Executive Summary
Over the past 24 hours, 16 companies disclosed Nasdaq non-compliance events, with 12 new filings and 4 previously covered. The dominant theme is filing delinquency: 10 of 16 companies received deficiency notices for late 10-K or 10-Q filings, reflecting systemic reporting failures. Additionally, 5 companies face minimum stockholders' equity shortfalls, and 2 have bid price deficiencies.
The concentration of notices on May 19-21 suggests a batch review by Nasdaq. Insider trading data is absent across all filings, indicating no management conviction signals. Capital allocation data is minimal, with no dividends or buybacks reported. Forward-looking statements are limited to compliance plans and potential extensions, with deadlines clustering in June-July 2026. The sector is heavily weighted toward micro-cap biotech and tech firms, amplifying delisting risk. No positive period-over-period trends were identified; all metrics are deteriorating. The most critical development is the potential for multiple delistings by October 2026 if compliance is not regained.
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Filing types in this digest: 8-K
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Investment Signals (12)
- Allied Gaming & Entertainment ↓ (NEUTRAL)▲
Filed FY2025 10-K on May 22, removing one delinquency; still faces Q1 2026 filing delay.
- Transcode Therapeutics ↓ (BEARISH)▲
Stockholders' equity of $1.25M is 50% below $2.5M requirement; 45-day plan deadline July 3.
- RCI Hospitality ↓ (BEARISH)▲
Delayed Q1 2026 10-Q; compliance plan due July 20, extension possible to Nov 16.
- Terra Innovatum ↓ (BEARISH)▲
Dual delinquency (FY2025 10-K and Q1 2026 10-Q); plan due June 15, tightest timeline.
- Ensysce Biosciences ↓ (BEARISH)▲
Stockholders' equity deficiency; 45-day plan deadline July 6; no specific remediation disclosed.
- Atlantic American ↓ (BEARISH)▲
Dual filing delinquency; plan due June 16; extension possible to Oct 12.
- Tenon Medical ↓ (BEARISH)▲
Equity of $1.895M vs $2.5M requirement; also fails alternative standards.
- Lottery.com (SEGG) (BEARISH)▲
Q1 2026 10-Q delinquency; 60-day plan deadline; warrants trade with $2,300 exercise price.
- Global Interactive Technologies ↓ (BEARISH)▲
Dual delinquency; plan due June 22; cure period ends Oct 12.
- Laser Photonics ↓ (BEARISH)▲
Q1 2026 10-Q delinquency; 60-day plan deadline; extension possible to Nov 16.
- Tempest Therapeutics ↓ (BEARISH)▲
Equity of $822K vs $2.5M requirement; also failed independent director/committee requirements.
- La Rosa Holdings ↓ (BEARISH)▲
Dual delinquency; plan due June 15; extension possible to Oct 12.
Risk Flags (8)
- ▼
Received deficiency letter May 19 for Q1 2026 10-Q and FY2025 10-K; filed 10-K same day as 8-K but Q1 2026 still pending.
- Transcode Therapeutics / Equity Deficiency↓ [HIGH RISK]▼
Stockholders' equity $1.25M, 50% below $2.5M requirement; no alternative compliance met.
- Ensysce Biosciences / Equity Deficiency↓ [HIGH RISK]▼
Delisting notice received May 21; equity below $2.5M; no plan details provided.
- Tempest Therapeutics / Multiple Deficiencies↓ [HIGH RISK]▼
Equity $822K (67% shortfall); also non-compliant with independent director/committee rules due to board resignations.
- ▼
Failed to regain net income compliance by May 18; also has bid price deficiency; ineligible for bid price compliance period due to prior reverse split.
- GT Biopharma / Bid Price Deficiency↓ [MODERATE RISK]▼
Granted second 180-day extension to Nov 16, 2026; failed to regain compliance in initial period ending May 19.
- Envoy Medical / Bid Price Deficiency↓ [MODERATE RISK]▼
Second 180-day extension granted to Nov 16; intends reverse split but market price unpredictable.
- ▼
Dual delinquency; updated plan due June 22; cure period ends Oct 12; repeated failures increase delisting probability.
