双轨系统性研究 · Claude 轨
NVNI
Nvni Group(Nuvini):巴西软件收购整合商,股本被一笔可转债和一场退市听证夹住
一家 2023 年借 SPAC 在纳斯达克上市的开曼控股公司,底下是七家巴西 B2B 软件公司。本页按「价 → 生意 → 钱 → 股本 → 融资工具逐份 → 债主 Amiens → 反拆窗口 → 控制权 → 人 → 纳斯达克 → 新闻稿 → 矛盾 → 盯什么」讲清来龙去脉。只报事实与直接含义,不做入选、评分或买卖判断。
NVNIClaude 起草 · 2026-09-17 · 原件截至 EDGAR 2026-09-17(最新一份为 9/14 两份 Form 3)· 行情截至 2026-09-16 收盘
目录
  1. 先回答选票理由:离低点多远、有没有拉升
  2. 生意:七家巴西软件公司 + 一笔没交割的大收购
  3. 钱:收入稳、亏损大、欠卖家 2.77 亿雷亚尔
  4. 股本与股价时间线
  5. 融资与股权工具逐份账本(20 份)
  6. Amiens:350 万美元借款怎么变成 1,210 万美元催收
  7. 股本结构摘要(全文见专项页)
  8. 反拆窗口专项(含授权股逐次核对)
  9. 控制权:50 万股 FF 股握住 99.5% 投票权
  10. 人:董事与高管进出
  11. 纳斯达克:八次合规事件
  12. 新闻稿与申报对照
  13. 申报里的矛盾
  14. 整体理解
  15. 接下来盯什么
  16. 原件索引
  17. 检索基底回查(2026-09-18)
一分钟读懂
Nuvini 在巴西买下一批小型 B2B 软件公司(营销线索管理、政府采购招标检索、眼镜店 ERP、数据与客户核查等),每年收入约 2 亿雷亚尔,但买公司时欠原老板的「盈利支付」(earn-out)越滚越大,2025 年底仍有 2.77 亿雷亚尔全部逾期,账上现金只有 1,345 万雷亚尔。审计师连续四年写「持续经营存在重大疑虑」。
$0.957
9/16 收盘
比 52 周收盘最低高 18%
11,692,133
在外普通股
2026-04-30
99.5%
两位创始人
FF 股投票权
$12.10M
Amiens 8/15
加速到期金额
1 · 先回答选票理由

离 52 周低点 18%,最近 60 天最大的一段是 7 月的 1.7 倍;真正的大拉升在一年前

离 52 周低点多远

所有价格都换算到今天口径(2025-10-06 之前的价格 × 10,因为那天 10 股并 1 股)。数据来自 Nasdaq 官网复权日线(api.nasdaq.com,取数日 2026-09-17),另用 stockanalysis 日线核对(取数日 2026-09-17;Yahoo Finance 当日返回 429 限流,未能取得):两源 746 个共同交易日收盘价差异全部小于 2%。

$0.9572026-09-16 收盘
$0.8099 / $0.76952 周收盘最低 / 盘中最低,都在 2026-06-12
+18.2% / +24.4%现价距收盘最低 / 盘中最低
$14.60 / $16.4052 周收盘最高(2025-09-22)/ 盘中最高(09-26)
−93.4% / −94.2%现价距收盘最高 / 盘中最高
13 天8/28 起连续收盘低于 $1(收盘价口径,非买价)

最近有没有拉升

结论:按「现在处于低点」这一条,事实成立(距 52 周收盘最低 18%);按「近 60 日无 pump」这一条,没有 2 倍以上的拉升,但 7 月中有一段 1.7–1.8 倍的短涨,已全部回吐。上市以来 20 个交易日内 2 倍以上的拉升共 8 段,最近一次是一年前(2025-09),见下表。

近 12 个月日收盘价(今天口径,对数轴)
$0.8$1$1.5$2$3$5$8$1225/1025/1226/0226/0426/0626/0852 周收盘最低 $0.8099(2026-06-12)1 并 10Amiens 可转票据MVLS 缺陷通知Beyondsoft SPA「接近交割」稿退市决定→听证加速到期通知
绿色虚线为 52 周收盘最低 $0.8099。红线为公司层面的关键事件:1 并 10 生效、退市决定与听证请求、Amiens 加速到期。
起点(盘中最低)终点(盘中最高)倍数用时之后 20 个交易日同期公司动作(一手件)
2023-12-27 $14.102024-01-25 $32.002.27×19 日跌到 $17.80(1.80 倍回撤)1/11 私募 662,941 股 @ 当时 $1.70,附 120% 回售权
2024-07-02 $9.262024-07-25 $23.402.53×16 日跌到 $11.50无同期 6-K(FY2023 年报仍逾期未交)
2024-10-15 $5.762024-11-07 $12.232.12×17 日跌到 $6.6511/1 Heru 可转票据、766,957 股私募;11/5 收到 1 美元规则缺陷通知
2024-12-16 $3.282024-12-20 $121.9037.2×4 日跌到 $12.60(9.7 倍回撤)拉升本身没有同期申报;紧接着 12/26 交 FY2023 年报、12/27 Alta 权证和解、12/31 签 1,200 万美元 Maxim 私募
2025-01-13 $12.602025-01-29 $74.505.9×11 日2/27 低 $18.44;次日(F-1 生效后首个交易日)开盘 $7.661/2 私募交割;1/31 改配售代理权证;2/10 递交 F-1 转售 6,074 万股
2025-04-21 $1.442025-05-01 $7.625.3×8 日次日低 $3.06A/B 权证重置期(F-1 生效后第 1–45 个交易日)正好 5/2 结束
2025-07-01 $2.802025-07-29 $8.302.96×19 日次日低 $4.317/29 与 Ryan Davis、Sean Davis 和解,可按 $0.30(当时口径)发股
2025-09-09 $5.172025-09-26 $16.403.17×13 日10/6 低 $2.84(5.8 倍回撤)9/24、9/26 两篇 AI 新闻稿;9/30 MK Solutions 意向书;10/2 宣布 1 并 10

算法:任一交易日的盘中最高 ÷ 此前 20 个交易日内的盘中最低,≥ 2 倍记为一段,重叠段取倍数最大者;12 月那段与 1 月那段在 20 日窗口内相连,分开列示。成交量按 Nasdaq 官网复权数据原样引用(与 stockanalysis 基本一致)。原始行情:USstock/NVNI/market/claude_nasdaq_NVNI_adj_2023-09-01_to_2026-09-16.csv。

并股以后这一年,逐月怎么走(今天口径)

月份月末收盘月内最高月内最低日均成交(股)当月主要申报 / 新闻稿
2025-10$3.68$8.20$2.84669,00610/2 宣布并股;10/6 生效;10/20 恢复 1 美元合规
2025-11$2.88$3.68$2.70107,956新 CFO 上任;长期目标与资本市场日;新董事 Wang
2025-12$2.65$4.20$2.60167,46312/5 CEO 承诺 600 万美元认购;12/11 Amiens 可转票据;12/23 尾款折价重组
2026-01$1.69$3.18$1.51157,1701/26 F-3 转售 1,771 万股(1/30 生效);1/28 市值缺陷通知
2026-02$1.22$1.85$1.10101,0382/10 CFO 辞任;2/23 半年报重述
2026-03$1.15$1.40$1.0555,8103/2 CEO 认购仍未到位;3/17 尾款折价期延到 4/30;MK Solutions 卖方发违约函
2026-04$1.40$1.68$0.96906,4764/1 预交付股;4/6 Beyondsoft 协议(当天 1,476 万股);4/30 年报
2026-05$1.15$1.42$0.96107,133无 6-K(EIN 一篇演讲稿)
2026-06$0.95$1.265$0.7691,336,2726/10「接近交割」稿(当天 2,437 万股);6/12 52 周最低
2026-07$1.06$1.69$0.9203120,2677/7 债券还清;7/15 新 CFO;7/28 退市决定
2026-08$0.8394$1.30$0.818436,8738/3 听证请求;8/18 Amiens 起诉与加速到期
2026-09(至 16 日)$0.957$1.00$0.790361,2809/14 两份 Form 3;无 6-K、无新闻稿

直接含义:并股后 11 个半月,月末收盘从 $3.68 降到 $0.957,跌掉 74%;成交量只在两次 Beyondsoft 新闻稿当月(4 月、6 月)放大,其余月份日均 4–17 万股。8 月 Amiens 起诉的那个月反而是全年成交最少的月份。

2 · 生意

七家巴西软件公司,一个「SaaS 连续收购者」的故事,外加一笔签了没交割的 8,070 万美元收购

控股结构:开曼壳 → 巴西 Nuvini S.A. → 七家子公司

上市主体 Nvni Group Limited 是 2022 年 11 月在开曼注册的控股公司,本身没有业务;钱和业务都在巴西子公司 Nuvini S.A. 及其收购来的公司里。2023 年 9 月 29 日它与美国 SPAC Mercato Partners Acquisition Corporation 合并,10 月 2 日起在纳斯达克交易,代码 NVNI(普通股)和 NVNIW(权证)。

子公司收购日持股所在地做什么(年报原文的中文转述)2025 年底欠卖家(千雷亚尔)
Effecti2020-10-30100%圣卡塔琳娜州 Rio do Sul帮投标企业查找、登记、跟踪巴西各级政府电子招标129,348
Leadlovers2021-02-05100%巴拉那州库里蒂巴数字营销自动化与销售线索管理62,277
Ipê Digital2021-02-19100%米纳斯州 UberlândiassOtica:眼镜零售店 ERP(门店管理、税务合规)36,398
Datahub2021-02-24100%圣保罗州 Tupã数据智能:分析、机器学习、客户身份核查(KYC)27,853
OnClick2021-04-22100%圣保罗州 Marília零售、电商、工业、医疗等行业 ERP21,193
Mercos2021-06-3057.91%圣卡塔琳娜州 JoinvilleB2B 电商与销售人员自动化—(2022 年退回 42.09% 股权抵销)
Munddi2025-05-15100%圣保罗连接品牌、供应商和小零售商的平台279
合计「递延及或有收购对价」(全部列为流动负债,年报称全部分期已逾期)277,348

来源:FY2025 20-F(2026-04-30) Item 4 子公司表、Note 5。另有 Smart NX:2023-01 以发股方式买下 55%,2025-05-08 双方解约、公司不再持有,出表时确认 3,870 万雷亚尔费用。

展开:子公司表与「全部逾期」的年报原句
Effecti Tecnologia WEB LTDA. (“Effecti”) October 30, 2020 100% Rio do Sul, SC, Brazil “My Effecti” platform allowing bidders to find, register, dispute and monitor notices issued through Brazilian federal, state and municipal electronic trading sessions. Simplest Software LTDA. (“Mercos”) June 30, 2021 (control assumed August 10, 2021) 57.91%¹ Joinville, SC, Brazil B2B e-commerce and sales-force automation platform for manufacturers, distributors and independent sales representatives. As of December 31, 2025, all installments were considered overdue On May 8, 2025, the Company and Smart NX mutually agreed to terminate the acquisition agreement under which the Company held a controlling interest, retaining no investment in Smart NX. The derecognition of the subsidiary’s assets and liabilities resulted in a R$38.7 million expense recorded within other operating expenses in the consolidated statements of loss and comprehensive loss

FY2025 20-F

故事怎么变:从「拉美 SaaS 收购者」到「AI」再到「全球技术平台」

  1. 2023 上市时:新闻稿称有 17 家候选收购对象,2023 年净收入目标 4,000 万美元,调整后 EBITDA 率从 17.3% 调高到 24.7%(6-K 2023-10-06)。
  2. 2025 年 3–9 月:宣布收购 Munddi(总价约 144 万雷亚尔,2025-05-15 交割);9/30 签 MK Solutions(巴西网络运营商 ERP)意向书,称将带来 4,000 万雷亚尔备考收入、60 天内交割(6-K 2025-09-30)。
  3. 2025 年 8–9 月 AI 叙事:NuviniAI Prize、NuviniAI Index、开发团队改用 AI 编程工具(6-K 2025-09-26 附件 99.2)。9/17–9/26 股价从今天口径 $6.6 涨到 $16.4。
  4. 2025-10 → 11:发布 2025 年 EBITDA 指引 5,000–6,000 万雷亚尔、长期目标和资本市场日(6-K 2025-10-20 附件 99.1)。FY2025 年报实际给出的 EBITDA 为 −2,215 万雷亚尔、公司自定义的调整后 EBITDA 为 4,001 万雷亚尔。
  5. 2026-03:MK Solutions 卖方 SF TBG I 发函称公司违约,要求 710 万雷亚尔解约费,公司否认;截至 9/17 未见交割或和解披露。
  6. 2026-04-03:签约收购 Beyondsoft 美洲(美国、巴西、新加坡)IT 咨询与服务业务 51%,新闻稿称合并后备考收入约 1.48 亿美元、是原来的 4 倍。

Beyondsoft:8,070 万美元、分两期付现、没到手前先质押

展开:Beyondsoft 股份购买协议与年报原句
for an aggregate purchase price of $80,700,000, subject to adjustment as set forth in the Share Purchase Agreement (the “Purchase Price”) The Purchase Price is payable in two equal installments: (i) 50% due on or prior to December 31, 2026, and (ii) 50% due on or prior to December 31, 2029, in each case together with simple interest accruing at a rate of 8% per annum on the unpaid balance, payable quarterly commencing March 31, 2027. “Enterprise Value” means US$158,250,000, being the agreed aggregate enterprise value of the Target Group. (d) Remaining Listed. The Buyer shall have maintained the status as a listed company on National Association of Securities Dealers Automated Quotations (“Nasdaq”) and the Buyer has not received any notice or inquiry from the U.S. Securities and Exchange Commission or Nasdaq regarding the Buyer’s qualification as a listed company. if the Closing shall not have occurred on or prior to the date that is six (6) months following the date of this Agreement The call option shall be triggered by events including payment default, material breach, delisting from Nasdaq, change of control of NVNI, or insolvency proceedings. We currently do not have sufficient cash on hand to fund this obligation and will need to obtain financing through debt, equity or other capital-raising transactions.

