Pinnacle Acquisition Corp is a Special Purpose Acquisition Company (SPAC) that commenced trading on the NYSE on August 7, 2026. The company's primary objective is to complete an initial business combination by May 10, 2028, with a possible extension to August 7, 2029, subject to shareholder approval. The company currently holds limited disclosed operational activities and financial data, consistent with its SPAC status.
Nutanix, Inc. provides a unified hybrid cloud and AI platform designed to simplify deployment and operation of hybrid computing infrastructure and AI workloads. The Nutanix Cloud Platform supports a wide range of workloads including traditional business-critical applications, modern containerized applications, data platforms, and enterprise AI workloads. The platform integrates compute, storage, and networking resources through software-defined architecture and supports deployment across data centers, edge, and public clouds such as AWS, Azure, and Google Cloud. Nutanix’s subscription-based business model includes term licenses and SaaS offerings with support and maintenance. The company maintains a broad partner ecosystem including channel partners, OEMs, technology partners, external storage providers, and cloud providers. Nutanix serves over 32,000 end customers across diverse industries and focuses on growth through platform expansion, customer acquisition, upselling, renewals, and partner ecosystem leverage.
5E Advanced Materials, Inc. is focused on developing a vertically integrated supply chain for borates and advanced boron derivatives, aiming to support decarbonization, food security, and domestic critical materials supply. The company holds full rights to the Fort Cady Project in southern California, which contains boron reserves and lithium resources. It operates a small-scale facility to generate data and product for advancing a commercial-scale boric acid plant. The company has completed an updated Preliminary Feasibility Study for Phase 1 of the project, targeting 130,000 short tons per annum of boric acid with a 37.5-year mine life using in-situ leaching. Capital costs are estimated at approximately $435 million with ±25% accuracy. The company is progressing engineering stages and commercial customer qualification, including non-binding offtake agreements. It is also exploring lithium recovery as a byproduct. Financially, the company maintains strong liquidity but is currently operating at a net loss. A pending acquisition of Searles Valley Minerals assets is underway, subject to customary conditions.
Innovation Beverage Group Ltd is a publicly traded company that operates in the beverage sector, though specific industry classification is not disclosed. The company reported revenues of approximately $2.77 million and a net loss exceeding $6 million for the fiscal year ended December 31, 2025. Its liquidity position as of that date shows a current ratio of 0.27 and a cash ratio of 0.05, indicating limited short-term liquidity. The company underwent a significant restatement of its 2024 financial statements due to errors in accounting for intangible assets, impairments, equity commitments, and debt components, which also revealed material weaknesses in internal controls. Innovation Beverage Group has engaged in strategic corporate actions including a reverse triangular merger with BlockFuel Energy, resulting in a controlling interest in that company. Leadership changes include the appointment of an interim CEO in early 2025. The company has also entered into sales service agreements and expanded its product shipments in the U.S. market. It has received a Nasdaq notice of noncompliance related to its annual shareholder meeting and is working with Nasdaq on listing obligations.
Upexi, Inc. is a cryptocurrency company primarily focused on managing a portfolio of Solana tokens (SOL) and generating yield through staking these tokens. The company shifted its treasury strategy in early 2025 to hold digital assets directly on its balance sheet, emphasizing Solana due to its potential for yield and price appreciation. Upexi stakes approximately 95% of its Solana holdings using multiple validators to optimize returns and mitigate risks. The company uses third-party custodians, including BitGo Trust Company, to securely hold its digital assets. Upexi also sells products wholesale and direct to consumers, with distribution managed by a third party. Financial disclosures for the fiscal year ended June 30, 2026, show revenue of approximately $25 million and a net loss of $246 million, reflecting ongoing investment in its strategy. Recent capital market activities include securities purchase agreements and registered direct offerings to support its treasury and growth initiatives.
Paramount Gold Nevada Corp. operates in the precious metals sector with a focus on gold mining and development projects in Nevada. The company is advancing the Grassy Mountain Gold Project, which has secured key federal and environmental approvals. Financial disclosures indicate ongoing investment in project development with reported net losses and maintained liquidity. The company has no material legal proceedings and stable risk factors as per recent SEC filings.
