Home / Going-concern warnings / Eureka Acquisition Corp
Filed 2025-12-15 路 Form 10-K 路 Accession 0001213900-25-121398 nano
Price before filing: $11 (2025-12-12 close, split/dividend-adjusted)
Market cap at flag: $32.1M (2025-12-15) 路 Latest: $33.5M (2026-10-16)
| Window | EURK | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -0.7% | +1.6% | -2.3% | 2026-01-14 |
| 90 days | +2.3% | -1.6% | +3.8% | 2026-03-16 |
| 180 days | +4.5% | +11.3% | -6.8% | 2026-06-15 |
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 sold $27K (8 sales)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-11-04 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 20 | $10.88 | $218 | no | Form 4 |
| 2025-11-05 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 18 | $10.88 | $196 | no | Form 4 |
| 2025-11-06 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 4 | $10.88 | $44 | no | Form 4 |
| 2025-11-07 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 1,000 | $10.88 | $11K | no | Form 4 |
| 2025-12-01 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 10 | $10.89 | $109 | no | Form 4 |
| 2025-12-05 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 2 | $10.91 | $22 | no | Form 4 |
| 2025-12-09 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 1,000 | $10.89 | $11K | no | Form 4 |
| 2025-12-10 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 400 | $11.07 | $4K | no | Form 4 |
| 2025-12-15: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-09-16 to 2026-01-14. 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.
"These matters raise substantial doubt about the Company's ability to continue as a going concern."
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-K (period 2025-09-30)
Read the original filing on SEC.gov →
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