6-K 2026-04-06 · 附件 10.1 股份购买协议 · 附件 99.1 新闻稿 · 6-K 2026-04-09 投资者演示 · FY2025 20-F

展开:MK Solutions——意向书、融资挂钩与卖方的解约费主张

MK Solutions 收购和 Amiens 的第二张票据绑在一起:票据购买协议规定,买方从 255 万美元认购款里扣留 127.5 万美元,直到公司向 SEC 提交 MK Solutions 的财务报表与备考报表。F-3 备考表假设以 7,150 万雷亚尔现金买下、其中 1,000 万进托管,资金来自 1,500 万美元新增信贷。

the Buyers shall hold back $1,275,000 of the Subscription Amount (the “Holdback”), until the date on which the Company has filed with the Commission such financial statements, including pro forma financial statements, of the Company and its Subsidiaries disclosing the acquisition of MK Solutions the Seller is entitled to terminate the Offer Letter, cease the negotiations for the sale of MK Solutions and collect a termination fee of R$7.1 million from Nuvini. No amounts have been accrued for any potential losses under this matter, as we cannot reasonably estimate any potential loss.

6-K 2025-09-30 · 6-K 2025-12-15 附件 10.1 · F-3 2026-01-26 · FY2025 20-F

3 · 钱

收入稳在 2 亿雷亚尔上下;真正压着公司的是 2.77 亿雷亚尔逾期收购尾款和持续经营疑虑

千雷亚尔(IFRS,经审计)FY2023FY2024FY2025
净营业收入168,985193,282196,738
毛利102,847122,528127,821
商誉减值(11,373)(18,341)(14,553)
上市费用(SPAC 一次性)(176,282)——
营业利润(亏损)(189,194)16,478(41,709)
财务费用净额(55,110)(85,184)(54,690)
净亏损(247,862)(78,209)(106,889)
公司自报调整后 EBITDA44,30357,43240,006
经营现金流2,80938,5818,046
股本融资现金流入(Capital increase)29,06013,83285,741
支付收购尾款(4,504)(7,985)(45,535)
年末现金11,39818,03513,451
递延及或有收购对价(流动;2023 年另有非流动 5,000)227,077277,183277,348
债券(2021 年发行,流动)51,19740,7407,992
投资人借款(流动 + 非流动;年报未单列 Amiens 票据)13,90122,03352,707
权证衍生负债4,4647,6639,475
股东权益(赤字)(53,629)(111,622)(154,819)

来源:FY2025 20-F 合并报表(R3–R6);2023 年资产负债表数取自 FY2024 20-F 比较列。「投资人借款」科目 2025 年新增 2,721 万雷亚尔,年报没有把 Amiens 票据单列。

这些数字直接说明什么

展开:持续经营、收购尾款与折价重组的原句(FY2022 → FY2025 连续四年)

审计师意见段(FY2025,Grant Thornton)

the Company incurred a loss of R$106.9 million during the year ended December 31, 2025, and as of that date, it had a working capital deficiency of R$348.5 million, and shareholders’ equity deficiency of R$154.8 million. These conditions, along with other matters set forth in Note 2, raises substantial doubt about the Company’s ability to continue operating as a going concern.

FY2024(Grant Thornton)

the Company incurred a net loss of R$78.2 million, it had a working capital deficiency of R$348.3 million, and shareholders’ equity deficiency of R$120.5 million.

FY2022(Deloitte,对 Nuvini S.A.)

the Company had suffered recurring losses from operations and had a working capital deficiency of BRL 311,821 thousand at December 31, 2022 that raised substantial doubt about its ability to continue as a going concern.

收购尾款:付不起,可能转股

There is not enough liquidity to cover the amount of payable earnouts due in the next 12 months, and Nuvini will require funding through debt or equity. The first and second installments are payable in cash, while the third installment, adjusted for penalties and interest, will be payable in Nvni Group Limited ordinary shares. The Company made a partial cash payment of R$2.1 million and settled R$9.3 million in shares during the year ended December 31, 2025

2025-12 折价重组与 2026-03 延期

renegotiated certain earnout contingent liabilities with founders of previously acquired portfolio companies, resulting in an approximately 34% reduction of such liabilities, representing savings of more than $18 million. The restructuring is valid for a 90-day period, during which the Company intends to finalize a private credit financing. reached an agreement with the founders of its previously acquired portfolio companies to extend to April 30, 2026, the deadline to pay the earnout obligations due to such founders at the negotiated discounted amount. As of December 31, 2025, the Company has not reached a settlement on any renegotiated terms or amendments.

债券还清(2026-07-07 新闻稿)

has repaid in full the principal amount of its R$61.0 million non-convertible debentures issued in 2021, at the facility’s scheduled maturity.

FY2025 20-F · FY2024 20-F · FY2023 20-F/A(含 Deloitte FY2022 报告) · 6-K 2025-12-23 · 6-K 2026-03-20 · 6-K 2026-07-08 附件 99.1

2.77 亿雷亚尔尾款,按子公司拆开看(FY2025 年报附注 5)

子公司2025-12-31 余额怎么付(年报原文转述)
EffectiR$1.293 亿第一、二期付现;第三期「连同罚金与利息」以 NVNI 普通股支付
LeadloversR$6,230 万三期,现金加 NVNI 普通股;第三期 1,940 万(原文写「$」)现金与股票各半
IpêR$3,640 万三期,全部现金
DatahubR$2,790 万现金加 NVNI 普通股;2025 年已付现 210 万、以股票结清 930 万(股数未披露)
OnClickR$2,120 万两期,现金加 NVNI 普通股
MunddiR$28 万成交时付 20%,余下 80% 分 10 期付现,按 CDI 计息

直接含义:五家里有四家的尾款合同允许或要求用 NVNI 股票支付,而付股的价格与股数在年报里都没有写出。年报同时写明「截至 2025-12-31,尚未就任何重新谈判的条款达成和解」,也就是 12 月宣布的「减少约 34%」在年底并未落到合同上。2026 年 8 月公司对纳斯达克提出的合规计划,核心正是把这些尾款「按固定价格」转成股权。

审计师、内控与报表质量

展开:审计师更换、20-F/A 与内控结论原句
The Company has not yet authorized Deloitte to respond to inquiries of Grant Thornton concerning these material weaknesses. the Company identified that the auditor´s report from Deloitte Touche Tohmatsu Auditores Independentes Ltda. related to the consolidated financial statements for the years ended December 31, 2022 and 2021 was inadvertently omitted from the Original Filing, which is now being included in this Amendment; the Company identified that Exhibit 14.2 from the Original Filing (the “Prior Exhibit 14.2”) has been included by mistake and hereby is replaced in its entirety with a new Exhibit 14.2. Based on this evaluation, management concluded that our internal controls over financial reporting were not effective as of December 31, 2025. Ineffective information technology (“IT”) general controls for information systems that are relevant to the preparation of the consolidated financial statements

6-K 2024-04-29 · NT 20-F 2024-05-01 · 20-F/A 2025-02-03 · FY2023 20-F · FY2025 20-F

展开:2025 年上半年报表重述(6-K 2026-02-23)

2025-09-30 交的上半年未审报表,在 2026-02-23 以新 6-K 更正:Smart NX 出表和 Munddi 收购的会计处理错了,净亏损从 5,433 万雷亚尔改为 5,731 万,每股亏损从 0.59 改为 0.62 雷亚尔,投资活动现金流从 +2,620 万改为 −434 万。公司认定影响重大,但 EDGAR 上把它登记为普通 6-K,不是 6-K/A;FY2025 年报封面「是否更正以前报表」一栏未勾选。

for the purpose of correcting errors in the unaudited interim consolidated financial statements and the notes to the unaudited interim consolidated financial statements relating to the accounting for the Smart NX deconsolidation and the Munddi acquisition.

6-K 2026-02-23 · 附件 99.1 · 原 6-K 2025-09-30

4 · 股本与股价时间线

同一口径下,股价从上市首日开盘约 $80 跌到 $0.96;股数从 277 万涨到 1,169 万,大头发生在 2025 年上半年

上市以来周收盘价(今天口径,对数轴)
$1$2$5$10$20$502024/012024/072025/012025/072026/012026/07私募+回售权可转票据Maxim 私募+B 权证F-1 转售生效FF 超级投票股Amiens 票据1 并 10F-3 转售生效Beyondsoft 协议Amiens 宣布加速到期
2023-10-02 首个交易日开盘在今天口径约 $80;2024-12-20 盘中 $121.90;2026-09-16 收盘 $0.957。红线为转售登记生效与并股。
今天口径在外普通股(每个点都是原件写明的数;2025-10-06 以前 ÷ 10),对数轴
2,000,0003,000,0005,000,0008,000,00012,000,000202420252026F-1 生效1 并 10F-3 生效
2025-02-25 → 2025-03-31 这一跳(382 万 → 923 万)落在 F-1 生效、A/B 权证可行权的时段;公司没有逐项披露这 5,382 万股(当时口径)是怎么发出去的,只在 13D/A 和半年报里给出总数。
日期原件写的在外股今天口径原件这段时间多出来的股从哪来(原件说了的)
2023-09-2927,732,9992,773,300壳公司 20-F(封面另写 27,723,999)SPAC 合并:原 Nuvini 股东 20,132,291 股 + Mercato 公众、保荐人、PIPE、Maxim 顾问股
2024-01-1128,395,9402,839,59413D/A私募 662,941 股
2024-02-2028,622,4102,862,24113D/A私募 226,470 股
2024-12-3134,553,0713,455,307FY2024 20-F2024 年发行 6,820,072 股(含 11 月两笔私募、Alta 交换 894,337 股)
2025-02-2538,234,0533,823,405F-1/AMaxim 私募 3,680,982 股
2025-03-31 / 06-3092,257,8439,225,78413D/A · 重述半年报半年报:上半年发行 53,820,401 股;13D/A:6/27 顾问报酬转股 5,906,976 股。其余未逐项披露
2025-10-06100,326,678 → 约 10,032,66810,032,668并股新闻稿7–9 月又多出 8,068,835 股(当时口径),未披露来源;Davis 和解最多可发 1,836,000 股
2025-12-3110,032,71010,032,710FY2025 20-F年报另说其中 388,737 股是「已授权未发行」的预留股,实发 9,643,973
2026-04-3011,692,13311,692,133FY2025 20-F Item 7.A+1,659,423 股;其中 702,290 股是给 Amiens 的预交付股,其余未披露

4/30 之后没有任何申报给出新的股数(6-K 截至 8/18;Form 3 截至 9/14)。

三年来龙去脉(按年讲)

