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The Difference: The previous delay was due to a Full Audit Refresh (2025 FY results). Under SEC Rule 3-12, missing that specific deadline meant the financials went "stale," requiring a total audit sign-off before proceeding.The Current Window: Having filed the audited 2025 results in March 2026, Guident is now in a "fresh" window. The 2025 audited numbers remain valid for SEC effectiveness until mid-May 2026.Routine Refresh vs. Reset: Even if the IPO spills into late May, adding Q1 2026 earnings is considered a "routine update" (S-1 Amendment). This is an unaudited interim update that does not restart the entire review cycle from scratch.The "Gap Period": The SEC often provides an accommodation period (134 days from quarter-end) for companies that have timely filed their audited year-end reports. This means they can go effective in May or June while the Q1 update is being finalised.Bottom Line: The "heavy lifting" (the 2025 audit) is done. New earnings are a standard fine-tuning step, not a regulatory roadblock.

But worth remembering -

While everyone’s watching the clock, the underlying story hasn’t stood still – Partnerships expanding reach

– Platform strengthening

– Multiple value drivers still in play, not just one event.

The market’s attention is narrow right now. It’s fixed on when.

The bigger question has always been what follows once it lands.

These quieter periods tend to test patience more than anything else.

But they’re also where positioning usually happens before clarity returns.

Nothing wrong with feeling frustrated - just don’t confuse silence with lack of progress.

At some point, the narrative catches up.

Until then, it’s just a waiting game.

Worth clearing this up, as there’s a lot of confusion on here.

Once a company files an S-1 and enters the SEC review process, communication is heavily restricted. They cannot provide running commentary, updates, or “reassurance” to shareholders while the IPO is under review.

Why? Because:

All material information must go through the formal filing process

Selective disclosure is not allowed

The SEC controls the timeline, not the company

So the lack of updates isn’t “bad form” - it’s standard IPO protocol.

What actually matters is this:

The S-1/A amendments show ongoing engagement with the SEC

We’re now in the final stretch between last amendment and Effectiveness

That phase is always quiet - by design

Nothing in the filings suggests the process has stopped or failed.

We’re not waiting on opinions or forum sentiment -

we’re waiting on a regulatory sign-off.

Until that lands, both bull and bear cases are incomplete.

Once it does, the discussion shifts from “will it happen?”

to “how does the market value it?” 🚦

The Silence here Isn’t a Problem - It’s the Signal.

We’re now 4+ weeks on from the last FWP.

No news. No updates. No noise.

That’s not a red flag - that’s exactly what the final SEC review phase looks like.

Meanwhile:

Large prints are starting to show up

Broader markets are at highs (IPO window open)

S-1/A cycle has gone quiet

This is where process replaces speculation.

Effectiveness doesn’t get telegraphed - it just lands.

And when it does, the conversation shifts instantly from “if” to “what price?” 🚦

Effectiveness will be the unlock.

Then it’s about IPO pricing and where the market chooses to value GDNT on day one.

That number feeds directly into TEK’s SOTP - and that’s where the rerate conversation will becomes real 🎯

That point comes from the SP Angel note - they reference repayment potential alongside conversion scenarios. Worth reading in full as it outlines both outcomes depending on IPO structure.

An SP Angel Technology Flash Note published on 30 September 2025 states that upon a successful IPO, Guident could repay the $4.5 million convertible loan note to Tekcapital. This analyst note provides the specific detail on the potential cash repayment, distinguishing it from RNS updates focusing on equity conversion. The report can be viewed at:

SP-Angel

https://static.lse.co.uk/research/pdf/e98190c5-56db-4b5c-9a91-5cd8631f827a.pdf

It probably feels quiet, but both are at very different stages of the same journey.

Guident isn’t in a ‘news flow’ phase - it’s in an IPO process. During that window, communication is restricted and progress shows up in filings, not headlines.

MicroSalt is earlier in its commercial curve. With new food tech, it’s normal to see initial customer concentration before broader adoption - scaling tends to follow validation, not precede it.

The real shift comes when: IPO ➡️ valuation (Guident)

contracts ➡️ scaling (MicroSalt)

We’re not quite at those stages yet - but that’s where the model gets tested.

Once an S-1 is live, companies can’t give running commentary - everything material has to go through SEC filings. That’s why you see amendments but little else. It’s not silence by choice, it’s regulation. The only update that matters now is effectiveness.

This phase always feels like nothing is happening. In reality, it’s the final SEC review window. It’s slow, but it’s also the last gate before pricing.

If Guident is this close to IPO, the idea that recent raises were about short-term wages doesn’t really hold up. They were about getting to this exact point.

