MI on October 9, 2026: why it ran

The day, step by step

• Small cap
• Momentum
• Main move: pre-market
• Gap, run and fade
• Filing: 424B5
• Halted once
• Reopened lower
• Bid wall

The day before

On October 8, MI opened at $1.46 and fell to a low of $0.80. The official close was $0.8937, about $0.89. 2.82 million shares traded.

The news feed for that day has one headline, at 11:05 a.m. from GlobeNewsWire: NFT Ltd. Announces Pricing of $1.0 Million Registered Direct Offering. It doesn't name MI.

Pre-market: the run from $0.99

The first trade on the 9th was at $1.13, already above the $0.89 close. It slid fast. By 4:02 it was down to $0.91, and it spent most of the next 25 minutes between about $0.92 and $0.99.

At 4:30 it was at $0.99. By 4:31 it was $1.08. The 4:32 minute ran to $1.56 on 351,078 shares. At 4:33 it hit $1.67, up 69% from 4:30. It pulled back to $1.44 at 4:34, then closed the 4:35 minute at $1.65.

Here's what happened. The 4:36 minute reached $1.75, the high so far. The next minute touched $1.75 again, then fell to $1.47. By 4:38 the low was $1.46.

It tried once more. At 4:41 it reached $1.74 and at 4:42 it touched $1.75 again. After 4:42 the highs stayed lower: $1.65 at 4:43 and $1.66 at 4:45. By 4:51 it was at $1.39.

The drift and the open

The rest of pre-market was a slow slide. It was around $1.40 by 6:00 a.m. and $1.27 at 6:21, when one minute traded 212,600 shares. It was $1.33 at 7:00, and the low of the 7:28 minute was $1.21. A single 8:10 bar ran from $1.01 to $1.44 and closed at $1.27. The 9:29 minute closed at $1.12.

12.18 million shares traded before the bell, more than the 7.39 million that traded in the whole regular session.

It opened at $1.00, up 12% from the previous close and well under the $1.75 pre-market high. A 54,000-share print at $1.00 came at 9:30:00.

The morning: $1.27, then under $1

It had one real push after the open. At 9:34 it moved from $1.12 to $1.22. At 9:39 it reached $1.27, the high since the open. At 9:39:08 a buy order swept 21,422 shares from $1.19 to $1.24 across 6 levels. At 9:39:48 a sell order swept 24,610 shares from $1.17 to $1.12 across 6 levels.

From 10:01 it kept sliding. At 10:01:11 a sell order swept 34,114 shares from $1.10 to $1.07. At 10:23:18 another sell order swept 44,087 shares from $1.00 to $0.97 across 34 levels. Offers began stacking above from 10:01: at $1.20 (peaking at 75,038 shares at 11:21) and at $1.25 (peaking at 89,396 shares at 1:57 p.m.).

At 10:39 it bounced to $1.15, and 10:40 traded 145,935 shares with a range of $1.06 to $1.15.

At 10:45 a.m. the company filed a 424B5 prospectus (a shelf offering's terms). The 10:46 minute traded 107,915 shares, from $0.9901 to $1.04. Nothing in the data says the filing caused it.

After that it recovered. The best it got after 10:01 was $1.19 at 11:20, just under the $1.20 offers. Trading then thinned out, and many minutes after noon traded a few thousand shares or fewer. By 2:01 p.m. it was at $1.02.

The halt and the $0.93 bid

At 2:13:56 p.m. it was halted (news pending). The last bar before the halt closed at $1.06.

This is the part a chart doesn't show you. A bid wall at exactly $0.93 first appeared at 10:51 a.m. It peaked at 77,346 shares at 2:24 p.m., during the halt. At 2:25 an offer of 190,700 shares appeared at $0.99. It was pulled at 2:27:16. At 2:26 an offer appeared at $0.93, the same price as the bid, and it peaked at 100,000 shares at 2:26:55.

Here's what happened. It reopened at 2:45:00 p.m. with the first trade at $0.93, 12% below where it stopped. A single 112,979-share print came at $0.93 in that second. A buy order swept 39,319 shares from $0.9301 to $0.95 across 6 levels. The offer at $0.93 was crossed at 2:45:01.

From 2:45:00 to 2:45:10, 54,726 shares traded at exactly $0.93, and the bid was gone by 2:45:11. It wasn't pulled. The shares traded. The first minute ranged from $0.8214 to $1.00 on 409,510 shares and closed at $0.8534.

The rest of the day

It touched $1.00 in the first minute after the reopen, but the 2:48 minute reached $0.82 and the low of the day was $0.81 at 3:00 p.m. From about 3:13 on it mostly stayed between $0.85 and $0.90.

The last regular-session bar (3:59) closed at $0.89, 49% under the $1.75 high. That high came at 4:36 a.m., 75% above the $1.00 regular-session open that came later. The close was about where the prior day closed ($0.8937).

Through the close, 19.57 million shares traded, and about 62% of them came before the bell (12.18 million pre-market, 7.39 million regular session). After hours added 737,569 and ranged from $0.83 at 4:36 p.m. to $0.955 at 5:16 p.m. The whole day was 20.31 million shares, about 4 times normal volume.

What to take from it

• A halt can reopen below where it stopped. MI's last bar before the halt closed at $1.06, and the first trade after was $0.93.
• The biggest volume came before the open. 12.18 million shares traded pre-market, and by the 9:29 minute the stock was at $1.12, far below the $1.75 high.
• A good fill is not a good trade. The reopen order filled at the screen price, and the first minute still ranged from $0.8214 to $1.00.

Open this recap on its own page