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 94 (high attention) · dilution pressure high · listing risk high · governance risk low · runway 0.3 mo · strongest signal: Equity line (Sep 16, 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.
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.
Profusa, Inc. (PFSA), a medical-device maker with a $1.3M public float and negative $28.2M equity (as of March 31, 2026), executed three separate equity-line and convertible-note transactions on August 12, September 1, and September 16, 2026. The company received a Nasdaq delisting notice on August 26 (disclosed August 31, 8-K) for failing to file its Form 10-Q on time, coming on top of earlier minimum-value-of-listed-securities deficiencies. A Schedule 13D filed August 19 showed a new activist holder taking a >5% position.
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 21, 2026 | ▼ Reverse split | “reverse split” language in 8-K (8-K) filed 2026-09-21 filing | 35 |
| Sep 16, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.1) filed 2026-09-16 filing | 52 |
| Sep 16, 2026 | ▼ Convertible note | “convertible note” language in 8-K (EX-10.1) filed 2026-09-16 filing | 45 |
| Sep 16, 2026 | ▼ PIPE | “pipe” language in 8-K (EX-10.1) filed 2026-09-16 filing | 38 |
| Sep 16, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-10.1) filed 2026-09-16 filing | 35 |
| Sep 16, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-09-16 filing | 32 |
| Sep 16, 2026 | ▼ New debt obligation | 8-K Item 2.03 filed 2026-09-16 (accepted 06:11 ET) filing | 27 |
| Sep 15, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-09-15 filing | 32 |
| Sep 1, 2026 | ▼ Equity line | “equity line” language in 8-K (EX-10.1) filed 2026-09-01 filing | 52 |
| Sep 1, 2026 | ▼ Convertible note | “convertible note” language in 8-K (EX-10.1) filed 2026-09-01 filing | 45 |
| Sep 1, 2026 | ▼ PIPE | “pipe” language in 8-K (EX-10.1) filed 2026-09-01 filing | 38 |
| Sep 1, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-10.1) filed 2026-09-01 filing | 35 |
| Sep 1, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-09-01 filing | 32 |
| Sep 1, 2026 | ▼ New debt obligation | 8-K Item 2.03 filed 2026-09-01 (accepted 08:15 ET) filing | 27 |
| Aug 31, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-08-31 (accepted 08:54 ET) filing | 48 |
| Aug 31, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-08-31 filing | 47 |
| Aug 31, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-99.1) filed 2026-08-31 filing | 35 |
| Aug 28, 2026 | ▼ Reverse split | “reverse split” language in DEF 14A (DEF 14A) filed 2026-08-28 filing | 30 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~0.3 months runway: liquidity $375,000 as of 2026-03-31, burn $16,248,000/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 38 |
| Mar 31, 2026 | ▼ Negative equity | Stockholders' equity $-28,198,000 as of 2026-03-31 filing | 31 |
| Mar 31, 2026 | ▼ Near $5M MVLS floor | Public float $1,300,000 (as of 2025-06-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 31 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $375,000 vs current liabilities $29,020,000 filing | 22 |
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