Biggest Small-Cap Gaps August 25, 2026: Sourced Float & Dilution

Direct answer: The August 25, 2026 session saw five small-caps with restricted float record intraday moves above +100%: WVVIP (+928%), DAIC (+817%), AIXI (+422%), OFAL (+130%), and SWVL (+129%). These moves reflect the interaction between low float (0.92M to 10.24M shares per SEC filings) and high volume, creating extreme volatility in both directions. No specific catalyst is established here. We present measured data.

The Five Largest Intraday Moves on August 25, 2026

Five tickers posted intraday moves above +100% on August 25, 2026. All share two characteristics: restricted float and volume far exceeding that float. Here's the measured data:

Ticker	Max Intraday Move	Gap at Open	Float (millions)	Close Price	Total Volume
WVVIP	+928%	+464%	10.24	$3.4245	2,613,286
DAIC	+817%	+110%	1.21	$3.8558	84,596,479
AIXI	+422%	+1080%	0.92	$1.31	89,098,633
OFAL	+130%	+41%	2.64	$1.045	28,530,034
SWVL	+129%	+57%	9.96	$2.2	22,662,794

WVVIP (Willamette Valley Vineyards, Inc. Series A Redeemable Preferred Stock) recorded the highest intraday move (+928%), with a gap at open of +464%. The 10.24 million share float saw 2.6 million shares trade — roughly a quarter of the float exchanged in one session.

DAIC (CID HoldCo, Inc.) shows a float of only 1.21 million shares but saw 84.6 million shares in volume. That's nearly 70 times the float. This extreme rotation mechanically explains the volatility: every share of the float theoretically changed hands 70 times during the day.

AIXI (XIAO-I Corporation) combines the smallest float on the list (0.92 million) with 89 million shares in volume. Turnover of nearly 97 times the float. The gap at open (+1080%) is the highest, but max intraday move (+422%) remains below WVVIP or DAIC — likely rapid profit-taking after the open.

OFAL (OFA Group) and SWVL (Swvl Holdings Corp) posted comparable moves (+130% and +129%), with floats of 2.64M and 9.96M respectively. Volume representing between 2 and 11 times the float.

Low Float + High Volume = Mechanical Volatility

Price movement doesn't depend on volume alone, but on the volume-to-float ratio. When traded volume far exceeds the float, every share of the float changes hands multiple times. Buying or selling pressure must continuously adjust price to find a counterparty.

Take DAIC. Float of 1.21 million shares. Volume of 84.6 million. Turnover of 70x. Buyers had to pay progressively higher prices to convince holders to sell. Then sellers had to lower their prices to find buyers when the dynamic reversed. Pure mechanics. No "manipulation" required — just imbalanced supply and demand on a small float.

On a gapping small-cap, the SSR rule (Short Sale Restriction, Regulation SHO Rule 201) often triggers after a 10% or greater decline. Once active, it prohibits short sales below the best bid until the close of the following day. It limits speculative selling pressure but does not prevent ordinary sales or long position liquidations. The decline can continue even with SSR active.

Float Is Never Fixed

Float evolves. Each time a company:

• Issues new shares via public offering (SEC forms S-1, S-3)
• Conducts a PIPE-type private placement (form 8-K with 424B)
• Permits warrant exercise or convertible bond conversion (forms 424B, 8-K)
• Reduces restricted shares or sees insiders sell on the open market (forms 4, 144)

Each dilutive event increases the number of available shares. A ticker showing 0.92 million float three months ago may show 5 million today if an issuance occurred in between. Hence the importance of dating the float figure and going back to the source: the most recent 10-Q, 10-K, or prospectus filed with the SEC.

Where to Find Float in SEC Filings

Float is calculated from three data points in SEC forms:

1. Shares outstanding (total shares in circulation): found in the 10-Q or 10-K, "Capital Stock" or "Balance Sheet" section
2. Shares held by insiders and affiliates (shares held by management and affiliates): found in the 10-K, "Security Ownership of Certain Beneficial Owners and Management" section
3. Shares held by institutional investors (shares held by long-term institutions): found in 13F forms filed by funds

The calculation:

Float = Shares outstanding − Shares held by insiders − Shares held by long-term institutions

Prospectuses (S-1, S-3) often state the float directly in the "Capitalization" or "Dilution" section. Form 424B (supplemental prospectuses related to warrant or convertible bond issuances) specify dilutive impact in number of new shares.

Gaps and Volume: What We Measure, Not What We Predict

A gap is a price discontinuity between the prior close and the next open. Formula: (open price − prior close) / prior close × 100. A +1080% gap (AIXI) means the opening price was 11.8 times higher than the prior close.