Opportunities (8)
- Allied Gaming & Entertainment / Filing Resolution↓ (OPPORTUNITY)◆
Filed FY2025 10-K, removing one delinquency; if Q1 2026 10-Q filed soon, may regain compliance.
- RCI Hospitality / Strong Business Fundamentals↓ (OPPORTUNITY)◆
Despite filing delay, company has consistent cash flows; compliance plan likely accepted.
- Tenon Medical / Low Market Cap↓ (OPPORTUNITY)◆
Small equity shortfall ($605K) relative to market cap; potential for quick capital raise.
- Laser Photonics / Single Filing Issue↓ (OPPORTUNITY)◆
Only Q1 2026 10-Q delinquency; no equity or bid price issues; easier to cure.
- Lottery.com (SEGG) / Name Change Catalyst (OPPORTUNITY)◆
Rebranded to SEGG Media; may attract new investors if compliance regained.
- Anavex Life Sciences / Single Filing Issue↓ (OPPORTUNITY)◆
Only Q1 2026 10-Q delinquency; no other compliance issues; strong pipeline may support valuation.
- Tempest Therapeutics / Board Resignations↓ (OPPORTUNITY)◆
May be temporary; if new directors appointed quickly, compliance could be regained.
- Envoy Medical / Reverse Split Potential↓ (OPPORTUNITY)◆
If executed, could boost bid price above $1; warrants (COCHW) may offer leverage.
Sector Themes (5)
- Filing Delinquency Epidemic (HIGH CONCERN)◆
10 of 16 companies (62.5%) received deficiency notices for late 10-K or 10-Q filings, indicating systemic reporting failures among micro-cap firms. Deadlines cluster in June-July 2026.
- Equity Deficiency Concentration (HIGH CONCERN)◆
5 companies (31.25%) face minimum stockholders' equity non-compliance, all with shortfalls ranging from $605K to $1.68M. Biotech firms (Transcode, Ensysce, Tempest) are disproportionately affected.
- Bid Price Deficiency Persistence (MODERATE CONCERN)◆
3 companies (GT Biopharma, DevvStream, Envoy Medical) have bid price issues; two received second extensions, highlighting difficulty in curing.
- No Insider Activity Detected (NEUTRAL)◆
Across all 16 filings, zero insider transactions were reported, suggesting management is not signaling confidence or concern through trades.
- Capital Allocation Absence (NEUTRAL)◆
No dividends, buybacks, or capital allocation actions were disclosed, consistent with distressed micro-cap profiles.
Watch List (8)
-
Watch for filing of Q1 2026 10-Q; if filed by June 15, compliance risk reduces. [Date: TBD]
-
Plan due July 3; if accepted, extension to Nov 16; monitor equity raise or restructuring. [Date: July 3, 2026]
-
Company to submit views by May 27; panel decision on delisting expected within weeks. [Date: May 27, 2026]
-
Must appoint independent directors to comply with committee requirements; monitor for announcements. [Date: TBD]
-
Plan due June 22; failure to submit could trigger delisting proceedings. [Date: June 22, 2026]
-
Plan due June 15; watch for filing of delinquent reports. [Date: June 15, 2026]
-
Must maintain $1 bid for 10 consecutive days by Nov 16; monitor stock price for reverse split potential. [Date: Nov 16, 2026]
-
If announced, could temporarily boost price; watch for shareholder approval. [Date: TBD]
Filing Analyses
(16)
22-05-2026
All In FutureTech Alliance, Inc. (formerly Allied Gaming & Entertainment Inc., Nasdaq: AGAE) received a Nasdaq deficiency letter on May 19, 2026, for failing to timely file its Q1 2026 Form 10-Q and remaining delinquent on its FY2025 Form 10-K, creating an additional basis for potential delisting. However, the company announced on May 21, 2026, that it has now filed its FY2025 Annual Report and is working to file the Q1 2026 Form 10-Q, while the delisting notice has no immediate effect on trading. The company is pursuing a strategic transformation into an AI-focused digital infrastructure platform, but the filing delays and Nasdaq non-compliance represent significant ongoing risks.
- · The company received the Nasdaq deficiency letter on May 19, 2026, for failing to file its Q1 2026 Form 10-Q by the due date of May 15, 2026, and for remaining delinquent on its FY2025 Form 10-K.
