Recaps · September 24, 2026

APUS, September 24: a headline at 8:30, $8.74 at 9:32, and a fade to $5.06

• Small cap
• Momentum
• Main move: pre-market and the open
• Catalyst: news
• Gap, run and fade
• No halts
• Float traded before 9 a.m.

Float

805,943 shares

Volume

36.75 million shares

Previous close

$2.29

Open

$6.99 (up 205.2%)

High

$8.74 at 9:32 a.m.

Close

$5.06

Pre-market: quiet, then 8:30

The official previous close was $2.29. The first trade on the 24th was at $2.43, at 4:00 a.m. For the next four hours almost nothing happened. The stock drifted between $2.10 and $2.43, with no minute above 890 shares. The low in that stretch was $2.10 at 7:32.

At 8:30 a.m. GlobeNewsWire ran: “MindWave Innovations Signs Agreement to Build and Operate AQUAEChain, a Platform for Insured ALCI Credits”. In the 8:31 minute the stock went from $2.35 to $3.18 on 76,036 shares. In the next minute it dropped to $1.93 at 8:32, the low so far, 39% under $3.18.

Then it turned and went straight up. From $1.95 at 8:33 it reached $5.00 at 8:35. By 8:35, more shares had traded than exist in the whole float (805,943). It pulled back to $3.74 at 8:36, then hit $5.22 at 8:37 and $5.49 at 8:39.

From 8:40 to 8:55 it chopped between about $4.30 and $5.50. By 8:56 it had traded ten times the float. Then it ran again: $6.02 at 8:56, $6.97 at 8:58, $6.98 at 9:00.

It faded to $5.76 by 9:17, then climbed back. The pre-market high was $7.28 at 9:25. 16.42 million shares traded before the bell.

The open

At 9:29:11, before the open, about 48,090 shares were offered at exactly $8.75. That's 6.0% of the float, sitting about $1.75 above where the stock was trading.

A 41,299-share print at $6.97 came at 9:30:00. The open was $6.99, up 205% from the previous close. The stock ran to $8.47 within the 9:30 minute. At 9:30:46 the $8.75 offer was pulled from the book. 1.08 million shares traded in that first minute.

It dipped to $7.50 at 9:31, then went back up. At 9:32 it hit $8.74, the high so far, a penny under the price where that wall had stood. Two minutes later it was down to $7.23.

A lower high, then the flush

It came back once more. At 9:40 it pushed to $8.26, a lower high under $8.74. At 9:46 it dropped to $6.46.

The bigger break came at 10:01. In one second, 10:01:28, a single sell order went through 34 price levels, 70,914 shares from $6.34 down to $6.01. The 10:01 minute traded 423,623 shares and the low was $5.99. By 10:07 it was at $5.54.

From 10:08 to 10:31 it held a range, mostly $5.70 to $6.30. At 10:16 about 48,171 shares appeared offered at $7.43. That offer was pulled at 10:31:54. At 10:32 the stock dropped from $6.00 to $5.30. A 40,018-share sell order went through 24 levels at 10:32:44. By 10:36 it traded at $5.12.

At 10:48 it fell again, to $4.97, on a 39,672-share sell sweep from $5.27 to $5.02. By 10:57 it was back at $5.25. At 10:58 it jumped to $5.75 on 186,549 shares.

The bid at $4.98

From 11:02 on, someone was bidding for stock at exactly $4.98. At 11:17:31 it peaked at 105,073 shares, 13.0% of the float. At 11:15 Benzinga ran: “Apimeds Pharmaceuticals Stock Skyrockets Thursday: What's Happening?”. The stock was around $5.40 at the time. From 11:02 to 11:50 the lowest price was $5.10, at 11:12, so the bid wasn't tested.

At 11:51:44 a 43,735-share buy order went through 13 levels, $5.86 to $5.98. The 11:51 minute closed at $6.02. Another 34,510-share buy sweep at 11:54:20 pushed it to $6.56 at 11:54. At 11:56:13 the $4.98 bid was pulled: the size left the book without trading there. The 11:56 minute opened at $6.33.

Other bids appeared later: about 105,195 shares at $5.05 at 12:37 (gone by 12:44), and a smaller one at $5.00 from 12:05 to 2:25 p.m. They were never tested either.

The afternoon and the close

The afternoon was a drift down on thin volume. $5.29 at 1:37 p.m. after a 39,309-share sell sweep. A bounce to $5.66 at 2:16 p.m. A drop to $4.86 at 3:28 p.m. The low after the open was $4.61 at 3:44 p.m. It ended the regular session at $5.06, 42% below the $8.74 high.

After hours it traded between $4.52 (4:22 p.m.) and $5.79 (7:58 p.m.). 985,070 shares traded there. There were no halts all day.

By the close, 19.34 million shares had traded in the regular session, about 24 times the float. Pre-market added 16.42 million. Over the whole day 36.75 million shares traded, about 379 times its normal volume (a normal day is about 97,000 shares).

What to take from it

• A wall on the book is not a promise. The 48,000-share offer at $8.75 left at 9:30:46, and the high came a penny below it, at $8.74. Likewise, the $4.98 bid left at 11:56 without ever being tested.
• Chasing the high costs more than the screen says. At 9:32:21 the screen said $8.62, and a 5,000-share buy averaged $8.74, $578 more.
• After the top, the next push stopped lower. $8.74 at 9:32, then $8.26 at 9:40. It closed at $5.06, 42% below the high.