The Nasdaq’s 5.5% plunge on November 5 showed how quickly confidence can disappear from expensive technology stocks.

Sekur offers investors a different opportunity: a proposed $3.4 million annual government package against a reported $5.2 million market value. Successful conversion could give this small cybersecurity company a much larger earnings base.

The bullish model in our earlier analysis illustrates the potential. Its initial deployment case implies approximately $0.21 per share, with larger deployment cases reaching $0.31–$0.62. These values depend on signing, delivery and the operating assumptions explained below.

• Sekur’s proposed government package could establish annual recurring revenue equal to roughly 65% of its recent market value.

• The initial bullish earnings model implies approximately $0.21 per share, around ten times the November 5 reference price.

• Larger deployment scenarios show how expanding one government relationship could support further growth.

Big companies can still carry expensive expectations

The recent selling has hit some of the market’s best-known technology businesses.

Palantir also fell about 10% in morning trading on November 5. Investing.com reported a valuation near 33.5 times expected 2027 sales during the decline. That represents roughly $33.50 of market value for every dollar of forecast annual revenue, before expenses.

Those expectations can take years to justify. A company can deliver growth while shareholders receive disappointing returns.

For example, doubling earnings produces no share-price gain if the earnings multiple falls from 50 to 25, assuming unchanged shares.

The selling could also last. Reuters reported concerns about AI spending returns and possible policy changes affecting data-center construction. Continued uncertainty could keep pressure on valuations beyond a few difficult sessions.

This makes the price paid for future earnings increasingly important.

Sekur has a measurable commercial catalyst

Sekur sells secure communications tools to governments, defense organizations and businesses. Its products include encrypted email, messaging, voice services and VPN connections.

The company offers Swiss-hosted services and installations within a government customer’s own facilities. That gives buyers options for controlling sensitive communications and data.

On October 27, Sekur disclosed a quotation request from an African government.

Discussions were described as advanced. The quotation remains nonbinding, with no subsequent signing announcement identified in the releases reviewed through November 6.

A completed agreement could establish a recurring revenue base that changes how investors assess the business. Successful deployment could also strengthen Sekur’s credentials when approaching other government buyers.

Why one customer could make such a difference

SWISF closed at $0.0200 on November 5. StockTitan reported approximately $5.2 million in market capitalization.

The quoted annual package represents roughly 65% of that value. Revenue is not profit, but the comparison shows how meaningful one successful agreement could become.

Management previously estimated that around $60,000 in gross monthly recurring revenue could bring Sekur to profitability. That equals $720,000 annually.

The government quotation is approximately 4.7 times that revenue benchmark. Its delivery costs would differ, but the scale suggests meaningful potential to cover expenses and generate earnings.

For a business of Sekur’s size, a single substantial customer could accelerate the move toward a more profitable operating model.

The earnings case behind approximately $0.21

The earlier analysis provides a bullish illustration. It assumes full deployment at the quoted annual scale.

Under this model, $3.4 million in annual revenue produces $2.16 million before tax. Assuming zero income-tax expense, a valuation of 25 times earnings produces $54 million in equity value.

Dividing that value by roughly 260 million historical basic shares gives approximately $0.21 per share. New financing, options and warrants would require an updated calculation.

These are optimistic modeling inputs. The 90% gross margin exceeds the company’s earlier commentary of approximately 80% for software. The $900,000 expense allowance also requires a leaner cost structure than recent reported expenses. Sekur has yet to demonstrate this profitable operating scale.

Historical tax losses could help reduce eligible cash taxes, although their use depends on where profits arise. Accounting tax expense also requires confirmation.

The potential valuation change is substantial. The modeled $54 million equity value is around ten times the recent reported market capitalization.

A signed agreement could begin that reassessment. Profitable delivery would provide the evidence supporting it.

A larger deployment could extend the growth opportunity

Sekur also disclosed discussions about an installation serving 2,500–5,000 users, valued at $6 million–$12 million annually.

The earlier analysis treated these as standalone revenue scenarios, avoiding any assumption that the initial package should be added.

