Research

Micro-cap research

Studies across hundreds of filings at once: what has usually happened to micro-cap stocks after equity lines, offerings, reverse splits and listing notices. Every study shows its sample, method and data. History, not a forecast, and never a buy, sell or hold call.

Oct 13, 2026 · 900 new ATM programs from 666 companies; usage subsample of 65 programs (43 with determinable sales)

How do microcap stocks react when an ATM offering is announced? 900 programs, 2021–2026

We tracked 900 new at-the-market programs from Nasdaq and NYSE American microcaps. The median stock trailed IWM by 2.5% on the first session and 40% after 120 sessions. In a hand-read subsample, most programs were barely used.

Oct 13, 2026 · 237 announcements by 204 companies

Do equity line announcements hurt microcap stocks? What 237 deals show

We tracked 237 equity line (ELOC) announcements by Nasdaq and NYSE American microcaps from 2021 to 2026. The first-day move was small. Six months later, the typical stock was down by more than half.

Oct 13, 2026 · 1,727 first mentions from 930 companies; 168 read-confirmed pivots from 145 companies; 74 crypto-treasury announcements in 2025

Which narratives are microcaps pivoting to now? 1,727 first mentions in 8-Ks, 2023–2026

We tracked when Nasdaq and NYSE American microcaps first mentioned ten themes in their 8-Ks. In the last six months, first mentions of critical minerals nearly tripled and reverse mergers almost doubled, while crypto-treasury and stablecoin mentions fell. 69 of 74 microcaps that announced a crypto treasury in 2025 now trade below their pre-announcement price.

Oct 13, 2026 · 170 announcements by 123 companies: 92 designations, 58 approvals or clearances, 20 Complete Response Letters

How do microcap biotech stocks react to FDA designations vs approvals? 170 announcements, 2021–2026

We tracked 170 FDA announcements by Nasdaq and NYSE American microcaps. Designations lifted the median stock 4.3% on the day, then it slid to -13.7% after 60 sessions. Complete Response Letters cut it 41.6%.

Oct 13, 2026 · 4,720 notices from 1,255 companies (2,722 new notice episodes)

What happens after a Nasdaq deficiency notice? 4,720 microcap notices, 2021–2026

We tracked 4,720 Item 3.01 notices filed by Nasdaq and NYSE American microcaps. A year after a new notice, 37% had regained compliance and 24% had been delisted. The median stock trailed IWM by 65% over 250 sessions.

Oct 13, 2026 · 174 uplistings by 174 companies (151 Nasdaq, 23 NYSE American)

What happens after a company uplists from OTC to Nasdaq or NYSE American? 174 uplistings, 2021–2026

We tracked 174 companies that moved from OTC quotation to Nasdaq or NYSE American. The median stock was down 49% a year after its first exchange close, and 47% listed alongside an underwritten offering.

Oct 13, 2026 · 832 offerings by 440 companies

Registered direct offerings: how big is the discount, and what happens to the stock? What 832 deals show

We tracked 832 registered direct offerings by Nasdaq and NYSE American microcaps from 2021 to 2026. The typical deal priced 4.6% below the prior close. Sixty trading days later, the typical stock was down 36%.

Oct 13, 2026 · 1,183 reverse splits by 734 companies

What happens after a reverse split? 1,183 microcap splits, 2021–2026

We tracked 1,183 reverse splits by Nasdaq and NYSE American microcaps. The median stock was down 72% a year later, and 38% split again within two years.