Hindsight Markets Recaps Small-cap stocks on September 11, 2026
TNON, September 11: six halts, a run to $10.84, and $5.92
TNON opened up 53%, ran to $10.84 through six halts, then fell below its open by the close.
What happened
Draft for review. Not published.
Up to the halts
TNON closed at $5.30 the day before and opened at $8.13. Buying at 10:38 forced a halt. A second halt at 10:47 froze it at $10.07.
Stop It's 10:52. TNON last traded at $10.07, five minutes ago, and is about to reopen from its second halt. That is up 90% from the previous close. Would you chase the reopen?
Press play: the real Level 2, tape and chart run from 10:49 a.m. and stop at 10:52 a.m. ET for your call.
It reopened at $10.19 and hit $10.84, the day's high. By 10:54 it was at $8.99.
Warrant news
A warrant deal hit the wires at 1:22 p.m., and sellers rushed in. Halt #4 froze it at $8.03; it reopened at $6.91. The next halt reopened at $5.66, under an 82K-share ask wall at $6.16.
Stop It's 1:45. TNON is at $5.75, back from its fifth halt of the day. Above the price, an ask wall that peaked at 82,400 shares sits at $6.16. Would you buy here?
Press play: the real Level 2, tape and chart run from 1:42 p.m. and stop at 1:45 p.m. ET for your call.
Buyers ate the wall: 45K shares traded at $6.16 in under a second.
The close
It slid to $5.23 by 2:27 and closed at $5.92, 45% under the high.
What to take from it: A halt can reopen far from where it stopped.
Replay TNON's day
It starts at 10:28 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:31 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The details
How it traded, step by step
Gap, run and fade. It gapped up 53.4% to $8.13 at the open, ran from the open to the high of $10.84 in 82 minutes through two halts, then gave back 182% of that move by 4:00 p.m., trading at $5.92, below the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $5.30 | |
| 4:24 a.m. | Volume since 4:00 a.m. passes the whole float, 972,127 shares | |
| 7:47 a.m. | Pre-market high, $9.30 | |
| 9:30 a.m. | The open: $8.13, up 53.4% from the previous close | |
| 10:52 a.m. | High of the day to the close, $10.84 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $5.92, 45.4% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $5.30
- Open, 9:30 a.m.
- $8.13
- Gap at the open
- +53.4%
- Pre-market high
- $9.30 at 7:47 a.m.
- High, 4 a.m. to 4 p.m.
- $10.84 at 10:52 a.m.
- Low, 4 a.m. to 4 p.m.
- $5.23
- Close, 4 p.m.
- $5.92
- Change at 4 p.m.
- +11.7%
- After-hours high, 4 p.m. to 8 p.m.
- $6.30 at 4:03 p.m.
- Volume, 4 a.m. to 4 p.m.
- 50.96 million
- Volume after hours, 4 p.m. to 8 p.m.
- 986,904
- Relative volume by 8 p.m.
- 10.3×
- Float
- 972,127 shares, from filings as of September 11, 2026
- Shares outstanding
- 1.03 million
- Volume, from the one-minute bars: 16.95 million shares before the 9:30 a.m. open (33%), 4.82 million in the first 30 minutes (9%), and 30.18 million in the rest of the day to 8 p.m. (58%).
- Float rotation, the volume since 4 a.m. against the float of 972,127 shares: past it once at 4:24 a.m., twice at 5:25 a.m., three times at 5:39 a.m.
- Other days TNON met the small-cap rule in our recaps: 6, the latest on September 30, 2026.
On the day's lists: the pre-market gappers, gainers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (6)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 10:38 a.m. | 10:43 a.m. | 5 min 0 s | up 11.4% | $9.06, unchanged | up 11.1% | LULD pause (limit up-limit down) | |
| 10:47 a.m. | 10:52 a.m. | 5 min 0 s | up 11.1% | $10.19, up 1.2% | down 11.8% | LULD pause (limit up-limit down) | |
| 10:55 a.m. | 11:00 a.m. | 5 min 0 s | down 10.7% | $9.00, up 0.1% | down 6.6% | LULD pause (limit up-limit down) | |
| 1:22 p.m. | 1:32 p.m. | 10 min 1 s | down 11.3% | $6.91, down 13.9% | LULD pause (limit up-limit down) | ||
| 1:32 p.m. | 1:42 p.m. | 10 min 0 s | down 22.5% | $5.66, down 9.0% | up 14.5% | LULD pause (limit up-limit down) | |
| 1:46 p.m. | 1:51 p.m. | 5 min 0 s | up 4.2% | $6.56, up 1.2% | down 9.1% | LULD pause (limit up-limit down) |
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Trade this day
Replay TNON on September 11, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.