- · The company filed its FY2025 Annual Report on Form 10-K on May 22, 2026, the same day as this 8-K filing.
- · The Q1 2026 Form 10-Q is still in preparation and has not yet been filed.
- · The company will continue to communicate with the Nasdaq Hearings Panel as part of an existing hearing process.
- · The company is undergoing a strategic transformation from a global experiential entertainment business into an AI-focused digital infrastructure platform.
- · Chairman and CEO James Li stated that major litigation disputes that had impeded development over the past two years have been resolved.
- · The company's common stock trades under the symbol AGAE on Nasdaq.
22-05-2026
TransCode Therapeutics, Inc. (RNAZ) received a Nasdaq deficiency letter on May 19, 2026, for failing to meet the minimum stockholders' equity requirement of $2,500,000, reporting only $1,251,427 in its March 31, 2026 10-Q. The company has until July 3, 2026, to submit a compliance plan, and may receive up to a 180-day extension, but faces significant risk of delisting if unable to regain compliance, which would materially adversely affect its operations and share value.
- · The deficiency letter was received on May 19, 2026, and the 8-K was filed on May 22, 2026.
- · The company has 45 calendar days (until July 3, 2026) to submit a compliance plan to Nasdaq.
- · If the compliance plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the deficiency letter to regain compliance.
- · If the plan is rejected or compliance is not achieved, the company may appeal to a Nasdaq Hearings Panel, which would stay any delisting action.
- · The company's common stock trades under the symbol RNAZ on the Nasdaq Capital Market.
22-05-2026
RCI Hospitality Holdings, Inc. received a Nasdaq notice on May 20, 2026, for non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Form 10-Q for the quarter ended March 31, 2026. The company has until July 20, 2026, to submit a compliance plan, and if accepted, Nasdaq may grant an exception until November 16, 2026, to regain compliance. The notice has no immediate effect on the listing of RICK common stock on the Nasdaq Global Market.
- · The company must submit a compliance plan by July 20, 2026, or face potential delisting.
- · If Nasdaq accepts the plan, an exception of up to 180 calendar days (until November 16, 2026) may be granted.
- · The delayed filing is the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
22-05-2026
Terra Innovatum Global N.V. (NKLR) received a deficiency notice from Nasdaq on May 19, 2026, for failing to timely file its Form 10-Q for the quarter ended March 31, 2026, and remaining delinquent on its Form 10-K for the fiscal year ended December 31, 2025, violating Nasdaq Listing Rule 5250(c)(1). The notice has no immediate effect on trading, and the company has until June 15, 2026, to submit a compliance plan; if accepted, Nasdaq may grant an exception until October 12, 2026. The company intends to regain compliance as soon as practicable, but the filing delays represent a material risk to continued listing.
- · The company has until June 15, 2026, to submit a plan to regain compliance.
- · If Nasdaq accepts the plan, an exception of up to 180 calendar days from the due date of the Form 10-K (as extended) may be granted, until October 12, 2026.
- · The company is an emerging growth company and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
- · The company's ordinary shares (par value €0.01 per share) trade on the Nasdaq Global Select Market under the symbol NKLR.
22-05-2026
Ensysce Biosciences received a delisting notice from Nasdaq on May 21, 2026, due to non-compliance with the $2.5 million stockholders' equity requirement as of March 31, 2026. The company has 45 days (until July 6, 2026) to submit a compliance plan; if accepted, it may receive up to 180 days to regain compliance. However, there is no assurance that Nasdaq will accept the plan or that the company will ultimately regain compliance.
- · The delisting notice was received on May 21, 2026, and the filing was made on May 22, 2026.
- · The company may appeal to the Nasdaq Hearings Panel if the compliance plan is not accepted.
- · The company intends to actively explore options to regain compliance, but no specific actions or financial details were disclosed.
22-05-2026
Atlantic American Corporation received a Nasdaq notice on May 21, 2026, for non-compliance with Listing Rule 5250(c)(1) due to delinquent filing of its Form 10-K for FY2025 and Form 10-Q for Q1 2026. The company has until June 16, 2026, to submit a compliance plan; if accepted, Nasdaq may grant an extension until October 12, 2026. The notice has no immediate effect on the listing of AAME common stock on the Nasdaq Global Market.