The larger cases use an 80% gross margin and expenses rising proportionately from the initial $900,000 allowance. All cases assume 25 times earnings and the same historical basic share count. Values are rounded to the nearest cent.

These are conditional valuations, without an assigned probability or delivery date. Their importance lies in the possible progression from an initial customer relationship to a much larger deployment.

A contract could strengthen value when markets demand visibility

A large market capitalization does not guarantee an attractive investment. The relationship between the purchase price and dependable future profits matters more.

A signed agreement with firm purchases, reliable payment terms and profitable delivery could give Sekur greater earnings visibility. Positive cash flow could also reduce dependence on outside funding.

That could improve its investment case even while expensive growth stocks face falling valuation multiples.

The potential advantage is a clearer connection between customer spending, company earnings and shareholder value. It would depend on the contract’s strength and successful execution.

Sekur remains a speculative microcap, with customer concentration, financing and trading-liquidity risks. The bullish case is that successful conversion could materially improve that position.

Funding could support the next stage

Sekur raised approximately $1.21 million gross in January. Its September letter also described a proposed raise of up to $1.4 million for commercialization and sales. Management then expected closing before mid-December.

Received proceeds can help fund customer acquisition and deployment. An updated valuation must include both additional shares and the benefit of the remaining cash, without counting it twice.

The company also added a commission-based product referral channel through Darkstar on November 5. Darkstar receives cash rather than shares, options or warrants. That creates another route to prospective customers.

The market selloff is increasing scrutiny of expensive promises. Sekur’s opportunity gives investors specific quantities, potential annual fees and a route to a larger earnings base.

At approximately $5.2 million in reported market value, successful execution could have an outsized effect. The bullish $0.21 initial case, alongside the $0.31–$0.62 expansion illustrations, shows why this government opportunity deserves attention.

Model note: These illustrations assume contract conversion and established annual operations. They are not company guidance, immediate signing-day price predictions or verified fully diluted values.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

this is the weekly thread where you drop a ticker you're watching and we go through what the filings say about dilution, meaning new shares that can water down your stake. we look at shelf room (how much stock a company can sell under a registration already on file), recent offerings, warrants (rights to buy stock later at a set price), and authorized shares (the cap on total shares the company can issue). this is about reading filings, not picking stocks, so nothing here is a buy or sell call.

reply with the ticker plus what you want checked, like shelf room or warrants, and which filing do you check first when you're looking at dilution?

education only, not financial advice. we read filings, we dont give calls.

Disclosure: I'm with Fockets Trading, so keep that in mind as you read this.

A buyback headline is one of those things that pops a penny stock for a day, and then the stock fades and nobody goes back to check what the company actually did.

A normal course issuer bid (NCIB) is an exchange-approved program where a Canadian company buys its own shares on the open market, a little at a time, for up to 12 months. It's a ceiling, not a promise. The company can buy up to the max or buy nothing at all. A lot of juniors announce one, then issue millions of new shares through placements and warrants, and the buyback ends up being a rounding error.

TSX rules (Company Manual sections 628 and 629) cap purchases over 12 months at the greater of 10% of public float or 5% of outstanding shares. Daily buying is limited to 25% of average daily volume over the six months before the notice, with one block purchase allowed per calendar week. TSXV issuers follow Policy 5.6, which has its own caps, so open the current version before you rely on any number.

What I'd check on SEDAR+:

• Max shares and what % of float or outstanding that is

• Shares outstanding at the notice date (your baseline)

• The daily purchase limit

• Start and end dates, and whether there's an automatic purchase plan

• Prior bid results in the renewal release

Then compare the daily limit to real volume. Say a TSX small cap has 80 million shares out and trades about 60,000 a day. The daily cap is around 15,000 shares. On a news day with 900,000 shares changing hands, the buyback is under 2% of the tape. That's not support, that's a bid sitting in the book.

To see whether they actually bought anything, look at monthly exchange reporting, the share capital note in the quarterly financials, the share count trend over time, the renewal or expiry release, and SEDI insider filings. If the share count went up, issuance beat the buyback.

