Biggest small-cap gaps of 2026-08-28: sourced float and dilution

Direct answer: On August 28, 2026, three US small-caps posted intraday moves exceeding +80%: FNGR (+310%), QNRX (+103%), and PPCB (+81%), on respective floats of 61.31M, 2.01M, and 2.28M shares. These moves occurred with volume well above the available float, illustrating the volatility mechanics inherent to stocks with small market caps and limited floats.

What happened on August 28, 2026

Three US small-cap stocks posted intraday gains exceeding 80% during this session. Each on a float under 62 million shares. The data below comes from the FloatVerify database, which compiles float figures from SEC filings and daily trading volumes.

Ticker	Name	Opening gap	Intraday high	Float (shares)	Close price ($)	Volume
FNGR	FingerMotion, Inc.	+74%	+310%	61.31M	0.3987	915,974,036
QNRX	Quoin Pharmaceuticals, Ltd.	+40%	+103%	2.01M	6.1001	16,308,477
PPCB	Propanc Biopharma, Inc.	+57%	+81%	2.28M	2.20	2,886,531

FNGR traded nearly 15 times its float. QNRX about 8 times. PPCB 1.3 times. These multiples reflect rapid share rotation during the session — a hallmark of high-volatility, concentrated-liquidity environments.

Amplification mechanism: float, volume, and imbalance

A small float means a limited number of shares circulating freely. When high buying volume concentrates on that restricted float, the supply/demand imbalance mechanically translates into sharper price swings.

On FNGR: 916 million shares traded against a float of 61.31 million. Each share therefore changed hands an average of 14.9 times during the day. This repeated rotation amplifies the impact of every order — up or down — and explains the +310% intraday range.

For QNRX and PPCB, the even smaller floats (2.01M and 2.28M) created similar conditions. Modest volume in absolute terms (16.3M and 2.9M shares) represents a high multiple of the float, generating rapid and extended price moves.

What float is and where to read it

Float (or "free float") refers to the number of shares actually available for public trading. It excludes:

• Shares held by officers and directors (insiders),
• Restricted stock positions,
• Shares held by funds or institutions under lock-up clauses,
• Treasury stock (shares repurchased by the company).

You calculate it by subtracting these positions from total outstanding shares. Primary sources: SEC filings.

The 10-Q (quarterly report) and 10-K (annual report) contain the "Outstanding shares" section and notes on restrictions. S-1 or S-3 prospectuses detail lock-ups and dilutions. Schedule 13D/13G forms list significant insider and institutional positions.

Float is never static. Every dilution (new share issuance), conversion (warrants, convertibles), restriction lift, or buyback changes the available float. A float figure is therefore always dated. Reading an old float can distort the analysis of a recent move.

Dilution and float evolution

Small-caps with low market caps regularly issue shares to fund operations. Especially in biotech and technology, where development cycles run long and expensive. Each issuance — capital raise, warrant exercise, bond conversion — dilutes existing shareholders and mechanically increases the float.

For FNGR, QNRX, and PPCB, no specific catalyst is established here to explain the August 28 moves. No earnings release, no regulatory approval, no documented strategic transaction. Without additional data, we can't attribute these moves to a single identified cause. They may result from a combination of factors: market sentiment, concentrated order flow, reactions to unverified rumors, or simple technical dynamics on a restricted float.

What's measurable: the volume/float ratio, the opening gap, and the intraday range. These factual data allow us to describe the move without assuming it's explainable by one variable.

SSR (Short Sale Restriction) and impact on volatility

The SSR (Short Sale Restriction) rule, defined by the SEC under Regulation SHO (Rule 201), activates automatically when a stock drops 10% or more from the prior close. Once triggered, SSR remains in effect for the rest of the current session and the following session.

During SSR, short sales are prohibited at the bid. They can only be executed at the ask price or above. This constraint aims to prevent aggressive downward pressure from accelerating a decline already in motion.

On a small-cap that gaps sharply higher — like FNGR, QNRX, PPCB on August 28 — SSR may have been activated during the session if the stock experienced a momentary pullback exceeding 10%. This restriction then limits short sellers' ability to push the price down, which can help sustain buying pressure and extend the upward move.

SSR doesn't prevent short selling. It simply modifies execution conditions. Its real impact depends on the order book, market depth, and market maker behavior.

