New York (as of 12:04 a.m. ET on Saturday, December 27, 2025): U.S. markets are closed for the weekend, and the next regular session is Monday at 9:30 a.m. ET. [1]
Still, Society Pass Incorporated (NASDAQ: SOPA) is heading into that next open with momentum after a dramatic Friday move: SOPA last traded around $1.82, up roughly 58% on the day, after swinging between about $1.12 and $2.26.
The timing matters. Friday’s action landed in a thin, post-Christmas market where the major U.S. indexes cooled slightly after a short rally. As Carson Group chief market strategist Ryan Detrick put it, markets were “simply catching our breath” after the holiday, while traders watched the seasonal “Santa Claus rally” window. [2]
So why did SOPA spike—and what should investors know before Monday’s open?
What happened to SOPA stock in the latest session
SOPA’s Friday jump was paired with exceptional share turnover (tens of millions of shares reported traded), a notable statistic for a company whose latest quarterly filing shows roughly 6.1 million shares outstanding. [3]
When volume dwarfs the reported share count, it can reflect rapid churn among short-term traders, high-frequency activity, and/or liquidity events (like offerings and hedging around warrants). It’s not automatically “good” or “bad”—but it often means price moves can be exaggerated in both directions, especially for micro-cap stocks.
The broader market backdrop: year-end liquidity cuts both ways
Because it’s the last stretch of the year, liquidity across the market can be uneven—especially in small-cap and micro-cap names.
Nasdaq’s own trading guidance emphasizes that extended-hours sessions can have less liquidity and more volatile pricing, and it specifically recommends limit orders for those trading outside regular hours. [4]
That matters for SOPA because its SEC filings also warn that trading volume has been limited and that the stock price may be volatile—conditions that can amplify sudden moves when news or research hits the tape. [5]
The catalyst cluster: new research notes plus a strategic pivot narrative
A large share of the current SOPA “story” is being shaped by a run of company-highlighted research and corporate updates released in December.
1) Greenridge Global reiterates Buy; cuts target to $25 but stays bullish
On December 23, 2025, Society Pass highlighted a Greenridge Global report dated December 22. In that summary, Greenridge said it was reiterating a Buy rating while reducing its target price to $25 from $45, framing the cut as a valuation update rather than a thesis break. [6]
Greenridge also laid out a valuation framework tied to SOPA’s holdings in:
- NusaTrip (NASDAQ: NUTR) (travel platform)
- Thoughtful Media Group (TMGX) (planned IPO discussed below)
Greenridge’s summary included model estimates calling for 2025 revenue of $7.4 million with a loss of $0.15 per share, and 2026 revenue of $18.2 million with $0.16 per share of earnings—forecasts that, importantly, are not guarantees and depend heavily on execution and market conditions. [7]
2) Ascendiant raises a 12-month target to $22.50; calls SOPA “undervalued”
On December 22, 2025, Society Pass highlighted an Ascendiant Capital Markets report (published Dec. 17) that maintained a Buy rating and raised a 12‑month price target to $22.50. [8]
Ascendiant’s key argument: SOPA’s market price does not, in its view, reflect the implied value of NusaTrip, and it also points to a potential catalyst path tied to future IPO activity and M&A. [9]
3) Company strategy shift: AI-driven acquisitions + broader M&A push
Society Pass also announced in mid-December that it is evolving its business model toward acquiring and operating AI-driven software and network infrastructure companies, including in the data centre and telecoms ecosystem. [10]
Days later, it followed with a statement describing a broader M&A strategy aimed at acquisition opportunities across Southeast Asia, Europe, and North America. [11]
Taken together, this creates a narrative cocktail that markets sometimes love in micro-caps: (1) a “hidden value” subsidiary thesis + (2) an AI angle + (3) M&A optionality. The catch is that these narratives can move faster than fundamentals.
The fundamental snapshot: what SOPA reported in Q3 2025
For investors trying to separate signal from noise, the most concrete anchor is the latest quarterly report (Form 10‑Q filed November 14, 2025).
For the quarter ended September 30, 2025, Society Pass reported:
- Total revenue:$1.38 million (vs $1.68 million in the prior-year quarter) [12]
- Gross income:$887k, with gross margin cited around 64% for the quarter (up versus the prior-year period) [13]
- General & administrative expense: about $6.0 million in the quarter [14]
- Net loss attributable to Society Pass: about $5.12 million [15]
- Net loss per share: basic $(0.84) and diluted $(0.89) [16]
The filing also shows customer concentration (a small number of customers making up a large portion of revenue), another typical micro-cap risk factor that can create quarter-to-quarter volatility. [17]
Third-party earnings trackers echo the same quarter figures and highlight how results compared with expectations—though coverage is limited and “consensus” data for smaller names can be thin and sometimes inconsistent across platforms. [18]
The NusaTrip issue: big valuation driver, big regulatory overhang
Both Greenridge and Ascendiant frame NusaTrip (NUTR) as central to SOPA’s valuation math. But NusaTrip also comes with a major, very real headline risk: trading halts and regulatory action in October 2025.
