The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.
Radar 92 (high attention) · dilution pressure elevated · listing risk high · governance risk high · runway 4.3 mo · strongest signal: Auditor change (Sep 10, 2026)
What would confirm: 424B5/8-K announcing an offering, ATM sales disclosed in next 10-Q, or Form 4 sales by insiders ahead of it.
What would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).
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.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K. Cash need (going concern in 8-k) coexists with live selling machinery (convertible note). Base case is a discounted raise; the question is when, not if.
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.
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.
The reported numbers themselves are in question — restatement, late filings or auditor churn. Treat the balance sheet with extra caution. A change of auditor or non-reliance on prior financials, together with late filings or a cluster of executive departures, is the pattern that precedes restatements, deregistration, or fraud allegations.
AZIO AI HOLDINGS (AZIO), a motor vehicle parts company with $2.0 million cash and ~4.3 months of runway (as of March 31, 2026 10-Q; now 175 days stale), received a Nasdaq delisting notice on August 28, 2026 and changed auditors on September 10, 2026. The company has negative stockholders' equity of -$8.2 million as of March 31, 2026, and its public float of $6.4 million (as of June 30, 2025) hovers near the $5 million MVLS floor. Three officer departures occurred in 90 days (latest September 14, 2026), convertible-note references appear in an amended 8-K filed September 15, 2026, and a preliminary proxy filed September 18, 2026 references a reverse-split proposal.
Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 175 days old. A financing after the balance-sheet date is the main reason a figure can be stale — check the timeline below for offerings since then.
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.
| Date | Signal | Evidence | Score |
|---|---|---|---|
| Sep 18, 2026 | ▼ Reverse split | “reverse split” language in PRE 14A (PRE 14A) filed 2026-09-18 filing | 30 |
| Sep 15, 2026 | ▼ Convertible note | “convertible note” language in 8-K/A (EX-99.2) filed 2026-09-15 filing | 42 |
| Sep 15, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K/A (EX-99.1) filed 2026-09-15 filing | 31 |
| Sep 14, 2026 | ▼ Departure cluster | 3 Item 5.02 8-Ks in 90 days (latest 2026-09-14) filing | 60 |
| Sep 14, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-14 (accepted 16:21 ET) filing | 22 |
| Sep 10, 2026 | ▼ Auditor change | 8-K Item 4.01 filed 2026-09-10 (accepted 16:16 ET) filing | 62 |
| Sep 10, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K (8-K) filed 2026-09-10 filing | 31 |
| Aug 28, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-08-28 (accepted 16:15 ET) filing | 52 |
| Aug 28, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-08-28 filing | 47 |
| Aug 28, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-08-28 (accepted 16:15 ET) filing | 24 |
| Mar 31, 2026 | ▼ Negative equity | Stockholders' equity $-8,176,387 as of 2026-03-31 filing | 31 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~4.3 months runway: liquidity $2,013,817 as of 2026-03-31, burn $5,587,517/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 30 |
| Mar 31, 2026 | ▼ Near $5M MVLS floor | Public float $6,400,000 (as of 2025-06-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 24 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $2,013,817 vs current liabilities $18,309,463 filing | 22 |
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