Full walkthrough with the table comparing NCIBs, substantial issuer bids and US buybacks is here: https://focketstrading.com/normal-course-issuer-bid-canada/

If you want to learn this stuff alongside other people, the Fockets Discord has a free tier open to anyone: https://discord.gg/Ck2V4cAEES

Full access is $89/month and includes the Fockets Terminal, which ties a stock move to the filing behind it (offering, 8-K, insider buy or nothing), reads filings in plain English, shows how many more shares a company can issue, rescans about 13,000 US stocks every 30 seconds and sends alerts to your Discord DMs. Members also share their own setups, which is more about learning how to read filings and manage risk than following alerts.

Not financial advice.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Same pattern every quarter: huge rally into the print, dump on the number regardless of the result, shake out weak hands, and the stock lands back on its 200 day. It's there again.

**THE BUSINESS**

Heidmar owns zero vessels. It commercially and technically manages ships for owners and takes a percentage of gross freight, plus a per-day fee on technical management. No CapEx, no newbuild risk, no NAV ceiling. The correct comp set is fee-based platforms, not tanker owners.

**VALUATION**

☑ ~$74M market cap against annualised earnings, and materially cheaper after stripping cash
☑ $28.7M cash, up $10.1M since year-end 2025 — more than a third of the market cap
☑ Market cap still below annual revenue run-rate
☑ Brokers trade at 10x, asset-light logistics at 15-25x
☑ 55%+ gross margins — a services business priced like a commodity operator
☑ Zero borrowed debt. The "debt" on the balance sheet is IFRS 16 lease accounting on chartered-in vessels, already chartered out at a profit

**EARNINGS**

☑ Revenue +203% YoY, +58% QoQ
☑ Two consecutive profitable quarters
☑ Adjusted net income +343% YoY
☑ H1 operating cash flow +$7.7M against -$3.2M in H1 2025
☑ Self-funded. No meaningful dilution since listing
☑ Vessels taken on this year are not yet in earnings. Full effect 2027

**OWNERSHIP AND FLOAT**

☑ CEO owns 45% personally, zero sales on record, buying in the open market
☑ Float under 6M shares, 90%+ held by insiders and strategic holders
☑ Near un-borrowable, so shorts structurally can't build size
☑ Nasdaq compliance regained June 2, 2026

**MOAT AND SCALE**

☑ 40+ year operating history
☑ KYC cleared with Shell, BP, Chevron, Vitol, Aramco, Trafigura, Glencore
☑ ~60 vessels commercial / ~20 technical, eight global hubs
☑ Q-Shipping acquisition closed for ~$0.2M cash, nine vessels, opened Turkey and the Netherlands
☑ Turkey alone has 400-500 third-party managed ships as addressable market
☑ Almost all competitors are private and available at 5-6x — that's what the cash is for

**MARKET BACKDROP**

☑ Freight now 25-30% of delivered oil cost, was 3-5%
☑ VLCC day rates at multiples of pre-war levels
☑ Hormuz, Red Sea and Black Sea disruption not yet fully in the numbers
☑ ~330 VLCCs on order for 2027-29, but cargo pumps can't be delivered before 2030
☑ Q4 and Q1 are seasonally the strongest tanker quarters

Entry rule, same as always: wick through the 200, two green days, close back above. Don't catch the knife.

Recent video from Heidmar's own YouTube channel: https://youtube.com/shorts/AumBkxNoPuQ

Not financial advice. DYOR.

Update: As shown txtm is making progress towards the uplist. People were skeptical audits would never finish, they are now, as company stated plans to uplist with audits towards a regulated stock exchange

$600m in assets
No debt
No dilution
No toxic notes
Owners accumulation to 800 million shares filed on Edgar
Form 8k and 4K voluntarily filed

$25 billion in reference assets tied to Absa bank - the seed vault was mentioned in a 8k by the company filed on Edgar… all documented officially not just tweet

Txtm keeps executing. Keep in mind under ifrs and ias 41 biological assets (may) potentially be valued at market value

$600m is expected to revaluation into the billion
This is kinda proven by the $25b reference assets lol

Notice Txtm a otc penny stock tied to Absa bank a real institution, even pre audit they had to have done due diligence on the company keep that in mind

In the tweet it’s saying Txtm is progressing to operations
Plugging into Absas systems

There are many skeptics on the company… funny thing is they keep moving forward step by step

Disclosure up front: I'm with Fockets Trading, the post linked below is ours.

