SRXH
SRx Health Solutions Inc.
| Price (Close)
$0.1180 -1.67% today |
Market Cap
$69.65M NYSE American |
52-Week Range
$0.079 — $0.780 50% above 52w low |
Volume
30.82M vs 29.71M avg (+3.7%) |
| CRITICAL DILUTION RISK: Series B Convertible Preferred + 22.2M warrants issued Mar 2026 at $0.3182 floor. Alternate conversion floor can reset to 95% of 5-day VWAP after shareholder approval. At current price ($0.118), conversion floor is already 2.7x above market — pending shareholder vote to unlock variable floor is an existential dilution trigger.
EMJX REVERSE MERGER IN PROGRESS: S-4 filed Apr 14, 2026; S-4/A filed May 5, 2026. This is not a health company anymore — it is a crypto/AI treasury shell in transition. Market status: AFTER-HOURS (5:15 PM ET, May 27, 2026). After-hours price $0.1151 (-2.46%). |
SRXH is in focus because of a pending reverse merger with EMJX Crypto Technologies, a digital-asset treasury platform run by Eric M. Jackson. The company is transitioning from a pet food/specialty pharmacy business into a crypto/AI treasury play, with the S-4/A filed May 5, 2026. The merger timeline is the central thesis driver — not fundamentals.
Phase 0 — Scrape Log
SCRAPE LOG — SRXH — 5:30 PM ET, May 27, 2026
| # | Source | Result / Notes |
| [1] Price | finance.yahoo.com/quote/SRXH | SUCCESS — Price $0.1180, -1.67%; AH $0.1151 -2.46%; Vol 30.82M vs 29.71M avg; 52wk $0.079-$0.780; Mkt Cap $69.65M |
| [2] Fundamentals | finance.yahoo.com/quote/SRXH/financials | PARTIAL — Revenue TTM $9.34M (platform shows $12.78M on stats tab); Net Income -$49.6M TTM; EPS -$0.17 diluted TTM; Cash $26.07M; Debt/Equity 123.68%. No gross margin % shown directly. |
| [3] Ownership/Short | finance.yahoo.com/quote/SRXH/holders | PARTIAL — Insider 4.91%, Institutional 0.26% (19 holders). Short interest % and borrow fee: MISSING (finviz blocked). |
| [4] Insider Txns | openinsider.com | FAILED — domain blocked. Data MISSING. |
| [5] Technicals | finviz.com | FAILED — domain blocked. SMA/RSI/ATR: MISSING. |
| [6] Options | finance.yahoo.com/quote/SRXH/options | SUCCESS — No listed options chains exist for SRXH. |
| [7] News/Catalysts | Yahoo Finance news + SEC EDGAR | SUCCESS — Full news history + 10 recent 8-Ks + S-4/S-4A captured. Most recent 8-K: Apr 22, 2026 (Astro Capital SPV investment). |
| [8] Analyst Ratings | N/A | MISSING — No analyst coverage found. 1yr target on Yahoo: none shown. |
| [9] Social Sentiment | stocktwits.com | FAILED — domain blocked. Retail sentiment: MISSING. |
| [10] Chart Reference | Yahoo Finance | PARTIAL — Price/range/volume captured. Technical indicators MISSING (finviz blocked). |
Current State
Price: $0.1180 (-1.67% today) [FRESH] | After-hours: $0.1151 (-2.46%) [FRESH]
Volume: 30,822,236 vs 29,712,050 avg (103.7% of normal) [FRESH]
52-Week Range: $0.079 — $0.780 | Current position: 50% above 52w low, 85% below 52w high [FRESH]
Market Cap: $69.65M (intraday Yahoo) / $70.83M (stats tab) [FRESH]
Float: ~590M shares estimated (Yahoo shows share count ~590M at $0.118 for $69.6M mcap) [EST]
SSR Active: Unknown [MISSING]
| Tape read: Price is essentially flat with average volume, not a breakout or breakdown. AH drift to $0.115 is modest but with no options market and a $0.118 close, there is no structure to anchor around. The 52-week high of $0.780 from the initial Dec 2025 crypto treasury announcement is the only meaningful reference — the stock is deep in a retracement channel 6 months after that pump. Sellers have controlled price since January 2026. |
Fundamentals
Revenue (TTM): $9.34M (income stmt) / $12.78M (stats tab — discrepancy noted) [FRESH]
Gross Profit (TTM): $2.58M on $9.34M revenue = 27.6% gross margin (pet food/pharmacy blend) [FRESH]
Operating Loss (TTM): -$15.2M. Operating expenses $17.8M against $2.58M gross profit. [FRESH]
Net Loss (TTM): -$49.6M | EPS: -$0.17 diluted TTM (basic avg shares 98.76M TTM) [FRESH]
Cash (mrq): $26.07M | Total Debt/Equity: 123.68% — net cash position unclear without absolute debt figure [FRESH]
Burn Rate: ~$3.8M/quarter operating cash burn estimated from TTM op loss. At that rate, $26M cash = 6-7 quarters runway. [EST]
Valuation: P/S (ttm) 1.27x | P/B 3.87x | EV/Revenue 7.21x | EV/EBITDA N/M (EBITDA negative) [FRESH]
Dilution Watch
| ACTIVE: Series B Convertible Preferred Stock — 5,660 shares issued March 16, 2026 for $4.528M, up to $8M total. Conversion floor: $0.3182 (pre-shareholder approval). After approval, ALTERNATE conversion at 95% of 5-day low VWAP. With stock at $0.118, this alternate conversion price is ~$0.112 — below current price. Holders can force conversion at spot.
