AIFF on September 25, 2026: why it ran

The day, step by step

• Small cap
• Momentum
• Gap up
• Catalyst: news
• Float traded 4x
• Ask walls
• Late-day push

Before the news

The official previous close was $1.19. On September 24, AIFF traded between $1.12 and $1.21 on just 121,723 shares.

The 25th started just as quietly. A 1-share trade at 4:34 a.m. and a 3-share trade at 5:42 a.m., both at $1.19. Then nothing until 7:45 a.m.

Pre-market: the float traded by 8:43 a.m.

At 7:45 a.m. GlobeNewsWire ran: “Firefly (NASDAQ: AIFF) and NeuroSigma Partner to Expand Access to First FDA-Cleared, Non-Drug Treatment for Pediatric ADHD”. The 7:45 minute opened at $1.24, ran to $1.31 and traded 63,492 shares. Two minutes later it touched $1.44.

From $1.27 at 7:48 a.m. it ran to $1.55 at 7:51 a.m., up 22%. It touched $1.60 at 8:02 a.m. Then volume dried up and it drifted down to $1.36 by 8:18 a.m.

The order book shows some of that fade. A bid wall at $1.48 first appeared at 7:57:20 a.m. and peaked at 100,562 shares at 7:57:59. At 8:03:58 a sell order of 134,599 shares swept down through six levels, from $1.50 to $1.45. The wall was pulled at 8:03:59.

It started climbing again at 8:36 a.m. By 8:43 a.m., more shares had traded than exist in the whole float (14.63 million). At 8:47:58 a buy order of 111,589 shares swept $1.74 to $1.76.

From $1.41 at 8:32 a.m. it ran to $1.89 at 8:48 a.m., up 34%. The 8:48 minute alone traded 2.2 million shares. The pre-market high was $2.05 at 8:50 a.m., in a minute that also traded as low as $1.67. By 9:00 it was down to $1.61.

One strange minute at 9:12 a.m. ranged from $1.49 to $1.98 and closed at $1.66. Then it mostly closed minutes between $1.64 and $1.73 until the bell, with several quick spikes down to $1.49 (9:16, 9:21, 9:22). 32.04 million shares traded before the open, more than twice the float.

The open: $1.71, then a slide

It opened at $1.71, up 44% from the previous close and below the $2.05 pre-market high. A single trade of 52,846 shares printed at $1.69 at 9:30:01.

At 9:42:18 a 40,201-share trade hit the ask at $1.72. A minute later, at 9:43:14, a sell order of 130,944 shares swept six levels from $1.62 to $1.57. From there it slid to $1.51 by 9:56. Its low after the open was $1.48 at 10:14.

The wall at $1.65

The Level 2 book showed something the chart did not. From 10:36 a.m. on, someone was offering a lot of stock at exactly $1.65. It peaked at 121,744 shares at 10:38 a.m. The stock sat just under it at $1.60 to $1.64.

At 10:41:28 a.m. the first trade printed at $1.65. In 14.1 seconds, 79,314 shares traded at exactly $1.65 and the wall was gone. It wasn't pulled. Buyers ate it. The 10:41 minute reached $1.67 on 189,649 shares.

The break did not carry.

Midday and the 1:53 p.m. news

From 10:44 a.m. until 1:29 p.m. the stock stayed between $1.54 and $1.70. Many minutes traded only a few thousand shares, and some under a thousand.

At 1:29 p.m. it started climbing and touched $1.75 at 1:35. At 1:53 p.m. Benzinga ran: “Firefly Neuroscience and Neurosigma Partner To Expand Non-Drug Pediatric ADHD Care”. It is the same partnership as the 7:45 a.m. headline, in different words. The stock was at $1.66 in that minute, and by 2:15 p.m. it had dipped to $1.60.

The afternoon

A second ask wall had been building higher up. At $1.75 it was first seen at 9:39 a.m. and reached 108,720 shares at 10:52 a.m. The stock crept back toward it in the afternoon.

At 2:47:55 p.m. a 35,000-share trade hit the bid at $1.72 and, in the same moment, a buy order of 215,704 shares swept seven levels from $1.69 to $1.75. 64,215 shares traded at exactly $1.75 in 3.4 seconds and the wall was eaten at 2:48. The 2:47 minute closed at $1.78 on 437,818 shares. By 2:53 it was back at $1.71.

It moved up through the late afternoon. At 3:40 p.m. two buy sweeps hit within the same second and ran it to $2.00. That minute traded 457,701 shares and closed at $1.93.

Above that sat a third ask wall, at exactly $2.00. It was first seen at 9:30 a.m. and reached 128,293 shares at 1:50 p.m.

At 3:50:17 p.m. the wall went. 57,478 shares traded at exactly $2.00 in 0.1 seconds, and a buy order of 84,375 shares swept from $2.00 to $2.02. Within the same minute the stock reached $2.13, the regular-session high. That minute closed at $2.09 on 484,315 shares.

A bid wall at $1.85 was first seen at 3:51 p.m. and peaked at 102,826 shares at 3:56. Another, at $1.20, was first seen at 2:15 p.m. and peaked at 131,702 shares at 3:58.

The close and after hours

It closed the regular session at $2.02, up 70% on the day. Regular-session volume was 20.94 million shares.

After hours it went higher. It reached $2.17 in the 4:03 p.m. minute, the highest price of the whole day. It drifted back, with the last trades of the evening around $1.83 at 7:59 p.m. After hours volume was 3.32 million shares.

Over the whole day 56.30 million shares traded: the float changed hands about 4 times. Relative volume was 216.

What to take from it

• A stock can trade its whole float before the open and still open below its pre-market high. Here the float turned over by 8:43 a.m. and the pre-market high was $2.05. The open was $1.71 and the low after the open was $1.48.
• An eaten wall is a fact, not a forecast. The $1.65 wall went in 14.1 seconds and the stock was back at $1.57 within three minutes. The $2.00 wall went in 0.1 seconds and the stock hit $2.13 in the same minute.
• Quiet hours can come before the big move. From 10:44 a.m. to 1:29 p.m. the stock stayed between $1.54 and $1.70 on thin volume. The $2.13 high came at 3:50 p.m.

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