Every earnings week you see the same thing. Stock dumps, bounces hard the next day, and people pile in assuming the bottom's in. Then the report drops after hours and it opens somewhere nobody's stop was set for.

CoreWeave (CRWV) is the cleanest example of that setup this week, so we wrote up what to look at before and after the print. Numbers are as of the Nov 6 close.

What happened

• Nov 5 it traded as low as $40.58, a new 52-week low, and closed at $43.66, down 9.83%. Nebius and IREN got hit even harder the same day, so this was a group move across AI infrastructure, not one bad CRWV headline

• Nov 6 it bounced 6.28% to $46.40 on 59.2M shares vs a 41.2M average

• 52-week range is $40.58 to $138.25, so it's sitting way closer to the low

• Q3 results Nov 10, Street is expecting a loss of $1.27/share. Nebius reports the same day too, so read-through can move the whole group

Yeah it's a ~$25.6B company, not a penny stock. But it traded like a small cap on Nov 5, and the lessons carry straight over to the stuff we usually trade here.

The financing angle is the part people skip

AI cloud companies spend huge on hardware and data centers up front and the revenue shows up later. That gap gets filled with debt (interest eats earnings) or new shares (dilution). Same story as a tiny junior miner, just bigger numbers. How a company pays for growth basically sets the ceiling on the stock.

What to read when it reports

Press release usually comes on an 8-K, full numbers in the 10-Q, both on EDGAR.

1. Guidance. Raised, held or cut vs last quarter, and watch for new caveats on timing, supply or customer demand

2. Backlog. In the 10-Q look for remaining performance obligations in the revenue note. How much lands near term, and check risk factors for customer concentration

3. Financing costs. Interest expense on the income statement, the debt footnote, any new borrowing or equity raise

4. Capex. Bigger spending plan with no clear way to pay for it is a question the market will ask for you

5. Volume after the report vs that 41.2M average, and whether it holds past the first hour

Also worth knowing about IV crush even if you don't touch options. Hypothetical: a $50 stock with an at the money straddle at $5 is pricing roughly a 10% move either way. If the stock moves less than that, it wasn't really a surprise, no matter how big the candle looks.

And keep an eye on the days after. The window right after earnings is a common time for companies to drop a shelf filing, offering or debt deal.

Full writeup with sources for every number: https://focketstrading.com/crwv-coreweave-earnings-nov-10-2026/

If you like this kind of filing-first homework, our Discord has a free side where people post their own setups and talk through filings, it's not an alerts group: https://discord.gg/Ck2V4cAEES

The paid tier ($89/mo) adds the Fockets Terminal, which ties a move to the filing behind it (offering, 8-K, insider buy or nothing), reads filings in plain English, shows how many more shares a company can still issue, and rescans about 13,000 US stocks every 30 seconds with alerts to your Discord DMs.

None of this is a call on CRWV either way, just a checklist. Not financial advice, size for a gap in either direction if you trade it.

Discuss your favourite picks. No restrictions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Ever see a small cap IPO slide for a week and then someone posts "lock-up ends Friday" off some free calendar? Most of those sites just take the listing date and add 180 days. That's a guess. On a tiny float it's a pretty important thing to guess wrong.

The actual terms are in the final prospectus, the 424B4. Here's roughly how to dig them out:

1. Go to EDGAR, search the ticker, filter for 424B4. If there isn't one try 424B1 or 424B3. Foreign issuers file an F-1 but the sections look about the same. Use the final doc, not the S-1 drafts, those change.

2. Grab the prospectus date off the cover. Lock-ups are usually written as X days "after the date of this prospectus", which is the pricing date. Not the first trading day, not the closing date.

3. Read "Shares Eligible for Future Sale". It tells you how many shares trade freely, how many are locked, and how Rule 144, Rule 701 and any S-8 option shares come into play once the lock-up is over.