ACTIVE: 22,237,666 Warrants at $0.3182 exercise price (expire 3 years from initial exercisability). Deep OTM at current price but reset provisions apply. ACTIVE: S-4/S-4A registration (EMJX merger) — new shares to be issued to EMJX shareholders. Exact share count not yet determined; see S-4 filing for cap table. LEGACY: S-3 filed May 2023 (pre-name change, as Better Choice Co). Still on file but effectively superseded by new structure. CANCELLED: Company cancelled >125M shares of common stock in Feb 2026 (Series A preferred redemption) and ~350K additional shares in Sep 2025. |
| Fundamentals read: The operating business is irrelevant to the trade thesis. Revenue of $9-12M against a $15M operating loss means the pet food/pharmacy operations are a drag, not a driver. The balance sheet has $26M cash, which is the only hard asset propping up the story. The Series B structure is the most dangerous element — if shareholders approve the variable conversion floor at the upcoming vote, holders can convert into common at a ~10% discount to market, mechanically capping upside and pinning price near VWAP. The 7.21x EV/Revenue multiple is disconnected from both the legacy business and the future crypto treasury pitch. |
Positioning & Ownership
Short Interest: [MISSING] (finviz/highshortinterest blocked)
Borrow Fee: [MISSING]
Institutional Ownership: 0.26% (19 institutions, Mar 31 2026). Top holders: Jane Street 595K, Geode 247K, Two Sigma 195K. These are quant/arb desks, not strategic investors. [FRESH]
Insider Ownership: 4.91% per Yahoo. Absolute share count depends on diluted share total. [FRESH]
Insider Activity (last 90 days): [MISSING] (openinsider blocked)
| Positioning read: 0.26% institutional ownership means there is no institutional bid supporting this stock. The ‘holders’ are quantitative shops with positions too small to matter. 4.91% insider ownership is thin enough that management has limited skin in the game compared to the equity issuances happening (Series B, EMJX merger shares). The absence of short interest data is a material gap — for a name running this many corporate actions at penny-stock prices, short sellers could be heavily involved. Without that data, squeeze potential and downside pressure are both unknowable. |
Technicals
| All technical indicators (SMA20/50/200, RSI, ATR) are MISSING — finviz blocked. Analysis below is derived from price/range data only. |
SMA20/50/200: [MISSING]
RSI (14): [MISSING]
ATR (14): [MISSING] Inferred range: 52w range $0.079-$0.780, day range $0.110-$0.119. ATR likely $0.010-$0.020 in current volatility regime. [EST]
Key Support: $0.079 (52w low) / $0.110 (today’s low) [EST]
Key Resistance: $0.150 (psychological) / $0.200 / $0.318 (Series B conversion floor) / $0.780 (52w high) [EST]
Chart Structure: Post-pump distribution/downtrend. The Dec 2025 spike to $0.780 on the EMJX announcement was a classic retail catalyst pump. Six months later at $0.118, the stock has surrendered 85% of that move with no recovery.[EST]
Open Gaps: [MISSING]
| Technicals read: Without SMA and RSI data, technical analysis is structurally incomplete. From price alone, this is a distribution pattern with no recovery catalyst materialized yet. The $0.318 Series B conversion floor is the most relevant ‘resistance’ level — it’s where the new preferred holders can force dilution, which mechanically suppresses price. Bulls need the merger to close and the new EMJX/crypto treasury narrative to attract fresh capital well above $0.318 to make any recovery trade work. |
Catalyst Map
| Catalyst | Date / Window | Type | Source | Freshness |
| EMJX merger shareholder vote / S-4 effectiveness | Q3 2026 est. | Merger/M&A | SEC S-4/A filed May 5, 2026 (Acc-no 0001493152-26-021307) | FRESH |
| Series B shareholder approval for variable conversion | Q2-Q3 2026 est. | Dilution Event | SEC 8-K Mar 18, 2026 (SPA terms) | FRESH |
| Astro Capital SPV investment update | Ongoing | Investment PR | 8-K Apr 22, 2026 — Astro Investment XVII (AI/space) | FRESH |
| OPTH psychedelic investment news | ~May 21, 2026 (6d ago) | Investment PR | Stocktwits/Yahoo News | FRESH |
| Fiscal year end earnings (Sep 30) | Dec 2026 est. filing | Earnings | EDGAR FY end 0930 | MISSING — no date confirmed |
| NYSE American compliance watch | Ongoing — warning received ~Feb 2026 | Exchange Risk | 8-K Feb 20, 2026 (Item 3.01) | FRESH |
| EventHorizonIQ subscription platform launch | Feb 2026 launch | Product PR | GlobeNewswire Feb 2026 | FRESH |
