Nocera Acquires QMAX Technology, Faces $1.37M Note Default, Regains Nasdaq Compliance
NCRA sits 47% above its 52-week low of $1.3 on light trading volume (0.3× avg).
Summary
Nocera acquired QMAX Technology for $408K in stock, disclosed a $1.37M note default, and regained Nasdaq compliance — a mixed bag of strategic progress and financial peril.
Key Events · M&A and Partnerships · NCRA
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VIE Acquisition of QMAX Technology
Acquired 30% controlling interest in QMAX Technology, a Micron/Crucial distributor, via VIE agreements for 300,000 restricted shares valued at $1.36 each ($408,000 total). No cash paid.
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Convertible Note Default
Received default notice on $8M senior secured convertible note. $6.03M in unpaid Alternate Conversion Floor Amounts; $4.66M collateral applied, leaving $1.37M still owed. Company in discussions for potential waiver.
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Nasdaq Compliance Regained
Nasdaq confirmed bid price compliance after 15 consecutive days above $1.00, closing the delisting matter. Follows 1-for-30 reverse split effective July 6, 2026.
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Financial Distress Context
Default occurs amid going concern warning, declining revenue, and a $100M dilutive equity facility. The $1.37M remaining obligation is material relative to the company's $3.1M market cap.
Analysis · NCRA · Industrial Applications And Services
Nocera acquired a controlling interest in QMAX Technology, a Taiwan-based Micron/Crucial distributor, via a VIE structure for 300,000 shares valued at $408,000 — a strategic move into AI memory supply chains. Simultaneously, the company disclosed a default on an $8 million convertible note, with $1.37 million still owed after collateral seizure, raising acute liquidity concerns. On the positive side, Nasdaq confirmed the company regained bid-price compliance, closing a delisting threat. The default overshadows the acquisition, signaling severe financial distress despite the strategic pivot.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 40.7% of the 388 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.42%. 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, NCRA was trading at $1.91 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $3.1M. The 52-week trading range was $1.30 to $72.00. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.