LATENT TECH

GENFI · FORENSICS

INDEX/$KNRX · 2026-09-29

$KNRX

$1.23+304.61%

Knorex Ltd. · NYSE American · mkt cap $37.42M at basis (all classes; Class A only $31.54M) · cash ~$0.9M at 8/18 (mgmt); est ~$0.5M at cutoff (VERIFY) · O/S 30,423,113 (25,642,538 Class A + 4,780,575 Class B; F-1 as of 9/15/26)

Cutoff 2026-09-29 09:30 ET

SPIKE-MONETIZATION ALERT — $50M EQUITY LINE ARMED ONE SESSION BEFORE A NO-NEWS +305% SPIKE, ~3 MONTHS OF CASH

RATINGS

  • OVERALLHIGH
  • OVERHEADHIGH
  • DILUTIONHIGH
  • DIL. FREQHIGH
  • OFFERINGHIGH→MED
  • CASH NEEDHIGH
  • COMPLIANCEHIGH
  • BANKERHIGH

VIEW

Loading pack…

THREE FINDINGS

  1. 01A $50M share tap went live one session before the spike

    F-1 for 156.8M resale shares effective Fri Sep 25 16:15 ET (posted Mon 00:15). Mon Sep 28: +305% on 291M sh with no news at the 09:36 ignition; the only release (AscendX carve-out, related party) came during a News-Pending halt. Draws on 9/28 are not on the record (VERIFY).

  2. 02About three months of cash

    ~$0.9M at Aug 18 per the 20-F; auditor 'substantial doubt'; ≈$2.72M due Oct 9. Covering that via the ELOC takes ≈3.5M sh at $1.19 or ≈14M at the pre-spike $0.295 (20% of each draw repays the investors' own notes).

  3. 03No lock-up expired — supply is already free

    The IPO lock-up was six months and ended Mar 2026. 17.70M Class A are free today; 1.18M Class B free Sep 30; the affiliate Rule 144 cap dissolves ~Oct 5 on the Sep 28 volume (OPINION). Same-ticker precedent: 1/1 below event close within 3 sessions (D+3 −45%).

SUPPLY

O/S

30,423,113

25,642,538 A + 4,780,575 B (5 votes; converts on transfer)

$50M ELOC

≈41.9M sh at $1.193

F-1 333-299038 EFFECT 2026-09-25; RK / NCPC / TQP; 97–99% of VWAP/low; registered now

Charter ceiling

64.36M sh

Unissued authorised Class A; binds below ~$0.80

Warrants / converts

2.91M / $2.40M

$1.497–$2.60 / $2.20–$2.40 — OTM, unregistered, economics only

Class A float

17,703,663 (69.0%)

~$21.8M at basis; lock-up expired 2026-03-29/30; free now

Affiliates

11,536,425

Rule 144 cap 256,425 per 3 mo; effectively lifts ~Oct 5 (VERIFY)

Non-affiliate Class B

1,183,025

Transfer restriction lapses 2026-09-30 (supply-unlock)

COMPLIANCE CLOCK

  1. 2026-09-30

    Class B unlock

    1.18M non-affiliate Class B can convert and sell

  2. 2026-10-09

    Notes mature

    ≈$2.72M converts + related-party loans vs est. ~$0.5M cash (pricing/cash date, not an unlock)

  3. 2026-11-15

    §1007 monitoring ends

    Late-20-F monitor period; runway also ~mid-Nov

  4. 2027-07-01

    $0.25 minimum-price rule

    One close below $0.25 = suspension, no cure

  5. 2028-02-21

    Cure deadline

    §1003(a) equity; needs $18–30M of new equity

NEXT WATCH

  • Any 424B3 / 6-K disclosing ELOC sales or commitment shares
  • Sep 30 2026 Class B transfer restriction lapses
  • Oct 9 2026 note maturities (~$2.72M)
  • NYSE American plan acceptance / rejection
  • Jul 1 2027 $0.25 minimum-price rule

Internal research only — not investment advice. NOT a retail broker. Cutoff 2026-09-29 09:30 ET. Source files: HTML dossier, 1-pager, social pack, and PDF linked in VIEW. Do not treat this console as a solicitation or an offer to buy or sell securities.