SEC trading suspension order (Oct. 9–22, 2025)
The U.S. Securities and Exchange Commission issued an order suspending trading in NusaTrip (NUTR) from 4:00 a.m. ET on Oct. 9, 2025 through 11:59 p.m. ET on Oct. 22, 2025, citing concerns about potential manipulation driven by social media recommendations that appeared designed to inflate price and volume. [19]
Nasdaq then halted NUTR for additional information (Oct. 23, 2025)
After the SEC suspension period, Nasdaq announced that trading in NusaTrip remained halted until the company satisfied Nasdaq’s request for additional information. [20]
Why this matters for SOPA investors
If a large portion of SOPA’s bull case is “look-through value” to NusaTrip, then any uncertainty around NusaTrip’s trading status, disclosures, and regulatory outcomes can spill directly into SOPA’s volatility—especially when traders are using NusaTrip’s last quoted prices to build valuation narratives.
In other words: NusaTrip is both a potential upside lever and a risk amplifier. That’s a key thing to understand before markets reopen.
The dilution watch: SOPA’s December 2025 S‑1 registration statement
Another major “investor should know” item heading into Monday: capital-raising risk.
Society Pass filed a Form S‑1 on December 10, 2025 describing an offering structure that includes:
- up to 2,054,794 shares of common stock (with the share count also reflecting potential shares from pre-funded warrants) [21]
- an assumed offering price referenced as $1.46 (based on the Dec. 8 closing price cited in the filing), while noting the actual price could be negotiated and possibly discounted [22]
- use of proceeds: working capital and general corporate purposes [23]
- a best-efforts structure with Rodman & Renshaw as placement agent, and no minimum offering amount required [24]
- a placement agent fee described as 7% of gross proceeds, plus expenses [25]
The filing also discusses dilution mechanics and warns that sales (or the perception of future sales) can pressure the stock. [26]
For micro-caps, dilution dynamics can be just as market-moving as operating results—sometimes more.
Governance note: SOPA is a “controlled company” per its S‑1
SOPA’s S‑1 also states that its founder and former CEO, Dennis Nguyen, has beneficial ownership representing approximately 81.2% of voting power, and that the company qualifies as a “controlled company” under Nasdaq rules (which can allow certain corporate governance exemptions). [27]
That isn’t automatically negative, but it’s relevant context for investors assessing governance, board independence, and how strategic decisions may be driven.
What investors should know before the next session opens
Because it’s currently the weekend and U.S. exchanges are closed, the most practical approach is a short “pre‑Monday checklist” tailored to SOPA’s setup:
Watch for weekend filings or offering updates
- Any 8‑K tied to financing, placement agreements, pricing, or closing mechanics can materially change sentiment. (SOPA’s own S‑1 describes how offering terms can be set through negotiation.) [28]
Track NusaTrip’s trading status and regulatory disclosures
- The SEC’s October suspension order and Nasdaq’s subsequent halt are concrete events that can re-enter the news cycle quickly if there are updates. [29]
Expect micro-cap volatility, especially at year-end
- With markets in a year-end stretch—and SOPA coming off a sharp move—price discovery on Monday can be unstable. Nasdaq’s own guidance is blunt: extended-hours trading can mean less liquidity and inferior prices, and limit orders are strongly recommended. [30]
Treat analyst targets as viewpoints, not outcomes
- Greenridge reiterates Buy with a $25 target (reduced from $45). [31]
- Ascendiant maintains Buy with a $22.50 12‑month target. [32]
Both are meaningful data points—but they’re still single-firm estimates and depend on assumptions about subsidiaries, IPO execution, and market conditions.
Bottom line
Society Pass (SOPA) is entering the next trading week with a classic micro-cap “high-voltage” setup: a sharp recent price move, heavy attention from company-circulated research notes, a strategic pivot toward AI/M&A narratives, and a simultaneously important and complicated subsidiary story (NusaTrip) with documented regulatory and exchange halts in 2025.
If you’re looking at SOPA going into Monday’s open, the key is to keep both lenses in focus at the same time:
- Fundamentals: modest revenue scale and significant losses in the latest quarter [33]
- Market mechanics: potential dilution, liquidity constraints, and the outsized role of headline catalysts in micro-caps [34]
Sources and experts cited
- Nasdaq last quote/price data for SOPA
- U.S. market context and strategist comment (Ryan Detrick, Carson Group) [35]
- Society Pass Form 10‑Q (quarter ended Sept. 30, 2025) [36]
- Society Pass Form S‑1 (filed Dec. 10, 2025) [37]
- Nasdaq trading hours / holiday schedule and extended-hours info [38]
- Greenridge Global research summary (via company press release) [39]
- Ascendiant Capital Markets research summary (via company press release) [40]
- SEC NusaTrip trading suspension order (Oct. 2025) [41]
- Nasdaq notice about halting NusaTrip for additional information [42]
References
1. www.nasdaq.com, 2. www.reuters.com, 3. www.sec.gov, 4. www.nasdaq.com, 5. www.sec.gov, 6. www.globenewswire.com, 7. www.globenewswire.com, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. www.globenewswire.com, 11. www.globenewswire.com, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. www.marketbeat.com, 19. www.sec.gov, 20. ir.nasdaq.com, 21. www.sec.gov, 22. www.sec.gov, 23. www.sec.gov, 24. www.sec.gov, 25. www.sec.gov, 26. www.sec.gov, 27. www.sec.gov, 28. www.sec.gov, 29. www.sec.gov, 30. www.nasdaq.com, 31. www.globenewswire.com, 32. www.globenewswire.com, 33. www.sec.gov, 34. www.sec.gov, 35. www.reuters.com, 36. www.sec.gov, 37. www.sec.gov, 38. www.nasdaq.com, 39. www.globenewswire.com, 40. www.globenewswire.com, 41. www.sec.gov, 42. ir.nasdaq.com
