Netcapital Clears Nasdaq Bid-Price Hurdle and Brings in Adeptus as New Auditor
NCPL has more than doubled off its 52-week low of $0.207.
Summary
Netcapital regained compliance with Nasdaq's minimum bid price rule and hired Adeptus Partners as its new auditor, but remains delinquent on its Form 10-K and Form 10-Q filings with an October 23 compliance plan deadline.
Key Events · Corporate Governance and Compliance · NCPL
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Nasdaq Bid-Price Compliance Regained
Nasdaq confirmed on October 7, 2026 that Netcapital's stock closed at or above $1.00 for 10 consecutive business days (September 23 through October 6), resolving the minimum bid price deficiency first identified on February 4, 2026.
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New Auditor Engaged
The Audit Committee approved Adeptus Partners, LLC as the new independent registered public accounting firm on October 8, 2026, succeeding Fruci & Associates II, PLLC, which resigned effective August 12, 2026.
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Re-Audit Scope
Adeptus will audit consolidated financial statements for fiscal years ended April 30, 2022 through April 30, 2026, including the opening balance sheet as of April 30, 2021, and review interim financial information for fiscal 2026.
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Filing Delinquency Remains
Netcapital remains out of compliance with Nasdaq Listing Rule 5250(c)(1) for failing to file its Form 10-K (fiscal year ended April 30, 2026) and Form 10-Q (quarter ended July 31, 2026), with an October 23, 2026 deadline to submit a compliance plan.
Analysis · NCPL · Finance
One Nasdaq listing threat is now behind Netcapital: the minimum bid price rule, after its stock traded at or above $1.00 for ten consecutive business days through October 6, 2026. The company also engaged Adeptus Partners as its new independent auditor, succeeding Fruci & Associates II, which resigned in August amid the SEC fraud allegations and the company's admission that prior financial statements should not be relied upon. The auditor change is a governance red flag: Adeptus must re-audit fiscal years 2022 through 2026, a massive undertaking that underscores the depth of the accounting problems. Still unresolved are a separate Nasdaq delinquency for failing to file its Form 10-K and Form 10-Q, with an October 23, 2026 deadline to submit a compliance plan, and the ongoing SEC fraud case. Regaining the bid-price rule removes one delisting threat, but the filing-delinquency issue and the SEC matter remain.
How filings like this one have moved
In the 30 days to Oct 14, 2026, 36.6% of the 951 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NCPL was trading at $1.60 on NASDAQ in the Finance sector, with a market capitalization of approximately $12.6M. The 52-week trading range was $0.21 to $2.66. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.