Hindsight Markets Recaps Small-cap stocks on September 23, 2026
BENF, September 23: a 7:30 headline, 39 halts, and a 372,000-share wall
BENF more than tripled at the open after news and held near that level into the close.
News via Stock News API
What happened
Draft for review. Not published.
A headline lights it up
A 7:30 a.m. headline about wiping out debt set BENF off. By 7:35, more shares had traded than its whole 1.1M float. It opened at $2.92, up from $0.5383 the day before.
The open wall vanishes
At the open, a 404K-share wall sat at $2.73. It was pulled at 9:35:11, during the first halt. The stock reopened lower, at $2.46.
The 11:58 halt
At 11:58 it was halted with the last trade at $3.04.
Stop It's 12:03. BENF has been halted since 11:58 with the last trade at $3.04, and is due to reopen. Level 2 had shown about 375,000 shares at $3.15 until 12:03:33. Just before the reopen, about 352,000 shares were offered at $3.09. Would you buy the reopen?
Press play: the real Level 2, tape and chart run from 12:00 p.m. and stop at 12:03 p.m. ET for your call.
It reopened at 12:03:45 at $3.09 and hit $3.15, the regular-session high, that minute.
A wall that never traded
A 372K-share wall sat at $2.94 through a 20-minute halt. It reopened at 12:24:11 at $2.24, 24% lower. The wall was pulled at 12:33:41 without trading. Later, the 4:00 p.m. minute hit $3.39.
What to take from it: On this day, big walls were pulled before they traded, and reopens landed far from them.
Replay BENF's day
It starts at 7:47 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 7:50 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 and hold. It gapped up 442.4% to $2.92 at the open and held near or above it, trading at $2.87 at 4:00 p.m.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:30 a.m. | News (GlobeNewsWire): Beneficient Announces Strategy to Eliminate HCLP Debt and Heppner Equity Interests | |
| 7:30 a.m. | First trade 20% above the previous close of $0.5383 | |
| 9:29 a.m. | Pre-market high, $2.95 | |
| 9:30 a.m. | The open: $2.92, up 442.4% from the previous close | |
| 12:03 p.m. | High of the day to the close, $3.15 | |
| 3:56 p.m. | Last trade before the 4:00 p.m. close, $2.87, 8.9% 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
- $0.5383
- Open, 9:30 a.m.
- $2.92
- Gap at the open
- +442.4%
- Pre-market high
- $2.95 at 9:29 a.m.
- High, 4 a.m. to 4 p.m.
- $3.15 at 12:03 p.m.
- Low, 4 a.m. to 4 p.m.
- $0.51
- Close, 4 p.m.
- $2.87
- Change at 4 p.m.
- +433.2%
- After-hours high, 4 p.m. to 8 p.m.
- $3.39 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 119.73 million
- Volume after hours, 4 p.m. to 8 p.m.
- 9.39 million
- Relative volume by 8 p.m.
- 33.1×
- Float
- not available
- Shares outstanding
- not available
- From news to the move: the first trade 20% above the previous close came less than a minute after the latest news item before it (GlobeNewsWire, 7:30 a.m.).
- Volume, from the one-minute bars: 78.15 million shares before the 9:30 a.m. open (61%), 3.61 million in the first 30 minutes (3%), and 47.36 million in the rest of the day to 8 p.m. (37%).
- Other days BENF met the small-cap rule in our recaps: 3, the latest on September 25, 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 (39)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 9:30 a.m. | 9:40 a.m. | 10 min 0 s | up 14.7% | $2.46, down 9.9% | down 6.1% | LULD pause (limit up-limit down) | |
| 9:41 a.m. | 9:51 a.m. | 10 min 0 s | down 15.4% | $2.15, down 6.9% | LULD pause (limit up-limit down) | ||
| 9:51 a.m. | 9:56 a.m. | 5 min 0 s | down 13.4% | $1.93, down 3.5% | down 5.2% | LULD pause (limit up-limit down) | |
| 9:57 a.m. | 10:02 a.m. | 5 min 0 s | down 8.5% | $1.81, down 1.1% | LULD pause (limit up-limit down) | ||
| 10:02 a.m. | 10:07 a.m. | 5 min 0 s | up 7.1% | $2.05, up 4.6% | down 7.3% | LULD pause (limit up-limit down) | |
| 10:08 a.m. | 10:13 a.m. | 5 min 0 s | down 3.1% | $1.75, down 7.9% | LULD pause (limit up-limit down) | ||
| 10:13 a.m. | 10:18 a.m. | 5 min 0 s | down 15.8% | $1.55, down 3.1% | up 11.6% | LULD pause (limit up-limit down) | |
| 10:22 a.m. | 10:27 a.m. | 5 min 0 s | up 8.1% | $1.79, up 3.5% | LULD pause (limit up-limit down) | ||
| 10:27 a.m. | 10:32 a.m. | 5 min 0 s | down 5.2% | $1.59, down 3.0% | up 18.2% | LULD pause (limit up-limit down) | |
