Nomadar debuts with $4.7M working capital deficit, going-concern warning, $30M dilutive SEPA

Filed May 15, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  Company disclosed substantial doubt about ability to continue as a going concern, citing $4.7M working capital deficit, $5.8M accumulated deficit, and ongoing operating losses. Management's mitigation plans include $10M Sportech commitment (fully received) and $30M Yorkville SEPA, but these cannot be considered probable under accounting standards.

  MD&A: Going Concern verify on EDGAR →
• high

  Yorkville SEPA allows up to $30M in equity sales with conversion at 95% of lowest 10-day VWAP, subject to $1.60 floor. $3M in convertible notes issued under facility, with conversion price adjusted down to $3.65 in February 2026. Notes mature May 20, 2026 with 8% interest (18% upon default).

  MD&A: Yorkville SEPA verify on EDGAR →
• high

  Net loss increased 445% to $1.6M in Q1 2026 from $291K prior year, driven by $621K non-cash loss on convertible notes fair value and $838K increase in operating expenses (up 282% to $1.1M). Cash used in operations was $181K versus $48K provided in Q1 2025.

  MD&A: Operating Results verify on EDGAR →