2023:用 SPAC 上市,钱没带来多少,结构先定下来。Nuvini 在巴西从 2020 年起用「首付 + 分期尾款」的方式收购小型软件公司,尾款大多和被收购公司的业绩挂钩,这就是后来压在账上的「递延及或有收购对价」。2023 年 2 月它和美国 SPAC Mercato 签合并协议,9 月 29 日完成。Mercato 的公众股东赎回了 420 万股,合并只带来 1,410 万美元(公司自述,交易成本约 2,030 万美元),同时留下了 2,305 万份 $11.50 的权证。原 Nuvini 股东(主要是 CEO 控制的 Heru 和 Busnello 控制的 Labsyl)拿到的股份锁定一年。上市首日开盘价相当于今天口径约 $80,之后三个月跌到 $13 左右。

2024:交不出年报,靠小额私募和 CEO 借款撑着。上市后第一份经审计年报(FY2023)应在 2024 年 4 月底前交,公司先发延期通知,拖到 12 月 26 日才交,中间纳斯达克发了退市决定、公司上诉。这一年里公司三次以 $1.70、$0.75 左右(当时口径)小额私募,给投资人「一年后按 120% 卖回给公司」的回售权;CEO 把以前借给公司的 1,070 万雷亚尔转成股份,又通过 Heru 签了一份 $1.10 转股价的可转票据协议(后来称不太可能完成)。为了在私募稀释后保住多数投票权,CEO 先后从三名股东手里拿到投票委托书。12 月中旬股价在四天里涨了约 37 倍(今天口径 $3.28 → $121.90),随后公司交了年报、和权证持有人 Alta 和解、签了 1,200 万美元的 Maxim 私募。

2025:股数翻了约三倍,投票权却更集中。Maxim 私募附带的 A、B 两类权证带「重置」条款:F-1 转售登记 2 月 27 日生效后的 45 个交易日里,股价越低,权证能换的股越多,最低算到底价 $0.652(当时口径)。生效次日开盘跌 62%,此后两个月股价远在底价之下,公司为此登记了最多 5,524 万股。到 6 月底在外股从 3,823 万增至 9,226 万(当时口径)。同一时期公司开特别股东会,创设 50 万股每股 1,000 票的 FF 股,以总价 5 美元发给 CEO 和 CFO;6 月又把两人及其他人应计的顾问报酬按 $0.43 转成 590 万股。下半年公司主打 AI 叙事,9 月股价从今天口径 $6.6 涨到 $16.4,随后 10 月 2 日宣布 10 并 1、10 月 6 日生效,靠并股把买价拉回 1 美元以上。8 月起向 Ayrton 管理的 Amiens 借了第一笔 350 万美元,12 月换成可转票据、再借 255 万美元,并承诺 1 月底前登记转股股份。

2026:债主翻脸,收购悬着,上市资格在听证。F-3 在 1 月 30 日生效,转售登记 1,771 万股(相当于当时在外股的 1.77 倍)。公司没能维持 Amiens 要求的最低现金,也没按时交付巴西子公司的担保文件;4 月 1 日第二次修订用 702,290 股预交付股、10 万美元现金和「5–9 月每月 100–200 万美元」的赎回表换来暂缓追究到 6 月 30 日。4 月 3 日公司签下 8,070 万美元收购 Beyondsoft 美洲业务 51% 的协议,付款全靠未来融资。2025 年 12 月中旬起公司的上市证券市值低于 3,500 万美元,7 月 28 日纳斯达克作出退市决定,公司请求听证。8 月 14–15 日 Amiens 起诉并宣布加速到期,要求立即付现约 1,210 万美元。截至 9 月 17 日,公司没有再发任何新闻稿,EDGAR 上最后一份文件是两名内部人补交的 Form 3。

5 · 融资与股权工具逐份账本

上市三年 20 份融资或股权安排:两份带「越跌发越多」的重置(Maxim A/B 权证、Amiens 票据),一份把投票权锁进 FF 股

「当时口径」是签约时原件写的数;「今天口径」= 2025-10-06 以前的股数 ÷ 10、价格 × 10。每行下面有一个抽屉放条款原句。

#日期工具与对手方规模定价与关键条款后来怎样
12023-09-29SPAC 合并:Mercato 公开权证 + 私募权证23,050,000 份(当时口径)每份认购 1 股 $11.50;2028-09-29 到期;股价 ≥ $18 或 ≥ $10 时公司可赎回Alta 交换 / 行权后 2024 年底 20,961,326 份;2025 年底年报写 21,011,316 份,没说按 1 并 10 调整
22023-12-20Ryan Davis、Sean Davis 认购 + 回售权270,000 股满 1 年可按 $2.04 回售给公司原协议未提交;2025-07 和解改为公司可按 $0.30 发股(见 #13)
32024-01-11私募 + 120% 回售权662,941 股 @ $1.70(年报写 1,358,824 股 / $231 万)满 1 年可按 $2.04 回售;股价 20/30 日 ≥ $5 或满 2 年终止;Coppi 把 183,181 股投票权交给 CEO回售是否行使未披露
42024-02-19私募 + 120% 回售权226,470 股 @ $1.70满 2 年终止;Rodrigo Natale 把 145,486 股投票权交给 CEO同上
52024-10-30CEO 关联贷款转股1,629,180 股 Nuvini Holding 股份R$1,070 万借款转股CEO 借款余额归零
62024-11-01Heru(CEO 控制)等可转票据$290 万–$500 万5% 利息、12 个月、$1.10 转股;只随拆并股调整;无持股上限FY2025 年报:「不太可能完成」
72024-11-01 / 11-07 / 11-17三笔小私募766,957 股 @ $0.75;1,213,714 股 @ $0.75736-K 只提登记权;年报与 F-1 说附回售权2026 年 F-3 仍把 11 月那笔列在「回售权」下
82024-12-27Alta Partners 权证和解300,000 份现金行权;1,788,674 份换 894,337 股按 3(a)(9) 发股、不带限售标记,无锁定年报改写为 250,000 份 / 1,838,674 份;半年报写 25,000 份
92024-12-31 → 2025-01-02Maxim 私募:普通股 + A 系列 + B 系列权证 + 配售代理权证3,680,982 股 @ $3.26 = $1,200 万A:50% 覆盖、$6.52、可「双倍」无现金行权;B:$0.0001、按重置价补股;两者重置价 = max(重置期最低日均价 × 80%, $0.652);持股上限 4.99%/9.99%;6% 现金费重置期 2/28–5/2 最低价远低于底价 → 按底价上限登记 5,524 万股;结果未逐项披露
102025-02-10 → 02-27F-1 转售登记60,736,190 股= 私募股 + A 36,809,820 + B 14,723,928 + 代理 5,521,460(都按底价算)SEC 不审阅,2/27 生效;次日开盘 −62%
112025-03-27FF 超级投票股500,000 股每股 1,000 票,无分红、无清算分配;CEO 付 $3.50、Busnello 付 $1.50并股时未合并;两人合计约 99.5% 投票权
122025-06-27应计顾问与服务报酬转股5,906,976 股 @ $0.43CEO 1,465,116 股抵 $63 万;Busnello 4,029,070 股抵 $173.25 万没有单独 6-K,只在 13D/A 披露
132025-07-29Davis 和解最多 680,000 + 1,156,000 股回售价 $2.04 改为公司可按 $0.30 发股;价值上限 $20.4 万 / $34.68 万实际发了多少未披露
142025-08-12Amiens 无担保票据面额 $420 万 / 实收 $350 万不付息;违约 120%、18%12 月换成可转票据(#17)
152025-08-182025 长期激励计划最多 5,000,000 股(当时口径)ROIC + 有机增长考核;高管须把税后奖金 75% 买股并锁 5 年年报未提该计划;未见授予
162025-12-04Xurmann(CEO 全资)认购1,500,000 股 @ $4.00 + 300,000 份 $25 权证45 天内交割;条件含纳斯达克不反对2026-03 仍在筹钱;年报:未投入;之后无更新
172025-12-11Amiens 交换可转票据 + 有担保票据 + F-3$5,662,000 + $2,865,000;登记 17,715,374 股$4.36 与 7 日最低价 92% 取低,底价每半年下调;9.99% 上限;违约 120%、18%见第 6 节
182026-04-01第二次综合修订:预交付股702,290 股按在外股 7% 放托管、可自由交易;低于 4.49% 时补足5–9 月大额赎回表;8/15 加速
192025 → 2026收购尾款的「以股支付」部分R$2.77 亿尾款中 Effecti 第三期、Leadlovers、OnClick、Datahub 部分可付股价格与股数未披露;2025 年已用股票结清 Datahub R$930 万2026-08-03 公司称将按「固定价格」把尾款和可转债务转成股权
202026-08-15Amiens 加速到期$12,102,225.02+18% 违约利息 + 费用公司称有争议,正评估「更广泛的资本重组」

这 20 份账本合起来看

#1 SPAC 合并与 NVNIW 权证:数量、行权价、赎回、并股调整、原股东锁定
There are also 23,050,000 New Nuvini Warrants outstanding, each exercisable at $11.50 per one New Nuvini Ordinary Share. Mercato stockholders exercised their redemption rights in respect of 4,204,655 shares of Mercato Class A Common Stock. an aggregate of 1,280,000 shares of Mercato Class A common stock for a purchase price of $10.00 per share, for aggregate gross proceeds of $12.8 million. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 New Nuvini Ordinary Shares per whole warrant. the number of New Nuvini Ordinary Shares issuable on exercise of each warrant will be decreased in proportion to such decrease in issued and outstanding New Nuvini Ordinary Shares. For the avoidance of doubt, no Lock-up Shares shall be subject to Lock-up from and after the date that is 12 months after the Closing Date; As of December 31, 2025, the issuer had 10,032,710 ordinary shares and 21,011,316 warrants to purchase ordinary shares outstanding.

直接含义:按权证协议的并股调整条款,1 并 10 以后每份权证可认购的股数应按比例减少;但 FY2025 年报封面与附件 2.20 仍写「每份认购 1 股、$11.50」,没有调整说明。以 9/16 股价 $0.957,这批权证无论按哪种口径都远在价外。

壳公司 20-F 2023-09-29 · 锁定协议 · 424B3 2023-09-07 · FY2025 20-F

#2–#4 2023-12 → 2024-02 三笔带回售权的私募,以及年报里对不上的股数
On January 11, 2024, Nvni Group Limited (the “Company”) completed the issuance and sale in a private placement of a total of 662,941 ordinary shares of the Company for gross proceeds of approximately $1,127,000 or $1.70 per share (the “Per Share Purchase Price”) The Put Options automatically terminate on the earlier of (i) the second-year anniversary of the closing of the private placement and (ii) the first date on which the closing sale price of the Company’s ordinary shares as reported by Nasdaq equals or exceeds $5.00 for twenty (20) trading days (whether or not consecutive) during any period of thirty (30) consecutive trading days. The Coppi Power of Attorney was entered into to allow Pierre Schurmann to retain a majority of the voting power of the Company’s outstanding common stock, after taking into account the issuance and sale of ordinary shares to Investors pursuant to the Subscription Agreements. The Put Options automatically terminate on the second-year anniversary of the closing of the private placement. These investors committed to subscribing for and purchasing a total of 1,358,824 shares at a conversion price of US$1.700, in exchange for an investment of US$2,310,000. The Ryan Original Agreement provided Ryan a right to require the Company to purchase all or any portion of the ordinary shares, par value $0.00001 per ordinary share, of the Company purchased pursuant to the Ryan Original Agreement, or 100,000 ordinary shares, at a purchase price per ordinary share equal to $2.04.

直接含义:回售权让投资人在股价跌破 $2.04(当时口径)时可以把股票卖回给公司;2025 年 2 月以后股价一直在 $0.2–$1.6 之间,回售权处于价内。除了 Davis 两人改成发股(#13),其余投资人是否行使、公司付没付现金,原件没有披露。

6-K 2024-01-11 · 6-K 2024-02-20 · FY2023 20-F · 6-K 2025-08-05

#5–#7 CEO 借款转股、Heru 可转票据、2024 年 11 月两笔小私募
On October 30, 2024, all amounts payable under these loans, amounting to R$10.7 million, were converted into 1,629,180 Nuvini Holding Limited shares. entered into a Convertible Promissory Note Purchase Agreement (the “Note Purchase Agreement”) with Heru Investment Holdings Ltd., an entity controlled by the Company's Chief Executive Officer, and other investors (collectively, the “Investor”), for the purchase of convertible promissory notes (the “Convertible Notes”) in the principal amount of at least $2,900,000 and up to $5,000,000. “Conversion Price” shall mean US$1.1 per Share. As of December 31, 2025, the deal is considered unlikely to close. On November 1, 2024, the Company completed the issuance and sale in a private placement of a total of 766,957 ordinary shares of the Company for gross proceeds of approximately $580,824, or $0.75 per share (the “Per Share Purchase Price”) These investors agreed to subscribe to and purchase 1,213,714 ordinary shares, at a conversion price of US$0.7573, in exchange for an investment of US$919,158.