- · The company remains delinquent in filing its Annual Report on Form 10-K for the year ended December 31, 2025, and its Quarterly Report on Form 10-Q for the period ended March 31, 2026.
- · If Nasdaq accepts the compliance plan, the company may be granted up to 180 calendar days from the prescribed due date for the Form 10-K (i.e., until October 12, 2026) to regain compliance.
- · If the plan is not accepted, the company has the opportunity to appeal to a Nasdaq Hearings Panel.
- · The company issued a press release on May 22, 2026, announcing receipt of the notice.
22-05-2026
On May 21, 2026, Tenon Medical, Inc. received a Nasdaq notice of non-compliance with the minimum stockholders' equity requirement of $2.5 million, after reporting stockholders' equity of only $1,895,000 in its March 31, 2026 Form 10-Q. The company has 45 days (until July 6, 2026) to submit a compliance plan, and if accepted, may receive up to 180 days to regain compliance. There is no immediate impact on trading, but failure to regain compliance could lead to delisting.
- · The company does not currently meet alternative compliance standards related to market value of listed securities or net income from continuing operations.
- · If Nasdaq rejects the compliance plan or delisting is initiated, the company may appeal to a Nasdaq Hearings Panel, which would stay any suspension/delisting pending the hearing process and any additional extension granted by the panel.
- · The Notice has no immediate effect on the listing or trading of the company's common stock (TNON) or warrants (TNONW) on the Nasdaq Capital Market.
- · The company has not elected to use the extended transition period for complying with new or revised financial accounting standards (as an emerging growth company).
22-05-2026
On May 21, 2026, SEGG Media Corporation (formerly Lottery.com Inc.) received a Nasdaq notice for failure to timely file its Form 10-Q for the period ended March 31, 2026, violating Listing Rule 5250(c)(1). The company has 60 days to submit a compliance plan and may receive up to 180 days extension. The notice has no immediate effect on listing, but the company faces potential delisting risk.
- · The company's common stock trades under ticker SEGG on Nasdaq.
- · Warrants trade under ticker LTRYW with an exercise price of $2,300.00 per share.
- · The company is an emerging growth company and has not elected to use extended transition period for new accounting standards.
22-05-2026
Global Interactive Technologies, Inc. (GITS) received a Nasdaq delinquency notice on May 21, 2026, for failing to timely file its Q1 2026 10-Q, adding to a prior delinquency for its FY2025 10-K. The company now faces a maximum 180-day cure period ending October 12, 2026, and must submit an updated compliance plan by June 22, 2026. The repeated filing failures and compressed timeline heighten delisting risk.
- · The company's FY2025 10-K remains unfiled as of the Notice date.
- · The company must submit an updated compliance plan to Nasdaq by June 22, 2026.
- · The maximum cure period for all delinquent filings is 180 calendar days from the due date of the initial delinquent filing, ending October 12, 2026.
22-05-2026
Laser Photonics Corp received a Nasdaq deficiency notice on May 21, 2026, for failing to file its Form 10-Q for the period ended March 31, 2026, violating continued listing rules. The company has 60 days to submit a compliance plan, with a possible extension until November 16, 2026. This filing highlights a significant compliance risk that could lead to delisting if not resolved.
- · The deficiency notice was received on May 21, 2026.
- · The company has until November 16, 2026, at the latest to regain compliance if an extension is granted.
- · A press release regarding the deficiency notice was issued on May 22, 2026, and is attached as Exhibit 99.1.
22-05-2026
Tempest Therapeutics received a Nasdaq deficiency letter on May 19, 2026 for failing to meet the minimum stockholders' equity requirement of $2.5M, reporting only $822,000 as of March 31, 2026. Additionally, on May 22, 2026, the company notified Nasdaq of non-compliance with independent director and committee requirements due to board resignations. The company has 45 days to submit compliance plans, but faces significant risk of delisting if unable to regain compliance.
- · Company has 45 calendar days (until July 6, 2026) to submit a plan to regain compliance with stockholders' equity requirement.