Vogenx, Inc. is a biotechnology company focused on developing therapies, including its lead program mizagliflozin for post-bariatric hypoglycemia. Founded in 2021, the company has not yet completed pivotal clinical trials beyond Phase 2 nor obtained regulatory approvals. It has no products approved for sale and has not generated revenue from product sales. Operations to date have focused on research and development, clinical trials, and business planning. The company finances its operations primarily through equity and convertible debt issuances. As of mid-2026, Vogenx faces liquidity challenges with current liabilities exceeding current assets and limited cash reserves. The company anticipates ongoing expenses related to clinical development, regulatory processes, manufacturing, commercialization, and public company operations. Its ability to achieve profitability depends on successful advancement of product candidates and securing additional capital.
CTT PHARMACEUTICAL HOLDINGS, INC. is a publicly reporting company with limited publicly available information regarding its business operations, industry classification, and geographic focus. The latest SEC 10-Q filing dated September 17, 2026, provides a financial snapshot for the period ending June 30, 2026, indicating a net loss and a cash ratio below 1, suggesting liquidity constraints. The company is designated as a smaller reporting company and does not disclose detailed risk factors in its filings.
VanEck BNB ETF is a Delaware statutory trust established to provide investors exposure to the BNB token, the native asset of the BNB Chain ecosystem. The Trust holds BNB tokens via third-party custodians and issues shares representing fractional ownership. It operates passively, aiming to track the price performance of BNB and any staking rewards if implemented. The Trust does not engage in active trading, leverage, or derivatives. Shares are listed on Nasdaq under the ticker VBNB. The Trust's NAV is calculated daily based on the MarketVector TM BNB Benchmark Rate or fair value pricing. The Trust faces competition from other digital asset exchange-traded products and monitors its size and trading volume to maintain economic viability.
VitaSpring Biomedical Co. Ltd. is an early-stage biomedical company incorporated in Nevada in 2016, focusing on developing proprietary mesenchymal stem cell (X.msc) and exosome-based technologies derived from ethically sourced human placental tissue. The company aims to advance regenerative medicine and functional wellness through research, development, and eventual commercialization of cell-based products and formulations. Currently, VitaSpring does not sell products or conduct clinical trials and has not incurred recent R&D expenses. It maintains research collaborations primarily in Taiwan and Asia-Pacific and plans to establish Good Tissue Practice-compliant production facilities. The company faces significant financial constraints, regulatory hurdles, and competitive pressures in a rapidly evolving industry [S1][S2].
Magnitude International Ltd is an exempted Cayman Islands company with principal operations in Singapore through its subsidiaries Herlin and BNL. The company provides integrated electrical installation services, including design, installation, and certification for greenfield and brownfield projects across private and public sectors. It acts as the main electrical contractor on projects involving residential, commercial, and public facilities. The company completed its IPO in August 2025, raising approximately USD 8.8 million. As of April 30, 2025, it reported revenue of USD 11.77 million and net income of USD 32,926. The company is classified as an emerging growth company and a foreign private issuer, with certain reporting and governance exemptions. Nasdaq halted trading in its securities in December 2025 and issued a delisting determination in August 2026 due to concerns about market manipulation and liquidity. The company has requested a hearing to contest the delisting.
Greenlit Ventures Inc. is a Delaware-based company engaged in marketing and management consulting services focused on assisting Asian companies to enhance their competitiveness in international markets. The company also operates in the encryption industry, offering secure email and VPN services under the ForceShield brand. It faces competition from large established firms in both consulting and encryption sectors. The company has a small workforce and has reported limited revenue and ongoing net losses, with liquidity challenges as of the latest quarter.
Guardian Metal Resources PLC operates as a strategic mineral exploration and development company with a focus on tungsten, a critical metal for defense, energy transition, and industrial sectors. The company holds two primary projects in Nevada, USA: Pilot Mountain and Tempiute. Pilot Mountain is one of the largest undeveloped tungsten deposits in the U.S. and has completed a Pre-Feasibility Study demonstrating strong project economics. Tempiute, a former major tungsten producer, has seen expanded land holdings and ongoing exploration activities. The company is advancing these projects with support from the U.S. Department of War and has established a presence on AIM and NYSE American exchanges. Guardian Metal is positioned to contribute to restoring domestic tungsten supply in the U.S., addressing strategic mineral security concerns amid geopolitical shifts and Chinese export restrictions.
