Recaps · September 23, 2026

TNMG, September 23: four halts and $7.11

• Small cap
• Momentum
• Main move: mid-morning
• Halted four times
• Halt reopens
• Lower high
• Float traded 3.6x
• Faded

Float

697,299 shares

Volume

2.50 million shares

Previous close

$3.95

Open

$4.01 (up 1.5%)

High

$7.11 at 10:39 a.m.

Halts

4 (10:18 a.m. and 10:34 a.m. and 10:39 a.m. and 10:50 a.m.)

Close

$4.49

Pre-market: two spikes, and the float by 8:02 a.m.

The first trades on the 23rd, at 4:00 a.m., were around $4.19, already above the $3.95 previous close. The data shows no news headline for the day.

The first spike came at 5:14 a.m. At 5:13 it was at $4.55. One minute later it hit $5.51, up 34% from the $4.12 low at 4:00. Then it fell just as fast. By 5:18 it was at $3.77, down 32% from $5.51. About 280,000 shares traded in those six minutes.

It spent the next two hours between about $3.77 and $4.21. Then it spiked again. From $3.98 at 7:19 it ran to the pre-market high, $6.27 at 8:01 a.m. That one minute traded 147,328 shares.

By 8:02 a.m., more shares had traded than exist in the whole float (697,299). At 8:02 it was already down to $4.79. It bounced to $5.60 at 8:03, then dropped to $3.90 at 8:05, back under the $3.95 close. About 488,000 shares traded between 8:01 and 8:05. 1.09 million traded before the bell.

The open, then a quiet 45 minutes

It opened at $4.01. Through 10:14 it traded between $3.97 and $4.70. The $4.70 came at the end of that stretch, at 10:14.

It ran. The 10:15 minute touched $5.00 and the 10:18 minute reached $5.38 on 29,515 shares. At 10:18:35 it was halted (a volatility pause), with the last trade at $5.38.

The reopen at $6.45

The halt lasted 15 minutes. At 10:33:53 it reopened at $6.45, above the $6.27 pre-market high and well above the $5.38 where it stopped. One print at the reopen was 60,113 shares at $6.45, more than 8% of the float in a single trade.

The same second, two sell orders swept down through the book: 10,550 shares from $6.44 to $5.87 across 25 price levels, and 16,349 shares from $6.13 to $5.81 across 22 levels. The 10:33 minute traded as low as $5.81 and closed at $6.03.

At 10:34:03 a buy order swept 11,167 shares from $6.39 to $6.58 across 15 levels. The minute ran to $7.10 on 167,932 shares. At 10:34:34 it was halted again, with the last trade at $7.10.

It reopened at 10:39:34 at $6.50, below where it stopped. One print at the reopen was 35,661 shares at $6.50.

The 10:39 minute made $7.11, the high so far, up 80% from the $3.95 close. The same minute went down to $5.85. At 10:39:38 an ask wall appeared at $7.77, 24,170 shares, 3.5% of the float, above the high. At 10:39:58 it was halted a third time, with the last trade at $5.85. The wall was pulled at 10:42:16, while the stock was still halted.

It reopened at 10:50:31 at $5.00, below where it stopped. A 35,045-share print went through at $5.00. A sell order swept 11,997 shares from $4.99 to $4.80 across 17 levels.

The 10:50 minute reached $4.50. At 10:50:58 it was halted a fourth time, with the last trade at $4.50.

The reopen at $4.12

The fourth halt lasted ten minutes. It reopened at 11:00:58 at $4.12, below the $4.50 where it stopped and about 42% under the $7.11 high. A 24,097-share print went through at $4.12.

The 11:01 minute went down to $4.00, down 44% from $7.11, on 104,422 shares. At 11:01:33 a sell order swept 16,072 shares from $4.53 to $4.30 across 10 levels. The minute closed at $4.51.

The rest of the day

It bounced to $4.81 at 11:09, then slid. At 12:16 it fell through $4 on 14,571 shares and made $3.65 at 12:18, the low of the day.

It recovered slowly. At 3:02 p.m. it pushed to $4.83, the highest since the 11:01 drop but far under the $7.11 top. It closed at $4.49, 37% under the high of the day.

Pre-market traded 1.09 million shares and the regular session 1.38 million. After hours added 32,011. For the whole day, 2.50 million shares traded: the float changed hands about 3.6 times, at about 1.7 times its normal volume, and it was halted 4 times.

What to take from it

• A halt reopen can land far from where it stopped, in either direction. This day it stopped at $5.38 and reopened at $6.45. Later it stopped at $5.85 and reopened at $5.00.
• The seconds after some reopens were thin. 543 shares were offered at $6.41 and 16 at $4.82, and 5,000-share orders cost $1,069 and $1,662 more than the screen showed. At the first reopen, 6,890 shares sat at $5.82 and the order filled at the screen price.
• After the top, no push got back near it. $7.11 at 10:39 a.m., then $4.81 at 11:09 and $4.83 at 3:02 p.m. It closed at $4.49.