Key Highlights

  • FingerMotion (NASDAQ:FNGR) fell 15.17% to USD 0.0956 in published market data on November 2, 2026, about 76% below the USD 0.3980 price in its September 1 prospectus, simple arithmetic.
  • Fiscal second quarter Revenue to August 31, 2026 was USD 281,076, about USD 0.28 million, against USD 8,647,511, about USD 8.6 million, a year earlier, with a net loss of USD 4,979,768.
  • A USD 5.0 million senior secured convertible note lets one holder resell up to 25,521,564 shares, about 34% of the 75,204,631 outstanding on August 28, 2026.
  • A proxy filed October 30 seeks authority for a 1-for-10 to 1-for-100 reverse split at a December 4, 2026 meeting, aimed at restoring a price above the USD 1.00 Nasdaq minimum.

What The Filings Show

No company announcement dated November 2 explains the decline. The recent record is a run of financing and restructuring steps. In August 2026 (the filing gives August 12 and August 16) the company sold a senior secured convertible note with USD 5.0 million principal and a USD 700,000 original issue discount, receiving USD 1.3 million at closing, with USD 3.0 million held in a controlled account for release on milestones. The fixed conversion price is USD 0.35, but a Redemption conversion can use 90% of the lowest daily volume-weighted price over seven trading days, subject to a floor. Stockholders approved the issuance and 500 million authorized shares on October 6, and the resale registration was declared effective on October 14.

Shrinking Revenue And Going Concern

FingerMotion (NASDAQ:FNGR) reported fiscal second quarter revenue of USD 281,076, down about 97% from USD 8,647,511, simple arithmetic, with all revenue from China. The net loss was USD 4,979,768, and management states substantial doubt about continuing as a going concern, with an accumulated Deficit of USD 48,117,720. Cash was USD 2,135,825 plus USD 3,000,000 of restricted cash. Since August the company has pursued behind-the-meter power and high-performance computing in Alberta, signing a USD 2.3 million agreement on September 23 to buy Newbit Technology Inc., with an outside closing date of October 29. Whether that closed was not confirmed in the filings reviewed.

Dilution Mechanics And Listing Risk

Shares outstanding rose from 85,162,686 on August 31 to 91,871,297 on October 13, about 8%, simple arithmetic. A convertible note with a variable redemption price can feed a loop: holders convert and resell, and a lower price lets later conversions issue more shares. On a default the holder may Demand 125% of value in cash, with 12% default interest. A reverse split cuts share count but does not change company value, so it does not by itself fix funding. The proxy states the aim of staying above USD 1.00, Nasdaq deficiency status was not confirmed, and thin trading at this price can exaggerate daily swings.

Where Things Stand

The fall looks driven by dilution, shrinking revenue and a looming reverse split rather than a new November 2 announcement. FingerMotion (NASDAQ:FNGR) carries a going-concern warning, a convertible note that can issue up to 25,521,564 shares and a December 4 vote on a 1-for-10 to 1-for-100 split. The balance of evidence is negative on funding and neutral on the Alberta pivot, which had no revenue as of August 31. The next catalysts are the November 4 Record Date and the December 4 stockholder meeting.