Biggest Small-Cap Gaps August 27, 2026: Sourced Float and Dilution

Direct answer: On August 27, 2026, four US small-caps recorded intraday moves exceeding +79%: PPCB (+296% intraday, 2.28M share float), VNRX (+210% intraday, 13.65M float), CRE (+134% intraday, 2.01M float), and MERC (+79% intraday, 67.02M float). These figures illustrate the effect of tight float meeting abnormal transaction volume — a phenomenon measurable in SEC data and trading history.

Ranking the Moves of August 27, 2026

Four low-cap, limited-float names produced intraday moves of +79% or greater during the August 27, 2026 session. Here's the ranking by intraday amplitude (spread between session low and high), along with opening gap, float measured at that date, closing price, and volume traded:

Ticker	Name	Intraday max	Opening gap	Float	Close price	Volume
PPCB	Propanc Biopharma, Inc.	+296%	+228%	2.28M	$2.1905	61,276,182
VNRX	VolitionRx Limited	+210%	+91%	13.65M	$0.5079	145,084,869
CRE	Cre8 Enterprise Limited	+134%	+137%	2.01M	$6.81	618,000
MERC	Mercer International Inc	+79%	+57%	67.02M	$0.3914	50,218,839

These figures come from the FloatVerify database, which cross-references SEC forms (10-K, 10-Q, 8-K, Schedule 13D/13G) to calculate float available at a given date, and trading history to measure price spreads. Every data point carries a date. Float evolves with each share issuance, warrant conversion, or regulatory restriction lift.

Tight Float and Abnormal Volume: The Amplification Mechanism

Float represents the number of shares actually available for public trading. You subtract from total shares outstanding ("Outstanding Shares" in 10-K or 10-Q filings) the blocks held by officers and directors (insiders) and shares subject to lock-up periods or resale restrictions (Rule 144, lock-up agreements). This figure doesn't appear as such in SEC filings. You calculate it by starting with insider positions declared in Schedule 13D/13G and subtracting them from the total.

When float is tight — 2.28 million for PPCB, 2.01 million for CRE — transaction volume that would look routine on a large-cap stock represents a substantial fraction of tradable capital here. On August 27, PPCB traded 61.3 million shares against a 2.28 million float. Each share in the float changed hands roughly 27 times during the session, on average. This extreme turnover compresses the order book: each buy or sell order absorbs a significant portion of available liquidity. Result: violent price jumps between successive trades.

VNRX shows a wider float (13.65 million) but equally abnormal volume (145 million shares). Average turnover near 10.6 times the float. CRE, with a 2.01 million float and 618,000 share volume, presents a turnover of 0.3 times — more moderate in proportion. But the +137% opening gap signals violent imbalance at the opening auction. MERC, finally, has a much larger float (67.02 million) yet still posted a +79% intraday move and +57% gap, likely amplified by a catalyst not documented here.

The Absence of Established Catalyst in This Data

FloatVerify data provides float, volume, price spreads, and closing levels. It doesn't systematically document the fundamental catalysts or events that trigger these moves (earnings announcements, regulatory approvals, public offerings, buyout rumors, short-seller reports, etc.). For the four names on August 27, no specific catalyst is established in the dataset provided.

Impossible to state here that "PPCB ran because of X" or "VNRX gapped on Y." What we can document is the mechanism: tight float + abnormal volume = extreme volatility. The catalyst, whatever it was, triggered an order surge. The limited float transformed that surge into a violent price spread. The complete causal sequence would require cross-referencing 8-K filings (material events), press releases, short-seller analyses, and real-time data feeds — work FloatVerify leaves to the user, while providing the foundation of sourced and dated data.

Dilution, Float History, and Risk Evolution

Float is not a constant. Each share issuance (private placement, warrant conversion, option exercise, ATM offering — At-The-Market offering) increases total shares outstanding. Often the tradable float, too. A company showing a 2.28 million float today can, after a 5 million share raise, move to 7.28 million. Dividing by three the relative turnover for the same transaction volume.

FloatVerify archives float history by tracking each relevant SEC filing: an S-3 form (prospectus for a future issuance), an 8-K announcing the close of a placement, a 10-Q updating shares outstanding. This traceability lets you spot successive dilution phases — a signal that the company is consuming capital to fund operations (cash burn) or service debt. When float jumps sharply without a positive fundamental catalyst, the market can punish dilution with a price drop, even if a wider float reduces future volatility.