| Macro overlay: No specific Fed dates or CPI prints are direct catalysts for SRXH. The stock is correlated to crypto sentiment (BTC at ~$75K as of this session). Any risk-off event that pulls BTC down 15%+ would likely crater the EMJX thesis and send SRXH to new 52w lows.
Catalyst read: Events are concentrated around the EMJX merger timeline. The S-4/A filed May 5 suggests the SEC review cycle is active — effectiveness is typically 20+ days post-amendment if no additional comments. The shareholder approval vote for the Series B variable conversion is a near-term binary: if it passes, dilution becomes immediate and mechanical. The psychedelic and AI/space investments are pure narrative plays with no revenue impact. |
Flow & Sentiment
Options Flow: No options market exists for SRXH. No calls, no puts. [FRESH]
Put/Call Ratio: N/A — no listed options [FRESH]
Dark Pool: [MISSING]
Retail Sentiment: [MISSING] (StockTwits blocked; Reddit not scraped)
| Flow read: No derivatives market means there are no smart money flow signals from options. This is a purely equity-driven name. Volume of ~30M shares/day at $0.118 = ~$3.6M daily notional. That is a retail/small-cap momentum market. Jane Street and Two Sigma holding sub-$100K positions are likely just index/ETF arb artifacts, not directional bets. No dark pool confirmation available. |
Thesis Stress Test
Bull Case
| Bull case requires:
1. EMJX merger S-4 declared effective by SEC and shareholder vote passes. SRXH transforms into a publicly traded crypto/AI treasury vehicle with EMJX’s BTC/ETH treasury. 2. Bitcoin holds above $70K and crypto sentiment stays risk-on, attracting retail interest to the EMJX treasury thesis. 3. Series B conversion shareholder vote is delayed or rejected, preventing the variable floor from activating and removing the mechanical dilution ceiling. 4. Price recaptures $0.20+ and sustains it, giving the stock a credible float valuation for the merged entity. |
| Bull case dies if:
1. SEC issues additional comments on the S-4, delaying effectiveness into Q4 2026 or beyond. The stock has been grinding down for 6 months waiting for this — further delays push retail holders out. 2. Shareholder vote for Series B variable conversion passes before merger closes. Preferred holders can convert at 95% of 5-day VWAP, systematically selling into any price strength. 3. BTC drops materially (30%+) and the crypto treasury narrative loses retail appeal. |
Bear Case
| Bear case requires:
Any one of: Series B variable conversion activated at market (immediate dilution pressure) + NYSE American non-compliance escalation + merger timeline slippage. The operating business cannot support a $70M market cap on its own. Bear case dies if: Merger closes faster than expected (Q2 2026 surprise), EMJX announces a substantial crypto treasury position, or a strategic investor takes a meaningful stake in the merged entity above $0.30/share. |
Base Case
| The most likely 30-90 day scenario: the EMJX merger grinds through SEC review, with effectiveness and a shareholder vote coming in late Q3 2026. Price oscillates between $0.09 and $0.14 as retail traders chase occasional PR catalysts (new investments, EventHorizonIQ updates). Each press release gets a 1-2 day spike, then fades. The Series B preferred holders sit on their position until shareholder approval comes through, at which point conversion pressure caps any sustained move above $0.14. Unless EMJX announces an actual BTC treasury purchase or the merger closes with a credible valuation, this stock drifts toward its 52-week low in the absence of a catalyst. |
Risk / Reward
| The setup is structurally weak for directional longs. The upside is capped mechanically by the Series B variable conversion at 95% of spot VWAP — buy the stock, preferred holders convert into you. The downside is a return to the 52-week low at $0.079, which is 33% below current price. The only scenario where upside exceeds 2:1 is merger close plus BTC-driven crypto treasury re-rating, which requires 60-90 days minimum and depends on two external variables (SEC timing and BTC price) neither of which management controls. For a trader who can tolerate holding through merger noise, the $0.079 level is the only sensible hard stop — but that stop is just 3x the ATR away on a volatile penny stock. No options exist to define risk with precision. This is a pure directional bet on a corporate event with dilution risk embedded in the cap structure. |
Entry & Exit Plan
This plan is sized for Swing (2-6 week hold around merger catalyst). Adjust to your own risk tolerance.
