Most material SEC filings — September 14, 2026

SmartKem, Inc. received a notice of delisting or failure to satisfy continued listing rules/standards as of September 10, 2026, filed September 14, 2026. The 8-K indicates a transfer of listing is also referenced. No specific remediation timeline, financial details, or counterparties are disclosed in the filing header; full details would require reviewing the complete 8-K document text.

QVC Group, Inc. filed for Chapter 11 bankruptcy protection on April 16, 2026 in the U.S. Bankruptcy Court for the Southern District of Texas. The company's prepackaged reorganization plan was confirmed on July 20, 2026, and became effective on August 6, 2026. As of July 31, 2026 (the month in which emergence occurred), the consolidated debtor showed total assets of $2.05 billion against total liabilities of $7.89 billion, resulting in a negative equity of $5.84 billion; cumulative operating losses for the four months in bankruptcy were $104 million on cumulative revenues of $1.18 billion.

Drugs Made In America Acquisition Corp. (DMAA, a $234.6M public SPAC) has executed an amended merger agreement to acquire Power Analytics Global Corp. (PAGC), a private AI/analytics company, for a fixed Closing Valuation of US$2,850,000,000 in Domesticated DMAA Common Shares (not exceeding 265,116,279 shares at Reference Price ≥US$10.75). The merger includes PAGC's pending acquisition of APQC Inc. and UltraSolar IP. Closing conditions include completion of the APQC acquisition by December 31, 2026, delivery of a fairness opinion, minimum available closing cash of US$15,000,000, and satisfaction of Nasdaq listing requirements. The deal involves affiliated parties (BV Advisory Partners, LLC holds ≥40% sponsor economics and common principal ownership with PAGC). Outside date for closing is April 29, 2027.

The FDA approved ISEMBYLD (apitegromab-mstn) on September 11, 2026, for spinal muscular atrophy (SMA) in patients aged 2+ currently on SMN2-targeted therapy. The Phase 3 SAPPHIRE trial showed a 2.2-point improvement in Hammersmith Functional Motor Scale-Expanded (HFMSE) vs. placebo (p=0.0121); 34.2% of ISEMBYLD patients achieved a ≥3-point gain vs. 13.5% on placebo (odds ratio 3.8; p=0.0125). Scholar Rock estimates ~6,600 eligible U.S. patients across ~2,600 prescribing physicians and 140 treatment centers; the company holds $492M in cash as of June 30, 2026, and plans to monetize a Rare Pediatric Disease Priority Review Voucher.

Bally's Corporation secured $560M in new financing from WhiteHawk Capital Partners ($400M closing date term loan + $160M delayed draw term loan) to fund pre-construction costs for the Bally's Bronx casino project and general corporate purposes. Financing expected to close Q3 2026, subject to regulatory approval and customary conditions.

AirJoule Technologies LLC (subsidiary of public company AirJoule Technologies Corporation, market cap ~$133M) acquired 100% of BitSink LLC from founder Stanislav Dyshko on September 10, 2026 for $18M cash upfront plus 1,859,504 shares of AIRJ common stock (~$9M at 15-day VWAP) plus up to $40M in additional AIRJ shares contingent on BitSink hitting revenue targets of $30M (2027), $63.6M (2028), and $63.6M (2029). BitSink is a profitable U.S. cooling and power infrastructure manufacturer for AI/HPC data centers with ~$11M cumulative revenue (2024–2025) and 220+ MW deployed capacity.

Bowman Consulting's 35-day go-shop period expired September 13, 2026 with no alternative bids received. The company contacted 76 potential acquirers, signed confidentiality agreements with 8, but none submitted competing proposals. Bernhard Capital Partners' $43/share all-cash acquisition (≈$1.0B enterprise value, 58% premium to unaffected price) is now subject to no-shop restrictions and remains on track for Q4 2026 closing pending shareholder approval and regulatory clearance.

As of September 13, 2026, Bitmine reports 5,956,378 ETH tokens valued at $15.8 billion in total crypto and cash holdings, representing 4.9% of the 122 million ETH supply. The company acquired 27,180 ETH in the past week and has staked 5,067,309 ETH generating projected annualized staking revenues of $334 million ($392 million at full scale). Holdings also include 212 BTC, $98 million in Eightco (ORBS), $180 million in Beast Industries, and $549 million cash/marketable securities.

