FSO NEWS: Premarket Gappers Nov. 13: ZBAO, MRLN and MOD Jump Before the Bell

Today's Premarket Gappers, Friday Nov. 13, 2026

Key takeaways

As of about 8:10 AM ET Friday, Nov. 13, 2026, Zhibao Technology (ZBAO) was up 137.19%, Merlin (MRLN) up 41.02% and Modine Manufacturing (MOD) up 35.88%.
ZBAO filed its annual report. Merlin, VirTra, Solésence, Liftoff, Snail and Cerebras reported results, and Rain Enhancement Technologies agreed after Thursday's close to merge with Tensor Networks.
Modine jumped after Bloomberg reported Samsung is in talks to acquire it. Reuters could not verify the report, and neither company has announced a deal.
No clear catalyst was reported for Black Hawk Acquisition, STAK or Phaos Technology. SHF Holdings is slated to be suspended from Nasdaq on Nov. 18. Premarket moves can fade at the 9:30 AM ET open.

Friday's premarket gappers are led by Zhibao Technology after its annual report, Merlin after results, and Modine on an unverified Samsung report. Stock index futures were mixed as a Microsoft 365 outage stretched into a second day and Nvidia tried to rebound. The figures below are premarket % changes against Thursday's close, from premarket data as of about 8:10 AM ET Friday, and can change sharply before the open.

Today's premarket gappers

Ticker	Name	% change	Volume	Catalyst
ZBAO	Zhibao Technology (Nasdaq)	+137.19%	119.1M	Reported fiscal 2026 results at 6:00 AM ET and filed its annual report. Revenue rose 16% to 319.9 million yuan ($47.1 million); the net loss narrowed 95.3%. The release cites going-concern doubt as of June 30.
MRLN	Merlin, Inc. (Nasdaq)	+41.02%	9.4M	Reported third-quarter revenue of $3.5 million, up from $2.2 million in the second quarter, and recapped an $8.9 million USSOCOM task order. GAAP net income of $73.8 million included a $103.6 million non-cash warrant-liability gain.
MOD	Modine Manufacturing (NYSE)	+35.88%	0.2M	Bloomberg reported that Samsung Electronics is in talks to acquire the data-center cooling company. Reuters could not independently verify the report, and neither company has announced a deal.
VTSI	VirTra, Inc. (Nasdaq)	+31.35%	0.3M	Reported third-quarter revenue of $7.6 million, up 42%, and net income of $2.2 million, or $0.19 a share, versus a year-earlier loss. Bookings were $10.3 million.
SLSN	Solésence, Inc. (Nasdaq)	+27.61%	0.4M	Reported record third-quarter results: revenue of $20.2 million, up 38%, and net income of $3.7 million, or $0.05 a share, versus a year-earlier loss.
BKHA	Black Hawk Acquisition (Nasdaq)	+27.38%	0.3M	No clear catalyst was reported. Context, not a clear explanation: the SPAC is still pursuing a combination with Vesicor Therapeutics. An Oct. 14 release covered share redemptions.
LFTO	Liftoff Mobile (Nasdaq)	+25.60%	83,646	Reported third-quarter revenue of $238 million, up 32%, net income of $87 million and adjusted EBITDA of $145 million, and raised fourth-quarter and full-year revenue guidance. Volume is thin.
STAK	STAK Inc. (Nasdaq)	+25.41%	2.9M	No clear catalyst was reported.
RAIN	Rain Enhancement Technologies (Nasdaq)	+21.31%	37.4M	After Thursday's close, agreed to merge with Tensor Networks in an all-stock deal. Tensor Networks holders would be expected to own about 90% of the combined company. Closing is expected in February 2027, subject to conditions.
SNAL	Snail, Inc. (Nasdaq)	+19.70%	2.1M	Reported third-quarter net revenue of $33.1 million, up 139.2%, and net income of $6.7 million, versus a year-earlier loss. Pointed to ARK: Survival Ascended content.
SHFS	SHF Holdings (Nasdaq)	+16.44%	412.1M	No clear catalyst was reported for the bounce. Context, not a clear explanation: Nasdaq staff determined to delist the stock, with trading set to be suspended Nov. 18.
POAS	Phaos Technology Holdings (NYSE American)	+15.28%	9.6M	No clear catalyst was reported. The stock already jumped 231.96% on Thursday.
CBRS	Cerebras Systems (Nasdaq)	+10.95%	1.3M	Reported record third-quarter GAAP revenue of $210.8 million and core revenue of $230.9 million, and raised full-year core revenue guidance to $940 million to $960 million. GAAP net loss was $0.67 a share.

