Friday after-hours brings familiar micro-cap theatre: $FTFT surges 125.4% after executing a 1-for-4 reverse stock split, while $SOAR runs 18.9% on an alleged $500M AI infrastructure merger despite an $8M market cap.
Flipping shares into a smaller pile doesn't change enterprise value. Across 2,881 historical catalyst gap-up setups above 30%, the trade closes red 65% of the time with a median intraday return of -6.8%.
On the other side of the tape, $WCT drops 10.1% after pricing a $7.5M public offering into the close. Dilution is real; split math is cosmetic.