A gap can be caused by:

• An earnings, partnership, or financing announcement released after the close (form 8-K)
• A sentiment shift outside regular hours (pre-market) with limited volume and reduced liquidity
• Media coverage or social relay (Reddit, X, Discord) creating concentrated buying pressure

No specific catalyst is established here for the five tickers presented. The data provided measure the move (gap%, intraday max, volume) but do not attribute the cause. Going back to 8-K forms, press releases, and SEC filings allows identification of a potential catalyst.

Volume Alone Means Nothing Without Float Context

Volume of 89 million shares (AIXI) may seem enormous. But relative to float, everything changes. On a ticker with 500 million float, 89 million represents 18% of the float — high turnover but not exceptional. On a ticker with 0.92 million float, 89 million represents 97 times the float. Extreme turnover that mechanically creates two-way volatility.

A +464% gap (WVVIP) does not mean the ticker "will" continue up or down. It describes a fact: the price opened 5.64 times higher than the prior close. What price does next depends on persistence of buying pressure, appearance of sellers, SSR rule activation, and reaction of holders in long or short positions.

Recap

Point	Takeaway
Five tickers posted +100% intraday moves on August 25, 2026	WVVIP (+928%), DAIC (+817%), AIXI (+422%), OFAL (+130%), SWVL (+129%)
All share restricted float and high volume-to-float ratio	Float ranged from 0.92M to 10.24M; volume from 2.6M to 89M shares
Volume-to-float ratio drives mechanical volatility	DAIC: 70x turnover; AIXI: 97x turnover
Float is not static — dilution changes it	Each new issuance (S-1, S-3, 424B, PIPE) increases float
SSR rule limits short pressure but not all selling	Triggered on 10%+ decline; restricts shorts above best bid until next day close
Float data comes from SEC filings	10-K, 10-Q, S-1, S-3, 424B forms; dated and sourced

FAQ

What were the biggest small-cap gaps on August 25, 2026?

The five largest intraday moves measured on August 25, 2026 are WVVIP (+928%), DAIC (+817%), AIXI (+422%), OFAL (+130%), and SWVL (+129%). These moves involved tickers with restricted float (between 0.92 million and 10.24 million shares) that recorded volume far exceeding their float.

What is the float and where do you find it for a small-cap?

The float (public float) is the number of shares available for public trading, excluding blocks held by insiders, long-term institutional investors, and restricted shares. You find it in SEC filings, specifically the 10-K (ownership section), 10-Q, and prospectuses (S-1, S-3 forms). It's a dated figure that changes with every new share issuance or conversion of dilutive instruments.

Why does low float amplify price moves?

Low float means few shares are available for trading. When buy volume far exceeds the float, buying pressure must pay progressively higher prices to find sellers, creating extreme volatility. The same logic applies downward: it takes only a few sellers to crash the price if buyers dry up.

What is the SSR (Short Sale Restriction) rule?

The SSR rule (Regulation SHO Rule 201) triggers automatically when a stock drops 10% or more from the prior close. Once active, short sales are only permitted above the best bid until the close of the following day. This rule limits short-selling pressure but does not prevent declines from ordinary sales or long position liquidations.

How does dilution change a small-cap's float?

Dilution occurs when a company issues new shares via private placement (PIPE), public offering (S-1, S-3 forms), warrant exercise (424B forms), or convertible bond conversion. Each issuance increases the float, mechanically reducing the weight of each existing share and potentially altering price dynamics. SEC forms date these events precisely.

Sources

• SEC EDGAR (Edgar Company Filings): www.sec.gov/edgar — official database of regulatory filings (forms 10-K, 10-Q, 8-K, S-1, S-3, 424B, 13F, 4, 144).
• Regulation SHO Rule 201 (Short Sale Restriction): www.sec.gov/rules — rule triggered after a 10% or greater decline, limiting short sales above the best bid until the close of the following day.
• SEC Forms:
  • 10-K (annual report): "Security Ownership" and "Capital Stock" sections for float and insider holdings.
  • 10-Q (quarterly report): "Balance Sheet" section for shares outstanding.
  • S-1, S-3 (public offering prospectus): "Capitalization" and "Dilution" sections for float and dilutive impact.
  • 424B (supplemental prospectus): detail of warrant and convertible bond issuances.
  • 8-K (material event): announcements of earnings, partnerships, financings.
  • 13F (institutional holdings): positions of institutional funds with over $100M in assets under management.

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.