RYVYL Inc. is a financial technology company that provides global payment acceptance and disbursement services. Its core business is credit card payment processing, primarily through arrangements with third-party acquiring banks and payment processors. The company operates a hybrid model, managing merchant onboarding, underwriting, risk monitoring, and customer service internally, while relying on external partners for transaction processing and settlement. RYVYL targets underserved and higher risk merchant verticals such as retail, private education, insurance, and adult entertainment. In late 2024, it launched NEMS Core, a disbursements platform designed to streamline payment flows, which remains in early commercialization and is being evaluated for strategic relevance. In January 2026, RYVYL announced a merger with RTB Digital, Inc., a SaaS platform hosting online media channels with a revenue-sharing model and significant cryptocurrency holdings. The merger substantially changed the company's business profile and risk factors. As of June 30, 2026, RYVYL reported quarterly revenue of $2.33 million and a net loss of $9.58 million, with liquidity ratios indicating moderate short-term financial flexibility.
Aeluma, Inc. is a semiconductor technology company focused on developing high-performance photonic and electronic devices using compound semiconductor materials integrated on large-diameter substrates. Its technology platform supports photodetectors, lasers, optical amplifiers, and nonlinear photonics for applications in AI datacom, telecom, mobile devices, defense, aerospace, robotics, automotive, AR/VR, and quantum technologies. The company operates a principal R&D and manufacturing facility in Goleta, California, and uses a capital-efficient manufacturing model combining internal prototyping with external fabrication and packaging partners. It is transitioning from primarily R&D to commercialization, with revenue currently from government contracts and initial commercial sales orders. The company targets high-value markets with a focus on product development, customer qualification, and scaling manufacturing readiness. Intellectual property protection and strategic partnerships are key components of its strategy [S1].
Evolution Petroleum Corp operates as an independent energy company in the United States, focusing on acquiring and developing long-lived oil and natural gas properties. Its portfolio consists mainly of non-operated working interests and mineral and royalty interests across several producing basins including SCOOP/STACK in Oklahoma, Chaveroo Field, Jonah Field in Wyoming, Williston Basin in North Dakota, Barnett Shale in Texas, Hamilton Dome Field in Wyoming, Delhi Field in Louisiana, Haynesville/Bossier Shale in Louisiana, and TexMex properties in New Mexico and Texas. The company’s business model emphasizes diversification across geography, commodity, operator, and ownership to reduce reliance on any single asset. It invests alongside experienced operators and participates selectively in development projects while maintaining flexibility in capital allocation. The company also focuses on returning capital to shareholders through dividends and managing a conservative balance sheet. Recent acquisitions and divestitures reflect active portfolio management. As of June 30, 2026, the company held proved reserves of 27.2 MMBOE, with a mix of oil, natural gas, and NGLs, and reported a net loss for the fiscal year.
Marathon Bancorp, Inc. is a publicly reporting company that has recently completed significant corporate restructuring activities including a second step conversion and related stock offerings. The company has also adopted stock repurchase programs. Financial disclosures include net income and earnings per share data for fiscal year 2026. Governance and compensation plans are documented in SEC filings. The company’s recent news coverage is primarily from Nasdaq press releases detailing corporate transactions and stock programs.
LuxExperience B.V. operates as a holding company with no direct revenue-generating activities, relying on its subsidiaries for cash flows. It completed a significant acquisition of YNAP in April 2025, which involved issuing shares to Richemont Italia, a major shareholder. The company maintains a revolving credit facility to support subsidiary operations and working capital. Its shareholder structure is concentrated, with MYT Holding LLC and Richemont Italia holding the majority of shares. Financial disclosures indicate revenue generation through subsidiaries but also net losses in recent periods. The company is subject to various shareholder agreements and regulatory filings in the Netherlands and Germany.
Innovative Designs Inc is a U.S.-based company specializing in cold weather apparel under its Arctic Armor line and house wrap products utilizing its proprietary Insultex material. The company markets its products through its website and a network of sales representatives and distributors targeting retailers, contractors, and end users. Its Arctic Armor apparel is designed for sub-zero protection with features such as waterproofing, windproofing, and buoyancy. The company operates with a single supplier for Insultex and a single manufacturer in Indonesia. Sales of cold weather apparel are seasonal and concentrated in colder U.S. and Canadian regions. The company faces competition from larger, more established companies with greater resources and brand recognition. Financially, the company reported revenues of $758,247 and net income of $56,026 for the three months ended July 31, 2026, with strong liquidity ratios indicating a solid short-term financial position.
