Netcapital Inc. (NCPL): Fails to Deliver & Reg SHO Threshold List
As of the Sep 30, 2026 settlement date, NCPL had 224,096 shares failing to deliver (about $273.4K at the prior close), 2.856% of shares outstanding. Over the 30 days to that date the balance peaked at 800,885 shares and averaged 169,663.
NCPL is on the Nasdaq Capital Market threshold list and has been for 16 consecutive settlement days, since Sep 24, 2026. That is past 13 consecutive settlement days, the point at which Rule 203(b)(3) requires clearing firms to close out fails that have stayed open that long.
Fails to deliver by settlement date (35 most recent)
| Settlement date | Shares failed | Prior close | Value |
|---|---|---|---|
| Sep 30, 2026 | 224,096 | $1.22 | $273.4K |
| Sep 29, 2026 | 6,124 | $1.08 | $6.6K |
| Sep 28, 2026 | 365,536 | $1.36 | $497.1K |
| Sep 25, 2026 | 502,051 | $1.27 | $637.6K |
| Sep 24, 2026 | 94,759 | $1.04 | $98.5K |
| Sep 23, 2026 | 316,163 | $0.97 | $306.7K |
| Sep 22, 2026 | 800,885 | $1.01 | $808.9K |
| Sep 21, 2026 | 643,203 | $0.74 | $476.0K |
| Sep 18, 2026 | 346,044 | $0.57 | $197.2K |
| Sep 11, 2026 | 156 | $0.47 | $73 |
| Sep 10, 2026 | 1,634 | $0.48 | $784 |
| Sep 9, 2026 | 1 | $0.50 | $1 |
| Sep 8, 2026 | 152,704 | $0.58 | $88.6K |
| Sep 4, 2026 | 245 | $0.63 | $154 |
| Sep 3, 2026 | 4,031 | $1.03 | $4.2K |
| Sep 2, 2026 | 10,162 | $0.79 | $8.0K |
| Sep 1, 2026 | 95,139 | $0.72 | $68.5K |
| Aug 31, 2026 | 385,804 | $0.69 | $266.2K |
| Aug 28, 2026 | 665,031 | $0.54 | $359.1K |
| Aug 27, 2026 | 276,717 | $0.50 | $138.4K |
| Aug 26, 2026 | 1,457,397 | $0.58 | $845.3K |
| Aug 24, 2026 | 2,065 | $0.24 | $496 |
| Aug 21, 2026 | 11,701 | $0.23 | $2.7K |
| Aug 20, 2026 | 3 | $0.23 | $1 |
| Aug 18, 2026 | 2,139 | $0.32 | $684 |
| Aug 17, 2026 | 7,022 | $0.32 | $2.2K |
| Aug 14, 2026 | 6,009 | $0.33 | $2.0K |
| Aug 4, 2026 | 2,409 | $0.39 | $940 |
| Aug 3, 2026 | 12,491 | $0.37 | $4.6K |
| Jul 31, 2026 | 826 | $0.37 | $306 |
| Jul 29, 2026 | 2,482 | $0.38 | $943 |
| Jul 27, 2026 | 424 | $0.40 | $170 |
| Jul 24, 2026 | 1,626 | $0.40 | $650 |
| Jul 22, 2026 | 4 | $0.41 | $2 |
| Jul 21, 2026 | 1,600 | $0.42 | $672 |
Reg SHO threshold list history (7 runs)
| List | First day | Last day | Settlement days |
|---|---|---|---|
| Nasdaq Capital Market | Sep 24, 2026 | Still listed | 16 |
| Nasdaq Capital Market | Sep 1, 2026 | Sep 14, 2026 | 9 |
| Nasdaq Capital Market | May 28, 2026 | Jun 11, 2026 | 11 |
| Nasdaq Capital Market | Dec 15, 2025 | Dec 23, 2025 | 7 |
| Nasdaq Capital Market | Jul 7, 2025 | Jul 15, 2025 | 7 |
| Nasdaq Capital Market | Aug 9, 2024 | Aug 20, 2024 | 8 |
| Nasdaq Capital Market | Jun 6, 2024 | Jul 2, 2024 | 18 |
Frequently asked questions
What are fails to deliver for NCPL?
A fail to deliver happens when a seller does not deliver shares to the buyer by the settlement date (one business day after the trade, T+1). The SEC publishes the outstanding fails balance in NCPL for each settlement date, taken from the NSCC Continuous Net Settlement system, twice a month with a delay of a few weeks.
Do fails to deliver mean naked short selling?
Not necessarily. The SEC notes that fails can occur on both long and short sales, for example from operational delays or a broker not receiving shares in time. The data does not say which trades failed or why, so a fails balance is not proof of naked shorting.
Can daily fails be added up?
No. Each figure is the total balance of fails still open on that settlement date, not new fails that day. A fail that lasts several days appears in each of those days, so adding days together counts the same shares more than once.
What is the Reg SHO threshold list?
A security lands on the threshold list when it has fails of at least 10,000 shares that are also at least 0.5% of shares outstanding for five consecutive settlement days. The listing market publishes the list every trading day (Nasdaq, NYSE, Cboe; FINRA for OTC stocks). If a fail in a threshold security stays open for 13 consecutive settlement days, Rule 203(b)(3) requires the clearing firm to close it out by buying shares, and until it does it cannot accept further short sales in that stock without first borrowing or arranging to borrow the shares.