NEW YORK, July 27, 2026, 08:05 EDT — STAK shares tumbled 55% in premarket U.S. trading after soaring 602%, as attention shifted to the stock’s available supply.
- STAK was priced at $4.16 before Monday’s market open, marking a 55.1% drop compared to Friday.
- On Friday, turnover exceeded 59 million shares, almost six times the projected Class A share count.
- Nearly 90% of the initial Class A tally is represented by nine million warrants.
STAK Inc. NASDAQ:STAK dropped 55.1% to $4.16 ahead of Monday’s session, wiping out roughly 64% of the stock’s gain from Friday. Shares had previously jumped 602.3% to $9.27 and reached a peak of $12.
The shift places the focus of the trade on the number of shares. On Friday, trading volume exceeded 59 million shares, which was a minimum of 5.9 times the early estimate for Class A shares at 10.01 million.
The estimate adds 4.01 million Class A shares disclosed as of December 31 to another six million issued in January. Each share may change hands multiple times. Nevertheless, the ratio indicates a notably high concentration of trading.
STAK began Friday following three consecutive declines but gained 0.8% on Thursday. Despite this, it ended the week 383% higher than its close on July 17. On Monday, premarket trading showed it still up 117% from that same benchmark.
There was no new company statement posted on STAK’s investor-relations page on Friday. The most recent announcement, dated June 8, detailed plans for a proposed U.S. artificial-intelligence energy project.
Initial estimates indicate the extent of the valuation adjustment:
| Measure | Friday close | Monday premarket |
|---|---|---|
| Share price | $9.27 | $4.16 |
| Implied equity value | $178.1 million | $79.9 million |
| Value relative to annualized H1 revenue | 4.6 times | 2.1 times |
| Value compared with December book equity | 11.9 times | 5.3 times |
Initial calculations are based on a total of 19.21 million shares, with both classes holding identical economic rights. No share changes after January are included. Annualised revenue is calculated by doubling unaudited sales from the first half and does not represent a projection.
The implied equity value on Friday was nearly 12 times December book equity. On Monday, that metric dropped to roughly five times. STAK was still valued at more than double its basic annualized revenue.
STAK primarily manufactures vehicles and equipment tailored for use in oilfields. The company’s recent operational performance did not match the extent of its share price fluctuation. Unaudited revenue for the first half increased by 13.4% to $19.2 million.
Gross margin decreased to 27.24% compared to 30.65%. Net income was down to $1.82 million from $2 million. The company cited higher new-vehicle production expenses and promotional pricing as factors in the reduced margin.
The balance sheet for December displayed cash holdings of $1.92 million, while short-term debt totaled $7.57 million. The January offering generated approximately $2.2 million in net proceeds.
The deal additionally issued nine million warrants with a strike price of $0.46. These warrants cannot be exercised until two years later in 2028. The warrants represent almost 90% of the estimated total of current Class A shares.
If fully exercised, the warrants would account for 31.9% of the total shares after exercise. This additional supply is not imminent but continues to represent a significant long-term overhang at Monday’s stated price.
The June memo outlined plans for a U.S. subsidiary with 60% ownership. Each modular gas generator is built to deliver as much as 1.4 megawatts. The establishment is subject to finalizing agreements and securing regulatory approval.
Chuanbo Jiang, Chairman and CEO, stated that AI expansion was driving “substantial and sustained demand for reliable, distributed power solutions.” The announcement did not specify customers or the value of any orders. PR Newswire
The focus in the coming week shifts to concrete evidence. Investors are expected to seek out signed deals, permits, customer agreements or details on financing. In the absence of these, trading volumes could have a greater impact on the stock than performance figures.
Risks: The power project is in its early stages, and implementation may be drawn out. A limited projected Class A base, along with potential future warrants, could increase volatility, amplifying potential returns and losses.