InnSuites Hospitality Trust is an Ohio real estate investment trust headquartered in Phoenix, Arizona, formed in 1971. It owns interests in two hotels located in Tucson, Arizona and Albuquerque, New Mexico, operating under the InnSuites brand. The Trust manages these hotels through its majority-owned subsidiary, RRF LLLP, which also manages a boutique hotel reservation and services company. The hotels operate as moderate-service properties with a total of 270 suites and offer amenities such as pools, fitness centers, business centers, complimentary breakfast, social areas, and conference facilities. The Trust's primary business objective is to maximize shareholder returns through hotel operating income, asset value appreciation, profitable operations, asset sales, and diversification into investments such as clean energy technology. The Trust is subject to competitive pressures from other mid-market hotels and alternative lodging options like Airbnb. The hotels experienced record or near-record revenues and gross operating profits in fiscal year 2026, driven by solid occupancy and modest room rate increases. The Trust anticipates selling one or both hotels within 36 months. The business is seasonal, with occupancy patterns varying between the two hotels. The Trust is subject to various regulatory requirements including ADA compliance, environmental laws, labor regulations, and privacy laws. Financially, the Trust reported $4.6 million in revenue for the period ending August 31, 2025, and a net loss of $230,360 for the period ending July 31, 2026. Liquidity ratios as of July 31, 2026, indicate a current ratio of 1.3 and a cash ratio of 0.96.
Winchester Bancorp, Inc. is a publicly traded company listed on The Nasdaq Stock Market under the ticker WSBK. The company is incorporated in Maryland with principal offices in Winchester, Massachusetts. It operates as a smaller reporting company and files periodic reports with the SEC, including annual Form 10-K and quarterly Form 10-Q filings. The latest available financial data as of June 30, 2026, shows cash and cash equivalents of $60 million and net income of $4.4 million for the fiscal year. Basic and diluted earnings per share were both $0.49. Public news coverage includes insider buying activity reported in May 2025. Detailed business model descriptions, sector, and industry classifications are not explicitly disclosed in the available filings.
Karbon-X Corp. operates in the voluntary carbon market, providing technology-driven solutions for carbon credit trading and emissions reduction. The company offers a subscription-based app enabling public participation in carbon offset purchases that support renewable energy and reforestation projects. It is developing NFT-based platforms to digitize carbon credits for secure and transparent trading on blockchain networks. Karbon-X operates globally through subsidiaries in Canada, Cyprus, Ireland, Spain, and Colombia, engaging in multiple currencies and regulatory environments. The company has scaled rapidly since launching its products in 2023, with significant revenue growth driven by its trading subsidiary. It continues to invest in marketing, sales, and compliance to build commercial capabilities and expand its market presence.
Transglobal Management Group, Inc. (TMGI) is a company focused on the golf industry, having shifted its primary business following the acquisition of GetGolf, LLC in October 2025. The company owns and operates proprietary golf technology platforms, including Stand By Golf, a cloud-based golf reservation, yield-management, and operations platform designed to optimize golf course utilization and monetize unused tee times. Stand By Golf offers dynamic tee-time booking, revenue optimization, course operations management, and a golfer loyalty ecosystem. The company also operates GETGOLF.com, an integrated online platform for golfers and golf-course operators to search and purchase golf-related offerings such as tee times, travel, and lodging. TMGI aims to integrate these platforms to create a comprehensive golf technology and customer engagement model. The company’s strategy includes growing customer reach through advertising and social media, monetizing its customer base via advertising, events, subscriptions, sponsorships, and direct-to-consumer sales, and leveraging its branded intellectual property. The company operates with a lean cost structure, outsourcing technology and specialized services, and seeks growth capital through equity lines and private placements. The golf industry is competitive and rapidly evolving, with TMGI positioned as a vertically integrated player combining technology and golf course operations. The company reported revenue of $990,084 and a net loss of $5,829,465 for the fiscal year ended May 31, 2026, with liquidity ratios indicating limited current asset coverage of liabilities. The company has two executive officers and no employees, outsourcing key functions and planning to hire additional staff as capital permits.