同一份 FY2025 年报的风险因素又说「2024 年 11 月的可转票据(转股价 $11.00)在 2025 年 12 月重组为 $5,662,000 有担保可转票据」——与「不太可能完成」和「交换的是 2025-08 Amiens 票据」两种说法都冲突,见第 13 节。

FY2024 20-F · 6-K 2024-11-01 · 票据购买协议 · 6-K 2024-11-05

#8 Alta Partners:权证行权纠纷怎么变成 894,337 股无限售股
WHEREAS, Alta contends that it currently holds 2,088,674 warrants (“Nvni Warrants”) exercisable to acquire Nvni ordinary shares the Company and the Holder desire to cancel and retire 1,788,674 of Holder’s Existing Warrants in exchange for 894,337 Ordinary Shares (collectively, the “Exchange Shares”) the Exchange Shares will be issued by the Company to the Holder without any restrictive legends. Pursuant to the Settlement Agreement, Alta agreed to exercise 250,000 warrants on a cash basis.

两份权证 = 一股:1,788,674 ÷ 2 = 894,337 股 协议 300,000 + 1,788,674 = 2,088,674 = 23,050,000 − 20,961,326(2024 年底权证数的减少额)

6-K 2024-12-27 · 和解协议 · 权证交换协议 · FY2024 20-F

#9 Maxim 私募:A 系列「双倍无现金行权」、B 系列补股公式、底价与持股上限(全文原句)
“Per Share Purchase Price” means $3.26, subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

A 系列

In such event, the aggregate number of Warrant Shares issuable in such alternative cashless exercise pursuant to any given exercise electing to effect an alternative cashless exercise shall equal the product of (i) the aggregate number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise, multiplied by (ii) two (2). “Reset Price” means the greater of (i) 80% of the lowest daily VWAP during the Reset Period and (ii) the Floor Price “Floor Price” means $0.652, (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events occurring after the Issuance Date).

B 系列

b) Exercise Price. The exercise price per Ordinary Share under this Warrant shall be $0.0001, subject to adjustment hereunder (the “Exercise Price”). “Reset Share Amount” means the number of Ordinary Shares equal to the number (if positive) obtained by subtracting (I) the number of Ordinary Shares purchased by the Holder on the Closing Date pursuant to the Purchase Agreement (as adjusted for share splits, dividends, recapitalizations, reorganizations, reclassification, combinations, reverse share splits or other similar events occurring after the Subscription Date) from (II) the quotient determined by dividing (x) the aggregate purchase price paid by the Holder on the Closing Date by (y) the applicable Reset Price determined as of the Reset Date. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant.

费用、锁定、登记违约金

the Company shall pay to the Placement Agent a cash fee (the “Cash Fee”) equal to 6.0% of the aggregate purchase price paid by the Investors in respect of the Securities at the Closing. the undersigned agrees that, commencing on the date hereof and ending on the date that is ninety (90) days from the Effective Date (the “Lock-Up Period”) Nasdaq Listing Rule 5635 is not, and shall not, be applicable to the transactions contemplated by this Agreement and the other Transaction Documents.

B 系列按底价的最大补股数(当时口径): $12,000,001.32 ÷ $0.652 − 3,680,982 = 18,404,910 − 3,680,982 ≈ 14,723,928 股 A 系列按底价、双倍无现金:1,840,491 × ($6.52 ÷ $0.652) × 2 = 36,809,820 股 重置期:F-1 生效(2025-02-27)后第 1–45 个交易日 = 2025-02-28 至 2025-05-02 期内盘中最低:2025-04-21 当时口径 $0.1443(今天口径 $1.443),远低于底价 $0.652 → 按底价封顶

另一处不一致:所提交的 A 系列权证表格本身写行权价 $3.26,6-K、SPA、F-1 封面和年报写 $6.52。

6-K 2024-12-31 · 6-K 2025-01-06 · SPA · A 系列 · B 系列 · 配售协议 · 锁定协议 · 登记权协议

#10 F-1 转售登记:6,074 万股怎么算出来,谁在卖
The Ordinary Shares included in this prospectus consist of (i) 3,680,982 Ordinary Shares issued to the Selling Stockholders in a private transaction on January 2, 2025 (the “Private Placement”), (ii) 36,809,820 Ordinary Shares issuable upon exercise of the Series A ordinary warrants Under the terms of the Series A Warrant, a cash exercise is capped at 18,404,908 shares, which results in proceeds of $12 million at a floor price of $0.6520. Ordinary Shares Outstanding Prior to Offering 38,234,053 Ordinary Shares

出售股东九家机构:Alto Opportunity Master Fund(Ayrton)、District 2、Anson 两只、Bigger Capital、Great Point、CVI、L1 Capital、FirstFire,外加 Maxim(配售代理权证 5,521,460 股)。

3,680,982 + 36,809,820 + 14,723,928 + 5,521,460 = 60,736,190 股 = 发行前在外股 38,234,053 的 1.59 倍

F-1 2025-02-10 · F-1/A 2025-02-25 · EFFECT 2025-02-27 · 加速生效请求

#11–#13 FF 超级投票股、顾问报酬转股、Davis 和解
Pierre Schurmann, Chief Executive Officer of the Company, was issued 350,000 Class FF Shares for a total subscription price of US$3.50. Luiz Busnello, Chief Financial Officer of the Company, was issued 150,000 Class FF Shares for a total subscription price of US$1.50. No Class FF Share shall entitle the Member holding such Share the right to receive a dividend in respect of such Class FF Share. On June 27, 2025, the Issuer issued a total of 5,906,976 Ordinary Shares to various individuals, including members of the Issuer's board of directors, in connection with the conversion of accrued advisory and service compensation into equity. The shares were issued at a conversion price of US$0.43 per share, based on a calculation date of May 7, 2025. As part of this transaction, the Reporting Person received 4,029,070 Ordinary Shares in satisfaction of $ 1,732,500.00 in advisory compensation owed to him by the Issuer. provided, however, that the Company shall have the option, at its sole discretion, to issue shares of Ordinary Shares in lieu of making a Cash Payment, of which the cost basis of each share shall equal Thirty Cents ($0.30), provided that the aggregate value of the shares of Ordinary Shares issuable to Investor in lieu of making any Cash Payment shall not exceed Two Hundred Four Thousand Dollars ($204,000).

顾问股计算日 2025-05-07 当时口径收盘 $0.4628(今天口径 $4.628),转股价 $0.43 ≈ 当天收盘的 93% Davis:$204,000 ÷ $0.30 = 680,000 股;$346,800 ÷ $0.30 = 1,156,000 股(当时口径)

6-K 2025-03-28 · 章程(F-3 附件 3.3) · 13D/A Schurmann 2025-07-07 · 13D/A Busnello 2025-07-07 · Davis 修订协议

#14–#16 Amiens 首张票据、2025 长期激励计划、CEO 的 600 万美元认购承诺
pursuant to which the Company sold to the Purchaser an unsecured note in an aggregate principal amount of $4,200,000 for a subscription price of $3,500,000 (the “Unsecured Note”) Mr. Pierre Schurmann (“Schurmann”) shall at all times prior to the Maturity Date remain as Chief Executive Officer of the Company; 3.1 Number of Shares. Subject to adjustment as provided in Section 3.2, the maximum number of Shares available for issuance under the Plan shall be 5,000,000 Shares. each Participant agrees to invest seventy-five percent (75%) of their after-tax Annual Incentive Bonus in Company Shares. Pursuant to the Investment Agreement, Xurmann Investments Ltd, an investment vehicle wholly owned by Mr. Schurmann, will acquire 1,500,000 ordinary shares at $4.00 per share, along with five-year warrants to purchase 300,000 additional shares at an exercise price of $25.00 per share. Mr. Schurmann is currently working to obtain the financing to conclude his investment. While the process has taken longer than initially anticipated, the parties continue to work diligently toward its completion. As of December 31, 2025, this investment has not been made.

直接含义:Xurmann 认购价 $4.00 约为签约当天收盘价 $3.43 的 1.17 倍。Amiens 票据约定:自交割后 60 天或 CEO 认购完成(以早者为准)起,公司须在开曼银行账户维持 $130 万无负担现金;这笔认购一直没有到位,2026 年 4 月的修订把「未维持最低现金」列为既有违约之一。

6-K 2025-08-13 · 票据 · 2025 LTIP · 6-K 2025-12-10 · 认购协议 · 6-K 2026-03-02

#17–#18 Amiens 可转票据与预交付股(条款全文见第 6 节抽屉)
Pursuant to the Securities Exchange Agreement, the Company and the Holder agreed to exchange the Existing Note for a new Senior Secured Convertible Note, with an aggregate principal amount of $5,662,000 (the “Exchange Note”) This Note was issued with an original issue discount of $315,000. issue to the Investor an aggregate of 702,290 ordinary shares of the Company to be held in escrow as pre-delivery shares (the “Pre-Delivery Shares”), to be applied, on a share-for-share basis, against future ordinary share delivery obligations of the Company under the Notes

$5,040,000 ÷ $4,200,000 = 1.20(换票时的未偿额正好是原面额的 120%,即违约赎回倍数;原件没有这样解释) 702,290 ÷ 10,032,710 = 7.000%

6-K 2025-12-15 · 证券交换协议 · 票据购买协议 · 第二次综合修订

#19–#20 收购尾款「以股支付」与 8 月的「固定价转股」计划;加速到期
Leadlovers— As of December 31, 2025, the deferred and contingent consideration amounts to R$62.3 million, consisting of three installments payable in cash and Nvni Group Limited ordinary shares. Datahub— As of December 31, 2025, the deferred and contingent consideration amounts to R$27.9 million, payable in cash and Nvni Group Limited ordinary shares. There is a possibility of extending the deferred and contingent consideration on acquisition or converting the deferred and contingent consideration on acquisition to equity That plan is anchored in the capital restructuring already underway, including the conversion of portfolio-company earn-out and convertible obligations into equity at a fixed price, which the Company expects to result in positive pro forma consolidated shareholders’ equity in excess of the required minimum Amiens has elected to accelerate the Notes and declare immediately due and payable in cash $12,102,225.02 as the aggregate Event of Default Redemption Amount under the Notes

直接含义:要让股东权益从 −1.55 亿雷亚尔回到 250 万美元以上,需要把一大块负债转成权益;公司没有给出固定价和股数。按量级看,R$2.77 亿尾款即使只转一部分,按接近现价的价格折成股数,都可能是现有 1,169 万股的数倍——这只是量级提示,不是原件数字。

FY2025 20-F Note 5 · 6-K 2026-08-03 附件 99.1 · 6-K 2026-08-18

6 · Amiens

一笔 350 万美元的短期借款,12 个月里变成两张可转票据、1,771 万股转售登记、702,290 股预交付股,最后是诉讼和 1,210 万美元催收

Amiens Technology Investments LLC 的投资管理人是 Ayrton Capital LLC(康涅狄格州 Westport,管理成员 Waqas Khatri)。Ayrton 管理的另一只基金 Alto Opportunity Master Fund 正是 2025 年 1 月 Maxim 私募的九家买方之一。以下每一步都来自 6-K、F-3 或年报;2025 年 12 月那批文件交的都是「表格版」,持有人名字留空,直到 F-3 和 2026 年 4 月的修订才写出 Amiens。

