Pennyguin

Penny stocks & OTC due diligence. Tracking news, SEC filings, catalysts and dilution risk with data from And Sec Edgar, Not financial advice.

[Pennyguin @Pennyguin1]

$CUPR: The raise prices as low as $1.00 a share, which is Nasdaq's minimum bid, three months after the company got that compliance back.

Today's F-1/A finalizes terms from a preliminary F-1 filed July 7, 2026: up to 4,322,489 Class A shares at $1.00 to $1.50 each, and up to 4,970,862 with the over-allotment. Against the $3.16 close on September 4, the top of the range is about half.

Net proceeds are roughly $3.74 million, or $4.33 million with the over-allotment. The allocation: 39% to new business collaborations, 8.7% to R&D, 7.2% to new market expansion, 7.2% to brand awareness, 4.6% to equipment, the rest to working capital.

The sequence reads in order. A 1-for-8 reverse split on May 27, 2026, compliance regained June 12, 2026, then a raise priced at the bottom of the bid rule. The underwriter also takes warrants for 4.0% of the shares sold, exercisable at 110% of the offering price.

Watch where the deal finally prices against that $1.00 line, and what the share count looks like once it closes.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$LAES: H1 2026: revenue of $11.2 million, net loss of $27.8 million. The loss is about 2.5 times the sales, and $486.1 million in cash means it does not have to be fixed this year.

SEALSQ filed the complete H1 2026 statements today. Revenue rose 131% from $4.8 million a year earlier, with $5.4 million in gross profit at a 48% margin. The operating loss was $32.2 million, with R&D up 85% to $8.7 million and G&A up 68% to $23.1 million from acquisition integration and certification.

Cash and restricted cash were $486.1 million at June 30, after the $125 million registered direct offering in March. Management's going concern assessment puts runway through at least September 2027.

The active business pipeline exceeds $225 million through 2029, over $100 million of it tied to QS7001 and QVault TPM products. FY2026 guidance was reaffirmed at $27-36 million, which needs roughly $15.8-24.8 million in H2. The next checkpoint is the September 15 call.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$REVVF: A US$10.48 million wind farm acquisition is being funded by a company with a market cap of about $10.3 million.

The 9.6 MW Horseshoe Bend project in Montana would be Revolve's first operating asset in the United States. It joins an existing 27 MW fleet in Canada and Mexico.

The project carries a long-term PPA and an operating history, so revenue starts at closing rather than after construction. US$7.25 million of the price is project-level debt from EDC and Vancity at roughly 10% interest. The remainder comes from cash and a bridge facility.

This announcement does not spell out the bridge facility's terms, and it gives no closing date. Closing is tied to financing conditions being met, which leaves the contracted cash flow prospective for now.

No equity issuance is disclosed in this announcement. The funding stack is debt, cash and a bridge facility. That is the part of the deal to check again when the closing documents land.

The quote was $0.3687 at the time of the alert, a snapshot rather than a close. Watch for confirmation of closing and the bridge terms.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$NFE: Existing shareholders came out of the restructuring with 35% of CoreCo. The 1-for-50 reverse split is already effective.

The deal terminated about $1.1 billion of existing funded debt. The term loans replacing it total roughly $1.11 billion: $571.3 million of take-back term loans, $136.5 million of new capital raise loans including $100 million of junior loans, and $400 million of FLNG 2 term loans. A separate $200 million of FLNG 2 preferred equity sits on top of that.

Plan Creditors received 10,608,922 CoreCo common shares, or 65% of its common stock. Existing holders' 35% works out to about 5.7 million shares, before the 2,454,936 mandatorily convertible preferred shares issued to the same creditors.

Six directors resigned and five were appointed, with William P. Wall as Non-Executive Chair. CEO Wesley Edens bought 28,313 common and 6,671 preferred shares for $1,667,985.02. The seller was Plan Creditors, so that money went to them, not to New Fortress.

The last 10-Q, filed May 14, carried negative equity and substantial doubt about continuing as a going concern. BrazilCo now holds the Brazilian operations and CoreCo keeps the rest. The restructuring was announced in June; this is the close.

What none of it settles is the mandatorily convertible preferred. Its conversion terms are not in what we were shown.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$TWG: The $200 million shelf is no longer just registered capacity. On September 8 the company signed an at-the-market sales agreement with Chaince Securities, which turns it into shares that can actually be sold.

At the $0.5213 assumed offering price, the full $200 million works out to 383,656,244 Class A shares. The prospectus lists 59,579,883 Class A shares outstanding. Both figures sit in the same document.

