Hindsight Markets Recaps Small-cap stocks on September 23, 2026
IMCC, September 23: a 7:30 headline, $10.71, and a drop to $2.15 after an offering
IMCC spiked to $10.71 before the open after news, then gave much of it back in the session.
News via Stock News API
What happened
Draft for review. Not published.
The 7:30 headline
A deal headline at 7:30 sent a quiet stock flying. The 7:31 minute alone traded 522K shares, nearly the whole 555K float. It topped at $10.71 at 7:40, before the bell.
The offering headline
The 8:37 offering headline wiped out the run. That minute opened at $7.90. By 8:39 it hit $2.15 as sell orders swept the book.
The wall at $3.59
On the bounce, a big seller showed just above the price. At 8:41:43 an ask wall appeared at $3.59 and grew to 29K shares.
Stop It's 8:43. IMCC is at $3.47, after falling from $7.90 at 8:37 to $2.15 at 8:39. About 29,000 shares are offered at $3.59, just above. Would you buy here?
Press play: the real Level 2, tape and chart run from 8:40 a.m. and stop at 8:43 a.m. ET for your call.
Buyers ate it. Starting at 8:43:46, 28,891 shares traded at $3.59 in 1.9 seconds. The wall was gone. The next minute reached $3.87, then it drifted to about $3.05 by 9:15.
The close
The regular session never got near the highs. It fell to $2.61 at 9:44 and closed at $2.91, 73% under the top.
What to take from it: A second headline can erase the first in minutes: the offering took it from $7.90 to $2.15.
Replay IMCC's day
It starts at 7:21 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:24 a.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
Pre-market spike. Before the open it spiked 158.7% from $4.14 to $10.71 at 7:40 a.m.. It opened down 23.7% at $3.16 and traded at $2.91 at 4:00 p.m.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:30 a.m. | News (PRNewsWire): IM Cannabis Enters Non-Binding Agreement to Acquire 51% of Space Defense Innovations, Operating in the European Tactical UAS Market | |
| 7:30 a.m. | First trade 20% above the previous close of $4.14 | |
| 7:31 a.m. | Volume since 4:00 a.m. passes the whole float, 554,524 shares | |
| 7:40 a.m. | Pre-market high, $10.71 | |
| 7:40 a.m. | High of the day to the close, $10.71 | |
| 9:30 a.m. | The open: $3.16, down 23.7% from the previous close | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $2.91, 72.8% 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
- $4.14
- Open, 9:30 a.m.
- $3.16
- Gap at the open
- −23.7%
- Pre-market high
- $10.71 at 7:40 a.m.
- High, 4 a.m. to 4 p.m.
- $10.71 at 7:40 a.m.
- Low, 4 a.m. to 4 p.m.
- $2.15
- Close, 4 p.m.
- $2.91
- Change at 4 p.m.
- −29.7%
- After-hours high, 4 p.m. to 8 p.m.
- $3.77 at 4:05 p.m.
- Volume, 4 a.m. to 4 p.m.
- 15.15 million
- Volume after hours, 4 p.m. to 8 p.m.
- 1.01 million
- Relative volume by 8 p.m.
- 5.4×
- Float
- 554,524 shares, from filings as of September 23, 2026
- Shares outstanding
- 603,922
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest news item before it (PRNewsWire, 7:30 a.m.).
- Volume, from the one-minute bars: 13.56 million shares before the 9:30 a.m. open (84%), 609,652 in the first 30 minutes (4%), and 2.00 million in the rest of the day to 8 p.m. (12%).
- Float rotation, the volume since 4 a.m. against the float of 554,524 shares: past it once at 7:31 a.m., twice at 7:32 a.m., three times at 7:34 a.m.
- Other days IMCC met the small-cap rule in our recaps: 3, the latest on September 24, 2026.
On the day's lists: the intraday runners. It is here because it met the small-cap rule on the intraday runners: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, 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 IMCC 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 IMCC 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.