the codified provision, and the passage of it summarising the change mentions only the one-year limb. The quotation above is taken from the rulebook, where both limbs appear, and was checked against the rule text in Exhibit 5 to the exchange's filing, which matches.

Applying the rule's own lookback windows to Next Technology's dates: the one-year limb is satisfied by the August 10, 2026 split until roughly August 10, 2027, and the two-year cumulative limb is satisfied — 20,000-to-1 against a 250-to-1 threshold — until roughly September 16, 2027, when the September 2025 split falls out of the two-year window and only the 100-for-1 remains in it. That is this desk's arithmetic applied to the printed rule, not a statement by Nasdaq about this company.

It is also, critically, a conditional bar and not a present state. Rule 5810(c)(3)(A)(iv) has no effect unless and until the security fails the minimum bid price continued listing requirement. NXTT closed Friday, August 14, 2026 at $6.54 on a post-100-for-1 basis, per StockAnalysis.com and TipRanks; StockAnalysis.com showed 1.47 million shares outstanding and a $9.63 million market capitalisation as of that date, consistent with 1,472,962 post-split shares at $6.54. Nothing in the record puts the company in a bid-price compliance period now. A Staff Delisting Determination, were one ever issued, is in any event subject to the appeal process in the Rule 5815 series and is not itself removal from the exchange.

One further caveat about the rulebook page, because it matters. The 5800 Series page carries a banner reading that "[t]he SEC has stayed the approval order for this rule filing," naming SR-NASDAQ-2026-004, and Rule 5810's amendment history line now ends "Jul. 22, 2026 (SR-NASDAQ-2026-004)." That stamp is real: the July 22, 2026 approval order, Release No. 34-105971, does amend Rule 5810 — at Rule 5810(c)(1), adding a deficiency type that triggers an immediate delisting determination, and at Rule 5810(c)(3)(C), eliminating the cure period for it — alongside new $5 million Market Value of Listed Securities continued listing standards at Rules 5450(a)(3) and 5550(a)(6) and changes to Rules 5815(a)(1)(B) and 5815(c)(1)(I). What the order's list of amended provisions does not include is Rule 5810(c)(3)(A)(iv). A July 29, 2026 letter from the Commission's Deputy Secretary confirms the July 22 order is stayed under Rule of Practice 431(e), 17 CFR 201.431(e), "until the Commission orders otherwise," after notices of intention to petition for review were received. So parts of Rule 5810 as printed on that page are approved-but-stayed text; the reverse-split limb quoted above is not one of them, and stands as current rulebook text. Separately, at a $9.63 million market value of listed securities, Next Technology sits above the $5 million line the stayed rule would draw.

The balance sheet behind the split is not the usual micro-cap picture. Next Technology's Form 10-Q for the quarter ended June 30, 2026, filed July 24, 2026, reports 5,833 bitcoin carried at $351,509,806, cash and equivalents of $159,043,268, total assets of $512,362,615 and stockholders' equity of $485,352,328. Revenue for the six months ended June 30, 2026 was $1,306,168 against a net loss of $135,564,403, which included a $164,643,679 fair-value loss on digital assets. The share figures in that filing are stated on the pre-100-for-1 basis: shares outstanding on the cover are 147,296,192 as of July 24, 2026.

The coin count has not moved, and the filings prove it by subtraction. Digital assets were carried at $516,153,485 at December 31, 2025 (the comparative column of the first-quarter 10-Q), $389,642,362 at March 31, 2026 (Form 10-Q, filed April 29, 2026), and $351,509,806 at June 30, 2026. The first step down is $126,511,123, exactly the fair-value loss on digital assets the first-quarter filing reports; the second is $38,132,556, exactly the three-month fair-value loss in the second-quarter filing; the two together are $164,643,679, exactly the half-year figure. With 5,833 coins reported at all three dates, the implied carrying value per coin runs about $88,489 at year-end, $66,800 at March 31 and $60,262 at June 30.

