Monitor the opening price and trading volume on the first day of trading, as the direct listing process without underwriters could lead to high volatility. The company's financial health is precarious, so any news about its ability to raise additional capital or improve its revenue streams will be critical for the stock's performance.
Executive Summary
FreeCast, Inc. is conducting a direct listing on Nasdaq under the symbol CAST, offering 19,782,084 shares of Class A common stock for resale by existing shareholders. The company will not receive any proceeds from the sale. The listing features a novel, non-underwritten process where Nasdaq will determine the opening price based on pre-market buy and sell orders. FreeCast operates a streaming aggregation platform but has incurred significant losses, with a $198.1 million accumulated deficit as of September 30, 2025, and faces substantial doubt about its ability to continue as a going concern.
Key Facts
- Direct listing on Nasdaq with no underwriters; opening price set by Nasdaq based on pre-market orders.
- 19,782,084 shares of Class A common stock being registered for resale by existing shareholders; company receives no proceeds.
- Company has a $198.1 million accumulated deficit and a $851,384 stockholders' deficit as of September 30, 2025.
- For the three months ended September 30, 2025, the company reported a net loss of $2.86 million on $195,860 in revenue.
- Founder William A. Mobley, Jr. will control approximately 75.55% of the voting power after the offering, making the company a 'controlled company'.
- The company has a cash balance of $345,723 and a working capital deficit of $1.15 million, raising substantial doubt about its ability to continue as a going concern.
Financial Impact
The company will not receive any proceeds from the offering. The company reported a net loss of $2.86 million on $195,860 in revenue for the three months ended September 30, 2025, with an accumulated deficit of $198.1 million.
Risk Factors
- Substantial doubt about the company's ability to continue as a going concern.
- High concentration of voting power with the founder, which may limit shareholder influence.
- The direct listing process could lead to significant price volatility.
- The company is reliant on a limited number of customers for a significant portion of its revenue.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001213900-26-023677 |
| Document: 0001213900-26-023677-index-headers.html | 0001213900-26-023677 |
| Document: 0001213900-26-023677-index.html | 0001213900-26-023677 |
| Document: 0001213900-26-023677.txt | 0001213900-26-023677 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 12w ago | 3 | $1.20 $1.51 | ▲ +25.83% | ▲ +20.81% | $1.04 (−13.33%) |
Jul 23, 2026 13w ago | 8-K | $2.08 $1.87 | ▼ −10.10% | ▼ −13.40% | $1.04 (−50.00%) |
Jul 20, 2026 14w ago | S-1/A | $2.55 $0.8598 | ▲ +66.28% | ▲ +70.40% | $1.04 (+59.22%) |
Jul 15, 2026 14w ago | S-1 | $2.52 $0.9950 | ▲ +60.52% | ▲ +64.13% | $1.04 (+58.73%) |
May 28, 2026 21w ago | 8-K | $0.8200 $7.65 | ▲ +832.93% | ▲ +836.07% | $1.04 (+26.83%) |
May 7, 2026 24w ago | EFFECT | $1.77 $0.7400 | ▲ +58.19% | ▲ +61.33% | $1.04 (+41.24%) |
Apr 17, 2026 27w ago | S-1 | $3.10 $1.41 | ▲ +54.52% | ▲ +58.72% | $1.04 (+66.45%) |
Apr 15, 2026 27w ago | 8-K | $3.96 $1.47 | ▲ +62.88% | ▲ +68.92% | $1.04 (+73.74%) |
Apr 1, 2026 29w ago | 10-Q/A | $4.50 $2.09 | ▲ +53.56% | ▲ +63.43% | $1.04 (+76.89%) |
Mar 5, 2026 33w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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