The limit that held this back is gone. Public float of $138,648,822 as of September 10 clears the $75 million threshold, which lifts the one-third of market value restriction under Form F-3. The remaining ceiling is the $200 million itself.

Chaince takes a 3.0% cash fee plus a 1.0% non-accountable expense allowance on gross proceeds, with legal reimbursements capped at $50,000. That comes off the top of every sale.

None of this is new shelf paper. It was registered February 6 and updated June 24, and it follows an $80 million PIPE that closed July 22 at $2.00 per share and a 25x authorized share increase approved August 7. Watch the outstanding share count in the next 6-K, not the announcement.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$RENT: Record revenue, and a Q3 guide for negative adjusted EBITDA margin.

Q2 revenue was $97.7M, up 21% year over year. Adjusted EBITDA margin was 12.9%, against 4.4% a year earlier. Q3 guidance is $87M to $90M at -3% to -6% adjusted EBITDA margin. All of it from the same release.

No analysts down here. Just us.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$KPTI: Missing a $15.8 million payment bought five weeks of forbearance.

The forbearance agreement runs until October 15, 2026. It covers all lenders, noteholders, and royalty investors. The company states it will be unable to continue as a going concern absent additional funding or a strategic transaction beyond that date.

The fee for those five weeks is $20 million in preferred stock: 20,000 shares of 0% convertible perpetual preferred at $1,000 per share. The preferred converts at $1.62 per share. The stock was quoted at $1.64.

The conversion is capped at 19.99% of Nasdaq ownership until a shareholder vote, which must happen by March 15, 2027. So the company paid a fee in a currency it cannot fully spend for six months. The fee is roughly half the market cap of about $36.7 million.

The missed payment triggered cross-defaults under the Credit Agreement, the Indentures, and the Royalty Agreement. Cash interest on the Notes was not paid on June 30, 2026. A $25 million minimum liquidity covenant may not be satisfied after October 10, 2026.

The October 15 forbearance end is the same date the company expects its liquidity to run out. Existing shelf capacity is up to $400 million mixed, including a $100 million ATM, but that was filed in May and is a ceiling, not cash. The arithmetic: a $20 million fee against a market cap of about $36.7 million.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$CRGO:

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$EVGN: The incumbent board won the September 4 vote. Four days later the activists came for the shares.

L.I.A. Pure Capital and Invest Pro Shukai Hon Ltd. notified Evogene on September 8 of a special tender offer under Israeli law: at least 25% of outstanding voting rights, at not less than $0.55 a share. The same letter reserves the right to challenge the validity of that board election.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$GPOX: The last 10-K, filed August 11, showed $7,506 in cash. On September 10 the company closed a $27.5 million acquisition.

None of it was paid in cash. The price was 25,000,000 Series D Preferred shares, convertible 1:1 into common stock. Against 117.7 million shares outstanding, that is roughly 21% more shares.

SurgePays holds a put option to sell those shares to Emerald Shoals for $27.5 million cash, over three years plus 90 days. Emerald Shoals is the sole obligor. It also holds a five-year warrant for 15,000,000 shares at $0.05, $0.15 and $0.25.

What the company received is described as about $50,000 a month in commercial activity. That is gross transaction volume through the platform, not money the company keeps.

The August 11 10-K carried a going concern warning and a $6.6 million working capital deficit. The buyer's market value is about $1.7 million. The price tag is roughly 16 times that.

We crack shells to see what's inside.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$SURG: The delisting risk flagged in the August 10-Q now has an answer. It arrived as $27.5 million of someone else's preferred stock.

SurgePays sold ClearLine and GPOX Wireless to GPO Plus for 25 million shares of Series D Preferred valued at $27.5 million. The deal closed September 7. The 8-K disclosing it hit Thursday.

The Nasdaq problem is addressed. The transaction lifts stockholders' equity above both the $2.5 million continued listing threshold and the $5 million initial listing threshold. Market cap is roughly $8.7 million.

Until sold, that $27.5 million is GPO Plus paper. Emerald Shoals granted a 3-year put letting SurgePays sell the shares for $27.5 million cash. GPO Plus issued Emerald Shoals a 5-year warrant on 15 million shares across 3 tranches at $0.05, $0.15 and $0.25.

Watch the put. A 3-year right to $27.5 million is not $27.5 million in hand.