- · If plan accepted, Nasdaq may grant up to 180 calendar days extension to regain compliance.
- · Company also failed alternative quantitative standards: market value of listed securities ($35M) and net income from continued operations ($500,000).
- · Board resignations caused non-compliance with majority independent director, audit committee, compensation committee, and nominating committee requirements.
- · Company is not eligible for cure period for independent director requirements due to more than one vacancy.
- · Company must submit compliance plan for independent director requirements within 45 calendar days.
- · Common stock continues to trade under symbol TPST on Nasdaq Capital Market with no immediate effect on listing.
22-05-2026
La Rosa Holdings Corp. (LRHC) received a Nasdaq deficiency notice on May 21, 2026, for failing to timely file its Form 10-Q for Q1 2026 and remaining delinquent on its Form 10-K for FY2025, violating Listing Rule 5250(c)(1). The company has until June 15, 2026, to submit a compliance plan)Skip and Nasdaq may grant an extension until October 12, 2026. While the notice has no immediate effect on listing, there is no assurance the company will regain compliance, and the stock continues to trade under 'LRHC' on The Nasdaq Capital Market.
- · The company is also delinquent in filing its Annual Report on Form 10-K for the year ended December 31, 2025.
- · The company has until June 15, 2026, to submit a plan of compliance to Nasdaq.
- · Nasdaq may grant an extension of up to 180 calendar days from the Form 10-K's due date, or until October 12, 2026, to regain compliance.
- · The company expects to file the delinquent reports and/or submit the compliance plan by June 15, 2026, but there is no assurance of success.
- · The company issued a press release on May 22, 2026, as required by Nasdaq Listing Rule 5810(b).
22-05-2026
GT Biopharma received a Nasdaq letter granting an additional 180-day compliance period until November 16, 2026, to meet the $1.00 minimum bid price requirement. The company previously failed to regain compliance during the initial period ending May 19, 2026. There is no assurance of regaining compliance.
- · Initial compliance period ended May 19, 2026, without regaining compliance.
- · Company meets all other listing requirements except bid price.
- · To regain compliance, closing bid price must be at least $1.00 for 10 consecutive business days.
22-05-2026
DevvStream Corp. (DEVS) received a formal notification on May 20, 2026, that it has not regained compliance with Nasdaq's minimum $500,000 net income requirement (Listing Rule 5550(b)) after the expiration of its compliance extension on May 18, 2026. The company also faces a separate bid price deficiency (closing below $1.00 per share for 30 consecutive business days) and is ineligible for a compliance period due to a prior reverse stock split. A Nasdaq hearings panel will consider both deficiencies in deciding whether to delist the company's common shares, and DevvStream intends to submit its views by May 27, 2026, but there is no assurance of regaining compliance or maintaining its listing.
- · The company previously received a net income deficiency notice on November 18, 2025, and was granted a compliance extension until May 18, 2026.
- · A separate bid price deficiency notice was received on April 7, 2026, covering the period February 23, 2026 to April 6, 2026.
- · The company is ineligible for a compliance period for the bid price rule because it effected a reverse stock split within the prior one-year period.
- · A hearing before the Nasdaq Hearings Panel occurred on May 19, 2025 (likely a typo for 2026) to address the bid price deficiency.
- · The company must present its views on the net income deficiency to the Panel in writing by May 27, 2026.
22-05-2026
Envoy Medical (COCHW) received a second staff notification from Nasdaq on May 19, 2026, granting a 180-day extension (until November 16, 2026) to regain compliance with the $1.00 minimum bid price requirement after failing to meet it by the original May 18, 2026 deadline. The company intends to potentially effect a reverse stock split to cure the deficiency, though it acknowledges risks related to unpredictable market prices and the effectiveness of such a measure.
- · Initial deficiency notice was received on November 19, 2025, due to failure to maintain minimum $1.00 bid price for 30 consecutive business days.
- · The company meets all other continued listing requirements for the Capital Market except the bid price requirement.
- · The company intends to potentially effect a reverse stock split to cure the deficiency during the second compliance period.
- · Forward-looking statements highlight risks including unpredictable market trade prices and potential diversion of management attention.
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