Reading the data: what an opening gap reveals

An opening gap measures the percentage spread between yesterday's close and today's opening print. It reflects an order imbalance accumulated overnight, between the close of the US market and the next day's open.

All three stocks on August 28 opened with positive gaps:

• FNGR: +74%
• PPCB: +57%
• QNRX: +40%

These spreads indicate that before the session even began, accumulated buy orders exceeded available supply. Once the market opened, the first traded price settled well above yesterday's close.

An opening gap is not a directional signal for the rest of the day. A gap can fill quickly (price returns toward yesterday's close), extend (continuation of the upward move), or stabilize. What matters: it reflects a measurable fact, an order imbalance at time T.

Why these numbers change (and why they must be dated)

A stock's float is never final. Every financing event, conversion, or buyback changes the number of available shares.

Follow-on offerings: the company issues new shares, float increases. Warrant exercises: previously off-market securities (outstanding warrants) become common shares, float increases. Debt conversions: creditors convert bonds into shares, float increases. Share buybacks: the company removes shares from the market, float decreases. Lock-up expirations: insider-held shares become tradable, float increases.

For FNGR, QNRX, and PPCB, the floats shown (61.31M, 2.01M, 2.28M) are those measured at the time of the August 28, 2026 move. If any of these companies announces a capital raise in the following days, the float will increase. The same buying volume will then generate a more limited price move.

FloatVerify dates every float figure for this reason. An undated float can mislead, suggesting a stock still has the same characteristics as a month ago, when massive dilution may have occurred in between.

Recap

Point	Takeaway
Biggest movers	FNGR +310%, QNRX +103%, PPCB +81% intraday on August 28, 2026.
Float and volume	Each stock traded volume exceeding its float (15×, 8×, and 1.3× respectively), amplifying price swings.
Opening gaps	+74% (FNGR), +57% (PPCB), +40% (QNRX): overnight order imbalances, measurable facts but not directional signals for the rest of the session.
SSR	SEC rule activated at -10%: limits aggressive short selling, can support an upward move already in motion.
Dilution	Float changes with every issuance, conversion, or buyback. A float figure must always be dated to be correctly interpreted.
Primary sources	SEC EDGAR (10-Q, 10-K, S-1, 13D/13G) for float, Regulation SHO for SSR, public volume data (consolidated by brokers).

FAQ

What were the biggest small-cap gaps on August 28, 2026?

FNGR (FingerMotion) surged +310% intraday with an opening gap of +74%, QNRX (Quoin Pharmaceuticals) +103% with a +40% gap, and PPCB (Propanc Biopharma) +81% with a +57% gap. Measured floats: 61.31M, 2.01M, and 2.28M shares.

Where do you find a stock's float?

In SEC filings: 10-Q and 10-K forms (quarterly and annual reports), S-1 and S-3 (offering prospectuses), Schedule 13D and 13G (insider positions). The number changes with every dilution, buyback, or restriction lift — which is why dating it matters.

Why does a low float amplify price moves?

When high buying volume concentrates on a limited float, the supply/demand imbalance mechanically translates into sharper price swings. Volume exceeding the float means each share changed hands multiple times during the day.

What does the SSR (Short Sale Restriction) rule do?

SSR activates automatically when a stock drops 10% or more from the prior close. It then prohibits short sales at the bid (only at the ask or higher) through the end of the next session, to limit downward pressure.

Does an opening gap predict the rest of the session?

No. The gap measures the spread between yesterday's close and today's opening print — an overnight order imbalance. It can fill, extend, or stabilize. It's an observed fact, not a directional signal.

Sources

• SEC EDGAR (sec.gov/edgar): public database of regulatory filings by US-listed companies (10-Q, 10-K, S-1, 13D, 13G).
• Regulation SHO (Rule 201): SEC regulatory framework defining the Short Sale Restriction (SSR).
• SEC forms: 10-Q (quarterly report), 10-K (annual report), S-1/S-3 (offering prospectus), Schedule 13D/13G (significant positions).
• Volume data: consolidated and published by brokers and market data platforms (Nasdaq, NYSE, etc.).

See the float, sourced and dated, on FloatVerify.

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FloatVerify shows the float, dilution and cash burn of US small-caps, every number sourced and dated — and surfaces divergences between sources ("source split") instead of one falsely certain figure.

Disclaimer: FloatVerify is a data tool, not an investment advisory service. Nothing here is a recommendation to buy or sell. Data, not advice.