日期发生了什么数字原件
2025-08-12无担保「2025 年到期优先票据」,不付息,11 月到期或公司下次融资时到期;违约时按未偿额 120% 立即付现,违约利率 18%;CEO 必须留任面额 $4,200,000,实收 $3,500,0006-K 08-13 · 票据
2025-12-11旧票据按 $5,040,000 未偿额换成有担保可转票据(2027-04-15 到期);同时新买一张有担保票据,表格里同样有转股条款;签登记权协议交换票据 $5,662,000;新票据 $2,865,000(实收 $2,550,000,其中 $1,275,000 被扣留)6-K 12-15 · 交换票据 · 新票据
2026-01-26 → 01-30F-3 转售登记递交,SEC 不审阅,1/30 下午 5 点生效;没有随后的 424B 招股书最多 17,715,374 股(= 150% × 两张票据面额 ÷ 底价 $0.722,本页算式)F-3 · EFFECT
2026-01-28第一次综合修订:每月赎回日改为 2/9 起每月第一个营业日;补上季度收入、EBITDA、自由现金流下限表2026Q1 收入下限 $9,109,038.466-K 01-29 附件
2026-02-11Ayrton / Alto / Khatri 递交 13G:可通过行使权证和转换票据取得的股数,受 9.99% 持股上限约束1,114,498 股(2025-12-31)13G
2026-04-01第二次综合修订:4 月赎回推迟到 5/1;按在外股 7% 发 702,290 股「预交付股」放托管(可自由交易、不带限售标记),以后转股时一股抵一股;再付 $100,000;5/15 前还清 2021 年债券;对「既有违约」(未交担保文件、未维持 $130 万最低现金)暂缓追究到 6/30;新赎回表:5 月 $100 万、6–8 月每月 $200 万、9 月付清修订版面额改为 $7,082,386.67 与 $3,438,000(原件未解释)6-K 04-06 · 修订全文
2026-04-30FY2025 年报:在外股 11,692,133(4/30),比 2025 年底多 1,659,423 股,年报没有逐笔说明其中 702,290 股可对上预交付股;其余 957,133 股来源未披露20-F
2026-08-14 / 08-15Amiens 在纽约州最高法院(纽约县)起诉:未按期付本息、未交付并完善对巴西子公司的担保;请求赔偿、强制履行和临时禁令。次日发出违约与加速到期通知立即付现 $12,102,225.02 + 18% 违约利息 + 费用6-K 08-18

这张时间表直接说明什么

转股条款人话版

展开:交换票据的转股价、底价、违约赎回原句(2025-12 表格版与 2026-04 修订版)
“Conversion Price” means a price equal to the lower of (but not lower than the prevailing Floor Price): (1) the Fixed Price then in effect and (2) 92% of the lowest daily VWAP during the seven (7) consecutive Trading Days ending on and including the applicable date of determination. “Floor Price” means 20% of the “Minimum Price” (as defined in Rule 5635 of the Rule of the Nasdaq Stock Market) on the date of the Exchange Agreement, which is initially $0.722 (subject to adjustment for stock splits, Stock Dividends or stock combinations); provided, however, beginning on the date that is the six (6) month anniversary of the Original Issue Date and on the same day of every six (6) months thereafter (each, a “Floor Price Reset Date”), the Floor Price shall adjust (downwards only) to 20% of the “Minimum Price” this Note shall become, at the Required Holder’s election, immediately due and payable in cash equal to (i) the Outstanding Value of this Note to be redeemed multiplied by (ii) 120% (the “Event of Default Redemption Amount”) “Alternate Conversion Price” means a price equal to the lesser of (x) the Conversion Price on the applicable Alternate Conversion Date and the (y) the Conversion Price on the date that is one Trading Day prior to the occurrence of the applicable Event of Default, but, in each case, disregarding the Floor Price. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon conversion of this Note. (o) the daily dollar trading volume for the Ordinary Shares during market hours on the principal Trading Market equals or exceeds $125,000 per Trading Day (p) the daily VWAP for the Ordinary Shares is at least $1.25 such aggregate number of Conversion Shares to be held in escrow (the “Pre-Delivery Shares”) equal to 7.00% of the Company’s issued and outstanding Ordinary Shares (the “Initial Pre-Delivery Share Amount”). All Pre-Delivery Shares shall be Freely Tradeable and issued free of restrictive legends. the “Forbearance Termination Date” means the first to occur of (i) June 30th, 2026, and (ii) the occurrence of any Event of Default (other than the Existing Defaults). as to the June, July, and August, 2026, Monthly Redemptions, $2,000,000 for each such Monthly Redemption, and (iv) as to the September, 2026, Monthly Redemption, the remaining Outstanding Value

6-K 2025-12-15 附件 10.4 交换票据表格 · 6-K 2026-04-06 附件 10.1 第二次综合修订

展开:F-3 转售登记与出售股东表原句
This prospectus relates to the resale, from time to time, of up to an aggregate of 17,715,374 ordinary shares of the Company, US$0.0001 par value per share (“Ordinary Shares”), by the selling shareholder named elsewhere in this prospectus (“Selling Shareholder”). The number of Ordinary Shares issuable upon conversion of the Notes will vary based on the applicable conversion price in effect at the time of conversion, and such number may be substantially greater than the number of Ordinary Shares registered hereby. Ayrton Capital LLC, the investment manager to Amiens Technology Investments LLC, has discretionary authority to vote and dispose of the shares held by Amiens Technology Investments LLC and may be deemed to be the beneficial owner of these shares. “Registrable Securities” means, as of any date of determination, the sum of (i) 150% of the maximum number of Conversion Shares issuable upon conversion of the Notes

150% × ($5,662,000 + $2,865,000) ÷ $0.722 = 1.5 × 8,527,000 ÷ 0.722 = 12,790,500 ÷ 0.722 = 17,715,374.0 ← 与 F-3 登记股数一致(F-3 自己没写公式)

F-3 2026-01-26 · 登记权协议 · SEC 不审阅函 · 加速生效请求

展开:诉讼与加速到期原句(6-K 2026-08-18)
The complaint alleges, among other things, that the Company failed to make certain required principal and interest payments under the applicable notes, including a $5.662 million exchange note and a $2.865 million note issued in December 2025. The Acceleration Notice provides that, pursuant to section 8(b)(1) of each Note, Amiens has elected to accelerate the Notes and declare immediately due and payable in cash $12,102,225.02 as the aggregate Event of Default Redemption Amount under the Notes, plus default interest accruing at a rate of 18% per annum, together with fees, indemnities and costs of collection. The Company continues to evaluate its legal and strategic alternatives in connection with the matters raised in the complaint and its broader corporate and capital restructuring initiatives.

$12,102,225.02 ÷ 1.20 = $10,085,187.52(Amiens 主张的未偿价值,本页算式) 修订版面额合计 $7,082,386.67 + $3,438,000 = $10,520,386.67 两者差 $435,199.15——原件没有给出拆分,可能含已付款或已转股部分,未证实

6-K 2026-08-18。案号、起诉书、法院是否发出临时禁令、公司答辩,截至 9/17 都没有在 EDGAR 上出现。

7 · 股本结构摘要

1,169 万股里:约 783 万股已可在市场卖,约 221 万股在董事高管手里,70 万股在 Amiens 托管,96 万股来源没说

口径:以原件最后一次写明的在外股 11,692,133 股(2026-04-30)为分母,截止日 2026-09-17。四舍五入到百分之一。全部算式、每块的原件与转售规则见 股本专项 · Claude。

块股数占比能不能卖
非关联方持有、已登记或持有满一年7,827,03166.94%能(其中 806,884 股是 2025-07 至 10 月发出,最晚 2026-10-03 满一年)
董事、高管(含 CEO 控制的 Heru 与代投票的 Coppi,含 7 月回任的 Leone)2,205,67918.86%受限:关联方按 Rule 144 每三个月限量卖
Amiens 预交付股(托管)702,2906.01%暂不能:转股时一股抵一股放出,放出即可自由交易
2026-01 → 04 增加、来源未披露957,1338.19%不明
合计11,692,133100%
8 · 反拆窗口专项

2024 年以来只落地过一次:2025-10-06 的 1 并 10;窗口整体「先高后低」,6.07 倍;授权股同步从 5 亿缩到 5,000 万

先说清「反拆类动作」一共有几件

清单写「2024-11 以来 3 次反拆类动作」。逐件核 EDGAR 后:真正落地的并股只有一次,其余是为这一次做的授权与通知。

日期动作是不是落地的并股原件
2024-11-01纳斯达克 1 美元规则缺陷通知,宽限期到 2025-04-30;公司说必要时可反拆否6-K 2024-11-05
2025-02-28 → 03-20董事会书面决议召集股东特别会议;3/20 以特别决议授权董事会在 2:1 至 250:1 之间自选比例,同时并授权股和已发行股否(授权)6-K 2025-03-03 · 6-K 2025-03-21 表决结果
2025-04-14第二次 1 美元规则缺陷通知,宽限期到 2025-10-13;公司说可能动用 3/20 的授权否6-K 2025-04-17
2025-09-18股东特别决议生效:普通股 10 并 1,授权股本改写(开曼注册处 9/28 登记)是(法律上的决议)F-3 附件 3.3
2025-10-02(F-3 与新闻稿)/ 10-03(年报)董事会批准 10 并 1,新闻稿公告同一次新闻稿 10/02
2025-10-06开盘生效,新 CUSIP G50716128;100,326,678 股 → 约 10,032,668 股是(落地日)6-K 2025-10-06
2025-10-14 / 10-2010/14 退市决定(旧宽限期已过);10/20 纳斯达克确认 10/6–10/16 连续 10 日收盘 ≥ $1,恢复合规否(结果)6-K 2025-10-20

截至 2026-09-17,EDGAR 与已收集的新闻稿里没有新的反拆提案、股东会通知或表决。

每一次反拆,授权股有没有跟着变(逐次原件,不从别的公司或别的年份类推)

反拆变前授权变后授权结论一手件
1 并 10(2025-10-06)US$5,005 = 500,000,000 股普通股(面值 $0.00001)+ 500,000 股 FF 股(面值 $0.00001)US$5,005 = 50,000,000 股普通股(面值 $0.0001)+ 500,000 股 FF 股(面值 $0.00001,不变)授权普通股同步缩小 10 倍;面值放大 10 倍;授权股本总额不变;FF 股不并股东特别决议(2025-09-18 生效),开曼 Carey Olsen 致注册处函,作为 F-3 附件 3.3 提交;F-3 股本说明同口径

同一问题上的反例原件:2025-12-11 Amiens 票据购买协议的陈述条款仍写「授权 500,000,000 股、面值 $0.00001」;FY2025 年报 Item 10.A 写「不适用」,没有给授权数,XBRL 面值标的仍是 0.00001。按开曼注册处登记的特别决议,本页取 5,000 万股。授权为有面值的固定数,不是 unlimited,所以可以计算余量:50,000,000 − 11,692,133 = 38,307,867 股。

展开:3/20 授权决议、9/18 特别决议与 F-3 股本说明原句
By Special Resolution that the Company shall effectuate a reverse share split of: (i) the authorized and issued and outstanding shares; and (ii) the authorized and unissued shares, in the capital of the Company, par value US$0.00001 per share, in a ratio of any whole number in the range of 2-to-1 up to 250-to-1 with such ratio to be determined in the discretion of the Board of Directors of the Company the following special resolution of the shareholders of the Company was passed effective on 18 September 2025: “that the Company consolidates at a ratio of 10 to 1 the Company’s Ordinary Shares (the “Reverse Share Split”) meaning the authorised share capital of the Company is amended from US$5,005 divided into 500,000,000 Ordinary Shares of a par value of US$0.00001 each and 500,000 Class FF Shares by the creation of 500,000 Class FF Shares of a par value of US$0.00001 each to US$5,005 divided into 50,000,000 Ordinary Shares of a par value of US$0.0001 each and 500,000 Class FF shares of a par value of US$0.00001 each.” The authorized share capital of the Company is US$5,005, divided into 50,000,000 Ordinary Shares of a par value of US$0.0001 each and 500,000 Class FF Shares of a par value of US$0.00001 each The reverse split will reduce the number of outstanding shares from 100,326,678 to approximately 10,032,668 shares. As of the date hereof, the Company is authorized to issue 500,000,000 Ordinary Shares, par value of US$0.00001 each and 500,000 of Class FF shares.