Biofrontera announced FDA approval (September 14, 2026) of its supplemental NDA for Ameluz (aminolevulinic acid hydrochloride) 10% topical gel combined with BF-RhodoLED lamp for treating superficial basal cell carcinoma (sBCC) in adults. This makes Ameluz the first and only PDT drug approved for skin cancer in the U.S. Phase 3 trial (187 patients) showed 66% complete response with Ameluz vs. 5% with placebo. The company plans launch late Q4 2026 through Q1 2027, targeting an estimated 540,000–720,000 annual sBCC cases in the U.S. (15–20% of 3.6M total BCC cases).

Onconetix, Inc. (market cap ~$3.6M) provided a bridge financing facility to Realbotix LLC, its pending acquisition target, with an initial advance of $2,500,000 on September 11, 2026, under a Grid Promissory Note with maximum capacity of $5,000,000. The facility is non-interest-bearing prior to deal closing and automatically cancelled upon acquisition consummation, with the principal amount credited against cash required at closing plus an additional $500,000. If the Share Exchange Agreement (originally announced February 11, 2026) terminates, 12% annual interest accrues. Realbotix Corp. (Ontario) guarantees the obligation.

On March 30, 2026, Sysco agreed to acquire JRD Unico, Inc. and Warehouse Realty (Jetro Restaurant Depot) for $21.6 billion in cash (subject to customary adjustments) and 91.5 million shares of Sysco Holdings common stock. The transaction is expected to close in Q1 2027, subject to regulatory approvals. JRD Unico operates 167 cash-and-carry warehouse stores (Jetro and Restaurant Depot brands) generating $16.0 billion in annualized sales with $1.3 billion net income; the acquisition will make Jetro equity holders own ~16% of combined Sysco Holdings.

Polar Power (market cap ~$3M) filed S-1/A to register 8.65M shares (~201% of current outstanding 4.3M shares) for resale by five selling stockholders. Shares arise from conversions of convertible notes totaling $1.41M principal (CFI $600k, Monroe $370.6k, Mayers $275k, LU2 $82.5k, CL $82.5k issued May–August 2026) and Series A Preferred ($1.611k shares issued July–August 2026), plus warrants exercisable for 537.7k shares. Variable conversion prices (80–90% of trailing VWAP) create "death spiral" risk: stock decline triggers larger share issuance, compounding dilution. Company faces Nasdaq delisting threat (equity deficiency notice May 2026; compliance deadline October 28, 2026). Board added two directors (Ahern, Shalom) in August 2026. No direct proceeds to company from resale; only from warrant exercises (~$884.9k if all exercised).

10% owner CASCADE INVESTMENT, L.L.C. (RSG) bought 581K shares (~$129.3M) on the open market (0.5% of holdings). Open-market insider purchase — historically a bullish signal.

10% owner Tricor PMT25 Holdings Inc. (PMTS) bought 525K shares (~$11.3M) on the open market (16% of holdings). Open-market insider purchase — historically a bullish signal.

InnSuites Hospitality Trust (market cap ~$3.7M) received NYSE American approval for a compliance plan on September 14, 2026, granting an 18-month cure period through December 24, 2027, to regain listing compliance. The company recently increased stockholders' equity by ~$3.0M (81% of current market cap) and reported first-half hotel revenues exceeding $4M with July 2026 revenue of $600,293. Management is pursuing reverse merger or strategic alternatives while managing diversification interests in UniGen Power and InnDependent Boutique Collection hotels.

Yarrow Bioscience entered into an underwriting agreement on September 10, 2026 to issue 5,769,231 firm shares at $24.44 per share, plus an option for underwriters to purchase up to 865,384 additional shares at the same price. Lead underwriters are Jefferies LLC, TD Securities (USA) LLC, and Guggenheim Securities LLC. Gross proceeds are approximately $140.8M before underwriting discounts. Closing is scheduled for September 14, 2026.

Lipocine announced initiation of BLOOM, a Phase 3 placebo-controlled study of LPCN 1154 (oral brexanolone) for postpartum depression, enrolling approximately 120 participants with first dosing expected early Q4 2026. The prior Phase 3 trial failed its primary endpoint in full analysis but exploratory post-hoc analyses showed efficacy after excluding one high-enrolling site with data-quality issues (40% of treated participants had undetectable drug levels). Lipocine expects ~$1M monthly cash burn during study execution; as of June 30, 2026, the company had $23.3M in unrestricted cash and believes existing resources are sufficient for BLOOM.

