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 90 (high attention) · dilution pressure elevated · listing risk high · governance risk low · runway 1.1 mo · strongest signal: Hearings panel (Aug 25, 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.
Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.
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.
On August 25, 2026, Datavault AI disclosed in an 8-K (Item 3.01) that it requested a hearing before a Nasdaq Hearings Panel following a delisting determination, citing continued non-compliance with Nasdaq's minimum bid price requirement. The company previously received multiple listing notices and has executed reverse splits. Simultaneously, the company closed a PIPE transaction (8-K dated August 19, 2026) and established an ATM program while carrying a going-concern opinion in the 10-Q filed August 19, 2026. The March 31, 2026 balance sheet showed $2.2 million in cash against $23.0 million in current liabilities, implying approximately 1.1 months of runway based on trailing twelve-month operating cash outflow of $23.6 million.
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 |
|---|---|---|---|
| Aug 25, 2026 | ▼ Hearings panel | “hearings panel” language in 8-K (8-K) filed 2026-08-25 filing | 58 |
| Aug 25, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-08-25 (accepted 16:25 ET) filing | 55 |
| Aug 25, 2026 | ▼ Minimum bid deficiency | “min bid” language in 8-K (8-K) filed 2026-08-25 filing | 48 |
| Aug 25, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-08-25 filing | 47 |
| Aug 25, 2026 | ▼ Reverse split | “reverse split” language in 8-K (8-K) filed 2026-08-25 filing | 35 |
| Aug 24, 2026 | · 13D amendment | Schedule 13D/A filed 2026-08-24 filing | 24 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~1.1 months runway: liquidity $2,205,000 as of 2026-03-31, burn $23,610,000/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 37 |
| Mar 31, 2026 | ▼ Share count +25% | Shares outstanding 614,308,267 (2026-03-17) -> 855,561,995 (2026-05-11), +39% filing | 35 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $2,205,000 vs current liabilities $23,024,000 filing | 22 |
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