| No options market exists — skip all options structures. All sizing must be equity only.
Short interest data is MISSING — unknown squeeze potential cuts both ways. Size smaller than you otherwise would. |
| Element | Level | Logic |
| Entry trigger | $0.118-$0.122 | Flat base on volume near avg. Only enter with volume confirmation above 20M intraday by 11 AM ET. Do not chase a gap-up open. |
| Soft stop | $0.105 | Below day’s low range support. 1x estimated ATR from entry. |
| Hard stop | $0.090 | Thesis invalidation — below 52w low structure signals capitulation. |
| Target 1 | $0.150 | Psychological resistance / prior consolidation area. Trim 50% here. |
| Target 2 | $0.200 | Next structural level. Move stop to entry on remaining position after T1. |
| Max hold | 45 days | If merger S-4 not effective in 45 days, exit regardless of price. |
| Sizing | Half normal size | Missing short interest + dilution structure = elevated uncertainty premium. Start with 50% of intended position, add only if price holds $0.118 for 2+ days. |
Risk Register
| Risk | Severity | Likelihood | Trigger / Notes |
| Series B variable conversion activated (post-shareholder approval) | CRITICAL | HIGH | Shareholder vote upcoming. If approved, preferred holders can convert at 95% of 5-day VWAP — mechanical dilution at market. Monitor SEC proxy filing schedule. |
| EMJX merger delay / failure | HIGH | MEDIUM | S-4/A filed May 5 — SEC comments could extend timeline another 60+ days. Merger failure would collapse the sole thesis. |
| NYSE American non-compliance escalation | HIGH | MEDIUM | Warning received Feb 2026 (8-K Item 3.01). If compliance not restored or exchange gives delisting notice, liquidity collapses. |
| BTC/crypto risk-off | MEDIUM | MEDIUM | SRXH thesis is crypto-correlated. VIX spike + BTC drop > 20% would dismantle the EMJX narrative premium. |
| Additional equity issuance (Series B second tranche) | MEDIUM | MEDIUM | SPA allows additional closings up to $8M total ($4.53M drawn). Remaining $3.47M of Series B could be issued with more warrants. |
| Liquidity gap on low-volume days | MEDIUM | LOW | Volume of 30M shares/day is adequate at current price but could gap down significantly on any negative PR with no options buffer. |
| Royal Uranium asset acquisition (LOI from Aug 2025) | LOW | LOW | Old LOI — unclear if still active. Any cash deployment into speculative assets reduces balance sheet quality. |
Data Gaps Summary
| Data Point | Reason Missing |
| Short interest % and days-to-cover | finviz.com / highshortinterest.com blocked by network policy |
| Borrow fee | Same — finviz/IBKR shortable data not accessible |
| SMA20 / SMA50 / SMA200 | finviz.com blocked |
| RSI (14) and ATR (14) | finviz.com blocked |
| Insider transactions (last 90 days) | openinsider.com blocked by network policy |
| Analyst ratings / price targets | No coverage found on Yahoo or StockAnalysis |
| Retail sentiment (StockTwits/Reddit) | stocktwits.com blocked |
| Dark pool prints | Not scraped — no accessible source |
| SSR status | Not available without finviz/NASDAQ data |
| Float (exact shares outstanding) | Not shown explicitly on Yahoo; estimated from market cap/price |
| StockAnalysis financials/forecast pages | Domain blocked by network policy |
| EMJX cap table / merger exchange ratio | S-4 file too large to read in session; review independently at SEC.gov |
Not financial advice. DYOR. All data sourced via live scrape — timestamps noted above.
Scrape session: May 27, 2026, approximately 5:30 PM ET | Sources: Yahoo Finance, SEC EDGAR