Addentax Group Corp. entered into a private placement agreement dated September 9, 2026, to issue 520,834 shares of common stock to Chan Chun Hong (CEO/signatory) at $4.80 per share, generating approximately $2.50M in gross proceeds. Chan Chun Hong is identified as both a company officer (signatory) and the investor. The shares are unregistered, subject to a securities legend, and the transaction requires PRC governmental approval within 45–90 days post-closing. The agreement contains standard representations, warranties, and a one-year survival period (except for certain provisions surviving indefinitely).

Armata Pharmaceuticals announced FDA Breakthrough Therapy designation for AP-SA02, a bacteriophage therapeutic for complicated Staphylococcus aureus bacteremia (MRSA/MSSA). The designation is supported by Phase 1b/2a diSArm study data showing 100% clinical response maintenance at 28 days with AP-SA02 plus antibiotics versus 75% with placebo plus antibiotics, with no serious adverse events. AP-SA02 now holds Breakthrough Therapy, Fast Track, and QIDP designations; Phase 3 anticipated to initiate H2 2026, supported by $28.7M Department of War award through MTEC.

Immunocore announced full enrollment of 540 patients in TEBE-AM, a Phase 3 registrational trial testing KIMMTRAK (tebentafusp) as monotherapy and in combination with pembrolizumab versus Investigator's Choice in HLA-A*02:01-positive patients with previously treated advanced melanoma. The primary endpoint is overall survival; topline data expected end of 2026. The trial addresses an estimated 4,000-patient addressable market in the US and Europe for the post-PD1 setting.

Soluna announced on September 14, 2026 that ERCOT conditionally classified its 100 MW Project Dorothy campus as Base Load in Batch Zero, following a similar conditional classification for 166 MW at Project Kati, totaling 266 MW across both Texas campuses. The company also submitted a formal request for an additional 50 MW at Dorothy. The classification is conditional on completion of ERCOT's verification process and exempts the project from further reliability evaluation.

Perdoceo Education Corporation agreed to acquire 100% of South University Savannah LLC from South University – Member, Inc. for a base amount of $150M plus $18M deferred consideration (contingent on student receivables collections) plus up to $56M in earn-out payments tied to EBITDA thresholds ($20M, $40M, $105M cumulative) over 2027–2029. The deal is structured with earn-out payments potentially accelerating if Buyer sells the Company. Closing contemplated for April 1, 2027 (Reference Date).

Definium announced positive topline results from Panorama, a Phase 3 study of DT120 ODT (lysergide) in generalized anxiety disorder (GAD) enrolling 245 participants (96 receiving DT120 100µg, 97 placebo, 52 receiving DT120 50µg control). The primary endpoint was met: DT120 100µg achieved a placebo-adjusted HAM-A improvement of 5.1 points at Week 12 (p≤0.0001, Cohen's d=0.64); all key secondary endpoints were also met. This is Definium's second positive Phase 3 trial in GAD (following Voyage in August) and third positive Phase 3 readout overall (Emerge in MDD in June). The company plans a pre-NDA meeting in 4Q 2026 and NDA filing in 1H 2027.

Bionano reported Q2 2026 core revenue of $8.2M (vs. $7.5–$7.8M guidance), a 21% YoY increase, and raised FY26 guidance from $30–$33M to $31–$33M. The company achieved record gross margin of 53% (adj.), sold 9,219 flowcells (+27% YoY), and retired JGB debt secured by $10.3M restricted cash. Management projects FY27 revenue of $50–$54M (56% YoY growth) with adjusted EBITDA breakeven by Q4 FY27 and long-range targets of $101–$108M revenue by FY29. Regulatory milestones include CPT codes for OGM in hematologic malignancies ($1,853.22 reimbursement, effective Jan 2026) and constitutional genetics ($1,263.53), plus MolDX LCD coverage determination published August 27, 2026.

Akeso's HARMONi-2 trial (n=398, China-based) showed ivonescimab monotherapy achieved median OS of 30.8 months vs. 22.6 months for pembrolizumab (HR 0.73, p=0.009)—a 27% death-risk reduction. In the PD-L1 high subgroup (n=168), HR was 0.58. Summit is advancing the global Phase III HARMONi-7 study (target 780 patients, ongoing enrollment) and a BLA for combination therapy (HARMONi) with FDA PDUFA date November 14, 2026.

