Key Highlights

  • TRex Bio (NASDAQ:TRXB) set terms for 8.33 million shares at USD 14 to USD 16, about USD 125 million at the midpoint, with Eli Lilly indicating interest in a stake of up to 19.9% after the offering, a non-binding signal of strategic support.
  • Retension Pharmaceuticals (NASDAQ:RTSN) plans 3.3 million shares at USD 11 to USD 13, about USD 39.6 million at the midpoint, for a hypertension drug with Phase 2b data expected in the first half of 2027, so the proceeds must last through a long wait.
  • SU Group Holdings (NASDAQ:SUGP) completed a 1-for-6 reverse split on October 7, 2026, cutting shares outstanding from about 9,010,733 to about 1,501,789, a reduction of about 83% by simple arithmetic, and the announcement gave no reason.
  • Bitmine (NYSE:BMNR) reported 6,016,414 ETH, about 4.9% of supply, on October 5, 2026 after adding 15,112 ETH, and says it is 99% of the way to its 5% goal, with a gap of about 88,600 ETH by simple arithmetic.

TRex Bio (NASDAQ:TRXB): A Lilly-Backed IPO

TRex Bio, an autoimmune and inflammatory disease biotech, filed terms on October 5, 2026 to list on Nasdaq under the proposed ticker TRXB. The offering is 8.33 million shares at USD 14 to USD 16, raising about USD 124.95 million at the USD 15 midpoint, simple arithmetic on the terms. Eli Lilly, already a principal shareholder, indicated interest in increasing its stake to as much as 19.9% after the IPO, a non-binding signal. J.P. Morgan, Evercore ISI, Cantor, Stifel and Wedbush PacGrow are joint book-runners, and pricing is scheduled for October 9. The mechanism is that new shares are sold to raise cash while a strategic holder anchors demand. Risks for TRex Bio (NASDAQ:TRXB) include clinical failure, Volatility and later lock-up expirations. The IPO calendar put the Market Value near USD 411.7 million at the midpoint. An indication of interest is not a binding order, so the final allocation depends on demand, and a large strategic holder can also reduce the free float, the shares available to other investors. Watch whether the range is raised or cut on October 9 and what the final prospectus says about cash runway, lead programs and use of proceeds.

Retension (NASDAQ:RTSN): A Small Biotech Raise

Retension Pharmaceuticals amended its S-1 to offer 3,300,000 shares at USD 11 to USD 13 on the Nasdaq Capital Market, with a 30-day option for 495,000 more. At the USD 12 midpoint the gross raise is about USD 39.6 million by simple arithmetic, and net proceeds are about USD 33.8 million. The lead drug RTN-001 is a once-daily oral PDE-5 inhibitor for uncontrolled hypertension, with a Phase 2b trial begun in October 2025 and initial data expected in the first half of 2027. Cash was USD 13.493 million at June 30, 2026 against a six-month net loss of USD 7.5 million. Trading is expected on October 9, 2026. Retension (NASDAQ:RTSN) depends on trial results, and a Phase 3 would need more capital. PDE-5 inhibitors are the drug class used in erectile dysfunction, and here the aim is to lower blood pressure by relaxing blood vessels in patients above 130/80 mmHg despite two or more medicines. The underwriters are Leerink Partners, Guggenheim Securities, Oppenheimer and Titan Partners. Net loss was USD 6.3 million, restated, for fiscal 2025, so the company needs new money to reach its data, and small IPOs often trade with thin liquidity.

SU Group (NASDAQ:SUGP): Fewer, Pricier Shares

SU Group Holdings announced on October 2, 2026 a 1-for-6 reverse split effective at 12:01 a.m. ET on October 7, 2026. Every six Class A ordinary shares combined into one, so shares outstanding fell from about 9,010,733 to about 1,501,789. The board approved the move on September 18, and majority shareholders approved it by written resolution the same day. A reverse split raises the quoted price in proportion to the share cut but leaves total market value unchanged at the moment it takes effect. The announcement gave no reason and no Nasdaq deficiency notice, so linking it to listing compliance is an assumption. SU Group Holdings (NASDAQ:SUGP) keeps its symbol and received a new CUSIP, G8552M158. Fractional Share handling was not detailed in the announcement, and holders did not need to act. Companies often use reverse splits to meet minimum bid price rules, but this one stated no purpose. Shares of small companies can fall after a split if sentiment does not change, and a smaller share count can reduce liquidity. The pre-split price was not verified, so no post-split price is stated here.

Bitmine (NYSE:BMNR): Buying ETH Every Week

Bitmine Immersion Technologies reported on October 5, 2026 that it holds 6,016,414 ETH, valued at USD 2,726 per ETH, about 4.9% of a 122.1 million ETH supply, after buying 15,112 ETH last week. Total reported holdings were USD 17.4 billion, including 214 BTC and USD 643 million of cash and securities. It has staked 5,067,309 ETH, about 84%, at a 7-day annualized Yield of 2.63%. The 5% goal implies about 6.105 million ETH, so the gap is about 88,600 ETH by simple arithmetic. Earlier coverage reported a plan to stop at 5%, which the release did not state. At about USD 2,565 per ETH the holding would be worth about USD 15.4 billion. Bitmine (NYSE:BMNR) is exposed to ETH price swings and net asset value discounts. Other Assets include a USD 180 million stake in Beast Industries and a USD 117 million stake in Eightco Holdings (NASDAQ:ORBS), and the company said it acquired 21 million of its own shares through Buybacks in 2026. Projected annual staking Revenue is USD 363 million at current scale and USD 431 million if all ETH is staked. Chairman Tom Lee said Bitmine has staked more ETH than other entities in the world.

Where Things Stand

Share count stories differ by mechanism. TRex Bio (NASDAQ:TRXB) adds shares through an IPO to fund clinical work. Retension (NASDAQ:RTSN) is doing the same on a smaller scale. SU Group Holdings (NASDAQ:SUGP) shrank its count with a reverse split. Bitmine (NYSE:BMNR) is converting capital into ETH and buying back its own stock. None of these steps changes Business fundamentals by itself. The next catalysts are IPO pricing on October 9, post-split trading and Bitmine's next weekly holdings update.