6-K 2025-03-21 · F-3 附件 3.3 · F-3 · 新闻稿 2025-10-02 · 票据购买协议 2025-12-11

窗口怎么算

$16.40窗口最高:2025-09-26(T−6),当时 $1.64
$2.70窗口最低:2025-11-14(T+29)
6.07×最高 ÷ 最低;先高后低 = 下跌
1 并 10 · 2025-10-06 落地 · T−15 至 T+30 日 K(今天口径,对数轴)
$3$4$5$6$8$10$12$16T 生效日T-1509-15T-1009-22最高 $16.4T-509-29T10-06T+510-13T+1010-20T+1510-27T+2011-03T+2511-10最低 $2.7T+3011-17
红底为落地日 T。9/26 最高、11/14 最低。
展开:46 行日线复算(今天口径与当时口径并列;黄底 = 窗口最高,蓝底 = 窗口最低,红框 = 落地日)
偏移日期开(今天口径)高低收成交量(今天口径)当时口径 高/低/收当天的公司动作(一手件)
T-152025-09-156.356.5486.076.116190,431$0.6548 / $0.607 / $0.6116
T-142025-09-166.26.66.1166.6201,218$0.66 / $0.6116 / $0.66
T-132025-09-176.68.66.5438.0511,498,241$0.86 / $0.6543 / $0.8051成交放大到约 150 万股(今天口径)
T-122025-09-189.111.48.293,212,605$1.14 / $0.82 / $0.9
T-112025-09-1999.28.39523,329$0.92 / $0.83 / $0.9
T-102025-09-229.814.99.714.63,328,303$1.49 / $0.97 / $1.46收盘较前日 +62%
T-92025-09-2313.515.510.913.41,688,413$1.55 / $1.09 / $1.34
T-82025-09-2413.71512.513.5703,186$1.5 / $1.25 / $1.356-K:NuviniAI Index 新闻稿
T-72025-09-25131412.612.8386,516$1.4 / $1.26 / $1.28
T-62025-09-2613.116.412.914.51,487,618$1.64 / $1.29 / $1.456-K:开发团队全面改用 AI 编程工具(Claude Code)新闻稿;窗口最高
T-52025-09-291515.41313.9593,359$1.54 / $1.3 / $1.396-K:2025 年 9 月投资者演示
T-42025-09-3013.513.66.5968.33,150,774$1.36 / $0.6596 / $0.836-K:MK Solutions 收购意向书;2025 上半年未审财报;收盘较前日 −40%
T-32025-10-017.68.27.257.467738,593$0.82 / $0.725 / $0.7467
T-22025-10-024.1184.123.0553.5325,208,108$0.412 / $0.3055 / $0.3532新闻稿:董事会批准 10 并 1,10/6 生效;收盘较前日 −53%
T-12025-10-033.283.593.113.1311,000,000
SA 1,378,267
$0.359 / $0.311 / $0.3131
T2025-10-063.223.42.843.141,052,119同左并股生效,新 CUSIP G50716128
T+12025-10-073.093.663.033.511,186,053同左
T+22025-10-083.473.673.313.34431,691同左
T+32025-10-093.313.3743.163.32213,026同左
T+42025-10-103.243.32.963.08599,497同左
T+52025-10-133.323.773.23.66702,389同左新闻稿:CEO/CFO/COO 10 月第二周自掏腰包买股
T+62025-10-143.564.783.514.511,269,663同左纳斯达克发出退市决定(1 美元规则,4/14 起算的宽限期已到)
T+72025-10-154.524.9393.9244.12502,068同左
T+82025-10-164.334.5944.27362,482同左新闻稿:2025 年 EBITDA 指引;10/6–10/16 连续 10 日收盘 ≥ $1
T+92025-10-174.224.74.054.13376,504同左
T+102025-10-204.214.3413.9214.2259,817同左纳斯达克通知恢复合规(6-K 10/20)
T+112025-10-214.144.143.63.79324,052同左
T+122025-10-223.73.7793.43.47201,488同左
T+132025-10-233.53.93.483.7172,004同左
T+142025-10-243.683.93.573.83135,176同左
T+152025-10-273.853.853.5113.63167,316同左
T+162025-10-283.63.793.53.59172,903同左新闻稿:任命 Roberto Otero 为 CFO(11/3 起)
T+172025-10-293.593.753.453.58141,646同左
T+182025-10-303.513.623.4443.4680,779同左
T+192025-10-313.53.693.443.6889,763同左
T+202025-11-033.653.683.293.5109,351同左新闻稿:长期经营与盈利目标
T+212025-11-043.463.473.173.22106,657同左
T+222025-11-053.243.423.193.4253,237同左新闻稿:资本市场日文字稿
T+232025-11-063.443.473.13.17196,488同左
T+242025-11-073.183.273.023.2788,174同左
T+252025-11-103.233.3253.0733.2191,327同左
T+262025-11-113.163.2353.083.1267,289同左
T+272025-11-123.13.393.093.33140,238同左
T+282025-11-133.343.3433.02174,711同左
T+292025-11-142.953.072.73.01276,962同左Phoebe Wang 出任董事(新闻稿 11/17);窗口最低
T+302025-11-172.963.292.93.18112,820同左

最高 ÷ 最低 = 16.40 ÷ 2.70 = 6.074 窗口内最大拉升(低点在前)= 16.40 ÷ 6.07(9/15 盘中低)= 2.702 落地后最大拉升 = 4.9393 ÷ 2.84 = 1.739 T−1 收盘 3.131 → T+30 收盘 3.18:+1.56%

成交量为 Nasdaq 官网数据原样;两源不一致超过 5% 的一天(10/03)另列 stockanalysis 数。原始 CSV:USstock/NVNI/market/;逐行 JSON:USstock/NVNI/deep/claude-notes/rs_window_2025-10-06.json。当天动作的原件:6-K 09-26 · 6-K 09-29 · 6-K 09-30 · 6-K 09-30 半年报 · 6-K 10-14 · 6-K 10-31 · 6-K 11-03 · 6-K 11-07 · 6-K 11-18

没有待表决的反拆,但有一条条件式路径

展开:规则修订原文(SEC 官网托管的纳斯达克规则修订附件)

纳斯达克规则手册网站(listingcenter.nasdaq.com)2026-09-17 对脚本访问返回 403,以下取自 SEC 官网托管的 SR-NASDAQ-2024-045 附件 5(新增文字)与 SEC 批准令(Release No. 34-102245,2025-01-17),取数日 2026-09-17。

(iv) Excessive Reverse Stock Splits Notwithstanding the foregoing, if a Company’s security fails to meet the continued listing requirement for minimum bid price and the Company has effected a reverse stock split over the prior one-year period; or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security.
the company is not eligible for a second 180-day period to regain compliance because it does not comply with the minimum stockholders’ equity initial listing requirement for The Nasdaq Capital Market.

SR-NASDAQ-2024-045 附件 5 · SEC 批准令 34-102245 · 第二句出自 NVNI 6-K 2025-10-20 附件 99.2。本地副本:USstock/NVNI/sec/rules/

9 · 控制权

500,000 股 FF 股、总共花了 5 美元,握住约 99.5% 投票权;经济权益上两人合计不到两成

持有人(FY2025 年报,2026-04-30)普通股占普通股FF 股投票权
Pierre Schurmann(创始人、董事长兼 CEO):本人 146,512 + Heru Investment Holdings 1,458,810 + Coppi International 16,765(代投票)1,622,08713.87%350,00070.1%
Luiz Busnello(联合创始人、董事,前 CFO):Labsyl Ltd.549,9394.70%150,00029.4%
Marcello Gonçalves / João Leite / Gustavo Usero13,373 / 9,303 / 4,000<1%——
董事高管合计(5 人)2,198,70218.80%500,00099.5%
展开:FF 股章程条款、投票权表与 13D/A 原句
Every Member holding a Class FF Share present in person, and every person representing a Member holidng Class FF Shares by proxy, at a general meeting of the Company shall have one thousand votes for each Class FF Share registered in such Member’s name in the Register of Members. The Class FF Shares shall carry no right to receive a distribution on a winding up of the Company or otherwise. Our founders hold super-voting Class FF shares representing approximately 99.5% of the total voting power of our outstanding share capital, and their interests may diverge from those of other shareholders. They have the ability to determine the outcome of all matters submitted to a shareholder vote, including the election of directors, amendments to our constitutional documents, and approvals of significant transactions, regardless of the views of other shareholders. The reporting person intends to acquire 350,000 Class FF Shares of the Issuer in order to increase his voting power. We have also elected to rely on the exemption from Nasdaq Listing Rule 5635 which generally provides that shareholder approval is required of U.S. domestic companies listed on Nasdaq prior to issuance (or potential issuance) of securities As of the date of this Amendment to the Initial Schedule 13D, the Reporting Person beneficially owns 1,622,087Ordinary Shares of the Issuer, which represents 16.16% of the Issuer's Ordinary Shares, based on 10,032,710 outstanding Ordinary Shares as of December 26, 2025.

FF 票数:500,000 × 1,000 = 500,000,000 票 并股前(普通股 92,257,843 股):500,000,000 ÷ 592,257,843 = 84.4%(仅 FF);加上两人普通股约 1,948 万票后约 87.7% 并股后(普通股 11,692,133 股):500,000,000 ÷ 511,692,133 = 97.7%(仅 FF);加上两人普通股 2,172,026 票后约 98.1% 年报写的 99.5% 与本页算式不同,年报没有给出分母

章程(F-3 附件 3.3) · FY2025 20-F · 13D/A 2025-04-03 · Busnello 13D/A 2025-04-03 · 13D/A 2026-01-12 · 13G 2026-02-11 · Mercato 13D 2023-12-01

展开:三年 15 份 13D / 13G 逐份时间线(谁申报、多少股、按什么股数算)
申报日申报人事件日报告股数(原口径)比例要点
2023-10-10Schurmann2023-09-2914,147,063 票51.0%Heru 13,136,737 股 + Labsyl 1,010,326 股委托;锁定一年
2023-10-10Busnello2023-09-291,910,5186.9%含 900,192 股期权;Labsyl 股投票权归 CEO
2023-12-01Mercato 保荐人2023-09-2917,123,00043.6%5,573,000 股 + 11,550,000 份权证;由 Warnock 家族信托管理
2024-01-12Schurmann2024-01-1214,330,244 票50.47%新增 Coppi 183,181 股委托
2024-02-21Schurmann2024-02-1914,475,730 票50.57%新增 Natale 145,486 股委托
2025-04-03Schurmann / Busnello2025-03-27FF 350,000 / 150,00070 / 30「为提高投票权」
2025-05-20Schurmann2025-05-1513,216,73714.33%公开市场买入 80,000 股 @ $0.44
2025-07-07Schurmann / Busnello2025-07-0314,351,676 / 5,124,07015.55% / 5.55%顾问报酬转股 1,465,116 / 4,029,070 股;Schurmann 份写 FF 300,000
2025-10-15Busnello / Usero2025-10-10549,939 / 4,0005.48% / 0.04%并股后口径,申报本身没提并股
2025-10-20Schurmann2025-10-101,590,08715.84%Heru 买入 32,000 股未计入合计
2026-01-12Schurmann2025-10-101,622,08716.16%更正版,无新交易
2026-02-11Ayrton Capital / Alto / Khatri(13G)2025-12-311,114,4989.99%可由权证与票据取得,受持股上限约束

直接含义:从 2025-07-03 到 2025-10-10,Heru 从 12,718,912 股变为 1,426,810 股、Labsyl 从 5,124,070 股变为 503,940 股(原口径);按 1 并 10 直接换算应为约 1,271,891 股和 512,407 股,差额没有任何 13D/A 报告交易来解释。保荐人 Mercato 自 2023-12 以后没有更新 13D。

On May 15, 2025, Pierre Schurmann, the Chief Executive Officer of the Issuer, acquired 80,000 shares of the Issuer's Ordinary Shares, par value $0.00001 per share, at a purchase price of $0.44 per share. On October 10, 2025, Heru Investment Holdings Ltd. acquired 32,000 ordinary shares of the Company.