Phio Pharmaceuticals (market cap ~$11.2M) completed its Phase 1b clinical trial for PH-762, an siRNA therapeutic targeting PD-1 in cutaneous squamous cell carcinoma, and submitted a comprehensive briefing package to the FDA requesting a Type B meeting to discuss the planned Phase 2b neoadjuvant study. Clinical supplies for Phase 2b are expected in Q1 2027, with nonclinical toxicology dosing completed; final regulatory support activities targeted for Q1 2027.

XBP Global Holdings, Inc. (market cap ~$6.2M) entered into a Securities Purchase Agreement dated September 11, 2026, with unspecified investors to sell shares of common stock. The aggregate number of shares is capped at 2,375,000 shares (the 'Share Cap'). Specific subscription amounts, per-share prices, and investor identities are blank/redacted in the filing exhibits (Schedule A). The company must file a registration statement by September 22, 2026, and maintain it effective for three years. Lock-up agreements restrict trading for 30–60 days post-announcement.

Baldwin Insurance Group, Inc. entered into a definitive merger agreement dated September 14, 2026 with Square Acquisition Parent, Inc. Under the agreement, each Class A Share will convert to $32.50 cash consideration at the Effective Time. The transaction involves three simultaneous mergers: LLC Merger Sub merging into OpCo LLC, Merger Sub merging into Baldwin (surviving as Parent subsidiary), and a second LLC merger. OpCo LLC unit holders can exchange units for Class A Shares pre-closing. Certain Baldwin stockholders and OpCo LLC members are rolling over equity into Ultimate Parent per rollover agreements. DFO Sponsor provides equity financing commitment and guarantee; debt financing committed per Debt Commitment Letters.

Allarity Therapeutics announced that Allarity Acquisition Corp., a newly formed SPAC sponsored by wholly-owned subsidiary ALLR Sponsor LLC, has filed a Form S-1 registration statement with the SEC for a proposed IPO of $100 million base size (or $115 million with full over-allotment). ALLR Sponsor LLC is expected to own ~25% of the SPAC post-offering. The offering does not change Allarity's stated runway into summer 2028. Maxim Group LLC is sole book-runner; NASDAQ listing symbols will be ALLN (Class A shares) and ALLNW (warrants).

The U.S. Department of Defense (DoD) invested $17,827,786.90 in Trilogy Metals Inc. on August 28, 2026, purchasing 8,215,570 units ($2.17/unit) comprising common shares and warrants. Concurrently, South32 sold the DoD 8,215,570 common shares ($17,827,785.90) plus a 10-year call option for 6,161,678 shares at $0.01/share. Proceeds fund the Ambler Metals joint venture (50% Trilogy, 50% South32) to develop the Upper Kobuk Mineral Projects in Alaska's Ambler Mining District. The DoD receives board nomination rights, observer status at Ambler Metals, a $1B debt covenant through January 1, 2029, and extensive governance controls including veto rights over material transactions if restricted entities acquire 10%+ of parent companies.

CCH Holdings and L1 Capital Global Opportunities Master Fund amended their July 31, 2026 Securities Purchase Agreement and $2.5M convertible note (Senior 8% Original Discount) on September 11, 2026, in response to SEC staff comments. The amendment eliminates the company's right to reset or reduce the Floor Price, redefines Economic Difference to cap it at the lower of daily VWAP or Applicable Conversion Price, and limits registered warrant shares to 374,112 Class A Ordinary Shares—eliminating previously unlimited payment and equity issuance obligations.

Niki BioSolutions merged with DiamiR Biosciences in an all-stock transaction closed July 20, 2026 (definitive agreement Oct 10, 2025; shareholder approval Jun 9, 2026). DiamiR comprises approximately 70% of the combined company; Aptorum approximately 30%. DiamiR brings a CLIA/CAP-licensed clinical lab in New Haven, CT, proprietary microRNA diagnostic technology for Alzheimer's disease and brain health, and a revenue-generating pharma-services platform (APOE genotyping generating revenue from Q3 2026).

Contineum announced that the MOONLIGHT-1 Phase 2 trial of JNJ-5120/PIPE-307 for major depressive disorder failed to meet its primary efficacy endpoint—improvement from baseline in MADRS total score at Day 5 versus placebo. The drug was well-tolerated with no new safety signals. Johnson & Johnson, which licensed PIPE-307 globally from Contineum, is evaluating prespecified exploratory endpoints and assessing next steps.

