Hindsight Markets Recaps Small-cap stocks on September 22, 2026
FLNA, September 22: an 8-K, two halts, and $1.30
FLNA opened up 33% after an 8-K, ran to $1.30 through two halts, then gave back most of the run by the close.
News via Stock News API
What happened
Before the open
The news came first: an 8-K at 8:00 a.m. Before the bell it reached $1.13, on 8M shares.
The open
It opened up 33%, at $0.9859. It ran to $1.30 by 10:38 a.m.
The halts
Each halt froze the price and reopened it somewhere new. The exchange halted it two times, from 7:55 a.m. to 10:42 a.m. The biggest jump was the reopen after 10:42 a.m.: 6% below the last trade before it.
The close
It closed at $1.03, 21% under its high.
What to take from it: The high came early. Most of the run was gone by the close, so the move was in the morning, not the hold.
The details
How it traded, step by step
Gap, run, gave some back. It gapped up 33.3% to $0.9859 at the open, ran from the open to the high of $1.30 in 68 minutes, then gave back 86% of that move by 4:00 p.m., trading at $1.03, still above the open.
| Time (ET) | What happened |
|---|---|
| 8:00 a.m. | News (GlobeNewsWire): Filana Therapeutics Announces FDA Lift of Clinical Hold on Simufilam, Enabling Phase 2a Study in TSC-Related Epilepsy |
| 8:00 a.m. | SEC filing 8-K: FORM 8-K |
| 8:30 a.m. | First trade 20% above the previous close of $0.7395 |
| 8:38 a.m. | Pre-market high, $1.13 |
| 9:30 a.m. | The open: $0.9859, up 33.3% from the previous close |
| 10:38 a.m. | High of the day to the close, $1.30 |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $1.03, 20.8% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $0.7395
- Open, 9:30 a.m.
- $0.9859
- Gap at the open
- +33.3%
- Pre-market high
- $1.13 at 8:38 a.m.
- High, 4 a.m. to 4 p.m.
- $1.30 at 10:38 a.m.
- Low, 4 a.m. to 4 p.m.
- $0.82
- Close, 4 p.m.
- $1.03
- Change at 4 p.m.
- +39.3%
- After-hours high, 4 p.m. to 8 p.m.
- $1.03 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 24.09 million
- Volume after hours, 4 p.m. to 8 p.m.
- 702,112
- Relative volume by 8 p.m.
- 272.2×
- Float
- 46.01 million shares, from filings as of September 22, 2026
- Shares outstanding
- 48.31 million
- From news to the move: the first trade 20% above the previous close came 29 minutes after the latest SEC filing before it (8-K, 8:00 a.m.).
- Volume, from the one-minute bars: 7.99 million shares before the 9:30 a.m. open (32%), 2.02 million in the first 30 minutes (8%), and 14.78 million in the rest of the day to 8 p.m. (60%).
- In our recaps, this is the only day FLNA met the small-cap rule.
On the day's lists: the intraday runners. It is here because it was in play on the intraday runners: up 30% or more on $3 million or more really traded, outside the small-cap rule's price, relative volume or float, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (2)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed |
|---|---|---|---|---|---|---|
| 7:55 a.m. | 8:30 a.m. | 35 min 0 s | $1.12 | down 21.1% | News pending | |
| 10:42 a.m. | 10:47 a.m. | 5 min 0 s | down 11.6% | $1.01, down 5.6% | up 2.0% | LULD pause (limit up-limit down) |
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Trade this day
Replay FLNA on September 22, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.