Busnello 13D 2023 · 13D 2025-05-20 · Busnello 13D/A 2025-10-15 · Usero 13D 2025-10-15 · Schurmann 13D/A 2025-10-20

两层豁免分别豁免了什么

10 · 人

三年换了四任 CFO,其中一任干了 99 天;审计委员会两次掉到两人;三份 Form 3 与 6-K 对不上

人职务起止原件
Pierre Schurmann董事长兼 CEO2023-09-29现任13D 2023-10-10
Scott KlossnerCFO → 董事2023-09-29CFO 至 2024-03-01;董事至 2025-12-02 辞任6-K 2024-03-01 · 6-K 2025-12-04
Luiz BusnelloCOO / CFO / 董事2023-09-29CFO 2024-03-01 → 2025-11-03;董事现任6-K 2024-03-01 · 6-K 2025-10-31
Roberto OteroCFO2025-11-032026-02-10 辞任(99 天)6-K 2026-02-11
Rodrigo NataleCFO2026-07-15(新闻稿要点栏写 07-20)现任6-K 2026-07-15
José Mário de Paula Ribeiro Jr.COO2024-10-24无离任公告;FY2025 年报已不列6-K 2024-11-05
Gustavo UseroCOO2025-09-01现任6-K 2025-08-25
Greg Warnock / Randy Millian / Roberto Sahade独立董事(审计委员会)2023-09-292023-11-24 / 2023-12-29 / 2024-06-10 辞任6-K · 6-K · 6-K
João Leite / Marcello Gonçalves独立董事2024-02-01 / 2023-09-29现任6-K 2024-02-05
Marco Leone Fernandes独立董事(两任)2024-06-10;2026-07-27第一任离任无公告;年报称一名审计委员 2025-11-18 辞任6-K 2026-07-29 · Form 3 2026-09-14
Phoebe Wang(Form 3 名 Wang Xinjie)董事 → 首席 AI 官2025-11-14董事至 2026-03-026-K 2025-11-18 · 6-K 2026-03-02
Alexandre CaramaschiAI 战略顾问 → Form 3 写「运营与战略负责人」2026-06-02 / 2026-07-15—6-K 2026-06-04 · Form 3 2026-09-14
展开:人事申报之间对不上的地方(原句)
On November 18, 2025, one member of the audit committee resigned from the Company’s board of directors, resulting in a temporary vacancy on the audit committee. /s/ Marco Aurelio Leone Fernandes Director January 26, 2026 Mr. Leone previously served as a director of the Company and currently serves as a Board Advisor granted a cure period until November 18, 2025. Ms. Wang has stepped down from the Board of Directors, effective March 2, 2026. Chief of Operations and Strategy Appointment effective July 20th, 2026, completing the CFO search opened in February 2026

Leone:年报说一名审计委员 2025-11-18 辞任,他却在 2026-01-26 以董事身份签了 F-3,又不在 4/30 年报董事表里;7/29 的 6-K 说「此前担任董事、现为董事会顾问」,引用的纳斯达克宽限期写成「至 2025 年 11 月 18 日」(早于来函日期)。Wang:6-K 说 3/2 离开董事会,3/17 的 Form 3 仍勾选董事,年报表格也写「首席 AI 官兼董事」。

FY2025 20-F · F-3 · 6-K 2026-07-29 · Wang Form 3 · Natale 新闻稿

11 · 纳斯达克

上市三年八次合规事件:两次 1 美元规则、两次市值规则、两次审计委员会、两次逾期报表;现在卡在市值规则的听证上

通知日规则问题结果原件
2024-01-125605 审计委员会Millian 辞任后只剩两人2024-02-01 Leite 补位,治愈6-K
2024-055250(c)(1) 年报逾期FY2023 20-F 未按时交11-12 退市决定 → 上诉 → 12-26 交年报 → 2025-01-08 结案6-K 05-17 · 6-K 11-15 · 6-K 2025-01-10
2024-11-015550(a)(2) 1 美元30 个营业日买价低于 $16-K 未披露结果;2025-01-23 新闻稿(未上 6-K)称当天收到恢复合规函,并说最初的缺陷通知日期是 2024-07-16——与 6-K 写的 2024-11-01 来函不一致;2025-04 再收通知6-K 11-05
2025-01-095250(c)(2) 半年报逾期2024 上半年报表未交2025-02-04 交;未见结案函6-K 01-10
2025-04-145550(a)(2) 1 美元同上10-06 并股;10-14 退市决定;10-20 恢复合规6-K 04-17 · 6-K 10-20
2025-04-145550(b)(2) 市值 3,500 万2/28–4/11 低于标准8/14–8/27 连续 10 日达标,恢复合规6-K 08-28
2025-11-18(空缺)/ 2026-07-28(来函)5605 审计委员会一名委员离任后只剩两人7/27 Leone 回任,公司自称恢复合规(未引纳斯达克确认函)6-K 07-29
2026-01-285550(b)(2) 市值 3,500 万2025-12-12 → 2026-01-27 低于标准,宽限期到 7/277/28 退市决定;已请求听证(暂缓停牌);公司拟以 5550(b)(1) 股东权益 ≥ 250 万美元标准过关;截至 9/17 无听证结果6-K 02-03 · 6-K 08-03

听证程序怎么走(按公司 6-K 与规则原文的描述)

直接含义:按 9/16 收盘 $0.957 × 11,692,133 股,上市证券市值约 1,119 万美元,是 3,500 万标准的 32%。要靠市值标准回到合规,需要股价约 $3.00(不增发的前提下)。公司选的股东权益标准,起点是 2025 年底 −1.548 亿雷亚尔;公司说要靠「固定价把尾款和可转债转成权益」补上,这意味着大量新股,价格和股数未披露。

展开:2026-08-03 退市决定与听证计划原句
On July 28, 2026, the Company received a delisting determination letter (the “Letter”) from the Staff advising the Company that the Staff had determined that the Company did not regain compliance with the MVLS Requirement by the Compliance Date because the Company’s MVLS did not close at or above $35 million for a minimum of 10 consecutive business days prior to the Compliance Date. A hearing request will stay the suspension of the Company’s securities and the filing of a Form 25-NSE pending the Panel’s decision. At the hearing, the Company intends to present its plan to regain compliance under Listing Rule 5550(b)(1), which requires minimum stockholders’ equity of US$2,500,000. The Company achieved compliance by maintaining an MVLS of $35 million or more for ten consecutive trading days, as calculated by multiplying the total shares outstanding by the closing bid price.

市值 = 11,692,133 × $0.957 = $11,189,371 达标所需股价 = $35,000,000 ÷ 11,692,133 = $2.993

6-K 2026-08-03 · 附件 99.1 · 6-K 2025-08-28 附件 99.1

12 · 新闻稿与申报对照

64 份公司新闻稿,25 份没有上 6-K;最重的几件事——Maxim 私募、FF 股、Amiens 票据、Amiens 起诉——都只有 6-K、没有新闻稿

口径:2023-09-29 上市到 2026-09-17,通讯社(GlobeNewswire、EIN Presswire、Business Wire)、Nasdaq.com 与公司 IR 网站 ir.nuvini.ai 的公司稿共 64 份;39 份以 6-K 附件提交,25 份只在通讯社上。全文与索引:USstock/NVNI/pr/claude_pr_index_2026-09-17.md。

有新闻稿、没上 6-K 的(节选)

  • 2024-11-06「成功完成融资轮(股权 + $1.10 可转票据),由 CEO 领投」——年报后来称该票据「不太可能完成」
  • 2024-12-26 FY2023 业绩稿「收入增长 36%、调整后 EBITDA 增长 142%」;2025-05-01 FY2024「创纪录」业绩稿
  • 2025-01-23「恢复 1 美元合规」;2025-02-05「恢复 5250(c)(2) 合规」
  • 2025-03-03 聘请 MZ Group 做投资者关系;3/5 ROTH 会议;5/19、8/5 Sidoti 会议
  • 2025-07-18 NuviniAI Day;2025-08-07 NuviniAI Lab
  • 2026-06-10「Beyondsoft 美洲收购接近交割」——当天成交 2,437 万股、收盘 −8.7%
  • 2026-05-08 首席 AI 官受邀演讲(只在 EIN)

有 6-K、没有新闻稿的(节选)

  • 2024-01 / 02 两笔带回售权的私募
  • 2024-12-27 Alta 权证和解;2024-12-31 / 2025-01-06 Maxim 私募与 A/B 权证
  • 2025-03 股东特别会议、FF 超级投票股发行
  • 2025-08-13、2025-12-15、2026-01-29、2026-04-06 Amiens 票据与两次综合修订
  • 2026-02-23 半年报重述
  • 2026-08-18 Amiens 起诉与加速到期

发稿节奏按季度数(通讯社稿日期):2023Q4 2 份、2024 全年 10 份;2025Q1 7 份、Q2 6 份、Q3 13 份(NuviniAI Lab、Prize、Index、AI 编程、MK Solutions、半年报、会议)、Q4 10 份(并股、自购、指引、长期目标、CEO 认购、尾款重组);2026Q1 4 份、Q2 7 份、Q3 4 份(最后一份 8/3)。2025Q3 发稿最密的那个季度,也是股价从今天口径 $2.8 涨到 $16.4、随后宣布并股的季度。

展开:两份新闻稿与申报对不上的原句

2024-11-06 通讯社稿(未上 6-K):「成功完成最新一轮融资,由股权和可转换票据组成……可转换票据的转股价为每股 $1.10。」(原文:is pleased to announce the successful close of its latest financing round, consisting of a combination of equity and convertible notes.)对照 FY2025 年报:

As of December 31, 2025, the deal is considered unlikely to close.

2025-12-23 两个版本:6-K 附件:

resulting in an approximately 34% reduction of such liabilities, representing savings of more than $18 million.

通讯社版(本地全文 pr/claude_2026-09-17/2025-12-23_earnout-restructuring_wire-version-36pct.md):「resulting in a 36% reduction in these obligations」。

Nasdaq.com 2024-11-06 稿 · Nasdaq.com 2025-12-23 稿 · 6-K 2025-12-23 附件 99.1 · FY2025 20-F

13 · 申报里的矛盾

20 处原件之间或原件内部对不上的地方

  1. 并股后在外股:新闻稿与 F-3「约 10,032,668 股」;年报「约 10,032,710 股」。董事会批准日:F-3 写 10/2,年报写 10/3。
  2. 授权股:开曼特别决议与 F-3 写 5,000 万股、面值 $0.0001;2025-12-11 票据购买协议仍写 5 亿股、面值 $0.00001;年报 Item 10.A 写「不适用」、XBRL 面值 0.00001。
  3. 2025 年底在外股:年报封面 10,032,710 股;附注又说其中 388,737 股「已授权未发行」,实发 9,643,973 股。
  4. 2026 年增加的 1,659,423 股:只有 702,290 股预交付股有文件,其余 957,133 股无说明。
  5. Maxim 私募是否到位:6-K 说 2025-01-02 已交割;FY2025 年报持续经营附注却说「截至 2025-12-31 这笔投资尚未进行」。
  6. A 系列权证行权价:所提交的权证表格写 $3.26,6-K、SPA、F-1 封面写 $6.52。配售代理权证:$3.586 / $3.26 / $6.52 与「1 年」「5 年」「2029-12-31」多种写法。
  7. Alta 现金行权份数:和解协议 300,000;年报 250,000;半年报 25,000。交换份数 1,788,674 与 1,838,674。
  8. 2024-01 私募:6-K 662,941 股 / $113 万;年报与 F-1 1,358,824 股 / $231 万。
  9. Heru 可转票据:新闻稿「成功完成」;年报「不太可能完成」;年报风险因素又称它 2025-12 被重组为 $5,662,000 票据(转股价写 $11.00)。
  10. Amiens 交换的是哪张票:6-K 与 F-3 说是 2025-08 的无担保票据;年报风险因素说是 2024-11 的可转票据。
  11. Amiens 第二张票据:6-K 正文说是普通有担保票据;所附票据表格与 F-3 都写可转股。
  12. F-3 的描述:称登记的是「此前已发行」「私募中发行」的股份,备考表又把同一个 17,715,374 股标成「MK Solutions 交易发行」;开曼律师意见说是「行使权证」可发行的股份;纽约律师意见面值写 $0.00001。
  13. NVNIW 权证:年报 2025 年底 21,011,316 份,比 2024 年底多 49,990 份,无解释;仍写每份认购 1 股 $11.50,未按并股调整。
  14. FF 股数:CEO 2025-07 的 13D/A 写 300,000 股,其他所有申报写 350,000 股。
  15. 投票权:年报写两人约 99.5%,FY2024 年报表格日期「2024-12-31」却已计入 2025-03-27 才发的 FF 股;本页按公开股数算约 98%。
  16. Leone 第一次离任:没有公告;年报称一名审计委员 2025-11-18 辞任,他却在 2026-01-26 以董事身份签 F-3。
  17. 纳斯达克宽限期:2026-07-29 6-K 写「宽限期至 2025 年 11 月 18 日」,早于 2026-07-28 的来函。
  18. 1 美元规则首次通知:6-K 写 2024-11-01 来函;2025-01-23 新闻稿写 2024-07-16。
  19. 尾款重组幅度:6-K 附件 34%,通讯社版 36%。
  20. 半年报重述:公司认定影响重大,却以普通 6-K(非 6-K/A)提交;FY2025 年报封面「更正以前报表」一栏未勾选。
16 · 整体理解
  1. 生意是真的,但规模撑不起资本结构。七家巴西软件公司每年 2 亿雷亚尔收入、65% 毛利、2.2 万家客户,经营现金流为正;可是收购时答应原老板的尾款(2.77 亿雷亚尔)比一年收入还多,全部逾期。公司三年的融资,本质上都是在给这笔尾款和 SPAC 上市成本找钱。
  2. 股本扩张的主要机制是「价格越低、发得越多」。2025 年上半年 Maxim A/B 权证的重置、2026 年 Amiens 票据的「最近 7 日最低价 92%」转股价与只降不升的底价,都是这种机制。它们都已登记转售,发出来的股当天就能卖。公司作为外国私人发行人,年报声明不适用纳斯达克发股需股东批准的规则,这一道闸门不存在。
  3. 控制权与经济权益彻底分开。两位创始人合计持有不到两成普通股,却因为 5 美元买来的 FF 股掌握约 98–99.5% 的投票权。任何需要股东表决的事——并股、增加授权股、改章程——都由他们决定;小股东的表决不改变结果。
  4. 眼下三件事互相牵连。纳斯达克听证(公司计划靠债转股把股东权益补正)、Amiens 的违约诉讼(一旦按不看底价的替代价转股,股数可能超过现有股本)、Beyondsoft 收购(交割条件要求公司保持上市、且没收到上市资格通知,而 7/28 已经收到)。任何一件的结果都会改变另外两件的前提。
  5. 信息质量本身是一个事实。本页列出的 20 处申报矛盾里,有好几处直接涉及股数(并股后股数、2025 年底实发股数、2026 年多出的 95.7 万股、Maxim 私募是否到位、权证数量)。在这些问题被公司澄清之前,任何精确到个位的「流通股」都带着不确定性。
14 · 接下来盯什么
时间看什么为什么
随时纳斯达克听证小组决定(6-K 或 Form 25)决定是否继续上市;也是 Beyondsoft 交割条件与卖方看涨期权的触发点
随时Amiens 诉讼:临时禁令、答辩、和解;是否开始按违约替代价转股主张 $1,210 万 + 18%;替代转股价不看底价,F-3 已登记 1,771 万股
随时「固定价把尾款和可转债转成权益」的具体协议股数与价格未披露;是听证计划的核心,规模可能是现有股本的数倍
约 2026-10-05Beyondsoft 协议 6 个月最后期限(10/3 为周六,顺延)未交割则任一方可解约;交割则 2026-12-31 前要付约 4,035 万美元首期款加利息
2026-10-06 → 10-091 美元规则:并股满一年(10/6);若收盘持续低于 $1,第 30 个营业日约 10/9一年内反拆过的公司不给宽限期;两个日期只差几天,回看口径未决
2026-11-18 前后审计委员会是否仍有三名独立董事年报与 6-K 对宽限期终点写法不一
2026-12-11 / 2027-02-12Amiens 两张票据的下一次底价重置日底价只降不升;违约期间替代转股价本来就不看底价
2026-12-312026 上半年中期报表(纳斯达克要求半年内提交);Beyondsoft 首期款(若交割)第一次看到 2026 年 6 月底的股数、现金、尾款是否按折价付清
2027-04-15Amiens 票据原定到期日已被加速;若和解改期,看新条款
2027-04-30 前FY2026 20-F持续经营意见、尾款余额、权证与股数的逐项说明
15 · 原件索引