Perpetuals.com Ltd is a Japanese foreign private issuer that files annual and quarterly reports with the U.S. SEC. The company operates under Japanese corporate governance laws and has a statutory auditor system. It maintains a board with a majority of independent directors as defined by Nasdaq rules. Financially, the company reported revenues of approximately $3.09 million and a net loss of $1.8 million for the fiscal year ended April 30, 2025. Liquidity metrics indicate moderate short-term financial health. The company has acknowledged a material weakness in its internal controls over financial reporting, which management is actively working to remediate. Cybersecurity risk management is overseen by a dedicated committee. Public disclosures do not provide detailed information on the company’s specific business model, sector, or industry focus.
Ispire Technology Inc. is a Delaware-based company focused on the research, development, design, commercialization, sales, marketing, and distribution of vaping hardware products in the nicotine and cannabis sectors globally where legally permitted. The company markets nicotine products primarily under the Aspire brand and cannabis vaping hardware under the Ispire brand, often on an ODM basis. Its proprietary technologies include BDC and BVC coil designs, Cleito tanks, and patented DuCore™ dual coil technology for cannabis vaporizers. Manufacturing is primarily outsourced to Shenzhen Yi Jia, with recent assembly operations commenced in a Malaysian facility that holds multiple ISO and GMP certifications. The company operates through subsidiaries in California, Malaysia, and Hong Kong, with a global distribution network spanning over 30 countries, mainly in Europe and Asia Pacific excluding China. Ispire holds intellectual property rights transferred from related parties and maintains exclusive licenses for use outside China and Russia. The company reported fiscal year 2026 revenue of approximately $96 million and a net loss of about $33.2 million, with liquidity ratios near 1.0 as of June 30, 2026.
Londax Corp. was incorporated in 2023 and operates as a development-stage technology company providing IT consulting services and software development solutions. Its historical product suite includes londax.ai, a platform offering CRM, applicant tracking, recruiting workflow, and out-staffing functionalities. The company has developed websites, mobile applications, and an Interview Kit Generator program. Technology delivery is primarily via web and mobile applications, leveraging third-party cloud providers and APIs such as OpenAI for advertisement generation. The company’s revenue model historically includes software subscriptions, customization, training, consulting, integration, maintenance, and upgrades. For fiscal 2026, Londax reported $28,323 in revenue and a net loss of $37,343. The company had no employees as of May 31, 2026. Following fiscal year-end, Londax underwent a change in control, relocating its principal executive offices to Cincinnati, Ohio, and is evaluating a strategic shift toward AI and digital infrastructure projects, including data-center development, currently in planning and feasibility stages [S1].
Skkynet Cloud Systems, Inc. is a company with publicly available financial data from recent SEC filings. The company reported modest revenue and a small net loss in the most recent quarter ending July 31, 2026. It maintains liquidity with current assets exceeding current liabilities and a cash ratio indicating sufficient cash coverage. Earnings per share are reported as zero, suggesting limited or no profitability at the share level. No detailed business segment or industry classification is provided in the available data.
Vera Bradley, Inc. is a company with publicly available financial disclosures including recent 10-K and 10-Q filings. The company reported positive net income and earnings per share for the quarter ending August 1, 2026. Liquidity ratios indicate a solid short-term financial position. Recent news highlights improved revenue and net profit in Q2 2026, with operational improvements and positive market response.
Hi-Great Group Holding Co is a development stage company focused on organic health supplements and agritourism through a weekend family farming resort near Los Angeles. The company holds exclusive licensing rights for nutritional supplements and plans to expand into CBD oils and cosmetics. Its agritourism business aims to provide urban residents with family-friendly weekend farming experiences, including portable cottages and community facilities, with a long-term goal of franchising the model nationally and internationally. The company’s financial snapshot as of June 30, 2026, shows modest revenue and a net loss, with liquidity ratios indicating limited short-term asset coverage of liabilities.
Longevity Diversified Holdings, Inc. is a development-stage entity that currently has no operations or revenue. Its business model centers on identifying and completing a merger or acquisition with an operating business to commence operations. The company has not yet identified any target business and has no agreements or arrangements for a business combination. It operates with limited capital and management resources, which may constrain its ability to consummate a business combination or generate revenue. The company’s financial position as of May 31, 2026, shows no cash reserves and current liabilities exceeding $134,000, alongside a net loss for the fiscal year. The company’s future operations and financial performance are highly uncertain and dependent on successfully completing a business combination.
