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ARAY

Accuray Inc.
ARAY stock: dilution, delisting risk, reverse split — what the SEC filings say, updated every weekday morning.
Nasdaq · Surgical & Medical Instruments & Apparatus · EDGAR filings (CIK 1138723) · 12 signals · 2 setups · updated Aug 27, 2026

What the filings say Pressure ▼

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.

Radar 84 (high attention) · dilution pressure high · listing risk high · governance risk low · runway n/a · strongest signal: Exchange deficiency notice (Aug 6, 2026)

What would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
What would prove it wrong: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.

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.

84Radar · attention score (0–100)
78Dilution pressure · financing + balance sheet
84Listing risk · exchange standards
22Governance risk · reporting, auditor, going concern

Setups

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

Listing cliff Pressure ▼ strength 0.70

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.
Delisting languageExchange deficiency noticeReverse split

Death-spiral watch Pressure ▼ strength 0.70

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 noteDelisting languageExchange deficiency noticeReverse split

Analyst note

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Balance sheet (XBRL)

n/acash + short-term investments
n/aestimated runway (no OCF data)
n/astockholders' equity
$86.9Mpublic float (10-K cover)
n/ashares outstanding

Runway = liquidity ÷ monthly operating burn at the latest reported period. 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 24, 2026 Reverse split “reverse split” language in DEF 14A (DEF 14A) filed 2026-08-24 filing 25
Aug 21, 2026 Shelf filed S-3/A filed 2026-08-21 filing 32
Aug 12, 2026 Reverse split “reverse split” language in PRE 14A (PRE 14A) filed 2026-08-12 filing 25
Aug 6, 2026 Exchange deficiency notice 8-K Item 3.01 filed 2026-08-06 (accepted 16:01 ET) filing 55
Aug 6, 2026 Delisting language “delisting notice” language in 8-K (8-K) filed 2026-08-06 filing 46
Jul 31, 2026 Shelf filed S-3 filed 2026-07-31 filing 35
Jul 29, 2026 Convertible note “convertible note” language in 8-K (EX-10.1) filed 2026-07-29 filing 45
Jul 29, 2026 Unregistered sale 8-K Item 3.02 filed 2026-07-29 (accepted 17:25 ET) filing 36
Jul 29, 2026 PIPE “pipe” language in 8-K (8-K) filed 2026-07-29 filing 33
Jul 29, 2026 Delisting language “delisting notice” language in 8-K (EX-10.1) filed 2026-07-29 filing 32
Jul 29, 2026 Reverse split “reverse split” language in 8-K (EX-99.1) filed 2026-07-29 filing 29
Jul 29, 2026· Officer/director change 8-K Item 5.02 filed 2026-07-29 (accepted 17:25 ET) filing 22

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