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 low · listing risk high · governance risk high · runway 4.0 mo · strongest signal: Auditor change (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.
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.
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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 11, 2026 | ▼ Departure cluster | 3 Item 5.02 8-Ks in 90 days (latest 2026-09-11) filing | 60 |
| Sep 11, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-11 (accepted 09:29 ET) filing | 22 |
| Sep 10, 2026 | ▼ Auditor change | 8-K Item 4.01 filed 2026-09-10 (accepted 16:30 ET) filing | 56 |
| Sep 10, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K/A (8-K/A) filed 2026-09-10 filing | 31 |
| Sep 2, 2026 | ▼ Auditor change | 8-K Item 4.01 filed 2026-09-02 (accepted 18:09 ET) filing | 67 |
| Sep 2, 2026 | ▼ Minimum bid deficiency | “min bid” language in 8-K (EX-99.1) filed 2026-09-02 filing | 42 |
| Sep 2, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-99.1) filed 2026-09-02 filing | 39 |
| Sep 2, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (EX-99.1) filed 2026-09-02 filing | 32 |
| Sep 2, 2026 | ▼ Going concern in 8-K | “going concern 8k” language in 8-K (8-K) filed 2026-09-02 filing | 31 |
| Sep 2, 2026 | ▼ Holder rights modified | 8-K Item 3.03 filed 2026-09-02 (accepted 17:29 ET) filing | 31 |
| Sep 2, 2026 | · Officer/director change | 8-K Item 5.02 filed 2026-09-02 (accepted 18:09 ET) filing | 24 |
| Aug 25, 2026 | ▼ Exchange deficiency notice | 8-K Item 3.01 filed 2026-08-25 (accepted 17:00 ET) filing | 60 |
| Aug 25, 2026 | ▼ Hearings panel | “hearings panel” language in 8-K (8-K) filed 2026-08-25 filing | 58 |
| Aug 25, 2026 | ▼ Delisting language | “delisting notice” language in 8-K (8-K) filed 2026-08-25 filing | 46 |
| Mar 31, 2026 | ▼ Runway < 6 months | ~4.0 months runway: liquidity $3,592,030 (cash $3,112,679 + investments $479,351) as of 2026-03-31, burn $10,788,963/yr (latest fiscal-year operating cash flow (quarter too short to annualize) [companyfacts]) filing | 31 |
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