Percent change and volume are premarket data as of about 8:10 AM ET Friday, Nov. 13, 2026, measured against Thursday's close, from Nasdaq last-sale data. Volume is shares traded so far premarket; 0.2M and 83,646 are thin. Figures change quickly before the open.

What moved the stocks

Zhibao Technology (ZBAO) led the list, up 137.19% at $0.50 on 119.1M shares. At 6:00 AM ET the China InsurTech company reported fiscal 2026 results for the year ended June 30 and filed its Form 20-F. Revenue rose 16% to 319.9 million yuan ($47.1 million). Operating income turned positive at 9.2 million yuan, versus an operating loss of 53.5 million yuan a year earlier, and the net loss narrowed 95.3% to 2.9 million yuan ($0.38 million) (company release). The release cited negative working capital and an accumulated deficit as of June 30, creating substantial doubt about its ability to continue as a going concern before later transactions, plus a 1-for-50 reverse split effective Oct. 12. Shares closed Thursday at $0.2108.

Merlin (MRLN) rose 41.02% after third-quarter results at 4:05 PM ET Thursday. Revenue was $3.5 million, up from $2.2 million in the second quarter. GAAP net income was $73.8 million, versus a $58.4 million second-quarter loss, but that swing included a $103.6 million non-cash gain from warrant liabilities. Adjusted EBITDA was a loss of $24.1 million. Cash and short-term investments were $161.6 million at Sept. 30, with no debt. It recapped an $8.9 million USSOCOM task order from Nov. 10 and a $500,000 U.S. Africa Command contract from Nov. 11 (GlobeNewswire). The stock closed Thursday at $0.9644; Benzinga had it up 54.50% to $1.49 after hours.

Modine Manufacturing (MOD) was up 35.88% at $144.17. Reuters, citing Bloomberg News, said Samsung Electronics is in talks to acquire the data-center cooling company and that a deal could come together in the coming weeks. Reuters could not independently verify the report (Reuters). Neither company has announced an agreement. The stock closed Thursday at $106.20, on only about 0.2M premarket shares.

VirTra (VTSI) rose 31.35% after third-quarter results. Revenue was $7.6 million, up 42%, and net income was $2.2 million, or $0.19 a share, compared with a $0.4 million loss a year earlier. Bookings were $10.3 million, and backlog at Sept. 30 was $27.6 million (company release). The stock closed Thursday at $2.62, up 6.07%.

Solésence (SLSN) was up 27.61% after record third-quarter results at 4:05 PM ET Thursday. Revenue rose 38% to $20.2 million, gross margin widened to 39.3% from 23.8%, and net income was $3.7 million, or $0.05 a share, versus a $1.0 million year-earlier loss (GlobeNewswire). The stock closed Thursday at $0.909.

Black Hawk Acquisition (BKHA) was up 27.38% at $6.60 on 0.3M shares, and no clear catalyst was reported. Context, not a clear explanation: the special purpose acquisition company is still pursuing a combination with Vesicor Therapeutics. An Oct. 14 release said holders redeemed about 2.09 million Class A shares for about $25.15 million (company release). That is not new Friday news.

Liftoff Mobile (LFTO) rose 25.60% after third-quarter results at 4:03 PM ET Thursday, though premarket volume was only 83,646 shares. Revenue was $238 million, up 32%, net income was $87 million, and adjusted EBITDA was $145 million. Fourth-quarter revenue guidance is $244 million to $249 million, and full-year guidance is $907 million to $912 million (GlobeNewswire). The stock closed Thursday at $18.71.

