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Netcapital Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirement

The bid-price deficiency is closed, but overdue annual and quarterly reports leave a separate Nasdaq compliance issue unresolved.

(Very High)

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Netcapital (Nasdaq: NCPL) regained compliance with Nasdaq’s minimum bid price requirement, resolving the deficiency identified in February 2026. Its closing bid price was $1.00 or greater for 10 consecutive business days, September 23 through October 6, 2026; Nasdaq closed the matter in an October 7 letter.

The Audit Committee engaged Adeptus Partners to perform audit and review work needed for any restatement and delinquent filings, succeeding Fruci & Associates II, which resigned effective August 12, 2026. Netcapital remains noncompliant with Nasdaq’s reporting rule because its fiscal 2026 annual report and July 2026 quarterly report are unfiled. It intends to submit a compliance plan by October 23, 2026 and file the reports as soon as practicable.

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2 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

  • Moderate pointBid-price compliance regained: Nasdaq closed the deficiency after 10 consecutive business days at $1.00 or greater.
  • Moderate pointAdeptus Partners engaged for audit and review work required for any restatement and delinquent filings.

Negative

  • Major pointPrior-period financial statements should no longer be relied upon; audit and review work is required for any restatement.
  • Moderate pointReporting-rule noncompliance continues: the April 30, 2026 Form 10-K and July 31, 2026 Form 10-Q remain unfiled.
  • Minor point. Forward-looking: it has not happened yet and may not happen.Nasdaq acceptance of the intended compliance plan is uncertain; regaining reporting compliance is not assured.
Argus 15 min delay 86 alerts
+29.56% vs previous close $2.06 last price 4.5x rel. volume Open Argus
Details

Market move: NCPL +29.56% vs previous close. Nasdaq bid-price compliance

$1.49 – $2.59 Day Range
$16.17M Market Cap

On Oct 14, the day this news came out, the latest delayed price for NCPL is 29.56% above the previous close. Our momentum scanner has recorded 86 alerts for this stock so far that day. The latest delayed price is $2.06. Relative volume is very high at 4.5x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Minimum bid-price threshold: $1.00 per share Consecutive qualifying business days: 10 business days Compliance-plan deadline: October 23, 2026 +1 more
Minimum bid-price threshold
$1.00 per share
Nasdaq Listing Rule 5550(a)(2); compliance regained
Consecutive qualifying business days
10 business days
Closing bid price was at or above the threshold from September 23 through October 6, 2026
Compliance-plan deadline
October 23, 2026
Deadline to submit a plan for the separate periodic-report filing deficiency
Audit coverage
Fiscal years ended April 30, 2022 through April 30, 2026
Audit scope assigned to the newly engaged accounting firm

Historical Context

3 past events · Latest: Sep 25
3 events
  1. Sep 25

    Nasdaq filing notice

    24h Move
    -20.6%

    Company remained overdue on Form 10-Q and Form 10-K, with a plan due October 23.

  2. Aug 28

    Nasdaq filing notice

    24h Move
    +29.7%

    Nasdaq notice followed overdue Form 10-K; a compliance plan was due October 23.

  3. Aug 10

    Bid-price extension

    24h Move
    -12.8%

    Nasdaq granted an additional 180-day period to cure the same minimum bid-price deficiency.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 10-k, form 10-q, restatement
3 terms
form 10-k regulatory
"Annual Report on Form 10-K for the fiscal year ended April 30, 2026"
A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.
form 10-q regulatory
"Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2026"
A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.
restatement financial
"required for the Company to complete any restatement of the prior-period financial statements"
A restatement is a company’s formal correction of previously released financial reports when errors or omissions are discovered, similar to fixing a report card after finding mistakes in the scores. It matters to investors because it can change past performance figures, alter valuation or earnings trends, and signal weaknesses in accounting controls or management oversight, which may affect confidence and the stock’s perceived risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Engages Adeptus Partners as Independent Registered Public Accounting Firm

BOSTON, MA, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Netcapital Inc. (Nasdaq: NCPL) (the “Company”) today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on October 7, 2026, notifying the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

Nasdaq determined that the closing bid price of the Company’s common stock was $1.00 per share or greater for 10 consecutive business days, from September 23, 2026 through October 6, 2026. Accordingly, Nasdaq has resolved the bid price deficiency first identified in its February 4, 2026 notice and has closed the matter.

The Company also announced that the Audit Committee of its Board of Directors has engaged Adeptus Partners, LLC (“Adeptus”) as the Company’s independent registered public accounting firm. Adeptus will audit the Company’s consolidated financial statements for the fiscal years ended April 30, 2022 through April 30, 2026 and review the Company’s interim financial information for fiscal 2026, work that is required for the Company to complete any restatement of the prior-period financial statements that, as previously announced, should no longer be relied upon, and to file its delinquent periodic reports. Adeptus succeeds Fruci & Associates II, PLLC, which resigned effective August 12, 2026.

As previously announced, the Company remains out of compliance with Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2026 or its Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2026. The Company intends to submit a plan to regain compliance with that rule to Nasdaq by the October 23, 2026 deadline and to file the delinquent reports as soon as practicable. There can be no assurance that Nasdaq will accept the plan or that the Company will regain compliance.

About Netcapital Inc.

Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company’s consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc., is registered with the U.S. Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. The Company’s broker-dealer, Netcapital Securities Inc., is also registered with the SEC and is a member of FINRA.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) and the timing of its periodic filings and the completion of the audits by Adeptus. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the Company’s ability to maintain a closing bid price of at least $1.00 per share, its ability to complete the audits and reviews of its financial statements, the availability of financing, Nasdaq’s acceptance of the Company’s plan, and other risks described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements, except as required by law.

Contact:
800-460-0815 
ir@netcapital.com


FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Netcapital regain Nasdaq minimum bid price compliance?

Netcapital’s closing bid price was $1.00 per share or greater for 10 consecutive business days, from September 23 through October 6, 2026. Nasdaq notified the company on October 7 that it had regained compliance with Rule 5550(a)(2), resolving the deficiency first identified in its February 4, 2026 notice.

Is Netcapital compliant with all Nasdaq requirements after resolving its bid-price deficiency?

Netcapital remains out of compliance with Nasdaq Rule 5250(c)(1) because its fiscal 2026 annual report and quarterly report for the quarter ended July 31, 2026 have not been filed. The company intends to submit a compliance plan by October 23, 2026, but Nasdaq’s acceptance and restored compliance are not assured.

What financial periods will Adeptus Partners audit and review for Netcapital?

Adeptus Partners will audit Netcapital’s consolidated financial statements for the fiscal years ended April 30, 2022 through April 30, 2026 and review interim financial information for fiscal 2026. This work is required to complete any restatement of prior-period statements that should no longer be relied upon and to file delinquent periodic reports.

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