Hindsight Markets Recaps Small-cap stocks on September 21, 2026
TOPS, September 21: a Schedule 13D/A and an after-hours run to $1.62
TOPS barely moved in the regular session after a Schedule 13D/A, then ran to $1.62 after the close.
What happened
Before the open
The news came first: a Schedule 13D/A at 4:06 p.m. Before the bell it reached $0.74, on 2K shares.
The open
It opened near its previous close, at $0.75.
The close
It closed at $0.7119, 5% under its high. After the close it ran to $1.62 by 4:59 p.m.
What to take from it: The day's real move came after the 4 p.m. close, not in the regular session.
The details
How it traded, step by step
After-hours run. It opened up 5.3% at $0.75 and traded at $0.7119 at the 4:00 p.m. close, then ran 127.6% from $0.7119 to $1.62 at 4:59 p.m. after the close, on 42.01 million shares traded after hours.
| Time (ET) | What happened |
|---|---|
| 9:29 a.m. | Pre-market high, $0.74 |
| 9:30 a.m. | The open: $0.75, up 5.3% from the previous close |
| 9:30 a.m. | High of the day to the close, $0.75 |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $0.7119, 5.1% below the high |
| 4:06 p.m. | SEC filing SCHEDULE 13D/A: |
| 4:07 p.m. | First trade 20% above the previous close of $0.712 |
| 4:16 p.m. | Volume since 4:00 a.m. passes the whole float, 4.24 million shares |
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
- $0.712
- Open, 9:30 a.m.
- $0.75
- Gap at the open
- +5.3%
- Pre-market high
- $0.74 at 9:29 a.m.
- High, 4 a.m. to 4 p.m.
- $0.75 at 9:30 a.m.
- Low, 4 a.m. to 4 p.m.
- $0.705
- Close, 4 p.m.
- $0.7119
- Change at 4 p.m.
- −0.0%
- After-hours high, 4 p.m. to 8 p.m.
- $1.62 at 4:59 p.m.
- Volume, 4 a.m. to 4 p.m.
- 46,122
- Volume after hours, 4 p.m. to 8 p.m.
- 42.01 million
- Relative volume by 8 p.m.
- 620.1×
- Float
- 4.24 million shares, from filings as of September 21, 2026
- Shares outstanding
- 7.61 million
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest SEC filing before it (SCHEDULE 13D/A, 4:06 p.m.).
- Volume, from the one-minute bars: 1,534 shares before the 9:30 a.m. open (0%), 14,315 in the first 30 minutes (0%), and 42.04 million in the rest of the day to 8 p.m. (100%).
- Float rotation, the volume since 4 a.m. against the float of 4.24 million shares: past it once at 4:16 p.m., twice at 4:25 p.m., three times at 4:32 p.m.
- Other days TOPS met the small-cap rule in our recaps: 1, the latest on September 22, 2026.
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 (none)
The exchange's halt feed shows no halts for TOPS that day.
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 TOPS on September 21, 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.