INDEX/$SLND · 2026-09-29
$SLND
$0.61−7.46%Southland Holdings, Inc. · NYSE American · mkt cap $33.21M at basis · cash $34.9M (6/30); est $43–48M at cutoff (VERIFY) · O/S 54,435,257 (10-Q cover 8/4/26; pro forma 54,505,321)
Cutoff 2026-09-29 09:30 ET
SOLVENCY + DELISTING ALERT — SURETY-FUNDED BALANCE SHEET, CONTRACT-PR SPIKE
RATINGS
- OVERALLHIGH
- OVERHEADMED→HIGH
- DILUTIONLOW→HIGH
- DIL. FREQLOW
- OFFERINGLOW→MED
- CASH NEEDHIGH
- COMPLIANCEHIGH
- BANKERMED
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THREE FINDINGS
- 01A $71M contract PR, not a rescue
Sep 29 07:00 ET Business Wire: $71M water pipeline award, client unnamed. 75.7M shares traded pre-market by 07:52 ET vs ~100k normal. Jul 17's +67% contract pop was gone within 4 sessions; 3 of 4 own prior spikes closed below the event close within 3 sessions.
- 02Liabilities exceed assets by $248.2M
NYSE American 1003(a) notice (8-K Sep 25). Plan due Oct 23 2026, cure by Mar 23 2028. Sureties carry $298.9M of payables under a standstill to Aug 13 2027; Sep 30 $150.86M preferred can never become common.
- 03Company can print little; holders haven't sold
Baby shelf caps issuer sales at ~$3.66M; no ATM/ELOC/PIPE. Insiders own 73.5% and their 39.28M registered shares are legally sellable but untouched since 2023. Real overhang is a creditor-led recap, not a registered dump (OPINION).
SUPPLY
- O/S
54,435,257
10-Q cover 8/4/26; pro forma 54,505,321 (VERIFY)
- Baby-shelf capacity
~$3.66M ≈ 6.0M sh
Unused $150M S-3 333-278008; I.B.6 cap; expires ~Apr 8 2027
- ATM / ELOC / PIPE
None
No agreement on file at cutoff
- Public warrants
14,385,500
$11.50 strike, exp 2028-02-14 — deep OTM, economics only
- Sep 30 surety preferred
$150.86M
Senior, non-convertible — 0 common; likely mezzanine (VERIFY)
- Non-insider float
14.42M (26.5%)
~$8.8M at basis; freely tradable
- Registered affiliate shares
39.28M
Resale S-3 333-285578 EFFECT; no volume cap; no sales since 2023
- Rule 144-only affiliate
0.80M
Volume-capped; realistic sellers ~9.8M (OPINION)
COMPLIANCE CLOCK
2026-09-30
Surety preferred + Liberty $5M
$150.86M senior preferred (no common); Liberty settlement payment (VERIFY)
2026-10-23
NYSE American plan due
1003(a)(i)/(ii) — equity −$248.2M vs $2M/$4M thresholds
2027-07-01
$0.25 minimum-price rule
One close below $0.25 = suspension; 49 straight closes <$1
2027-08-13
Surety standstill ends
$298.9M surety payables
2028-03-23
Cure deadline
~$540M of equity needed at current loss pace
NEXT WATCH
- Sep 30 2026 surety preferred closing + Liberty $5M payment
- Oct 23 2026 compliance plan submission
- ~Nov 16 2026 Q3 10-Q (Liberty gain, cash)
- ~Apr 8 2027 S-3 shelf expiry
- 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.