Sionna announced it will advance SION-451 + SION-2222 dual combination into Phase 2a trial (AscenSION CF, Q1 2027 start). Post hoc analysis of failed PreciSION CF trial identified three confounding factors; excluding PK outliers showed placebo-adjusted sweat chloride reduction of -8.6 mmol/L vs. -1.0 mmol/L in primary analysis. Company implemented 46% workforce reduction (~$6.4M restructuring charge), discontinuing SION-719 add-on development, extending cash runway from Q2 2026 cash balance of $268.3M into H2 2029.

PDS Biotechnology completed an initial closing of a PIPE financing led by Nant Capital (Dr. Patrick Soon-Shiong's firm), raising $11.3M gross proceeds through sale of 16.5M common shares, 23.5M pre-funded warrants, and 20M common warrants at prices of $0.2825 and $0.28217 per unit. A contingent milestone closing of up to $11M additional ($10M from Nant, $1M from AB Group Ltd.) will trigger upon FDA submission of a Phase 3 protocol for PDS0301. Dr. Soon-Shiong and James Banaag joined the board; NantWorks also received a one-year exclusive negotiation right for PDS0101 (HPV immunotherapy).

Darin Harper promoted to CEO effective August 3, 2026, with $650K base salary, 100% annual bonus target ($650K), and $6.5M one-time equity grant (50% RSUs, 50% options with 2X price achievement clause, 50% performance units tied to SSS growth). Prior CEO Tarun Tal separated same day; receives pro-rata 2026 bonus and $1.545M consulting fee through January 31, 2028 ($85,833/month) during exclusivity period through January 2027. Interim CFO Cory Hatton receives $1M one-time equity grant. Non-compete modified: QSR non-compete reduced from 2 years to only exclusivity period for Tal.

On September 14, 2026, Glucotrack amended a warrant issued August 4, 2026 to add a stockholder-approval condition under Nasdaq Listing Rule 5635(d). The amendment prohibits warrant exercise and share issuance unless stockholders first approve all Warrant Shares issuable. The holder and dollar amount of the warrant are not disclosed in this exhibit.

Change Agents Corporation (market cap ~$5.5M) closed a note purchase agreement on September 8, 2026, issuing $280,000 in aggregate principal promissory notes to C/M Capital Master Fund LP ($229,091) and WVP Emerging Manager Onshore Fund LLC ($50,909), each at 7% interest, 9-month maturity. Simultaneously, the company issued 100,000 pre-funded common stock warrants (exercise price $0.0001/share) split pro-rata among purchasers. Additionally, the company granted separate pre-funded warrants to existing note holders (50,000 and 34,000 shares respectively) in exchange for waiving certain repayment conditions on prior June/August notes. Total debt raised represents ~5.1% of company market cap; warrant issuances subject to Nasdaq 19.99% cap pending stockholder approval.

Associated Banc-Corp (market cap ~$4.0B) completed its acquisition of American National Corporation (ANC) on April 1, 2026. The company maintained its full-year 2026 guidance across all metrics: total loans +18–20%, C&I loans +20–22%, total deposits +17–19%, core customer deposits +19–21%, net interest income +19–21%, noninterest income +8–10%, noninterest expense +20–21%, CET1 ratio 10–10.75%. ANC contributed $4.4B in deposits and $766M in C&I loans as of June 30, 2026 (inclusive of purchase accounting adjustments). System conversion is expected in October 2026.

The United States Department of War (DOW) has entered into an investment agreement with The Elmet Group Co., dated September 11, 2026, resulting in issuance of: (1) 450,000 shares of Class A Redeemable Preferred Stock at $1,000 per share stated value (total ~$450M); (2) Penny Warrants to purchase 5,675,506 common shares at $0.001 per share; and (3) Strike Price Warrants to purchase 1,891,835 common shares at $15.92 per share. DOW receives 19.9% voting power, one board seat, and one observer seat. The preferred stock accrues cumulative dividends at 5.5% annually, compounds quarterly, and has liquidation preference senior to common stock. A Restricted Entity Compliance Plan was also adopted to prevent beneficial ownership of 10% or more by restricted foreign entities.

Export-Import Bank of the U.S. approved a $25 million direct loan (announced August 7, 2026) to advance construction of Westwater's Kellyton Graphite Plant in Alabama. The company has already invested ~$130M of the $245M total capital cost and expects Phase 1 to deliver 12,500 mtpa of battery-grade graphite by 2028. The non-dilutive federal funding represents a 54.6% addition to the company's $45.8M market cap and validates the project's strategic importance.