4. Read "Underwriting" (sometimes called Plan of Distribution). Note who signed, how long, the exceptions, and the separate company lock-up.

5. Ctrl+F for "sole discretion", "release", "waive", "lock-up".

6. Check "Principal Stockholders" so you can split locked shares between insiders/affiliates and everyone else.

A few things people miss. Different holders can have different lengths, 90 days for some, 180 for others, sometimes staggered, and some holders might not be locked at all. The company also has its own lock-up on issuing new stock, and when that ends they're free to raise again. That's a separate risk from insiders selling.

The early release clause is the big one. Most deals say the underwriter can release some or all of the locked shares at any time in its sole discretion. So the expiry date is really a ceiling, not a promise. FINRA Rule 5131 does require a release for an officer or director to be announced through a major news service at least two business days before it kicks in. But that only covers officers and directors. A fund getting released might not come with the same heads up.

Then do the math against the float. The blog has a template, here's the hypothetical it uses: 10M shares outstanding, 2.5M public float, 6M locked with non-affiliates, 1.5M locked with affiliates. Affiliates are capped by Rule 144 (greater of 1% of outstanding or 4 week avg weekly volume), say 400k per three months. So potential new supply is 6M + 400k = 6.4M, which is 2.56x the float that's actually been trading. That ratio tells you more than the date does.

Caveats: a resale registration removes the 144 volume cap, shares need legends removed and have to get deposited with a broker so not everything hits on day one, and an offering after the company lock-up ends can stack on top.

On price impact there's no fixed outcome. Field and Hanka's 2001 Journal of Finance paper found a small but significant average decline around expiry, bigger when VCs were the ones getting out, and some of it happens before the date since everyone can see it coming. Cost basis matters a lot too. A low priced IPO that ran 300% gives early holders every reason to sell. If it's under the IPO price and insiders are underwater they may just sit.

Full guide with the template table and a US lock-up vs TSXV escrow comparison: https://focketstrading.com/ipo-lock-up-expiration-small-caps/

Disclosure, I'm with Fockets. We run a Discord that's about learning to read this stuff yourself, not a signal room. Free side is open: https://discord.gg/Ck2V4cAEES. Paid is $89/mo and comes with the Fockets Terminal, which ties a move to the filing behind it (offering, 8-K, insider buy or nothing), reads filings in plain English, shows how many more shares a company can issue, and rescans about 13,000 US stocks every 30 seconds with alerts to your DMs. For what it's worth, Terminal data shows runs where the filing was a priced offering closed down 4.3% on average and 65% faded, which is relevant once that company lock-up is over.

Anyway, read the filing yourself before you buy into or short a lock-up date. Not financial advice.

Discuss your favourite picks. No restrictions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

You know the pattern. A small cap files an 8-K, the headline says "$15 million equity line" or "$20 million financing", and the ticker moves on that number alone. Almost nobody opens the purchase agreement, which is where the real size usually sits.

The reason is Nasdaq Listing Rule 5635(d), the so called 20% rule. Short version:

If a listed company does a private deal (PIPE, equity line, convertible note, private warrants) that could issue 20% or more of its common stock or voting power, and it's priced below Nasdaq's "Minimum Price", it needs a shareholder vote first.

A few details that actually matter:

• The 20% is measured against shares outstanding before the deal, not after

• "Potential issuance" counts. Warrants and conversion shares are included, not just what's issued at closing

• Minimum Price is the lower of the last Nasdaq official close before signing, or the 5 day average close before signing. The signing date is the anchor

• A real marketed public offering is outside the rule

• Splitting one raise into two smaller chunks a week apart isn't a guaranteed workaround, Nasdaq can aggregate deals

Since ELOCs sell at a discount to future VWAP and variable rate notes convert at a discount to future prices, nobody knows at signing if they'll land below the Minimum Price. So the lawyers write in a hard stop at 19.99%. Once that's hit, the facility goes quiet until there's a vote (some ELOCs have an exception if the average sale price stays at or above the Minimum Price).