| 10:41 a.m. | 10:46 a.m. | 5 min 0 s | up 8.0% | $2.04, up 0.5% | LULD pause (limit up-limit down) | ||
| 10:46 a.m. | 10:51 a.m. | 5 min 0 s | down 6.9% | $1.79, down 5.3% | LULD pause (limit up-limit down) | ||
| 10:51 a.m. | 10:56 a.m. | 5 min 0 s | down 13.2% | $1.50, down 8.5% | up 10.0% | LULD pause (limit up-limit down) | |
| 10:57 a.m. | 11:02 a.m. | 5 min 0 s | up 0.6% | $1.66, up 0.6% | up 8.4% | LULD pause (limit up-limit down) | |
| 11:09 a.m. | 11:14 a.m. | 5 min 0 s | up 13.2% | $1.98, up 0.5% | LULD pause (limit up-limit down) | ||
| 11:14 a.m. | 11:19 a.m. | 5 min 0 s | down 7.1% | $1.78, down 2.7% | up 22.5% | LULD pause (limit up-limit down) | |
| 11:24 a.m. | 11:29 a.m. | 5 min 0 s | up 21.1% | $2.20, up 0.9% | LULD pause (limit up-limit down) | ||
| 11:29 a.m. | 11:34 a.m. | 5 min 0 s | up 7.8% | $2.36, up 0.4% | up 12.3% | LULD pause (limit up-limit down) | |
| 11:41 a.m. | 11:46 a.m. | 5 min 0 s | down 6.9% | $2.65, up 9.5% | down 0.4% | LULD pause (limit up-limit down) | |
| 11:53 a.m. | 11:58 a.m. | 5 min 0 s | up 4.4% | $2.89, up 1.4% | LULD pause (limit up-limit down) | ||
| 11:58 a.m. | 12:03 p.m. | 5 min 0 s | up 6.7% | $3.09, up 1.6% | down 4.9% | LULD pause (limit up-limit down) | |
| 12:04 p.m. | 12:24 p.m. | 20 min 1 s | down 3.3% | $2.24, down 23.8% | LULD pause (limit up-limit down) | ||
| 12:24 p.m. | 12:34 p.m. | 10 min 0 s | down 28.9% | $1.90, down 9.1% | up 9.5% | LULD pause (limit up-limit down) | |
| 12:35 p.m. | 12:45 p.m. | 10 min 0 s | down 0.5% | $2.19, up 5.3% | up 11.0% | LULD pause (limit up-limit down) | |
| 12:47 p.m. | 12:52 p.m. | 5 min 0 s | up 16.8% | $2.50, up 2.9% | down 6.8% | LULD pause (limit up-limit down) | |
| 12:54 p.m. | 12:59 p.m. | 5 min 0 s | down 4.1% | $2.20, down 5.6% | up 3.2% | LULD pause (limit up-limit down) | |
| 1:14 p.m. | 1:19 p.m. | 5 min 0 s | up 9.7% | $2.40, down 3.2% | up 10.8% | LULD pause (limit up-limit down) | |
| 1:22 p.m. | 1:27 p.m. | 5 min 0 s | up 7.3% | $2.67, up 0.4% | up 8.6% | LULD pause (limit up-limit down) | |
| 1:28 p.m. | 1:33 p.m. | 5 min 0 s | up 9.0% | $2.70, down 6.9% | down 0.4% | LULD pause (limit up-limit down) | |
| 1:36 p.m. | 1:41 p.m. | 5 min 0 s | down 7.2% | $2.67, down 0.7% | up 6.0% | LULD pause (limit up-limit down) | |
| 1:48 p.m. | 1:53 p.m. | 5 min 0 s | down 5.0% | $2.55, down 4.5% | up 5.9% | LULD pause (limit up-limit down) | |
| 1:54 p.m. | 1:59 p.m. | 5 min 0 s | up 1.1% | $2.79, up 3.3% | down 7.5% | LULD pause (limit up-limit down) | |
| 2:01 p.m. | 2:06 p.m. | 5 min 0 s | down 4.4% | $2.55, down 1.2% | down 3.9% | LULD pause (limit up-limit down) | |
| 2:07 p.m. | 2:12 p.m. | 5 min 0 s | down 5.0% | $2.45, unchanged | up 6.1% | LULD pause (limit up-limit down) | |
| 2:27 p.m. | 2:32 p.m. | 5 min 0 s | down 3.8% | $2.50, unchanged | down 3.6% | LULD pause (limit up-limit down) | |
| 2:38 p.m. | 2:43 p.m. | 5 min 0 s | down 9.3% | $2.34, unchanged | down 5.1% | LULD pause (limit up-limit down) | |
| 3:20 p.m. | 3:25 p.m. | 5 min 0 s | down 8.2% | $2.12, unchanged | up 12.3% | LULD pause (limit up-limit down) | |
| 3:28 p.m. | 3:33 p.m. | 5 min 0 s | up 12.3% | $2.49, up 4.6% | LULD pause (limit up-limit down) | ||
| 3:33 p.m. | 3:43 p.m. | 10 min 0 s | up 10.9% | $2.75, up 4.2% | down 9.1% | LULD pause (limit up-limit down) | |
| 3:56 p.m. | 4:00 p.m. | 3 min 23 s | up 15.7% | $2.90, up 1.0% | down 6.9% | 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.
Analysis
Written by AI from the facts above and checked against them, number by number. A reading of the price action, not advice.
BENF gapped up 442.4% to 2.92 on news that hit at 7:30 a.m., and 78.15 million shares traded before the open, so most of the volume was already done by 9:30 a.m. Once the bell rang, the stock fell into a long series of LULD pauses, 39 in all, with the first two running 10 minutes each. Price slid from the open toward 1.50 in the late morning, then climbed back to the 3.15 high at 12:03 p.m. A 20-minute halt right after that peak reopened at 2.24, and the afternoon chopped between pauses before the last trade of 2.87 at 3:56 p.m. That close sat below the open, which fits the gap-and-fade shape despite the late rebound.
Trade this day
Replay BENF on September 23, 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.