Where Food Comes From, Inc. operates in the food certification and traceability sector, offering services that verify the provenance and quality of food products. The company is publicly traded on NASDAQ under the ticker WFCF and is incorporated in Colorado. It provides certification programs such as the RaiseWell Certified Verification launched in early 2026. The company has faced industry headwinds, particularly in the beef sector, but has shown earnings growth in recent quarters amid expanding certification services. Financial disclosures indicate a stable liquidity position with a current ratio above 1.5 and positive net income in the latest quarter. The company addressed a material weakness in internal controls related to lease accounting identified in 2025 and remediated it by early 2026.
Nobility Homes Inc is a company incorporated in Florida, United States, engaged in the manufactured housing industry. It sells manufactured homes directly to consumers and through intermediaries. The company had approximately 3.15 million shares outstanding as of September 2026 and trades on the OTCQX market under the ticker NOBH. As of August 1, 2026, the company reported total assets of $65.38 million and stockholders' equity of $58.42 million. The company reported net sales of $12.14 million and net income of $1.90 million for the third quarter of 2026, with earnings per share of $0.60. Liquidity is strong, with a current ratio of 7.44 and cash ratio of 2.01, supported by $13.42 million in cash and cash equivalents. The company has declared dividends in the past, including a $1.00 dividend in 2023. Recent news indicates a 13% sales drop in 2025, suggesting some fluctuations in sales performance.
Forgent Power Solutions, Inc. designs and manufactures electrical distribution equipment critical for safely and efficiently delivering electricity in data centers, power grids, and industrial facilities. Its product range includes automatic transfer switches, transformers, switchgear, and integrated powertrain solutions. The company serves a diverse customer base including technology firms, utilities, independent power producers, and manufacturers, selling both directly and through intermediaries. Manufacturing operations are located across multiple U.S. states and Mexico. The company’s business is driven by investment in data centers, energy infrastructure, and reshoring of manufacturing, with a focus on engineered-to-order solutions that meet stringent reliability and safety requirements. Recent capital raises have funded expansion of manufacturing capacity to meet growing demand.
HeartSciences Inc. develops AI-driven electrocardiography solutions aimed at improving early detection and management of heart disease. Its flagship product, MyoVista Insights™, is a cloud-based ECG management platform designed to centralize ECG data, optimize workflows, and integrate multiple AI algorithms within clinical settings. The platform supports a SaaS delivery model and has received Epic Toolbox designation, facilitating adoption in Epic-enabled health systems. The company also developed the MyoVista wavECG device, a 12-lead ECG system with embedded AI capabilities, currently under FDA 510(k) review. HeartSciences targets a broad market including primary care and large health systems, addressing limitations of conventional ECG and aiming to reduce reliance on costly cardiology diagnostics. The company has incurred operating losses and faces liquidity challenges, focusing resources on platform commercialization and AI algorithm integration.
Dave & Buster's Entertainment, Inc. is a multi-brand operator of entertainment and dining venues, including Dave & Buster's and Main Event. The company tracks performance through comparable store sales, new store openings, and uses non-GAAP measures such as Adjusted EBITDA and Store Operating Income Before Depreciation and Amortization to assess operating results. Fiscal 2025 saw a slight revenue decline and reduced profitability compared to fiscal 2024, with increased operating costs and a net loss in the latest quarter. The company maintains a significant store base and continues to expand with new store openings. Liquidity ratios as of August 2026 indicate a low current ratio and cash ratio, reflecting current liabilities exceeding current assets [S1][S2].
Helio Corporation, through its subsidiary Heliospace Corporation, operates in the aerospace industry providing custom-designed space flight qualified hardware and systems engineering services. The company serves government, commercial, and non-profit customers, with a strong focus on NASA and U.S. government contracts. Its product portfolio includes deployable antennas, booms, sensors, and mechanisms used in various space missions such as the Europa Clipper and lunar landers. Helio's engineering services support major NASA programs including the James Webb Space Telescope and Mars Sample Return. The company has a concentrated customer base with a majority of revenue derived from government sources. Recent management appointments and board expansions aim to strengthen leadership and intellectual property strategy. Capital has been raised through convertible notes and bridge financings to support operations and growth [S1][S2].