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 88 (high attention) · dilution pressure elevated · listing risk high · governance risk elevated · runway 0.5 mo · strongest signal: Hearings panel (Sep 2, 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.
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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 14, 2026 | ▼ Going-concern language | “going concern periodic” language in 10-Q (10-Q) filed 2026-09-14 filing | 32 |
| Sep 10, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-10 (accepted 16:26 ET) filing | 22 |
| Sep 2, 2026 | ▼ Hearings panel | “hearings panel” language in 8-K (EX-99.1) filed 2026-09-02 filing | 58 |
| Sep 2, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-09-02 (accepted 16:59 ET) filing | 51 |
| Sep 2, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-09-02 filing | 47 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~0.5 months runway: liquidity $266,382 as of 2026-03-31, burn $6,505,426/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 38 |
| Mar 31, 2026 | ▼ Negative equity | Stockholders' equity $-3,421,895 as of 2025-09-30 filing | 31 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $266,382 vs current liabilities $8,812,886 filing | 22 |
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