That is not merely an inference from flat coin counts. The cash flow statements close the loop. At January 1, 2026 the company held $5,623,944 of cash. Over the six months to June 30 it reports $155,488,989 provided by financing activities and $2,069,665 used in operating activities, arriving at the $159,043,268 reported at June 30 — an exact reconciliation that leaves no room for investing activity in the period. The first-quarter statement is the same: $155,488,989 from financing, $1,396,103 used in operations, a $154,092,886 net change in cash. Nothing was bought and nothing was sold.

That bears on the March raise. The prospectus supplement dated March 25, 2026 offered 71,381,818 shares at $1.10 and pre-funded warrants for a further 71,381,818 shares at $1.099 — all on the post-200-for-1, pre-100-for-1 basis — with "[t]here is no placement agent or underwriter in connection with this offering," for gross proceeds of approximately $156.97 million assuming full exercise of the warrants. Use of proceeds was stated as "working capital and general corporate purposes, including without limitation, the acquisition of Bitcoin." The 10-Q puts net proceeds at $156,951,460. Cash stood at $159,716,830 at March 31 and $159,043,268 at June 30, the coin count stayed at 5,833 through both dates, and the cash-flow bridge above shows no purchases. As of the last reported balance sheet, the money had not been converted into coins. The filings say nothing about why, and neither does this article.

The share count reconciles too. The 424B5 put shares outstanding before the offering at 4,882,556 and at 76,264,374 assuming no warrant exercise, both on the post-200-for-1 basis. The cover of the first-quarter 10-Q shows 76,264,374 at March 31, 2026 and the second-quarter cover shows 147,296,192 — an increase of 71,031,818 against the 71,381,818 pre-funded warrants sold, leaving 350,000 warrant shares unaccounted for by exercise. All of those are pre-100-for-1 figures. Dividing 147,296,192 by 100 gives 1,472,961.92, which rounds up, consistent with the round-up term, to the 1,472,962 post-split shares the 8-K states.

The gap between the reported book and the quoted market is the number readers will do in their heads, so here it is done explicitly and without a view attached: stockholders' equity of $485,352,328 at June 30, 2026 spread over 1,472,962 post-split shares is about $329 per share, against Friday's $6.54 post-split close and a $9.63 million market capitalisation. A cross-check against the quoted 52-week high is not offered here: the two price providers this desk read disagree on that high, so no figure derived from it would be reliable. The 20,000-to-1 cumulative ratio does not depend on it — it is the product of the two ratios stated in the two Forms 8-K.

The risks in this file are concentration risks rather than the liquidity risks a delisting-clock story usually carries. Essentially the entire asset base is one asset: bitcoin at $351.5 million plus cash at $159.0 million against $512.4 million of total assets, and a single half-year mark took $164.6 million off it. The interim financials are unaudited. CHI-LLTC, a PCAOB-registered firm, was ratified as the company's auditor by shareholders at the March 9, 2026 annual meeting; the company is a Wyoming corporation. The June 30 balance sheet shows $735,312 due to related parties. What the filings this desk read do not contain is any going-concern statement, and none is asserted here.

Two absences are worth stating plainly rather than filling in. First, neither the August 2026 nor the September 2025 press release gives a reason for the split; both simply describe the mechanics. Second, no Form 8-K disclosing a Nasdaq deficiency notice appears anywhere in the company's 2026 filings, which run PRER14A (January 27), DEF 14A (February 9), 8-K (March 12), 424B5 and 8-K (March 25), 8-K (March 27), 10-K (March 31), 10-Q (April 29), 10-Q (July 24) and 8-K (August 5) — none carrying Item 3.01, which would require disclosure of such a notice within four business days.

One market event does sit in the record and is worth reporting because two providers independently show it. On Tuesday, August 4, 2026 — the session before the split was announced — NXTT fell roughly 73 percent. TipRanks, on a fully split-adjusted basis, shows a close of $43.00 on August 3 and $11.48 on August 4. StockAnalysis.com shows the same two sessions unadjusted for the August split, at $0.43 and $0.12, and prints the move as −73.19 percent. The two agree on the magnitude; they do not agree on the traded volume, though both show a spike of two orders of magnitude over the prior session, so no volume figure is given here. No company disclosure this desk could find explains the move, and nothing above depends on it.