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Traders beneath the quotation boards on the floor of the New York Stock Exchange, 1963.
Source: Thomas J. O'Halloran, U.S. News & World Report (Library of Congress), public domain, via Wikimedia Commons

SEC filing red flags, week of Oct 19 to 23, 2026

1 non reliance warning, 2 auditor changes, 10 listing deficiency notices and 4 going concern warnings at companies listed on Nasdaq or the NYSE, each line matched to the filing.

Octans ResearchPublished

Snapshot

From Oct 19, 2026 to Oct 23, 2026, 17 companies listed on Nasdaq or the NYSE made 17 filings on this list: 1 non reliance warning, 2 auditor changes, 10 listing deficiency notices and 4 going concern warnings. The largest by public float is Agree Realty (ADC), which said in its quarterly report for the period ended September 30, 2026 that there is substantial doubt about its ability to continue as a going concern.

Coverage
Independent Research
Prepared by
Octans Research
How produced
AI drafted from cited sources, automated checks
Sector
capital-markets
Tickers
ADC · AKBA · INV · CNTY · STEM · CELU · MDCX · LASE · SNES · EONR · SCNX · MTEX · TCRT · RMCF · DFLI · SHPH · AACP
As of

Market Data

Latest prices for the companies covered in this article
Company1D %Price
($ADC)▼ −0.85%66.43
($AKBA)▲ +4.13%0.69
($INV)▼ −6.40%0.28
($CNTY)▼ −1.79%0.72
($STEM)▼ −3.17%2.75
($CELU)▲ +5.36%0.79
($MDCX)▼ −2.39%2.45
($LASE)▲ +2.65%0.70

as of 10:06 ET · Realtime derived data

What We Know

Late filing notices. None this week among Nasdaq and NYSE companies.

Non reliance on past financial statements. • Apogee Acquisition (AACP) said that previously issued financial statements should no longer be relied upon (Item 4.02). Filed Oct 19.

Auditor changes. • Mannatech (MTEX) reported a change of independent auditor on October 15, 2026 (Item 4.01). Filed Oct 21. • Shuttle Pharmaceuticals (SHPH) reported a change of independent auditor (Item 4.01). It reported no disagreements with the former auditor. The filing mentions a material weakness in internal control. Filed Oct 22.

Exchange listing deficiency notices. • Akebia Therapeutics (AKBA) disclosed on October 21, 2026 a notice from Nasdaq that it does not meet the minimum bid price requirement, after its shares closed below $1.00 for 30 consecutive business days (Item 3.01). Filed Oct 23. • Innventure (INV) disclosed a notice from Nasdaq that it does not meet the minimum bid price requirement (Item 3.01). Filed Oct 23. • Century Casinos (CNTY) disclosed on October 19, 2026 a notice from Nasdaq that it does not meet the stockholders' equity requirement (Item 3.01). Filed Oct 23. • Stem (STEM) disclosed on October 19, 2026 a notice from the NYSE that it does not meet the stockholders' equity requirement (Item 3.01). Filed Oct 23. • Medicus Pharma (MDCX) disclosed on October 20, 2026 a notice from Nasdaq that it does not meet the minimum bid price requirement, after its shares closed below $1.00 for 30 consecutive business days (Item 3.01). Filed Oct 23. • Laser Photonics (LASE) disclosed a notice from Nasdaq that it does not meet the minimum bid price requirement, after its shares closed below $1.00 for 30 consecutive business days (Item 3.01). Filed Oct 23. • SenesTech (SNES) disclosed on October 20, 2026 a notice from Nasdaq that it does not meet the minimum bid price requirement, after its shares closed below $1.00 for 30 consecutive business days (Item 3.01). Filed Oct 22. • Scienture (SCNX) disclosed a notice from Nasdaq that it does not meet the minimum bid price requirement, after its shares closed below $1.00 for 30 consecutive business days (Item 3.01). Filed Oct 19. • Alaunos Therapeutics (TCRT) disclosed on October 21, 2026 a notice from Nasdaq that it does not meet the stockholders' equity requirement (Item 3.01). Filed Oct 21. • Dragonfly Energy (DFLI) disclosed a notice from Nasdaq that it does not meet the requirement to file periodic reports on time (Item 3.01). Filed Oct 23.

