Home / Going-concern warnings / MERCER INTERNATIONAL INC.
Filed 2026-08-06 · Form 10-Q · Accession 0001193125-26-338272 nano
Price before filing: $0.6769 (2026-08-05 close, split/dividend-adjusted)
Market cap at flag: $45.2M (2026-08-06) · Latest: $12.7M (2026-10-16)
| Window | MERC | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -43.6% | -0.5% | -43.1% | 2026-09-08 |
| 90 days | pending | pending | until 2026-11-04 | |
| 180 days | pending | pending | until 2027-02-02 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider bought $1.3M (21 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-05-12 | KELLOGG PETER R 10% owner | Purchase | 43,000 | $0.84 | $36K | no | Form 4 |
| 2026-05-12 | KELLOGG PETER R 10% owner | Purchase | 57,000 | $0.88 | $50K | no | Form 4 |
| 2026-05-14 | KELLOGG PETER R 10% owner | Purchase | 200,000 | $0.88 | $176K | no | Form 4 |
| 2026-05-15 | KELLOGG PETER R 10% owner | Purchase | 215,000 | $0.95 | $204K | no | Form 4 |
| 2026-05-18 | KELLOGG PETER R 10% owner | Purchase | 380,000 | $0.96 | $367K | no | Form 4 |
| 2026-05-19 | KELLOGG PETER R 10% owner | Purchase | 105,000 | $0.97 | $102K | no | Form 4 |
| 2026-06-01 | KELLOGG PETER R 10% owner | Purchase | 16,000 | $0.90 | $14K | no | Form 4 |
| 2026-06-01 | KELLOGG PETER R 10% owner | Purchase | 36,000 | $0.90 | $32K | no | Form 4 |
| 2026-06-01 | KELLOGG PETER R 10% owner | Purchase | 2,731 | $0.90 | $2K | no | Form 4 |
| 2026-06-01 | KELLOGG PETER R 10% owner | Purchase | 10,154 | $0.91 | $9K | no | Form 4 |
| 2026-06-02 | KELLOGG PETER R 10% owner | Purchase | 1,047 | $0.92 | $959 | no | Form 4 |
| 2026-06-04 | KELLOGG PETER R 10% owner | Purchase | 36,000 | $0.89 | $32K | no | Form 4 |
| 2026-06-05 | KELLOGG PETER R 10% owner | Purchase | 36,000 | $0.85 | $31K | no | Form 4 |
| 2026-06-08 | KELLOGG PETER R 10% owner | Purchase | 34,733 | $0.80 | $28K | no | Form 4 |
| 2026-06-09 | KELLOGG PETER R 10% owner | Purchase | 23,637 | $0.79 | $19K | no | Form 4 |
| 2026-06-10 | KELLOGG PETER R 10% owner | Purchase | 36,000 | $0.82 | $30K | no | Form 4 |
| 2026-06-11 | KELLOGG PETER R 10% owner | Purchase | 136,000 | $0.86 | $117K | no | Form 4 |
| 2026-06-12 | KELLOGG PETER R 10% owner | Purchase | 36,000 | $0.93 | $34K | no | Form 4 |
| 2026-06-12 | KELLOGG PETER R 10% owner | Purchase | 1,210 | $0.90 | $1K | no | Form 4 |
| 2026-06-12 | KELLOGG PETER R 10% owner | Purchase | 200 | $0.91 | $182 | no | Form 4 |
| 2026-06-12 | KELLOGG PETER R 10% owner | Purchase | 14,031 | $0.91 | $13K | no | Form 4 |
| 2026-08-06: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2026-05-08 to 2026-09-05. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"For additional details regarding our liquidity position and the factors raising substantial doubt about our ability to continue as a going concern for the one-year period from the date of this report, see Note 1 to our consolidated financial statements and "Sources and Uses of Funds – Going Concern". Summary of Cash Flows Six Months Ended June 30, 2026 2025 (in thousands) Net cash used in operating activities $..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2026-06-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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