The latest filing states the doubt was alleviated.
“The aggregate gross proceeds of $22,000,000 pursuant to the August 21, 2025 and October 21, 2025 private placements of $8,000,000 and $14,000,000, respectively, serve to mitigate the conditions that historically raised substantial doubt about the Company's ability to continue as a going concern. The Company believes that the Company has sufficient cash to meet its obligations for a minimum of twelve months from the date of this filing.”
Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Some SEC filings for this period have not finished importing. Holder totals and changes may be incomplete; these filings remain queued for recovery.
Holders:26
Total Value:$9,112,190
Total Shares:2,104,435
Institutional Ownership Trend
8 quarters
Holder Concentration
Across 26 13F filers
· Δ vs Mar 31, 2026
Top Holder
26.8%
+7.3 pts
Top 5
65.9%
+0.8 pts
Top 10
87.1%
−0.9 pts
HHI
1,261
Broadly held+174
Who Holds SPAI
Last 8 quarters through Jun 30, 2026
Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory
records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book.
The quarter selector does not change this card.
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out.
The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later
quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type
comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster
current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and
book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none
was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Excluded 1 holder with no observed 2026-06-30 13F.
Conviction and Crowding
25 13F filers, quarter ended Jun 30, 2026
Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts
filers with high turnover or that advise private funds on Form ADV.
Conviction holders
0
0.000% of filers hold it in their top 10
Mar 31, 2026: 0
Holders above 5%
0
median weight 0.000%
Mar 31, 2026: 0
Crowding
4.03%
of shares outstanding, 14th percentile
Mar 31, 2026: 7.47%
Private-fund advisers
3.03%
of shares outstanding
Institutional ownership
10.1%
16.4% of the estimated free float
Top 10 holders
87.7%
of 13F shares, Herfindahl 0.128
Active holders
-39.0%
like-for-like share change of active filers
5% stakes on record
3
3 13D, 0 13G
How long holders have held itvalue-weighted 3.4 quarters
Under 1 year 62.6%1 to 3 years 37.4%3 years or more 0.000%Since coverage start 0.000%
Managers in the top fifth by current three-year FundScore alpha were net
buyers of $0
(0 buying, 0 selling).
Estimated Holder Cost Basis
Quarter ended Jun 30, 2026, on that quarter's share basis
Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps
the average cost, so this is what holders paid on average if they traded evenly through each quarter.
Estimated avg cost
$4.73
estimated per share
Mar 31, 2026: $4.93
Quarter-end price
$4.33
implied by 13F values
Estimated gain or loss
-8.5%
price against the estimated cost
Estimated at a loss
78.9%
of costed 13F value
Estimated cost covers 69.4% of the 13F shares; positions
already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.
Shareholder Targets
13F filers that own its peers but not SPAI, quarter ended Jun 30, 2026
SPAI has no holder-overlap peers, so these filers hold the largest Industrials stocks: SPCX, CAT, GE, GEV, RTX, UNP, ETN, BA, DE, PH, VRT, HWM, PWR, TT, LMT, CMI, GD, JCI, WM, TDG.
6,168 filers in all.
Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026
Index funds and index ETFs hold 3.64% of shares outstanding.
Fund type
Of shares outstanding
Change
Shares
Funds
Index funds
0.74%
+0.05 pp
150,380
7
Index ETFs
2.90%
+0.58 pp
591,328
3
Active ETFs
0.00%
0.00 pp
0
0
Active funds
0.01%
0.00 pp
2,966
1
Unclassified
0.00%
0.00 pp
0
0
All registered funds
3.66%
+0.64 pp
744,674
11
How fund types are measured
Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share
positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or
before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have
no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their
advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.
Quarterly Activity
vs Mar 31, 2026
New
4
Increased
7
Decreased
8
Sold Out
7
Unchanged
7
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
