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VAI

Senmiao Technology Ltd
VAI stock: going concern, delisting risk — what the SEC filings say, updated every weekday morning.
Nasdaq · Services-Auto Rental & Leasing (No Drivers) · EDGAR filings (CIK 1711012) · 7 signals · 1 setups · updated Sep 10, 2026

What the filings say Pressure ▼

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 93 (high attention) · dilution pressure low · listing risk high · governance risk low · runway 96.4 mo · strongest signal: MVLS deficiency (Aug 24, 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.

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93Radar · attention score (0–100)
31Dilution pressure · financing + balance sheet
91Listing risk · exchange standards
25Governance risk · reporting, auditor, going concern

Setups

Independent filings stitched into a thesis, each with what would confirm and what would prove it wrong.

Listing cliff Pressure ▼ strength 1.00

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.

Would confirm: Nasdaq 'Pending Suspension' listing, Form 25, hearings-panel denial 8-K, or a reverse-split proxy.
Would invalidate: 8-K announcing regained compliance; equity raise that restores stockholders' equity; MVLS back above threshold for 10+ days.
Delisting languageHearings panelExchange deficiency noticeMVLS deficiencyNear $5M MVLS floorNegative equity

Analyst note

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Balance sheet (XBRL)

$12.9Mcash + short-term investments as of Jun 30, 2026
96.4 moestimated runway (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts])
$-38.6Mstockholders' equity as of Jun 30, 2026
$4.8Mpublic float (10-K cover)
14.6Mshares outstanding as of Aug 10, 2026 · was 14.6M Jun 26, 2026

Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 72 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.

Signal timeline

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.

DateSignalEvidenceScore
Aug 24, 2026 MVLS deficiency “mvls deficiency” language in 8-K (8-K) filed 2026-08-24 filing 63
Aug 24, 2026 Hearings panel “hearings panel” language in 8-K (8-K) filed 2026-08-24 filing 58
Aug 24, 2026 Exchange deficiency notice 8-K Item 3.01 filed 2026-08-24 (accepted 16:15 ET) filing 55
Aug 24, 2026 Delisting language “delisting notice” language in 8-K (8-K) filed 2026-08-24 filing 46
Aug 14, 2026 Going-concern language “going concern periodic” language in 10-Q (10-Q) filed 2026-08-14 filing 25
Jun 30, 2026 Negative equity Stockholders' equity $-38,579,592 as of 2026-06-30 filing 31
Jun 30, 2026 Near $5M MVLS floor Public float $4,798,408 (as of 2025-09-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing 26

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