The filings point to a discounted equity raise ahead — dilution for existing holders. Next thing to watch: a 424B or offering 8-K.
Radar 86 (high attention) · dilution pressure high · listing risk elevated · governance risk low · runway 1.8 mo · strongest signal: Warrant inducement (Aug 19, 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would prove it wrong: Non-dilutive cash event (asset sale, grant, milestone payment), OCF turning positive, or shelf withdrawn (RW).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 (runway < 6 months) coexists with live selling machinery (atm program, warrant inducement). 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.
Cycurion, Inc. (CYCU), a McLean-based cybersecurity services provider, disclosed in its 10-Q filed August 14, 2026 (for the quarter ended June 30, 2026) that it held $1.87 million in cash against $19.5 million in current liabilities, yielding an estimated 1.8-month runway based on annualized six-month operating cash outflow of $12.5 million. Between July 30 and August 3, 2026, the company induced exercise of existing warrants for ~$4.5 million gross proceeds by lowering the strike from $3.62 to $1.35 and issuing new warrants at $1.65 (150% coverage, five-year term, subject to shareholder approval), effectively front-loading cash at the cost of future dilution. Concurrently, the company faces a Nasdaq hearings panel on August 20, 2026 to appeal a minimum-bid delisting notice, having already executed a 1-for-20 reverse split on July 23, 2026; shares outstanding jumped 141% to 25.8 million by August 10, 2026.
Runway = liquidity ÷ monthly operating burn at the latest reported period · balance sheet 80 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 28, 2026 | ▼ Minimum bid deficiency | “min bid” language in 8-K (EX-99.1) filed 2026-08-28 filing | 42 |
| Aug 28, 2026 | ▼ ATM program | “atm” language in 8-K (8-K) filed 2026-08-28 filing | 40 |
| Aug 28, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-99.1) filed 2026-08-28 filing | 39 |
| Aug 28, 2026 | ▼ Reverse split | “reverse split” language in 8-K (EX-99.1) filed 2026-08-28 filing | 34 |
| Aug 28, 2026 | ▼ Holder rights modified | 8-K Item 3.03 filed 2026-08-28 (accepted 09:19 ET) filing | 26 |
| Aug 19, 2026 | ▼ Warrant inducement | “warrant inducement” language in 8-K/A (EX-99.1) filed 2026-08-19 filing | 43 |
| Jun 30, 2026 | ▼ Share count +25% | Shares outstanding 10,709,032 (2026-06-05) -> 25,840,335 (2026-08-10), +141% filing | 42 |
| Jun 30, 2026 | ▼ Runway < 6 months | ~1.8 months runway: liquidity $1,873,287 as of 2026-06-30, burn $12,519,857/yr (annualized 180-day YTD operating cash flow [companyfacts]) filing | 42 |
| Jun 30, 2026 | ▼ Cash < current liabilities | Liquidity $1,873,287 vs current liabilities $19,531,722 filing | 22 |
AUID authID Inc. · SOBR SOBR Safe, Inc. · SDST Stardust Power Inc. · ADIL ADIAL PHARMACEUTICALS, INC. · GOVX GeoVax Labs, Inc. · MYSZ My Size, Inc. · screener →