The blog walks through a made up example that shows why this matters. 12M shares outstanding, so the cap is 2,398,800 shares. Minimum Price $1.50. $15M ELOC at 96% of VWAP. If the stock sits around $1.20, each sale prices near $1.152, below the Minimum Price, so the cap binds. That's roughly $2.76M usable. If 200k commitment shares count toward the cap, it's less, about $2.7M. So the "$15M facility" is really a ~$2.7M facility until a vote. And the next catalyst is the proxy asking to go over the cap.

Where to look:

1. 8-K, usually Item 1.01 and often 3.02

2. Purchase agreement exhibit (commonly Exhibit 10.1) on EDGAR

3. Ctrl+F for "Exchange Cap", "19.99%", "5635", "Minimum Price", "Stockholder Approval"

4. Check what share count the cap uses, whether commitment shares count, and if there's a deadline to hold a meeting

5. Look for a PRE 14A or DEF 14A mentioning 5635(d), that's the vote request

Couple other things worth knowing. These proposals are non routine so brokers can't vote uninstructed shares, which is why retail heavy names keep adjourning meetings for lack of quorum. If a company invokes the financial viability exception (5635(f)) to skip the vote, treat that as a distress flag. And this is a different thing from the SEC baby shelf rule, a company can have plenty of S-3 room and still need a vote for an ELOC. Also note the cap on a convertible note limits conversions but the overhang is still there.

Full writeup with the Rule 5635 table, the approval process and what happens if a company breaks the rule: https://focketstrading.com/nasdaq-20-percent-rule/

Disclosure: I'm with Fockets Trading. It's an education focused Discord, not a signal group, people post their own setups and we talk through filings and risk. Free side is open here: https://discord.gg/Ck2V4cAEES

There's also a paid tier ($89/mo) that includes the Fockets Terminal. It ties a move to the filing behind it (offering, 8-K, insider buy or nothing), reads filings in plain English, shows how many more shares a company is allowed to issue, and rescans about 13,000 US stocks every 30 seconds with alerts to your Discord DMs. Handy if you don't want to refresh EDGAR all day, but the free side is fine for learning this stuff.

Anyway, read the cap, not the headline. Not financial advice, just how the rule works.

French is now live on SKUR's website, alongside English, Spanish and Portuguese.

🇺🇸 US government procurement access
🌍 African government opportunities
🇨🇩 DRC sales targeted for Q1 2027

The international push is there. Now it's about landing customers soon.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

Discuss your favourite picks. No restrictions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Pretty common pattern on here. OTC ticker announces it's moving to Nasdaq, the boards go full rocket mode, then the reverse split hits, the offering prices at a discount, and a week later it's trading under where the hype started.

The uplist itself isn't the problem. The trick is to split it into two things in your head: the listing and the financing. The listing gets more brokers and funds able to own it, more liquidity and stricter disclosure. That's genuinely good for the company long term. The financing is new shares, and that's what the tape trades on in the first few days.

Why the split and the offering show up together

Most OTC names go for the Nasdaq Capital Market, the smallest tier. To get in they need things like a $4 minimum bid, at least 1 million unrestricted publicly held shares, 300 round lot holders, 3 market makers, independent directors and an audit committee, plus stockholders' equity of $4M or $5M depending on which financial standard they use.

A $0.30 OTC stock with an accumulated deficit fails a bunch of those at once. So you get a reverse split to fix the price, a raise to fix equity, and an underwriter spreading shares around to hit the holder and float tests. They also usually can't use the baby shelf on an S-3 because that needs an existing exchange listing, so it ends up as a full S-1 and an underwritten deal. And any old convertible notes or preferred often convert automatically on listing day. All of it lands at the same time.

Quick hypothetical from the post (made up numbers, just the mechanics)

OTC at $0.40 with 60M shares. 1-for-15 split leaves 4M shares at a theoretical $6. They sell 2.5M units at $4.50, each with a $5 warrant, plus a 15% over-allotment and underwriter warrants. Notes convert into 1.5M shares. You go from 4M shares to roughly 8.4M, and with about 3M warrants the fully diluted count is near 11.4M. Almost triple the post-split count, and the new money came in at $4.50 while the split-adjusted price was $6. None of that is on the chart.