No historical dilution data is provided here for PPCB, VNRX, CRE, or MERC. FloatVerify displays these curves for each tracked name, letting you see whether current float is stable or results from a recent issuance sequence.

SSR, Short Interest, and Covering Mechanics

The Short Sale Restriction (SSR), defined by SEC Regulation SHO, prohibits shorting a stock at the bid (only short sales at the ask or above are allowed) when that stock has fallen 10% or more from the prior close. The restriction applies for the remainder of the day and the following session.

When a stock gaps sharply higher (+228% for PPCB, +137% for CRE), short sellers who had opened positions the prior day or days before face a marked loss. If that loss exceeds their risk threshold or triggers a margin call, they're forced to buy back the borrowed shares to close (cover) their position. This forced buyback generates an additional surge of buy orders. It stacks on top of already abnormal volume and amplifies the upward move further — a phenomenon sometimes called a "short squeeze."

FloatVerify doesn't display real-time short interest (that data is published twice monthly by FINRA and exchanges) but does indicate whether a stock is on SSR. The absence of SSR data here doesn't mean the mechanism didn't play out. It simply means this dimension isn't documented in the dataset provided. To verify whether a stock is on SSR on a given date, consult lists published by NASDAQ, NYSE, or your broker.

Recap

Point	Takeaway
August 27 moves	PPCB +296%, VNRX +210%, CRE +134%, MERC +79% (intraday max). Opening gaps between +57% and +228%.
Float and volatility	Tight float (2.01M to 2.28M for PPCB/CRE, 13.65M for VNRX) amplifies price spreads when volume explodes (turnover up to 27× float for PPCB).
Catalyst	Not established in the data provided. The mechanism (float × volume → volatility) is measurable; the initial cause of the order flow is not documented here.
Dilution	Float evolves with each share issuance. FloatVerify tracks history via SEC forms (S-3, 8-K, 10-Q) to spot dilution phases.
SSR and short squeeze	A violent gap can force covering of short positions, feeding the move. SSR data not documented here; it's available via FINRA and exchanges.
Where to find the data	Float: calculated from 10-K/10-Q (Outstanding Shares) − Schedule 13D/13G (insiders). Trading history: market data providers. FloatVerify automates this cross-reference.

FAQ

Which stocks gapped hardest on August 27, 2026?

PPCB (Propanc Biopharma) posted the sharpest intraday move (+296% intraday, opening gap +228%), followed by VNRX (VolitionRx, +210% intraday, gap +91%), CRE (Cre8 Enterprise, +134% intraday, gap +137%), and MERC (Mercer International, +79% intraday, gap +57%). These figures measure the spread between the session's low and high.

Why does a tight float amplify price moves?

Float represents the number of shares actually available for public trading, excluding blocks locked up by insiders or regulatory restrictions. On a stock like PPCB (2.28M float), the same buy or sell volume hits much harder than on a wide-float name. Result: the order book compresses or expands faster, and volatility spikes.

Where do you find the float for a US-listed stock?

Float doesn't appear as such in SEC filings. You calculate it from total shares outstanding (Form 10-K or 10-Q, "Outstanding Shares" line) by subtracting blocks held by insiders (Schedule 13D/13G) and shares under restriction (lock-up agreements, Rule 144). FloatVerify automates this calculation by cross-referencing SEC sources and displays the date for each data point — float evolves with every issuance or restriction lift.

Does a high gap mean a stock will keep rising?

No. A gap measures the spread between the prior close and the opening, or the intraday range. It's a past fact, not a prediction. Extreme moves can continue, reverse sharply, or stabilize depending on evolving volume, sentiment, and fundamentals. FloatVerify documents the mechanics (float, dilution, SSR), not future direction.

What is dilution and how does it affect float?

Dilution occurs when a company issues new shares (private placement, warrant conversion, capital raise). Total shares outstanding increase, and often the tradable float does too. Each existing shareholder's relative stake shrinks. If the market doesn't anticipate this influx of new shares hitting the order book, volatility can intensify.

Sources

• SEC EDGAR: public database of US-listed company filings (sec.gov/edgar).
• SEC forms: 10-K (annual report), 10-Q (quarterly report), 8-K (material events), S-3 (issuance prospectus), Schedule 13D/13G (insider positions above 5%).
• Regulation SHO: regulatory framework for short sales and Short Sale Restriction, published by the SEC (sec.gov).
• FINRA: twice-monthly publication of short interest by ticker (finra.org).
• SSR lists: published daily by NASDAQ, NYSE, and brokers to indicate stocks under restriction.

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.