We’re now ~4 weeks on from the FWP filing, and this is exactly the phase most retail investors struggle with.

Nothing “visible” is happening - so the assumption is nothing is happening.

In reality, this is the final stage of the process:

S-1/A ➡️ FWP ➡️ Effectiveness

That last step isn’t dramatic. It’s administrative. But it’s also the only switch that matters.

For a company like Guident - pre-revenue, IP-heavy, AI-focused - the SEC scrutiny at this stage is expected. Risk factors, disclosures, financial presentation… it all gets tightened before sign-off.

That takes time.

Meanwhile, the market does what it always does in this window:

patience fades

narratives drift

attention moves elsewhere

But the underlying sequence hasn’t changed.

Once effectiveness is confirmed, the conversation shifts instantly:

Process ➡️ Pricing ➝➡️ Price discovery

That’s when TEK’s discount to NAV stops being debated and starts being tested in real time.

Until then, this is just the quiet part before the outcome.

The gap between an S-1/A filing and ‘Effectiveness’ is always the hardest part for retail to sit through.

It’s not a black hole - it’s the SEC’s final review.

For a company like Guident, with pre-revenue tech and high IP value, scrutiny around financials, risk factors, and use of proceeds is expected.

We’re not waiting on a “maybe.”

We’re waiting on an administrative go signal.

The process is slow, but it’s the final gate before institutional capital can engage.

The timeline belongs to the SEC, not the company.

This isn’t a ‘ramp’ - it’s a standard Nasdaq S-1/A cycle.

Amendments don’t signal failure, they signal ongoing SEC engagement.

For an AI/IP-heavy structure like Guident, scrutiny around revenue recognition and inter-company arrangements is expected.

That’s not a “rat” - that’s the process working.

The only milestone that matters now is effectiveness.

Until then, timelines are noise.

Whether it takes 4 weeks or 14 doesn’t change the underlying point:

The institutional bridge only gets tested once the IPO is live.

There’s also a technical angle worth noting here.

The current wedge structure is compressing price, but there’s still an unfilled gap above. If we break out, that 10P gap becomes a natural target - and markets often move ahead of catalysts, not after them.

Not guaranteed though, especially with macro risk in play, but the setup is there.

Lack of IR response during an active IPO process isn’t unusual, especially when filings are ongoing.

The only objective signal right now is the SEC activity - amendments and updates indicate the process is still live.

Everything else is just interpretation until effectiveness is confirmed.

Over the last 3 months, TEK hasn’t been selling off - it’s been compressing.

Lower highs, stable support around the 7p area, and tightening price action form a clear descending wedge. That’s not panic selling - it’s controlled consolidation.

What matters is where we are now:

Price is sitting right at the apex of that structure

Selling pressure has been fading

The range is tightening into a decision point

At the same time, we’re approaching the key fundamental catalyst:

Guident effectiveness ➡️ IPO pricing ➡️ live market valuation

That’s the crossover moment.

Technical setup:

Compression into breakout

Fundamental setup:

Process moving toward outcome

When those two align, the move that follows is usually decisive.

Above the wedge, levels to watch are clear: ~7.8 ➡️ ~8.2 ➡️ ~9.0

Below, support continues to hold around ~7.0

So this isn’t about chasing price - it’s about recognising positioning ahead of resolution.

The chart is compressed. The catalyst is approaching.

What happens next won’t stay quiet for long.

Technical Chart

https://docs.google.com/document/d/12AXekfMiPgzH3NpokvrMCCTe8l0QNIoxjFLNspCK61w/edit?usp=drivesdk

Amendments are part of the SEC process, not evidence of failure. The only datapoint that matters now is effectiveness. Until that’s resolved, both bull and bear cases are incomplete.

When we get the Guident effectiveness confirmed.

We’ve move from theory to process.

Next step: IPO pricing and live market valuation - where TEK’s discount stops being debated and starts being tested in real time.

Macro backdrop shifting quickly.

With the Iran ceasefire easing tensions and markets responding positively, conditions are stabilising again.

That matters - because IPO windows don’t stay open for long, especially in uncertain environments.

If you were looking for a cleaner moment to bring something to market…

this is the kind of window you’d use.

And we’re sitting right in it.

Today’s tape is starting to tell a story.

Large blocks going through consistently, price holding in a tight range, and sells getting absorbed without follow-through.

That’s not retail chasing - that’s positioning.

And when you line that up with where we are in the Guident IPO process…

it feels like we’re right at the point where the market is preparing, not reacting.

We’re in the window now.

Next step changes everything 🚦