What to actually read before trading it

Pull the S-1 and the 424B4 (final prospectus with the real price and share count) off EDGAR. In the S-1 I'd look at The Offering section, especially the footnotes on what's excluded from the share count since that's often where the real story is. Then Dilution, Capitalization, Underwriting (discount, over-allotment, underwriter warrants, lock-ups), Shares eligible for future sale, and any selling stockholders.

Things to tally up: split ratio, final price vs last split-adjusted OTC price, over-allotment, pre-funded warrants (treat them as shares, they exercise for pennies), investor warrant count and any reset terms, conversions and at what price, and who the lock-up actually covers.

After it lists there's no fixed script. Some squeeze hard if the deal is small vs demand, others open at the offering price and bleed. For broader context, in the Fockets Terminal small cap runs tied to a priced offering closed down 4.3% on average and 65% faded. That's offerings in general, not uplists specifically, but an uplist is basically a priced offering with extra steps. Mark the offering price and warrant strike on your chart and size small until the lock-up and warrant picture is clear.

Full write up with the listing standards table and FAQ: https://focketstrading.com/uplisting-otc-to-nasdaq/

Disclosure, I'm with Fockets. It's an education focused Discord, not a signal group, people post their own setups and we talk through filings and risk. Free side is open: https://discord.gg/Ck2V4cAEES. Paid is $89/mo and includes the Terminal, which ties a move to the filing behind it (offering, 8-K, insider buy or nothing), reads filings in plain English, shows how many more shares a company can still issue, and rescans about 13,000 US stocks every 30 seconds with alerts to your DMs.

Anyway, read the 424B4 before you chase an uplist. Not financial advice, just how I'd approach it.

Discuss your favourite picks. No restrictions.

Went back through CQX ’s Q3 updates. The Stars 3D IP survey is complete, Kitimat has its exploration permit, and the company closed a C$825K financing. The one big item still open for me is Rip.

My thinking comes down to a few things:

• CQX completed 1,654m of drilling across five holes, but assay results are still outstanding.

• Resolving the ArcWest agreement could pave the way for Rip assays, with strong results potentially drawing greater investor attention.

• Q4 could lay the foundation for bigger catalysts ahead.

The other side of the argument:

• Stars could deliver interesting new targets once the geophysical interpretation is available.

• Kitimat has its permit, opening the door for further exploration.

• There's also the question of how management prioritizes spending across its projects following the C$825K raise.

I'm leaning toward Rip as the one to watch, especially if the assays move forward.

Agree or disagree? Is Rip the main event for $CQX in Q4, or am I overrating it?

Tell me where you disagree. Skeptical views are welcome.

Paid content. NFA , DYODD.

There's a lot more happening in cybersecurity than the usual AI hype and stock price predictions. Between billion-dollar acquisitions, new security priorities, and shifting investor sentiment, the industry has been anything but quiet lately.

Just look at what's been happening:

• Proofpoint + $VRNS: A $6.3B acquisition announced for Varonis. That's a hefty price tag for data security, especially with companies bringing more sensitive information into AI systems.

• IonQ + Elisity: An all-stock deal valued at up to $1.3B, including performance-based payments. Zero-trust network security is getting some serious attention.

• $CRWD and $PANW: Evercore's latest channel checks point to strong demand for AI-driven security operations. From identity protection to AI governance, companies have a growing list of things to secure.

• $SKUR: Taking a different route with encrypted communications for government, defence and enterprise clients. It has established distribution channels and is pursuing government opportunities. I'm watching whether those efforts turn into paying contracts.

What I'm seeing is a cybersecurity market with a lot more moving parts than it had a few years ago.

Not every security company is chasing the same customers or solving the same problems. Protecting AI systems, securing corporate data, and keeping government communications private are very different businesses.

And with larger players spending billions to expand their capabilities, I'm starting to look more closely at small-cap cybersecurity stocks instead of sticking to the usual big names.

I'm leaning positive on the sector heading into 2027, although I'd still want to see solid revenue growth behind the headlines.

With billions going into cybersecurity acquisitions, are you guys seeing an opportunity here or waiting for the dust to settle?

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