No analysts down here. Just us.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$FUFU: BitFuFu's first half ends with a $55.5M net loss sitting next to $22.2M of cash.

The 6-K filed today covers the six months to June 30. Total commercial activity fell about 40% to $115.4M from $193.4M a year earlier. Mining equipment sales went from $11.3M to $5K.

Cloud mining, the larger line, dropped about 44% to $82.4M.

The swing is from a $30.3M profit to a $55.5M net loss. Roughly $49.5M of it is a non-cash fair value loss on digital assets, which fell to $97.3M from $149.3M. About $97.3M of digital assets still sit on the balance sheet, so the next mark moves equity again.

Shareholders' equity dropped about 37% to $94.4M. Cash is down to $22.2M from $27.8M at year-end.

Customer concentration worsened. The top customer is now 45% of the total, up from 31%. The top three are 72%, up from 58%.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$BHR: The proxy fight over Braemar's board now has a date. A $480 million termination fee sits in the middle of it.

Al Shams Investments, the largest outside shareholder, will nominate five independent directors at the Nov. 13 annual meeting. That is a full slate, enough to take control. Nominations are due Sept. 14, four days from now.

The campaign targets chairman Monty Bennett and the $480 million termination payout. Braemar's Q2 2026 10-Q already shows that advisory termination fee triggered, in a quarter when the company closed $437.5 million of hotel sales. The fee is larger than the proceeds.

The entire market value of the company is about $127 million. The payment in dispute is roughly 3.8 times that.

The stock changed hands at $1.855 when this published, down 30% since the June announcement of the management deal termination and near its 52-week low. Shareholders have watched the fee get triggered and the price fall while both sides litigate.

It has not stayed in the boardroom. Braemar's filings have gone after activist Wafic Saïd, and Ghassemieh has filed racketeering counterclaims. A Sept. 30 record date decides who can vote on Nov. 13.

Watch the Sept. 14 nomination deadline first. Whoever holds this stock then, and on Sept. 30, owns the vote.

No analysts down here. Just us.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$CMRC: The savings land in 2027. The bill lands in Q3 and Q4.

Commerce detailed a plan to cut $60M-$80M in annualized costs, built on staffing reductions. Only $3M of that is expected this year, with the full benefit guided for 2027.

The charges arrive first. Restructuring expenses are guided at $4.2M-$8.8M in Q3 and $4.3M-$17.5M in Q4. Cash out before most of the cash in.

Full-year adjusted operating income guidance was raised to $31M-$37M from $28M-$34M. Revenue guidance was left alone at $336.5M-$344.5M. The increase sits on the cost line, not the demand line.

Q2 2026 swung to a $1.1M profit from an $8.4M loss a year earlier, on cost cuts. This plan is more cost cuts.

The board also authorized a $50M buyback over two years. Against a market cap of about $258M and a $3.13 price after a 21% move on Sept 10, the buyback is the only piece here that touches the share base, and the release offers no share count to size it against.

Pale Fire Capital disclosed a 6.5% stake on Aug 27 and raised it to 8.7% on Sept 9. The 8-K carrying the operating plan followed on Sept 10.

Watch the Q3 report for whether the $3M shows up and what the restructuring line actually costs in cash.

Cold water, hot movers.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$ALP: The cash needed to close the Pennsylvania campus just fell from $55 million to $8 million.

Alpha Compute amended its August 11 term sheet for the Pennsylvania data center site. The seller now finances $47 million of the purchase at 6% interest.

The note is interest-only for five years with a balloon payment, prepayable without penalty. Collateral is the acquired property and mineral interests only. No lien on the data center, power or compute assets, and no personal recourse. Once gas production starts, 50% of those proceeds go to principal.

Still greenfield. No operating capacity. Closing needs due diligence, definitive agreements and regulatory approvals. A term sheet amendment is not a closing.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$ICCM: The approval is real. The money to use it is not.

IceCure's ProSense cryoablation system received NMPA Class III clearance in China, disclosed in a 6-K filed Sept 10 and reported minutes later. Revenue rose 45% in H1 2026. The same company says $12 million of cash is not enough to fund operations.

Here is what is already on file to raise money: a $100M shelf registered in March alongside the going concern warning, a $13.96M ATM program extended in January, a new $4.34M ATM in May, and up to 5,500,000 shares registered for resale by Armistice Capital that pay the company nothing. That is the ice under the approval.

A 1-for-30 reverse split took effect June 4. Watch commercialization plans, first China sales, and the share count behind both.

