Recaps · August 4, 2026

ADGM, August 4: two halts, a 453,000-share bid, and $1.13

• Small cap
• Momentum
• Gap, run and fade
• Pre-market float turnover
• Halted twice
• Bid wall eaten
• Lower high after the top

Float

19.62 million shares

Volume

153.69 million shares

Previous close

$0.4600

Open

$0.6006 (up 30.6%)

High

$1.13 at 1:56 p.m.

Halts

2 (9:43 a.m. and 9:54 a.m.)

Close

$0.8101

The day before

On August 3, ADGM ran from $0.46 to $0.88 and closed at $0.46, where it started.

The one news item in the data is from that day. At 8:30 a.m. on the 3rd, Business Wire carried the headline "Adagio Medical Treats First Patient with Faster, Single-Freeze Next-Generation ULTA System." There is no news item dated the 4th.

Pre-market: the float traded by 7:45 a.m.

The first trades on the 4th were at $0.68, already above the $0.46 close. The pre-market high came right away: $0.78 at 4:00 a.m. By 4:06 it was down to $0.52.

It did not trend. It ran to $0.71 at 4:19 a.m., then slid for hours to $0.39 at 6:22 a.m. Volume dried up on the way down.

The second push began at 7:16 a.m. at $0.42. It reached $0.70 at 7:37 a.m., up 67%, and was at $0.54 a minute later. Those minutes were heavy: more than 650,000 shares traded in each of the 7:36, 7:37, 7:38 and 7:39 bars.

By 7:45 a.m., more shares had traded than exist in the whole float (19.62 million). It ran again to $0.77 at 7:56 a.m. and faded to $0.53 at 8:29 a.m. In all, 34.31 million shares traded before the bell.

The open

It opened at $0.60, up 31% from the previous close. It dipped to $0.55 at 9:31, then started to climb at 9:36.

At 9:41 it cleared the $0.78 pre-market high. At 9:43 the last trade was $0.90, and at 9:43:29 it was halted (a volatility pause).

The book showed something just before the halt. A bid wall appeared at $0.90 at 9:43:18 and peaked at 453,258 shares at 9:43:29, 2.3% of the float. The halt lasted five minutes. It reopened at 9:48:29 at $0.84, 7% below where it stopped. A single print of 382,685 shares crossed at $0.8393. The $0.90 wall was gone at 9:48:30, with 8,080 shares traded at that price.

From the reopen it ran to $1.06 at 9:50 a.m., up 84% from the $0.58 low at 9:35. Then it came back down. At 9:54:27 it was halted again with the last trade at $0.78. It reopened at 9:59:27 at $0.78, on a print of 269,306 shares.

The low that minute was $0.77, 28% under the $1.06 high. It ran to $0.95 at 10:06 a.m., fell to $0.74 at 10:12 a.m., and then built again from $0.80 at 10:24 to $1.08 at 10:40.

The bid at $0.92

From 10:49 a.m. on, a large bid stood at exactly $0.92. It first appeared at 10:49:27 and peaked at 257,986 shares at 10:49:51, 1.3% of the float.

At 10:52:36 the first trade printed at $0.92. In 12.1 seconds, 204,653 shares traded at exactly $0.92 and the wall was gone. It wasn't pulled. Sellers hit it. After a bounce to $0.97 at 10:58 a.m., it fell to $0.84 at 11:07 a.m., down 24% from $1.11.

The ask wall at $0.98

Midday was quieter. An ask wall sat at $0.98 from 12:35 p.m. and peaked at 255,642 shares at 12:44. A second ask wall stood at $0.9799 from 1:05 p.m. and was pulled at 1:20.

From 1:52:42 to 1:52:45, 52,519 shares traded at $0.98 in 3.2 seconds, and by 1:52:46 the wall was gone. The data marks it as pulled, not eaten. Within the next minute buy sweeps went through the book: 98,369 shares from $1.00 to $1.02 at 1:53:21, and 82,186 shares from $1.06 to $1.09 at 1:53:29.

From $0.87 at 1:45 p.m. it ran to $1.13, the high of the day, at 1:56 p.m., up 146% from the previous close. The next minute it traded as low as $0.97.

The rest of the day and after hours

It came back. At 2:00 p.m. it pushed to $1.06, a lower high under the $1.13 top.

From there it faded: $0.87 at 2:11 p.m., $0.79 at 3:19 p.m., $0.78 at 3:54 p.m., and $0.81 at the close.

By the close, 114.69 million shares had traded: the float changed hands about 6 times. With pre-market and after hours, the day's total was 153.69 million, about 8 times the float.

After hours, 4.69 million shares traded, between $0.62 and $0.82. The high was at 4:00 p.m.

What to take from it

• A halt can reopen lower than it stopped, and a big bid can vanish with it. The 9:43 halt stopped at $0.90 with a 453,258-share bid there. It reopened at $0.84.
• Walls end two ways. The $0.92 bid was eaten by sellers in 12 seconds. The $0.98 ask was gone by 1:52:46, and the stock hit $1.13 four minutes later.
• After the top, the next push stopped lower. $1.13 at 1:56 p.m., then $1.06 at 2:00 p.m.