STAK (STAK) was up 25.41% on 2.9M shares. No clear catalyst was reported.

Rain Enhancement Technologies (RAIN) rose 21.31% at $0.575 on 37.4M shares. After Thursday's close, it said it had entered a definitive merger agreement dated Nov. 12 with Tensor Networks, a privately held AI infrastructure-security company. Tensor Networks holders would be expected to own about 90% of the combined company and existing RAIN holders about 10%, before dilution from planned financing of at least $25 million. Closing is expected in February 2027, subject to approvals (ACCESS Newswire). The stock closed Thursday at $0.474. Premarket prints in this name swung widely this morning.

Snail (SNAL) was up 19.70% after third-quarter results at 4:05 PM ET Thursday. Net revenue rose 139.2% to $33.1 million, and net income was $6.7 million, compared with a $7.9 million year-earlier loss. Bookings were $23.0 million. The company pointed to ARK: Survival Ascended content and a planned December ARK: Dragontopia map (GlobeNewswire). The stock closed Thursday at $2.28.

SHF Holdings (SHFS) was up 16.44% at $0.0262 on 412.1M shares, the heaviest volume on the list, and no clear catalyst was reported for the bounce. Context, not a clear explanation: a Form 8-K dated Nov. 12 said Nasdaq staff determined to delist the common stock and warrants after the shares closed at $0.10 or less for 10 consecutive trading days through Nov. 10. Trading is scheduled to be suspended at the open on Nov. 18, and a timely hearing request will not stay the suspension. The stock closed Thursday at $0.0225.

Phaos Technology (POAS), listed on NYSE American, was up 15.28% at $3.47 on 9.6M shares. No clear catalyst was reported. The stock already jumped 231.96% on Thursday and closed at $2.99.

Cerebras Systems (CBRS) was up 10.95% at $108.45 on 1.3M shares after third-quarter results. GAAP revenue was a record $210.8 million, up 55%, and core revenue, a non-GAAP measure, was $230.9 million, up 70%. The GAAP net loss was $161.2 million, or $0.67 a share. Full-year core revenue guidance was raised to $940 million to $960 million (company release). CNBC earlier had the shares up 16% and cited adjusted earnings of 12 cents a share versus a 14-cent estimated loss. The stock closed Thursday at $97.75.

Market context

S&P 500 futures were up 0.2% as of 7:46 AM ET, according to AP News. Dow Jones described futures as mixed, with the Nasdaq edging lower after Jensen Huang's resignation at Nvidia. Nvidia was up 1.95% at $169.43 as of 8:11 AM ET, after a 4.34% drop Thursday (Nasdaq). Microsoft was down 1.21% at $516.65 at the same time (Nasdaq), as a Microsoft 365 outage that began Thursday affected Outlook and Teams. CNBC said the shares shed more than 1%, and Dow Jones about 2%. Brent was down 1 cent at $95.41 and WTI down 0.25% at $88.52 as of 9:42 PM ET Thursday, per CNBC. Bitcoin was about $69,254 at 6:52 AM ET, down 3.5% since midnight UTC, per CoinDesk. The Cboe Volatility Index was 18.38, down 1.71%, at 7:57 AM ET. October PPI is due at 8:30 AM ET.

Risk note

Premarket gappers are often small, low-float stocks that can reverse quickly. Volume is thin, spreads can be wide, and a gap can fade at the open. Several leaders trade below $1, including ZBAO, RAIN and SHFS. SHFS faces a Nasdaq suspension on Nov. 18, and ZBAO's annual report cites going-concern doubt as of June 30. Liftoff moved on only 83,646 shares, and Modine on about 0.2M. Moves this large can bring trading halts, as FINRA explains. A large gain is not a sign of quality. This article is not investment advice.

Sources

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Premarket Gappers Nov. 13: ZBAO, MRLN and MOD Jump Before the Bell