Going concern warnings. • Agree Realty (ADC) said in its quarterly report for the period ended September 30, 2026 that there is substantial doubt about its ability to continue as a going concern. Filed Oct 20. • Celularity (CELU) said in its quarterly report for the period ended June 30, 2026 that there is substantial doubt about its ability to continue as a going concern. Filed Oct 20. • EON Resources (EONR) said in its quarterly report for the period ended June 30, 2026 that there is substantial doubt about its ability to continue as a going concern. Filed Oct 22. • Rocky Mountain Chocolate Factory (RMCF) said in its quarterly report for the period ended August 31, 2026 that there is substantial doubt about its ability to continue as a going concern. Filed Oct 19.

Octans View

The longest section this week is listing deficiency notices (10). A notice is a disclosure, not a verdict: many late filers file within the extension period, and auditor changes are routine at small companies. The heavier lines are non reliance warnings and going concern language, because they speak to whether past numbers can be trusted and whether the company can keep operating.

Bear Case · Room for Disagreement

Limits. The list covers companies whose primary listing is on Nasdaq or the NYSE in the SEC's company ticker file, filings dated Monday to Friday, and at most 10 companies a section, largest public float first. A listing deficiency notice usually comes with a cure period, and a late filing notice is often followed by the report within days. Amended filings are not included.

Method and source. Filings are found through EDGAR full text search by form type, current report item number (4.01, 4.02, 3.01) and, for going concern warnings, the phrase "substantial doubt" with "going concern" in a sentence that is not negated. Each line is generated from the filing by a fixed template, and every number in a line appears in the filing text. No model wrote this list.

Chart

$ADC adjusted close, last 6 months $ADC adjusted close, last 6 months: series falling from 75 to 67 (−10.6%) from 2026-05-01 to 2026-10-27. Scale 60 to 85. 606570758085 2026-05-012026-10-27 $ADC ADJUSTED CLOSE, LAST 6 MONTHS −10.6% 67
Source: Tiingo · As of 2026-10-27Indicative, not investment advice.

Sources

  1. [1]SEC EDGAR — Apogee Acquisition current report, filed Oct 19, 2026
  2. [2]SEC EDGAR — Mannatech current report, filed Oct 21, 2026
  3. [3]SEC EDGAR — Shuttle Pharmaceuticals current report, filed Oct 22, 2026
  4. [4]SEC EDGAR — Akebia Therapeutics current report, filed Oct 23, 2026
  5. [5]SEC EDGAR — Innventure current report, filed Oct 23, 2026
  6. [6]SEC EDGAR — Century Casinos current report, filed Oct 23, 2026
  7. [7]SEC EDGAR — Stem current report, filed Oct 23, 2026
  8. [8]SEC EDGAR — Medicus Pharma current report, filed Oct 23, 2026
  9. [9]SEC EDGAR — Laser Photonics current report, filed Oct 23, 2026
  10. [10]SEC EDGAR — SenesTech current report, filed Oct 22, 2026
  11. [11]SEC EDGAR — Scienture current report, filed Oct 19, 2026
  12. [12]SEC EDGAR — Alaunos Therapeutics current report, filed Oct 21, 2026
  13. [13]SEC EDGAR — Dragonfly Energy current report, filed Oct 23, 2026
  14. [14]SEC EDGAR — Agree Realty quarterly report, filed Oct 20, 2026
  15. [15]SEC EDGAR — Celularity quarterly report, filed Oct 20, 2026
  16. [16]SEC EDGAR — EON Resources quarterly report, filed Oct 22, 2026
  17. [17]SEC EDGAR — Rocky Mountain Chocolate Factory quarterly report, filed Oct 19, 2026

These are the sources this piece was drafted from. How we verify. Found an error? Tell us and we correct it in public.

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