US SEC Trading Suspension Halt Orders — October 14, 2026

Stock closed below $1.00 for 30 consecutive business days (Aug 26 to Oct 8, 2026) and received a Nasdaq notice; 180-day cure window to April 7, 2027, with a possible second 180-day period via transfer to Nasdaq Capital Market

Regained $1.00 minimum bid price compliance after 10 consecutive business days at or above $1.00 (Sep 23 to Oct 6, 2026), removing one listing deficiency

Auditor change to Adeptus Partners, LLC with re-audit of FY2022 to FY2026 signals a path toward restated, reliable financials, though timing is uncertain

Pursuing Nasdaq Capital Market transfer would extend the cure period but requires meeting public float market value and other initial listing standards excluding bid price, a test the company must demonstrate

Open Rule 5250(c)(1) deficiency for late FY2026 10-K and Q1 FY2027 10-Q; compliance plan due to Nasdaq by October 23, 2026 with no assurance of acceptance

Prior FY2022 through FY2025 statements declared unreliable; Fruci & Associates II, PLLC resigned effective August 12, 2026 after Item 4.02 non-reliance disclosure

Concurrent bid-price (Rule 5450(a)(1)) and market value (Rule 5450(b)(2)(A), (b)(2)(C), (b)(3)(C)) deficiencies, with the MVLS/MVPHS deadline of January 19, 2027 unaffected by the new notice

Failure to cure within allotted periods, including Nasdaq extensions, could ultimately lead to delisting from Nasdaq

Nasdaq's October 7 letter did not address the late-filing deficiency, so the company has no assurance its October 23 plan will be accepted

Bid-price deficiency cured after 10 consecutive business days; a clean late-filing resolution would restore full Nasdaq standing and could reduce delisting overhang

Completion of Adeptus Partners' FY2022 to FY2026 re-audit could establish reliable baseline financials and reset investor confidence

Successful transfer to Nasdaq Capital Market would grant a second 180-day compliance period, buying time to restore the bid price above $1.00

Both filings show sub-$1 bid-price and market-value issues layered with reporting or governance problems, suggesting distressed micro-cap dynamics, with implications that deficiency stacking raises delisting probability more than any single notice

Netcapital's auditor resignation and Item 4.02 non-reliance filing illustrate how audit-related disruptions can trigger multi-year restatements, warranting heightened scrutiny of small-cap filers with late 10-K or 10-Q submissions

Nasdaq submission deadline October 23, 2026 for Rule 5250(c)(1) late filings; watch for Nasdaq acceptance or further deficiency notice

Adeptus Partners engagement covering FY2022 to FY2026; watch for timing of restated filings and any further auditor or non-reliance disclosures

January 19, 2027 compliance deadline for market value deficiency, unaffected by the October 9 notice

April 7, 2027 deadline to regain compliance with the $1.00 minimum; watch for a Nasdaq Capital Market transfer application

Monitor any corporate action to lift the share price above $1.00 ahead of the April 2027 deadline

Any follow-on Nasdaq letters on either company would signal escalating delisting risk