Hindsight Markets Recaps Small-cap stocks on September 23, 2026
GRML, September 23: $21.86 before the bell, a wall at $16.89, and $11.20
GRML opened up 23%, then faded below its open by the close.
What happened
Draft for review. Not published.
The top came early
GRML made its biggest move before the bell. It hit $21.86 at 6:15 a.m., after a $14.14 close the day before. At 8:30 a.m. came news that it applied to more than double its mining area.
A filing, then the open
At 9:28 a.m. the company filed a 424B5 prospectus (offering terms). That minute it fell to $14.68, then bounced to $18.82. It opened at $17.38, about 20% under the high.
The wall at $16.89
Here, the ceiling showed up on the order book. At 9:55 an ask wall at $16.89 grew to 152K shares, about 3.5% of the float.
Stop It's 9:56. GRML is at $16.45, up from $15.38 at 9:40. A wall of as many as 152,320 shares showed at $16.89 at 9:55:17, just above. Would you buy here?
Press play: the real Level 2, tape and chart run from 9:53 a.m. and stop at 9:56 a.m. ET for your call.
That minute touched $16.89 and no higher. It never traded above $16.89 again.
The slide
From 10:08, sell orders swept the book again and again.
Stop It's 10:15. GRML is at $14.02. It was $16.45 at 9:56. Would you buy the dip?
Press play: the real Level 2, tape and chart run from 10:12 a.m. and stop at 10:15 a.m. ET for your call.
It kept falling, to $12.24 by 10:18. The low was $10.29 at 1:40 p.m. The session ended at $11.20, 49% under the high.
What to take from it: On GRML, the $16.89 ask wall marked the session's top.
Replay GRML's day
It starts at 2:39 p.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 2:42 p.m. and asks what you would do. Or press Play on any moment in How it traded.
The details
How it traded, step by step
Gap and fade. It gapped up 22.9% to $17.38 at the open and traded below the open by 4:00 p.m., at $11.20.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $14.14 | |
| 6:15 a.m. | Pre-market high, $21.86 | |
| 6:15 a.m. | High of the day to the close, $21.86 | |
| 7:07 a.m. | Volume since 4:00 a.m. passes the whole float, 4.38 million shares | |
| 9:30 a.m. | The open: $17.38, up 22.9% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $11.20, 48.8% 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
- $14.14
- Open, 9:30 a.m.
- $17.38
- Gap at the open
- +22.9%
- Pre-market high
- $21.86 at 6:15 a.m.
- High, 4 a.m. to 4 p.m.
- $21.86 at 6:15 a.m.
- Low, 4 a.m. to 4 p.m.
- $10.29
- Close, 4 p.m.
- $11.20
- Change at 4 p.m.
- −20.8%
- After-hours high, 4 p.m. to 8 p.m.
- $14.40 at 7:08 p.m.
- Volume, 4 a.m. to 4 p.m.
- 26.24 million
- Volume after hours, 4 p.m. to 8 p.m.
- 1.91 million
- Relative volume by 8 p.m.
- 3.9×
- Float
- 4.38 million shares, from filings as of September 23, 2026
- Shares outstanding
- 4.81 million
- Volume, from the one-minute bars: 9.14 million shares before the 9:30 a.m. open (32%), 3.91 million in the first 30 minutes (14%), and 15.10 million in the rest of the day to 8 p.m. (54%).
- Float rotation, the volume since 4 a.m. against the float of 4.38 million shares: past it once at 7:07 a.m., twice at 9:28 a.m., three times at 10:02 a.m.
- Other days GRML met the small-cap rule in our recaps: 6, the latest on October 14, 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 GRML 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 GRML on September 23, 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.