No analysts down here. Just us.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$SKYX: is paying for Deako with shares it then has to sell, and the proceeds from those sales go to Deako's lenders. The deal brings no cash in the door.

The 8-K filed September 10 covers a merger signed September 9. Consideration is 25,000,000 shares, 18.46% of outstanding, plus $4 million cash and an $8.5 million senior secured note at 12%.

The note is staged: $2.25 million due 120 days after closing, $6.25 million at 12 months, both at 12%.

The shares sit in escrow for 12 months, then release in 25% tranches at 12, 15, 18 and 21 months. Deako's senior lenders, MassMutual entities, receive a priority payment of $18,050,000 plus 12% simple interest, funded by selling those escrowed shares under a Rule 10b5-1 plan.

Those sales carry a $4.00 floor. Early release comes only if SKYX closes at or above $5.00. The quoted price when this was filed was $1.37.

What SKYX gets: Deako's 50-plus builder relationships, including D.R. Horton and Toll Brothers, and 32 million units shipped over five years. Deako's 2025 commercial activity was $26 million, which is gross transaction volume, not cash SKYX collects.

Two smaller line items: 250,000 shares to a Deako broker, and an employment agreement with Deako CEO Derek Richardson. Closing needs Deako stockholder approval, with an outside date of October 31, 2026. The $200 million universal shelf filed in March is still sitting there.

Watch the escrow releases at months 12, 15, 18 and 21, and whether the $4.00 floor holds. No analysts down here. Just us.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$CNSY: The financing that extends Cerenome's runway can convert into five times the shares it has outstanding today.

The 8-K filed September 10 covers a securities purchase agreement with 3i, LP for up to $21,276,596 in senior secured convertible notes, dated September 4. Only $3.0 million of that arrives at closing. The rest is tranched: $3,191,489 initial, $2,127,660 second, and $15,957,447 in Additional Notes behind milestones.

Conversion starts at $2.74 per share. The floor is $0.50, against a $2.61 quote at the time of the filing. At that floor the full principal converts into more than 42 million shares, versus 7.59 million outstanding. Immediate conversion is capped at 19.99% of outstanding shares without a stockholder vote. Anything past that needs the vote.

It is not only interest. 6% original issue discount, 8% annual interest, and a 2.5% quarterly royalty on CNSide gross revenues, running until the notes are repaid or cancelled.

The notes carry a first-priority lien on substantially all present and future assets of Cerenome and CNSide Diagnostics, including intellectual property and equity interests. Nothing ranks ahead of them.

The backdrop is $8.6 million of cash, a $9.0 million Q2 net loss, and going concern doubt already disclosed. Management projects runway into 2028 if the later tranches fund and CNSide sales land. The press release that day said up to $20 million. The agreement totals $21,276,596.

Watch the milestones for tranches two and three, and whether the conversion cap gets lifted.

Diving where Wall Street won't.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$GRCE: The CEO is paying more for shares than the company's own placement buyers did.

Prashant Kohli bought 100,000 shares at $2.14 on September 9, $214,000 of his own cash on the open market, not an option exercise. His direct stake is now 121,357 shares. The company placed $10 million at $2.10 in August.

Source & full breakdown: Wiseek (link in bio)

[Pennyguin @Pennyguin1]

$FLWS: The company lost $134.8 million in fiscal 2026 and, in the same disclosure, said it is evaluating debt or equity financings. Equity is one of the options on the table.

Adjusted EBITDA for the year was $2.9 million, against $29.2 million the year before. Net revenues declined 10.8%. The $134.8 million loss includes a $45.2 million non-cash goodwill and intangible impairment charge.

The Third Amendment to the credit agreement, dated September 9, replaces the financial covenants with a minimum liquidity test through the quarter ending September 26, 2027, then a minimum consolidated EBITDA covenant of $20 million from the quarter ending December 26, 2027 through the Affected Period ending no later than June 2028.

Fiscal 2027 guidance is $10 million to $15 million of adjusted EBITDA. That range includes roughly $12 million of additional compensation expense. The EBITDA covenant is set at $20 million.

Cash fell to about $11.4 million at June 28, 2026 from about $46.5 million a year earlier. Long-term debt net of current maturities was about $112.2 million. Guggenheim Securities is advising on the capital raise review, which lists divestitures of non-strategic assets alongside the financings.

Nothing here says a raise is priced, sized or done. It says an advisor has been retained and options are being reviewed. Watch the share count, not the headline.

Source & full breakdown: Wiseek (link in bio)