EDGAR CIK 1965143。本地:USstock/NVNI/01_raw_sec_filings/(2023 → 2026-06-04)与 USstock/NVNI/sec/(2026-06-18 以后、Form 3、规则文件)。下表只列本页引用最多的 30 份,其余链接散见各节。

日期表格内容链接
2023-09-07424B3合并代理书/招股书(权证、锁定条款)d310003d424b3.htm
2023-09-2920-F(壳公司报告)合并后股本、权证、锁定协议附件d532268d20f.htm
2023-10-10SC 13DSchurmann(Heru、Labsyl 委托书)d444124dsc13d.htm
2023-12-01SC 13DMercato 保荐人d522349dsc13d.htm
2024-01-116-K私募 662,941 股 + 回售权d615046d6k.htm
2024-04-296-K更换审计师 Deloitte → Grant Thorntond833028d6k.htm
2024-11-016-KHeru 可转票据ea0219543-6k
2024-12-2620-F FY2023首份经审计年报ea0225513-20f
2024-12-276-KAlta 和解与权证交换ea0226153-6k
2025-01-066-KMaxim 私募文件全套ea0226251-6k
2025-02-25F-1/A转售 60,736,190 股ea0231873-f1a1
2025-03-036-K召集股东会:FF 股、章程、2–250 并股授权ea0232719-6k
2025-03-216-K股东会表决结果ea0235143-6k
2025-03-286-K发行 500,000 股 FF 股ea0236046-6k
2025-04-3020-F FY2024年报ea0239663-20f
2025-07-0713D/A ×2顾问报酬转股 5,906,976 股Schurmann · Busnello
2025-08-056-KDavis 和解ea0251693-6k
2025-08-136-KAmiens 首张票据ea0252860-6k
2025-10-066-K1 并 10 生效ea0260373-6k
2025-10-206-K退市决定与恢复合规ea0261804-6k
2025-12-106-KXurmann 认购协议ea0269198-6k
2025-12-156-KAmiens 交换票据、新票据、登记权、担保ea0269405-6k
2026-01-26F-3转售 17,715,374 股;授权股本;附件 3.3 并股决议ea0272361-f3
2026-02-11SC 13GAyrton / Alto 9.99%primary_doc.xml
2026-04-066-K ×2第二次综合修订;Beyondsoft 协议040168 · 040170
2026-04-3020-F FY2025最新年报:股数 11,692,133、持续经营、FF 投票权ea0287091-20f
2026-07-296-KLeone 回任、审计委员会ea0299504-6k
2026-08-036-K市值规则退市决定与听证ea0300108-6k
2026-08-186-KAmiens 起诉与加速到期ea0302441-6k
2026-09-14Form 3 ×2Leone(董事)、Caramaschi(高管)099840 · 099841
17 · 检索基底回查(2026-09-18)

四个数分开写:台账应有 134 份 / 实际取回 134 份 / 可全文检索 133 → 134 份 / 未转文本 401 件

本节是对本页所用一手件基底的回查。「台账说有多少份」和「实际取回多少份」是两个数,「取回了」和「能全文检索」又是两个数,所以下面四个数分开列,不合成一句。

口径数怎么来的不在里面的是什么
① 台账应有份数134 份data.sec.gov/submissions/CIK0001965143.json,filings.files[] 是空数组(无分片),recent 一批即覆盖 2023-02-27 → 2026-09-14 全部历史无。2026-09-18 复取台账仍为 134 份,9/15–9/18 无新增申报
② 实际取回份数134 份(100%)按受理号逐份比对;文档级按提交清单 <FILENAME> 口径共 1,843 个文档,本地全部存在且非空0 字节文件 0 个;缺失 0 个。另按 EDGAR 目录清单口径(含 XBRL 渲染件 R*.htm)2,211 个文件也逐名核过,缺失 0
③ 可全文检索份数133 → 134 份回查前 133 份至少有一份非索引的文本正文可全文检索;并已用内容指纹排除「非空但没内容」的限流提示页(见下)差的那 1 份是 2023-09-29 的 CERT:唯一文档是 PDF 图像,提交里没有任何文本表示;2026-09-18 用 pdftotext 补转后才进入可检索基底
④ 未转文本件数401 件393 张 GRAPHIC 图片 + 7 封问询函 PDF + 1 份 CERT PDF见下一段:393 张与 7 封各自有文本来源,只有 CERT 那 1 份此前没有

未转文本的 401 件,逐类交代文字到底在哪:①393 张 GRAPHIC 图片——文字由同一份申报的 HTML 正文承载。例如 2026-04-09 的投资者演示是 13 张约 1MB 的幻灯片图片,其文字在 ex99-1.htm 里,正文中「Nosdoq」「globol」这类识别错字正说明那是幻灯片的 OCR 结果;该份的备考收入约 1.48 亿美元、合并 EBITDA 约 2,400 万美元、员工 1,764 人等数字都在其中。②7 封问询函 PDF——每封都自带 SEC 的 TEXT-EXTRACT(filename2.txt,1,196 至 17,604 字节),文字可检索。③1 份 CERT PDF——无任何文本表示,是本次回查唯一真正的缺口,已补。

补转后读到的内容,只增不改:这 8 份 PDF 的内容此前没有进入本页的引文提取集,补读后没有推翻本页任何结论,新增三点事实如下。

日期 / 表格补读到的内容与本页的关系
2023-04-24、06-29、07-25、08-24、09-05 五封 UPLOADSEC 对 F-1 草案与 F-4 及其两次修订的问询,集中在 earnout(盈利支付)股份条款怎么披露、以及持续经营与流动性表述与第 5 节的 earnout 抽屉、第 3 节持续经营段落一致,不改数字
2025-02-21、2026-01-27 两封 UPLOAD「不予审查」函,原文写This is to advise you that we have not reviewed and will not review your registration statement.分别对应 Maxim 转售 F-1(333-284809,2025-02-10 报送)与 Amiens 转售 F-3(333-292939,2026-01-26 报送)。含义:这两份登记书生效不等于 SEC 审过其内容
2023-09-29 CERT纳斯达克致 SEC 的上市证明,载明登记证券为Ordinary shares, par value $0.00001 per share与每份可按 $11.50 行权的权证与并股前面值 $0.00001、SPAC 权证条款一致,是第 4 节股本时间线起点的旁证
展开:回查怎么做的(判据与命令)
  1. 台账:读 submissions JSON 的 filings.files[],确认分片数为 0,否则 recent 只是最近一批。本票为 0,故 134 份即全量。
  2. 取回:对每个受理号解析提交清单里的 <TYPE>/<FILENAME>,与本地文件名逐一对照;再对 127 份有 EDGAR 目录清单的按目录逐名对照,7 份 2026 年的用完整提交文本核。
  3. 非空:对每个文件取 os.path.getsize,0 字节单独列。结果 0 个;全库最小文件是 5 字节的脚本探针 probe.txt(内容为 test,非 EDGAR 文档)。
  4. 可检索:逐份找非索引的文本正文(.htm/.html/.txt/.xml)并剥标签计字数。注意两个坑:问询函的 .txt 分发件里是 uuencode 后的 PDF 二进制,剥完标签仍有长度,会把「无正文」误判成「有正文」;Form 3 与 EFFECT 是结构化 XML,字数很少但内容完整可解析,不算缺口。
  5. 非空但没内容:SEC 限流时会返回一个约 3KB 的「Undeclared Automated Tool」提示页,它会正常落盘——份数对得上、文件也非空,能同时骗过份数对账和 0 字节核查,但全文检索扫它等于没扫。本次按内容指纹扫了 SEC 申报语料、文本提取库、新闻稿与行情文件共 2,730 个文件,命中 0;先用宽口径子串扫(命中 0),再用整句指纹(Your Request Originates from an Undeclared Automated Tool、Request Rate Threshold Exceeded、please declare your traffic by updating your user agent 等)复扫,同样 0。指纹要用整句,不能用短词:\bRate Limit\b 这种「加了词边界」的写法仍会命中托管协议里的正常文字 sepa-rate Limit-ed Power of Attorney——连字符本身就是词边界,\b 挡不住;真把它当提示页删掉重下,比漏扫更糟。另外扫描要排除自己写的回查笔记,否则 READY 与 COVERAGE 里引用的这些字样会被自己扫出来。命中后一律先看原文再决定是否重下;本次命中 0,未删除、未重下任何文件。异常小的文本件也逐个看过,最小的三个是 584 字节的 EFFECT 生效通知(primary_doc.xml),其次是 1,196 与 1,226 字节的两封「不予审查」函文本提取件,以及 1.5KB 上下的审计师同意书(EX-23.x),都是本来就短的真文件,不是提示页。
  6. 去重:22 个受理号在本地存了两份副本(01_raw_sec_filings/ 与 sec/ 各一份),按受理号去重后不重复计数——这也是磁盘文件数 2,589 与文档数 1,843 对不上的原因之一。

本节只回查 SEC 基底。新闻稿基底的口径见第 12 节(2023-09-29 至 2026-09-17、三家通讯社加 Nasdaq.com 与公司 IR 站、共 64 份、39 份上过 6-K);行情基底见第 1 节与反拆窗口节(Nasdaq 官网复权日线至 2026-09-16,stockanalysis 逐日复核,取数日 2026-09-17)。

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