NCPL$1.47-6.25%
Netcapital Inc.
Sector: Finance ServicesIndustry: Financial - Capital MarketsCountry: USExchange: Nasdaq
Mkt Cap:$11.65M
Float & O/S:
Inst Own:
DilutionScan read 40 of Netcapital Inc.'s SEC filings and found 25 warrant series, 10 convertibles, 1 ATM program, 1 equity line, 2 shelf registrations, 3 S-1 registrations and 8 completed offerings on file for NCPL. The latest dilution event on file is an offering on Oct 14, 2026. Analysis updated Oct 20, 2026.
Signal8 Summary
NCPL
Collapsing revenue, severe dilution, toxic financing
- Business
- WeakRevenue down 82% to $869K, net loss $28.3M
- Stock risk
- HighShare count +702% YoY, dilution overhang 110%+
Snapshot
Netcapital is a tiny fintech platform whose business shrank sharply: FY 2025 revenue was $869K, down 82% from $5.0M, with a net loss of $28.3M, far exceeding revenue.
What's Happening Right Now
- : On Oct 20, 2026, Netcapital closed a $447K convertible note tranche with Hinterland Partners carrying steep terms: conversion at 85% of the lowest recent price, full-ratchet anti-dilution, and an event of default if market cap falls below $3M; a second $175K tranche depends on curing delinquent SEC reports within 90 days.
- : On Oct 14, 2026, Netcapital said Nasdaq confirmed it regained compliance with the minimum bid price rule after 10 straight days above $1.00, engaged Adeptus Partners as its new auditor for fiscal 2022-2026, but remains delinquent on its FY2026 10-K and Q1 10-Q.
- : Raised $403K in gross proceeds through a private placement (PIPE).
- : Issued a $447K convertible note.
- : Raised $250K in gross proceeds through a private placement (PIPE), with warrants over 250K shares.
