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 high · listing risk high · governance risk elevated · runway 7.4 mo · strongest signal: Exchange deficiency notice (Jul 22, 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 140 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 12, 2026 | ▼ Late filing (NT) | NT 10-Q filed 2026-08-12 filing | 47 |
| Aug 10, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-08-10 (accepted 16:30 ET) filing | 32 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 10, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-10; 37 prior 424B filings in 12m filing | 28 |
| Aug 4, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-08-04; 36 prior 424B filings in 12m filing | 28 |
| Aug 4, 2026 | ▼ Shelf effective | EFFECT notice 2026-08-04 filing | 21 |
| Jul 24, 2026 | ▼ Shelf filed | S-1 filed 2026-07-24 filing | 30 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 23, 2026 | ▼ Offering (424B) | 424B3 prospectus supplement 2026-07-23; 30 prior 424B filings in 12m filing | 28 |
| Jul 22, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-07-22 (accepted 16:30 ET) filing | 55 |
| Jul 22, 2026 | ▼ Minimum bid deficiency | “min bid” language in 8-K (8-K) filed 2026-07-22 filing | 48 |
| Jul 22, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-07-22 filing | 46 |
| Jul 22, 2026 | ▼ Unregistered sale | 8-K Item 3.02 filed 2026-07-22 (accepted 08:30 ET) filing | 32 |
| Jul 22, 2026 | ▼ Reverse split | “reverse split” language in 8-K (8-K) filed 2026-07-22 filing | 32 |
| Jul 22, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-10.1) filed 2026-07-22 filing | 32 |
| Mar 29, 2026 | ▼ Negative equity | Stockholders' equity $-61,453,000 as of 2026-03-29 filing | 31 |
| Mar 29, 2026 | ▼ Runway 6–12 months | ~7.4 months runway: liquidity $9,488,000 as of 2026-03-29, burn $15,327,000/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 23 |
| Mar 29, 2026 | ▼ Cash < current liabilities | Liquidity $9,488,000 vs current liabilities $171,798,000 filing | 21 |
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