The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.
Radar 92 (high attention) · dilution pressure elevated · listing risk high · governance risk high · runway 4.3 mo · strongest signal: Auditor change (Sep 10, 2026)
What would confirm: 424B5/8-K announcing an offering, ATM sales disclosed in next 10-Q, or Form 4 sales by insiders ahead of it.
What would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).
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.
The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K. Cash need (going concern in 8-k) coexists with live selling machinery (convertible note). Base case is a discounted raise; the question is when, not if.
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.
The reported numbers themselves are in question — restatement, late filings or auditor churn. Treat the balance sheet with extra caution. A change of auditor or non-reliance on prior financials, together with late filings or a cluster of executive departures, is the pattern that precedes restatements, deregistration, or fraud allegations.
AZIO AI Holdings (AZIO), a Nasdaq-listed motor vehicle parts company, disclosed an auditor dismissal on September 10, 2026 (Item 4.01 8-K), the third officer departure in 90 days by September 14, 2026, and an active listing deficiency notice on August 28, 2026. The company's most recent balance sheet (March 31, 2026, now 171 days stale) reported cash of $2.0M against current liabilities of $18.3M, stockholders' equity of negative $8.2M, and an estimated cash runway of 4.3 months based on fiscal-year operating cash outflow of $5.6M. An 8-K/A filed September 15, 2026 references convertible note language and going-concern disclosures, indicating dilutive financing machinery is in place while the company navigates its listing issues.
Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 171 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 15, 2026 | ▼ Convertible note | “convertible note” language in 8-K/A (EX-99.2) filed 2026-09-15 filing | 42 |
| Sep 15, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K/A (EX-99.1) filed 2026-09-15 filing | 31 |
| Sep 14, 2026 | ▼ Departure cluster | 3 Item 5.02 8-Ks in 90 days (latest 2026-09-14) filing | 60 |
| Sep 14, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-14 (accepted 16:21 ET) filing | 22 |
| Sep 10, 2026 | ▼ Auditor change | 8-K Item 4.01 filed 2026-09-10 (accepted 16:16 ET) filing | 62 |
| Sep 10, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K (8-K) filed 2026-09-10 filing | 31 |
| Aug 28, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-08-28 (accepted 16:15 ET) filing | 52 |
| Aug 28, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-08-28 filing | 46 |
| Aug 28, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-08-28 (accepted 16:15 ET) filing | 24 |
| Mar 31, 2026 | ▼ Negative equity | Stockholders' equity $-8,176,387 as of 2026-03-31 filing | 31 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~4.3 months runway: liquidity $2,013,817 as of 2026-03-31, burn $5,587,517/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 30 |
| Mar 31, 2026 | ▼ Near $5M MVLS floor | Public float $6,400,000 (as of 2025-06-30) vs $5M Nasdaq MVLS floor; needs price x shares confirmation filing | 24 |
| Mar 31, 2026 | ▼ Cash < current liabilities | Liquidity $2,013,817 vs current liabilities $18,309,463 filing | 22 |
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