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5/5Nomadar Corp. (NOMA): Going-concern doubt

Filed 2026-03-31 · Form 10-K · Accession 0001493152-26-014229 micro

Market data

Price before filing: $4.18 (2026-03-30 close, split/dividend-adjusted)
Market cap at flag: $65.0M (2026-03-31) · Latest: $28.8M (2026-10-16)

What happened next

Window	NOMA	SPY	vs SPY
30 days	-15.1%	+13.7%	-28.8%	2026-04-30
90 days	-14.4%	+17.6%	-31.9%	2026-06-29
180 days	-60.5%	+21.8%	-82.3%	2026-09-28

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.

Insider trading around this filing

90 days before the flag: 1 insider bought $2.2M (45 purchases)
30 days after: none reported.

Date	Insider	Type	Shares	Price	Value	10b5-1 plan	Source
2025-12-31	Sport City Cadiz S.L. 10% owner	Purchase	900	$4.20	$4K	no	Form 4
2026-01-02	Sport City Cadiz S.L. 10% owner	Purchase	600	$4.01	$2K	no	Form 4
2026-01-05	Sport City Cadiz S.L. 10% owner	Purchase	750	$3.65	$3K	no	Form 4
2026-01-08	Sport City Cadiz S.L. 10% owner	Purchase	700	$3.82	$3K	no	Form 4
2026-01-09	Sport City Cadiz S.L. 10% owner	Purchase	800	$3.89	$3K	no	Form 4
2026-01-12	Sport City Cadiz S.L. 10% owner	Purchase	200	$4.18	$836	no	Form 4
2026-01-13	Sport City Cadiz S.L. 10% owner	Purchase	300	$4.09	$1K	no	Form 4
2026-01-14	Sport City Cadiz S.L. 10% owner	Purchase	300	$4.09	$1K	no	Form 4
2026-01-15	Sport City Cadiz S.L. 10% owner	Purchase	300	$4.15	$1K	no	Form 4
2026-01-16	Sport City Cadiz S.L. 10% owner	Purchase	400	$4.30	$2K	no	Form 4
2026-01-20	Sport City Cadiz S.L. 10% owner	Purchase	300	$4.04	$1K	no	Form 4
2026-01-21	Sport City Cadiz S.L. 10% owner	Purchase	125	$4.11	$514	no	Form 4
2026-01-22	Sport City Cadiz S.L. 10% owner	Purchase	400	$4.50	$2K	no	Form 4
2026-01-26	Sport City Cadiz S.L. 10% owner	Purchase	225	$4.61	$1K	no	Form 4
2026-01-27	Sport City Cadiz S.L. 10% owner	Purchase	225	$5.10	$1K	no	Form 4
2026-01-28	Sport City Cadiz S.L. 10% owner	Purchase	250	$5.09	$1K	no	Form 4
2026-01-29	Sport City Cadiz S.L. 10% owner	Purchase	150	$4.58	$687	no	Form 4
2026-01-30	Sport City Cadiz S.L. 10% owner	Purchase	6,000	$3.91	$23K	no	Form 4
2026-02-02	Sport City Cadiz S.L. 10% owner	Purchase	7,225	$3.64	$26K	no	Form 4
2026-02-03	Sport City Cadiz S.L. 10% owner	Purchase	3,600	$3.60	$13K	no	Form 4
2026-02-04	Sport City Cadiz S.L. 10% owner	Purchase	1,900	$3.62	$7K	no	Form 4
2026-02-05	Sport City Cadiz S.L. 10% owner	Purchase	2,600	$3.58	$9K	no	Form 4
2026-02-06	Sport City Cadiz S.L. 10% owner	Purchase	600	$3.96	$2K	no	Form 4
2026-02-09	Sport City Cadiz S.L. 10% owner	Purchase	1,850	$4.50	$8K	no	Form 4
2026-02-10	Sport City Cadiz S.L. 10% owner	Purchase	1,500	$4.62	$7K	no	Form 4
2026-03-31: red flag filed

Showing 25 of 45 transactions.

Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-31 to 2026-04-30. 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.

Verified excerpt

"As discussed in Note 1 to the financial statements, the Company's recurring losses from operations since inception raises substantial doubt about its ability to continue as a going concern."

Quoted from the filing. Source

What this means

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.

Going-concern opinion issued by: EisnerAmper LLP
Source: independent auditor report in Form 10-K (period 2025-12-31)

Why this score: in auditor's report

Read the original filing on SEC.gov →