Recaps · September 23, 2026

IMCC, September 23: a 7:30 headline, $10.71, and a drop to $2.15 after an offering

• Small cap
• Momentum
• Catalyst: news
• Float traded many times
• Offering headline
• Pre-market top
• Ask wall break
• Faded to the close

Float

554,524 shares

Volume

16.17 million shares

Previous close

$4.14

Open

$3.16 (up 23.7%)

High

$10.71 at 7:40 a.m.

Close

$2.91

The day before

On September 22, IMCC ran from $2.95 to $6.43. It gave most of it back and closed at $4.14.

Pre-market: quiet until 7:30

The first trade on the 23rd was $4.14, the same as the previous close. For the next three and a half hours it drifted between about $3.79 and $4.32 on thin volume. Most minutes traded a few hundred shares. The float is only 554,524 shares.

At 7:30 a.m. PRNewsWire ran: "IM Cannabis Enters Non-Binding Agreement to Acquire 51% of Space Defense Innovations, Operating in the European Tactical UAS Market." The 7:30 minute opened at $3.99 and reached $5.28. It closed at $5.20 on 130,869 shares. That one minute traded about a quarter of the float.

The 7:31 minute went from $5.23 to $6.74, and 522,074 shares traded in it. That alone was nearly the whole float. By 7:32 it hit $7.99, and at 7:33 the high was $8.10.

The top at $10.71

After a dip to $6.78 at 7:34, it climbed again. It hit $9.43 at 7:36 and $10.52 at 7:39. The high so far, $10.71, came at 7:40 a.m., before the bell.

At 7:41 a.m. the company filed a 6-K, a foreign company's current report. That minute ran from $10.08 down to $8.90. At 7:43:45 one sell order swept 26,973 shares from $9.28 to $8.96 across 32 price levels.

It pushed once more. At 7:45 it reached $9.54, a lower high under the $10.71 top. Then it slid: $7.62 by 7:56, $6.76 at 8:00 and $6.39 at 8:04. It bounced back to $8.33 at 8:24 and sat near $7.50 to $8.00 into the mid-8:30s.

8:37: the offering and the drop

At 8:37 PRNewsWire ran: "IM Cannabis Announces Pricing of US$1.31 Million Registered Direct Offering of Common Shares." The 8:37 minute opened at $7.90 and closed at $5.99 on 508,135 shares.

The fall kept going. At 8:38 it went down to $3.70. At 8:39 it hit $2.15, the low so far, on 670,316 shares. Level 2 shows sell orders sweeping the book that minute. At 8:39:24 one sold 36,051 shares from $3.44 to $2.97 across 32 levels.

A bid wall also showed up at $2.00 at 8:39:54. It peaked at 34,107 shares at 8:42:38, about 6% of the float. The stock had not traded that low. By 8:40 it was back at $3.00, and it closed that minute at exactly $3.00.

The wall at $3.59

At 8:41:43 a big ask wall appeared at exactly $3.59. It peaked at 29,022 shares at 8:41:58, about 5% of the float.

Here's what happened. At 8:43:46 shares began trading at $3.59. In 1.9 seconds, 28,891 shares traded at exactly $3.59 and the wall was gone. It wasn't pulled. Buyers ate it.

The 8:43 minute closed at $3.71. The 8:44 minute reached $3.87, and 24,419 shares were sold through the book at 8:44:24. After that it drifted back down toward $3.20 by 9:00 and about $3.05 by 9:15.

The open and the rest of the day

The open was $3.16, 24% below the previous close. A 13,565-share print at $3.19 went through at 9:30:00. An ask wall appeared at $4.00 at 9:30:32, 48,887 shares, about 9% of the float. The regular session never reached it. The 9:30 minute reached $3.43.

It slid. At 9:39 it fell to $2.99, and at 9:44 it hit $2.61, the low after the open. Sellers swept 18,581 shares at 9:43:05. Then it recovered a little. At 10:06:30 a buyer took 40,073 shares from $2.88 to $3.00 across 11 levels.

From there it was quiet, between about $2.63 and $3.16. It closed at $2.91, 73% under the $10.71 high. Regular-session volume was 1,596,050 shares, much less than the 13.56 million traded pre-market.

After hours

At 4:01 p.m. PRNewsWire ran: "IM Cannabis Regains Compliance with Nasdaq Minimum Bid Price Requirement." The 4:02 minute reached $3.76 on 150,219 shares. The after-hours high was $3.77 at 4:05. By 4:07 it was down to $2.92 at the low of that minute.

At 4:15 p.m. the company filed another 6-K. After hours it ranged between $2.89 and $3.77.

Over the whole day, 16.17 million shares traded: the float changed hands about 29 times.

What to take from it

• A pre-market spike can reverse fast. The stock fell from $7.90 to $2.15 between 8:37 and 8:39, right after the offering headline.
• After the top, the next push stopped lower. $10.71 at 7:40, then $9.54 at 7:45.
• Chasing near a spike high or just after a wall breaks costs more than the screen says. The book is thin in those seconds.