AIM ImmunoTech agreed to exchange a partitioned promissory note (amount unspecified in blank agreement template) originally issued to Streeterville Capital LLC on November 18, 2025 for an unspecified number of common shares. The original note principal was $3,301,250. The exchange shares will be issued without restrictive legend under Rule 144, with holding period tacking to the original November 2025 note issuance date. Key terms remain incomplete (partitioned note amount and share count are blanks in the template).

Muhammad Umair, former President and CEO, was demoted to Chief Strategy Officer effective July 1, 2026. He forfeits all prior equity awards, receives $497,500 annual base salary (down from CEO-level compensation implied), loses bonus eligibility, but receives 250,000 shares (125k PRSUs + 125k restricted stock) vesting at $265M and $400M market cap milestones, plus a one-time $350k cash award. Muhammad Asif Seemab is now President and Interim CEO.

Upexi amended its BitGo Prime credit facility (originally May 23, 2025) effective September 14, 2026, reducing the interest rate from 11.5% to 7.5% per year and lowering required collateral from an unstated prior level to 200% (with 150% margin call threshold). The company projects annual interest savings exceeding $2 million based on current borrowings outstanding. No specific outstanding loan balance or total collateral amount is disclosed.

Z Squared Inc. closed acquisition of Paradox Data LLC on Sept 8, 2026, acquiring an energized 8,000 kVA (≈8.0 MW) campus in El Dorado, Arkansas with development target of 150+ MW. Transaction paid entirely in stock: issued 25,000 shares of Series A Convertible Preferred Stock ($1,000 stated value per share = $25M aggregate) at $7.45 conversion price, plus milestone payments in preferred stock tied to development milestones. No cash paid at closing, no debt incurred. Z Squared now owns 100% of Paradox Data LLC and related infrastructure assets.

On September 10, 2026, VisionWave Holdings received $5,000,000 from YA II PN, Ltd. (Yorkville Advisors) by issuing a convertible debenture (VWAV-5) with 5% interest, maturing July 20, 2027. The $5M was immediately applied to repay the February 2026 promissory note (reducing it from $7.47M to $2.47M). Concurrently, the exercise price of the existing February Warrant (VWAV-1) was reduced from $9.00/share to $1.50/share, subject to Nasdaq's 5635 cap on share issuance without shareholder approval.

Addus Healthcare, Inc. (buyer) is acquiring AccentCare's home health operations through an equity and asset purchase dated September 12, 2026. Base purchase price is $275M in cash, plus/minus working capital adjustments (capped at $10M each direction), plus assumption of specified liabilities. Closing targeted for February 1, 2027 or later, contingent on regulatory approvals including HSR and healthcare permits. California operations may close separately if approvals delayed.

Clean Energy Technologies issued a convertible promissory note to Walnut Capital LLC on September 8, 2026, with a principal amount of $166,500 (including $16,500 original issue discount) for a purchase price of $150,000. The note bears 12% annual interest, requires 10 monthly payments of $18,648 starting December 8, 2026, and converts to common stock at 85% of 10-day trailing market price. The note becomes immediately due at 150% of outstanding amount (or 200% if conversion is blocked) upon any of 13 specified events of default, including failure to maintain Nasdaq listing or SEC reporting compliance.

On June 30, 2026, House of Doge Inc. (Texas corp., accounting acquirer) merged with Brag House Holdings Inc. (legal acquirer, now renamed House of Doge Inc.), resulting in a public company. The combined entity began trading on Nasdaq under ticker HODO on July 1, 2026. Transaction accounted for as reverse recapitalization (not business combination, as Brag House lacked business operations). Pro forma combined company shows 75.9M shares outstanding, $53.2M net loss for FY2026, $2.8M cash at year-end March 31, 2026, and $7.3M working capital deficit. Company faces going-concern doubt.

Hyperliquid Strategies amended its ChEF Purchase Agreement with Chardan Capital Markets LLC (dated October 22, 2025) on September 14, 2026. The amendment permits Chardan to purchase up to 160 million shares of common stock at 98.5% of VWAP (volume-weighted average price) for standard purchases or 97% for off-hours purchases. After the first 160M shares are sold under this agreement, the discount structure takes effect. The company retains sole discretion over whether and when to issue shares to Chardan.