Recaps · September 28, 2026

PMAX, September 28: an 8:30 headline, a fast spike, and bid walls

• Small cap
• Momentum
• Main move: pre-market
• Catalyst: news (8:30 a.m.)
• Bid wall break
• Lower high
• Float traded 6x
• Faded to the close

Float

1.31 million shares

Volume

7.98 million shares

Previous close

$1.62

Open

$1.76 (up 9.0%)

High

$2.79 at 8:31 a.m.

Close

$1.23

The day before and a quiet start

On September 25, PMAX traded between $1.21 and $1.72 and closed at $1.62.

The 28th started quietly. The first trade at 4:00 a.m. was $1.60. For the next four and a half hours it stayed between about $1.50 and $1.77, mostly around $1.65 to $1.75. Many minutes had no trades at all. At 8:29 a.m. it was $1.75.

8:30 a.m.: the headline

At 8:30 a.m. GlobeNewsWire ran: “Powell Max Limited Acquires Stake in Parent Company of the Iconic Remington Firearms Brand”. That one minute traded 353,668 shares and went from $1.76 to $2.45.

The next minute traded 701,913 shares and reached $2.79, the high so far, at 8:31 a.m. That is up 72% from the previous close.

During the 8:32 minute, total volume passed the whole float (1.31 million). By the bell, 6.41 million shares had traded, nearly five times the float.

Then it came down fast. At 8:33 several large sweeps hit the tape. A buy of 18,559 shares swept from $2.57 to $2.65 across 8 price levels. Nine seconds later a sell of 14,462 shares went from $2.48 to $2.40. Eleven seconds after that, 20,475 shares were sold from $2.36 to $2.30. By 8:34 the low was $1.90.

Walls and a second push

At 8:35 a.m. the company filed a 6-K (a foreign company's current report). Around then the book got busy. At 8:35:47 a single trade printed 16,227 shares at $2.03, at the bid. A bid wall of up to 32,762 shares at $2.01 showed up and was pulled at 8:38:02.

The stock climbed again. At 8:40:48 an ask wall appeared at $2.59 and grew to 27,583 shares. It was pulled at 8:41:59, and at 8:41 a.m. the stock hit $2.55, a lower high under the $2.79 top. Another ask wall at $2.50 appeared at 8:42:03 and grew to 32,817 shares by 8:42:39. By then the price was falling: $2.10 at the end of 8:43 and $1.93 at the end of 8:44.

From 8:43:50 a bid wall stood at exactly $1.82. It grew to 29,769 shares at 8:45:10, about 2.3% of the float.

At 8:47:19 a sell of 20,405 shares went through $1.91 to $1.85 across 7 levels. At 8:47:22 the first trade printed at $1.82. In 4.4 seconds, 27,602 shares traded at exactly $1.82 and the wall was gone at 8:47:27. It wasn't pulled. Sellers hit it. The 8:47 minute traded 268,719 shares and touched $1.77.

At 8:47:42 a buy of 13,303 shares went from $1.81 to $1.84. The stock then chopped between about $1.70 and $2.08 until the open. It bounced to $2.08 at 8:54, then slid to $1.70 at 9:08.

The open and the fade

Before the open, a bid wall of 32,472 shares at $1.78 showed up at 9:13:21. It was pulled at 9:27:40. The 9:28 minute dipped to $1.72.

It opened at $1.77, up about 9% from the previous close. The first minute went from $1.70 to $1.85. At 9:30:01 a single 11,773-share trade printed at $1.77. At 9:31:17 an ask wall appeared at $2.10, far above the price. It grew to 28,337 shares and was pulled at 9:45:03.

The price broke down at 9:35. That minute traded 105,338 shares and fell to $1.52. At 9:37:03 a buy swept 22,478 shares from $1.50 to $1.53 and a single 18,636-share trade printed at $1.50. It didn't hold. It hit $1.36 at 9:46.

It kept fading: $1.21 at 3:38 p.m., the low after the open, and $1.23 at the close.

After hours

After hours it moved between $1.16 (at 4:57 p.m.) and $1.40 (at 5:34 p.m.). 188,950 shares traded after the close.

For the whole day, 7.98 million shares traded: the float changed hands about 6 times, at 6.2 times its normal volume. The regular session itself traded 1.38 million. Most of the day's volume came before the bell, and most of it in the hour after 8:30 a.m.

What to take from it

• The whole move was gone by the close. It closed at $1.23, 56% below the $2.79 high and under the $1.62 previous close.
• After the top, the next push stopped lower. $2.79 at 8:31 a.m., then $2.55 at 8:41 a.m. The $1.82 wall that looked like support was eaten in about four seconds.
• A big bid wall is a level, not a floor. When sellers hit it hard, it can break in seconds, and the fills near the high cost more than the screen showed.